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Uranium explorer pleased with Namibian results

17th May 2013

  

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Uranium exploration and development company Forsys Metals announced positive drilling results from an extension exploration programme on its fully permitted Valencia mining licence in Namibia, earlier this year.

The new discovery, Valencia East, is located 500 m north-east from the planned Valencia production pit, about 55 km from Usakos, and 25 km from Rössing. Since November 20, 2012, the company has completed a total of 15 percussion drill holes for a total of 2 250 m.

Forsys Metals also announced that, as a result of the continued exploration success at Valencia, which comprises Valencia Main, Valencia East and Valencia North as well as at Namibplaas, combined with the high likelihood of common infrastructure, these projects will now be consolidated and con- sidered as a single project.

The company has designated that the newly consolidated property be named Norasa uranium project. Norasa is an everyday term used by the Damara people, meaning ‘united’ or ‘putting things together’.

“The initial drilling results at Valencia East have confirmed considerable mineralisation in 11 of the 15 percussion drill holes, encountering significant intersections of greater than 200 parts per million (ppm), including many greater than 400 ppm. The results from this drilling programme are encouraging and indicate the potential for a significant high-grade area located in close proximity to the main Valencia deposit and proposed processing plant.

“We are pleased that this programme continues to increase both the potential resources and the overall grade of the consolidated Valencia and Namibplaas projects, now known as Norasa. The consolidation of the projects confirms our strategy to build a world-class, large capacity process plant that can be supplied with ore from both the Valencia and Namibplaas deposits,” says Forsys Metals CEO Marcel Hilmer.

The geology in Valencia East is similar to that of the Valencia Main deposit, with uranium mineralisation associated to post- D3-deformation anatectic alaskite intruding in stock-like bodies into metasediments of the Nosib and Swakop group.

The preferred intrusion path is along Khan Rossing boundary and the structural weakness zones created by complex folding.

“Valencia East is the structural extension of Valencia Main and forms a tightly packed sequence of upper Nosib and lower Swakop group lithologies, dipping steeply to the south-east.

The 2013 Valencia East drilling programme has been under way since early in the year and is scheduled for completion by mid-year. The company has an approved budget of $0.5-million to complete this phase of drilling, which will include a total of 31 percussion drill holes.

“Valencia Main has mineral resources of 143.80 metric tons, grade ppm triuranium oxide-equivalent (eU3O8) 191 for 60.5-million pounds (Mlbs) U3O8, including reserves of 148.0 metric tons, grade ppm U3O8 172 for 56.0 Mlbs. Valencia North is a prospective exploration target with 825.5 m drilled from five diamond drill holes and 451 m drilled from three percussion holes. Renewed drilling activity is expected to begin in the second half of this year.

Edited by Megan van Wyngaardt
Creamer Media Contributing Editor Online

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