TORONTO (miningweekly.com) – Namibia-focused uranium explorer Forsys Metals has completed a resource update for its flagship Norasa project, in that country, lifting the measured and indicated resources by 10% and increasing the average grade by 13%.
The Canadian National Instrument 43-101-compliant measured and indicated resources had increased to 103-million pounds of uranium, up from 94-million pounds, and the grade rose to 197 parts permillion (ppm) as a result of higher cutoff grades of 100 ppm at Valencia and 170 ppm at Namibplaas.
At lower cutoffs, of 60 ppm at Valencia and 100 ppm at Namibplaas, measured and indicated resources totalled more than 150-million pounds of uranium.
The company on Monday said the updated resource estimate was based on an extensive drilling programme at the Namibplaas and Valencia extension deposits, together with a detailed modelling review of the main Valencia deposit.
Forsys expected to release an updated reserve statement before the end of the first quarter of 2014.