Forsys Commences 2024 Program at Valencia and Reports Results from the 2023 Drilling Program

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TORONTO, March 26, 2024 (GLOBE NEWSWIRE) — Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”)

Forsys is pleased to provide assay results from the Valencia 2023 drilling programme, from Mining License (“ML)-149(“Valencia”) in the Erongo region of Namibia, which forms part of the Company’s larger Norasa Uranium Project (“Norasa¹”).

Fifteen boreholes were drilled with a combined total of 2,684.44 metres (“m”) (Figure 1). The objectives of the drill program were:

  • geotechnical drilling, and logging and sampling for geo-mechanical testing for pit slope stability assessment and optimizing pit designs;
  • testing the continuity of mineralization for resource modelling;
  • confirming Mineral Resource Estimation (MRE) parameters; and
  • sampling for metallurgical test work and processing design optimization

Drilling, geological and geotechnical logging, down-hole optical televiewer and radiometric scans have been completed on the 15 holes. Eight hundred and nineteen samples from ten of the boreholes underwent assay with established quality control protocol and procedures. The chemical results have been verified by an accredited lab and reviewed by a third party professional geologist. Highlights are as follows:

  • Multiple zones of massive alaskite intrusions were intersected. Chemical assays confirm uranium mineralization in all six of the confirmation boreholes.
  • Best mineralized borehole PQ-5 intersected 77.34 m of continuous mineralisation, averaging 439 ppm U3O8, including 41.9 m of 683 ppm U3O8.
  • 2023 intersections of mineralization correlate with the neighbouring, historic drilling, intersections and down-hole gamma survey results.
  • No major zones of rock weakness, i.e. no concerning geological structures, have been intersected. This is a positive result for the ongoing geotechnical specialist work, as it indicates conducive conditions for pit slope optimization and overall mine design.

Table 1: Highlights reported from the completed 2023 drill campaign, minimum width of 5m and cutoff of 50 ppm U3O8

BHID FROM
m		 TO
m		 LENGTH
m		 U3O8
ppm		   FROM
m		 TO
m		 LENGTH
m		 U3O8
ppm
VA23GT001 23 29 6 108          
VA23GT001 40 47 7 189          
VA23GT001 77 82 5 66          
VA23GT001 95 101 6 140          
VA23GT002 38 77 39 106          
VA23GT002 105.3 149 43.7 152 including 104 124.1 20.1 334
VA23GT004 1 103.2 102.2 164 including 73 103.2 30.2 216
VA23GT005 22 41 19 92          
VA23GT005 51 63 12 218          
VA23GT005 89 94 5 123          
VA23GT005 101 106 5 114          
VA23GT005 116.2 129 12.8 122          
VA23GT005 141.8 147.11 5.31 241          
VA23GT005 229.13 239 9.87 236          
VA23GT005 244.77 272 27.23 184          
VA23GT006 65 81 16 136          
VA23GT006 100 105 5 143          
VA23GT007 18 26 8 194          
VA23GT007 33 38 5 194          
VA23GT007 189 195 6 213          
VA23PQ04 30 37.5 7.5 229          
VA23PQ04 54 59 5 181          
VA23PQ05 3.96 81.3 77.34 439 including 36 77.9 41.9 683
VA23RE001 50 100 50 90          
VA23RE001 114 119 5 215          
VA23RE001 128.73 178 49.27 201 including 142 169.05 27.05 275
VA23RE001 190 237 47 253 including 202.37 225 22.63 371
VA23RE001 302.75 414 111.25 134 including 322.88 345.24 22.36 331
VA23RE002 1 21 20 105          
VA23RE002 95 124.1 29.1 271 including 104 124.1 20.1 334
VA23RE002 129.7 152 22.3 376 including 129.7 140.8 11.1 673
VA23RE002 160 180 20 162          
VA23RE002 244 251.2 7.2 158          
VA23RE002 258 268 10 171          
VA23RE002 275 288 13 139          

Geological context:

  • Boreholes GT-01 to GT-07 were drilled from within the planned Valencia Main mine pit, angled and directed away from the centre of the 2015 pit shell to investigate the ground conditions for the pit slope design.
  • Two boreholes, RE-01 and RE-02, were strategically positioned to confirm mineralization from the 2015 FS Mineral Resource Estimate at Valencia in a geologically unique zone.
  • Holes PQ-01 to PQ-05 were drilled at Valencia for a total of 285.31 m, providing approximately 3 tons of sample for metallurgical testing.

Recent boreholes drilled within the 2015 main pit outline on ML-149, Valencia West planned exploration drilling.
Figure 1: Recent boreholes drilled within the 2015 main pit outline on ML-149, Valencia West planned exploration drilling.
https://www.globenewswire.com/NewsRoom/AttachmentNg/bdc97a7e-8ff7-4fa6-8c7e-6a71aa561a7d

Borehole samples were selected for geochemical assay from the routine downhole radiometric scanning results and sent to Trace Elements Analysis Laboratories (Pty) Ltd (“TEA Labs”) in Swakopmund for sample preparation and analyses by XRF. For internal quality control purposes TEA Labs has weekly round robins with independent laboratories at Rosh Pinah, Husab Uranium, and Langer Heinrich mine laboratories.

Forsys employs an industry standard QA/QC program with Standard Reference Materials, blanks, coarse duplicates and pulp duplicates inserted into each batch of samples analysed. 4% of the samples sent to TEA Labs were sent for check analyses to SGS Laboratories in South Africa, which is an independent accredited laboratory. The sample results are further validated by comparison with the downhole radiometric survey results.

Table-2 below lists borehole intersections with minimum intersections of 50ppm U3O8 over 5m:

Table 2: 2023 drill campaign: drill type, assay, composites, downhole gamma survey

BHID X Y Z FROM TO LENGTH EOH RC CORE Gamma U Th U3O8
  UTM UTM m amsl m m m m m m cps ppm ppm ppm
VA23GT001 523609 7528504 716.505 0 23 23 222 – 222 – – – 0
VA23GT001 523602 7528501 703.981 23 29 6 222 – 222 722 92 – 108
VA23GT001 523598 7528499 696.608 29 40 11 222 – 222 308 – – 0
VA23GT001 523594 7528498 688.796 40 47 7 222 – 222 702 160 – 189
VA23GT001 523586 7528494 672.673 47 77 30 222 – 222 235 – – 0
VA23GT001 523578 7528490 657.402 77 82 5 222 – 222 761 55 – 66
VA23GT001 523574 7528489 649.543 82 95 13 222 – 222 204 – – 0
VA23GT001 523570 7528487 641.25 95 101 6 222 – 222 – 119 – 140
VA23GT001 523541 7528475 585.825 101 222 121 222 – 222 – – – 0
VA23GT002 523526 7528889 697.146 0 38 38 203.8 102 100 108 – – 0
VA23GT002 523518 7528896 660.245 38 77 39 203.8 102 100 495 90 – 106
VA23GT002 523510 7528904 628.372 77 105.3 28.3 203.8 102 100 201 – – 2
VA23GT002 523502 7528914 594.818 105.3 149 43.7 203.8 102 100 744 129 36 152
VA23GT002 523496 7528926 561.152 149 177.95 28.95 203.8 102 100 214 – – 1
VA23GT002 523491 7528936 533.545 184 202.8 18.8 203.8 102 100 216 – – 0
VA23GT003 523841 7529328 692.427 0 102 102 102 102 – – – – 0
VA23GT003 523861 7529274 633.213 0 227.28 227.28 227.28 – 225 186 – – 0
VA23GT004 524440 7529153 734.567 0 1 1 152.26 50.26 102 – – – 0
VA23GT004 524467 7529148 690.761 1 103.2 102.2 152.26 50.26 102 1134 139 – 164
VA23GT004 524507 7529140 627.146 103.2 152.26 49.06 152.26 50.26 102 150 – – 1
VA23GT005 524189 7528751 729.233 0 22 22 275.47 102 173 – – – 0
VA23GT005 524187 7528755 709.298 22 41 19 275.47 102 173 421 78 – 92
VA23GT005 524185 7528759 695.341 41 51 10 275.47 102 173 265 – – 0
VA23GT005 524184 7528762 684.832 51 63 12 275.47 102 173 1185 185 – 218
VA23GT005 524181 7528767 667.017 63 89 26 275.47 102 173 252 – – 0
VA23GT005 524178 7528773 652.66 89 94 5 275.47 102 173 496 104 – 123
VA23GT005 524177 7528775 647.267 94 101 7 275.47 102 173 178 – – 0
VA23GT005 524176 7528777 641.914 101 106 5 275.47 102 173 574 – – 114
VA23GT005 524174 7528781 635.168 106 116.2 10.2 275.47 102 173 162 – – 0
VA23GT005 524172 7528786 624.989 116.2 129 12.8 275.47 102 173 653 – – 122
VA23GT005 524170 7528791 613.699 129 141.8 12.8 275.47 102 173 277 – – 9
VA23GT005 524168 7528795 605.732 141.8 147.11 5.31 275.47 102 173 1282 205 7 241
VA23GT005 524159 7528815 567.876 147.11 229.13 82.02 275.47 102 173 180 – – 0
VA23GT005 524150 7528836 528.09 229.13 239 9.87 275.47 102 173 1394 200 25 236
VA23GT005 524148 7528840 521.336 239 244.77 5.77 275.47 102 173 142 – – 0
VA23GT005 524145 7528847 507.084 244.77 272 27.23 275.47 102 173 977 156 51 184
VA23GT005 524142 7528854 493.825 272 275.47 3.47 275.47 102 173 – – – 0
VA23GT006 523928 7528337 693.644 0 65 65 225.14 100 125 251 – – 0
VA23GT006 523936 7528330 654.546 65 81 16 225.14 100 125 504 115 – 136
VA23GT006 523940 7528328 637.595 81 100 19 225.14 100 125 312 – – 0
VA23GT006 523943 7528327 625.965 100 105 5 225.14 100 125 734 121 28 143
VA23GT006 523957 7528323 566.26 105 223.14 118.14 225.14 100 125 242 – – 0
VA23GT007 524262 7529312 734.236 0 18 18 275.35 102 168 – – – 0
VA23GT007 524257 7529316 723.059 18 26 8 275.35 102 168 1141 164 – 194
VA23GT007 524254 7529318 716.725 26 33 7 275.35 102 168 350 – – 0
VA23GT007 524251 7529320 711.742 33 38 5 275.35 102 168 515 165 – 194
VA23GT007 524217 7529357 652.171 38 189 151 275.35 102 168 281 – – 0
VA23GT007 524182 7529394 592.48 189 195 6 275.35 102 168 773 180 5 213
VA23GT007 524162 7529417 561.769 195 275.35 80.35 275.35 102 168 – – – 0
VA23PQ01 523762 7528744 688.025 0 59.95 59.95 60 – 59.95 892 – – 0
VA23PQ02 523714 7529040 709.151 0 23.7 23.7 23.7 – 23.7 – – – 0
VA23PQ03 523869 7529019 702.407 0 61.27 61.27 60.27 – 60.27 – – – 0
VA23PQ04 523745 7529037 702.033 0 30 30 59 – 59 291 – – 0
VA23PQ04 523744 7529037 683.329 30 37.5 7.5 59 – 59 1230 194 46 229
VA23PQ04 523743 7529038 671.361 37.5 54 16.5 59 – 59 258 – – 0
VA23PQ04 523743 7529038 660.637 54 59 5 59 – 59 1019 – – 181
VA23PQ05 523722 7528668 721.02 0 3.96 3.96 80 – 80 – – – 0
VA23PQ05 523722 7528668 680.372 3.96 81.3 77.34 80 – 80 3138 372 48 439
VA23RE001 524309 7528910 724.265 0 50 50 419.72 102 318 512 – – 0
VA23RE001 524286 7528933 686.478 50 100 50 419.72 102 318 375 76 – 90
VA23RE001 524270 7528949 663.893 100 114 14 419.72 102 318 121 – – 5
VA23RE001 524265 7528954 657.753 114 119 5 419.72 102 318 1319 190 – 215
VA23RE001 524261 7528958 653.019 119 128.73 9.73 419.72 102 318 85 – – 0
VA23RE001 524244 7528974 634.211 128.73 178 49.27 419.72 102 318 1266 – – 201
VA23RE001 524227 7528991 614.788 178 190 12 419.72 102 318 156 – – 0
VA23RE001 524210 7529007 596.799 190 237 47 419.72 102 318 1892 215 – 253
VA23RE001 524178 7529038 563.102 237 302.75 65.75 419.72 102 318 83 – – 1
VA23RE001 524127 7529089 511.66 302.75 414 111.25 419.72 102 318 – – – 134
VA23RE001 524093 7529123 478.027 414 419.72 5.72 419.72 102 318 2 39 – 47
VA23RE002 524153 7529118 748.623 0 1 1 296.21 102 153 – – – 0
VA23RE002 524159 7529114 740.728 1 21 20 296.21 102 153 671 89 – 105
VA23RE002 524186 7529096 706.86 21 95 74 296.21 102 153 107 15 – 18
VA23RE002 524217 7529075 670.879 95 124.1 29.1 296.21 102 153 1980 229 – 271
VA23RE002 524228 7529068 659.428 124.1 129.7 5.6 296.21 102 153 330 15 – 17
VA23RE002 524237 7529063 650.437 129.7 152 22.3 296.21 102 153 2767 318 – 376
VA23RE002 524247 7529057 640.726 152 160 8 296.21 102 153 200 – – 0
VA23RE002 524256 7529051 631.919 160 180 20 296.21 102 153 1046 137 – 162
VA23RE002 524285 7529034 606.377 180 244 64 296.21 102 153 130 – – 0
VA23RE002 524309 7529019 585.009 244 251.2 7.2 296.21 102 153 1021 134 – 158
VA23RE002 524314 7529016 580.956 251.2 258 6.8 296.21 102 153 613 – – 12
VA23RE002 524319 7529012 576.141 258 268 10 296.21 102 153 1370 145 – 171
VA23RE002 524325 7529008 571.309 268 275 7 296.21 102 153 380 – – 0
VA23RE002 524332 7529004 565.685 275 288 13 296.21 102 153 786 118 – 139
VA23RE002 524339 7528999 559.753 288 296.21 8.21 296.21 102 153 – – – 0


2024 Drilling Program on ML-149, Valencia

The Company also announces that it has commenced a new drilling program at Valencia. Three zones of potential uranium mineralization situated outside of the existing resource block model are now being investigated.

The drilling program focusses on three target areas; refer to Table-3 and Figure-2 for individual drill hole locations:

  • A favourable horizon identified at the Jolie Zone (~ 1km north of Valencia pit)
  • Valencia West Extension
  • Valencia South

Twenty-nine boreholes are scheduled for a total of 5,236m of drilling to assess mineralization to depths of up to 380 m below collar.

The three areas of mineralization potential were delineated from historic exploration work that included; aerial photo interpretation, geological mapping, aeromagnetic surveys, airborne and ground scintillometer surveys and exploration drilling. Investigation by drilling is required to define the mine’s surface infrastructure development and also to explore for resource upside potential in these areas.

Table 3: Below lists the holes planned for RC drilling. A diamond drill rig is available for extension of the RC drill section, as required by the ground conditions.

BHID Rig / Ranking X COLLAR Y COLLAR Z COLLAR EOH BRG DIP
    UTM UTM m m degree degree
VA24-01 VA_West 523370 7528883 724 150 330 60
VA24-02 VA_West 523303 7528855 725 132 330 60
VA24-03 VA_West 523165 7528783 729 126 330 60
VA24-04 VA_West 523178 7528750 721 150 330 60
VA24-05 VA_West 523100 7528754 731 144 330 60
VA24-06 VA_West 523113 7528729 726 180 330 70
VA24-07 VA_West 522990 7528722 735 98 330 60
VA24-08 VA_West 523015 7528674 727 132 330 60
VA24-09 VA_West 522912 7528692 735 168 330 60
VA24-10 VA_West 522818 7528684 736 120 330 60
Exp13 VA_West 522738 7528660 741 98 330 60
Exp14 VA_West 522763 7528616 734 172 330 60
Exp15 VA_West 523439 7528939 730 138 340 60
Exp04 VA_West 523139 7528852 743 84 330 61
Exp07 VA_West 523066 7528822 743 72 330 60
Exp10 VA_West 522885 7528741 750 120 330 60
Exp08 VA_West 523411 7528974 724 78 330 60
Exp17 VA_West 523493 7528994 721 98 330 60
Jolie01 Jolie 523883 7529918 680 120 330 60
Jolie02 Jolie 523917 7530008 694 66 330 60
Jolie03 Jolie 524046 7529973 705 150 330 60
VA_S_1 VA_South 523716 7528300 725 260 270 60
VA_S_2 VA_South 523796 7528300 725 300 270 60
VA_S_3 VA_South 523876 7528300 725 360 270 60
VA_S_4 VA_South 523956 7528300 725 380 270 60
VA_S_5 VA_South 523723 7528500 725 260 270 60
VA_S_6 VA_South 523796 7528500 735 320 270 60
VA_S_7 VA_South 523876 7528489 725 380 270 60
VA_S_8 VA_South 523956 7528500 732 380 270 60
      Total metres: 5,236    

Boreholes VA24-01 to VA10 are completed, awaiting down-hole surveys, detailed recording, and sampling for chemical assay. Additional drilling might be required to test at depth, dependent onthe results to be obtained from the campaign.

Overview map of Norasa 2024 Q1 drill campaign on a radiometric background.
Figure 2: Overview map of Norasa 2024 Q1 drill campaign on a radiometric background.
https://www.globenewswire.com/NewsRoom/AttachmentNg/38b9bda9-00f8-4a9f-b9db-85c1beade129

Qualified Persons Statement

The information in this release that relates to “project update” for the Norasa Project is based on information compiled or reviewed by Dr Guy Freemantle of The MSA Group (Pty) Ltd., South Africa. Dr Freemantle is a consultant for Valencia Uranium (Pty) Ltd. and is a member of the SACNASP. Dr Freemantle has sufficient experience and knowledge that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaken to fulfill requirements of a Qualified Person as per NI 43-101. Dr Freemantle consents to this release in the form and context in which it appears.

About Forsys Metals Corp.

Forsys Metals Corp. (TSX: FSY, FSE: F2T, NSX: FSY) is an emerging uranium developer focused on advancing its wholly-owned Norasa Uranium Project, located in the politically friendly jurisdiction of Namibia, Africa. The Norasa Uranium Project is comprised of the Valencia Uranium deposit (ML-149) and the nearby Namibplaas Uranium deposit (EPL-3638).

Further information is available at the Company website www.forsysmetals.com.

On behalf of the Board of Directors of Forsys Metals Corp. Richard Parkhouse, Director, Investor Relations.

For additional information please contact:

Richard Parkhouse, Director, Investor Relations
email: [email protected] email: [email protected]

Forward-Looking Statement

Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and Forsys Metals Corp disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

_____________________________
¹ The Norasa Uranium Project (“Norasa”) is wholly-owned by the Company’s 100% subsidiary Valencia Uranium (Pty) Ltd. (“Valencia Uranium”) and comprises the Valencia uranium deposits (held under ML-149) (“Valencia”) and the Namibplaas uranium deposit (under EPL-3638, application for ML-251) (“Nambiplaas”).

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