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

Forsys Metals Corp

Figure 1:

Recent boreholes drilled within the 2015 main pit outline on ML-149, Valencia West planned exploration drilling.

Figure 2:

Overview map of Norasa 2024 Q1 drill campaign on a radiometric background.

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

FROMm

TOm

LENGTHm

U3O8ppm

 

FROMm

TOm

LENGTHm

U3O8ppm

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 Relationsemail: rparhkhouse@forsysmetals.com email: info@forsysmetals.com

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”).

Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

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