Forsys Metals (TSX:FSY) has announced the assay results from its Valencia 2023 drilling programme, which is part of the Company’s larger Norasa Uranium Project in the Erongo region of Namibia. The drilling programme, which consisted of fifteen boreholes with a combined total of 2,684.44 metres, had several objectives, including geotechnical drilling, testing the continuity of mineralization for resource modelling, confirming Mineral Resource Estimation (MRE) parameters, and sampling for metallurgical test work and processing design optimization.

The company completed drilling, geological and geotechnical logging, down-hole optical televiewer and radiometric scans on all fifteen holes. Eight hundred and nineteen samples from ten of the boreholes underwent assay with established quality control protocol and procedures. The chemical results were verified by an accredited lab and reviewed by a third party professional geologist. 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. TEA Labs conducts weekly round robins with independent laboratories at Rosh Pinah, Husab Uranium, and Langer Heinrich mine laboratories for internal quality control purposes.

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.

In addition to the assay results, Forsys Metals Corp. has also announced the commencement of a new drilling program at Valencia. The drilling program focuses on three target areas outside of the existing resource block model, including a favourable horizon identified at the Jolie Zone (~1km north of Valencia pit), Valencia West Extension, and 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. 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 on the results to be obtained from the campaign.

The assay results from the Valencia 2023 drilling programme and the commencement of the 2024 drilling program demonstrate Forsys Metals Corp.’s commitment to advancing its Norasa Uranium Project in Namibia. The Company aims to further define and potentially expand its uranium resources through these drilling initiatives.

Highlights from the results 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

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.

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

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.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.