Baselode Reports Numerous High-Grade Uranium Intersections Including 0.55% U3O8 Over 13.2 m

Baselode Reports Numerous High-Grade Uranium Intersections Including 0.55% U3O8 Over 13.2 m

  • · AK22-032: 0.55% U 3 O 8 over 13.2 m at 136.0 m true vertical depth includes 0.99% U 3 O 8 over 6.3 m
  • · AK22-011: 0.69% U 3 O 8 over 3.6 m at 144.6 m true vertical depth includes 1.26% U 3 O 8 over 0.5 m
  • · AK22-009: 0.28% U 3 O 8 over 10.5 m at 107.6 m true vertical depth includes 0.51% U 3 O 8 over 2.0 m
  • · Of the reported drill holes, five confirm high-grade uranium mineralization in excess of 0.5% U 3 O 8 and eight intersected uranium mineralization at less than 200 metres below surface
  • · 8 of the 44 drill holes that intersected elevated radioactivity are now reported

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) (" Baselode " or the " Company ") is pleased to announce the geochemical assay results from twenty-one drill holes of the now-complete 2022 diamond drill program (the " Program ") on the ACKIO high-grade uranium discovery (" ACKIO "), Hook project, Athabasca Basin area (the " Basin "), northern Saskatchewan (see Table 1 and Figure 1 ).

"We're very happy to be releasing the first set of uranium assay results from this years 22,485 metre drill program on ACKIO.  These results are better than we had anticipated.  We're seeing a lot of mineralization in these early Program drill holes that exceed the results from our discovery drill program last year.  Five of our drill holes intersected mineralization exceeding 10 metres in core length, and a few drill holes have multiple intercepts.  These are significant as they demonstrate a thick, robust, and multi-layered deposit.  The mineralization reported herein is shallow, within 100 to 200 metres true vertical depth from the surface.  We're confirming grades and other characteristics at ACKIO that are similar to historically mined open pit deposits in the Basin area.  We are excited for the assays from the remaining thirty-six drill holes with elevated radioactivity to be received as we believe they will continue to highlight excellent U 3 O 8 assay results from shallower depths intersected at ACKIO," said James Sykes , CEO, President and Director of Baselode.

The Company has prepared a video ( see link below ) that discusses:

  • How to understand these ACKIO assay results in context of typical high-grade uranium Athabasca deposits versus historic low-grade uranium Athabasca mines and other global uranium operations

VIEW BASELODE'S WEBINAR DETAILING THE FIRST SET OF ASSAY RESULTS FROM THE 2022 DRILL PROGRAM

Drill hole highlights from this news release include;

  • AK22-008 : 0.11% U 3 O 8 over 8.0 m at 175.65 m ( 124.2 m true vertical depth)
  • AK22-009 : 0.28% U 3 O 8 over 10.5 m at 136.6 m ( 107.6 m true vertical depth) includes
    • 0.51% U 3 O 8 over 2.0 m at 137.1 m and
    • 1.32% U 3 O 8 over 0.5 m at 144.6 m
  • AK22-011 : 0.69% U 3 O 8 over 3.6 m at 204.2 m ( 144.6 m true vertical depth) (NOTE: includes 2.1 m core loss over interval) includes
    • 1.26% U 3 O 8 over 0.5 m at 206.8 m
    • 0.17% U 3 O 8 over 13.85 m at 214.0 m ( 151.3 m true vertical depth) includes
    • 0.59% U 3 O 8 over 0.5 m at 214.0 m and
    • 1.14% U 3 O 8 over 0.5 m at 217.1 m
  • AK22-023 : 0.23% U 3 O 8 over 13.5 m at 208.0 m ( 147.1 m true vertical depth) includes
    • 0.72% U 3 O 8 over 1.5 m at 218.0 m
    • 0.21% U 3 O 8 over 16.0 m at 234.5 m ( 165.8 m true vertical depth) includes
    • 0.83% U 3 O 8 over 1.0 m at 248.0 m
  • AK22-025 : 0.19% U 3 O 8 over 4.9 m at 152.5 m ( 132.1 m true vertical depth)
    • 0.23% U 3 O 8 over 13.2 m at 213.5 m ( 184.9 m true vertical depth) includes
    • 0.86% U 3 O 8 over 1.5 m at 218.5 m
  • AK22-032 : 0.55% U 3 O 8 over 13.2 m at 192.35 m ( 136.0 m true vertical depth) includes
    • 0.99% U 3 O 8 over 6.3 m at 196.0 m

Baselode started the Program on February 9, 2022 ( see Company News Release ) and completed the Program on August 2, 2022 , with 78 drill holes (AK22-005 to AK22-080, and HK22-007), including one abandoned drill hole, for a total of 22,485.85 m ( see Figure 1 ). Forty-four of seventy-six drill holes at ACKIO have intersected elevated radioactivity. A complete list of drill hole collar information, hand-held scintillometer radioactivity composite measurements, and U 3 O 8 composite assay results for the twenty-one drill holes reported in this news release (AK22-005 to AK22-011, and AK22-020 to AK22-033) are provided in Table 1 .

Geochemical U 3 O 8 assay results from these twenty-one reported drill holes were provided by Saskatchewan Research Council's Geoanalytical Laboratory (" SRC ") in Saskatoon , Saskatchewan.  The assay methodology includes SRCs "U 3 O 8 Wt% Assay" analysis package where an aliquot of sample pulp is digested in a concentration of HCL:HNO 3 .  The digested volume is then made up with deionized water for analysis by ICP-OES.  Uranium assay results from the remaining fifty-seven drill holes will be released as they are received from SRC and after being compiled and thoroughly checked by the technical team.

ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 5 separate zones, with mineralization starting as shallow as 25 m beneath the surface and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 200 m .  ACKIO remains open to the west, south, and along the Athabasca sandstone unconformity to the east and south.

ACKIO is 30 km southeast of well-established infrastructure, including an all-season road and powerline between Cameco Corp.'s (TSX: CCO) and Orano's McArthur River mine and Key Lake uranium mill joint ventures. ACKIO is 70 km northeast of the Key Lake mill. The Program was helicopter-supported to lessen any ground-induced environmental impacts within the project area.

NOTES:

1.     All reported drill hole lengths do not represent true thicknesses which have yet to be determined.

About Baselode Energy Corp.

Baselode controls 100% of approximately 227,000 hectares for exploration in the Athabasca Basin area, northern Saskatchewan, Canada . The land package is free of any option agreements or underlying royalties.

Baselode's Athabasca 2.0 exploration thesis is focused on discovering near-surface, basement-hosted, high-grade uranium orebodies outside of the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.

QP Statement

The technical information contained in this news release has been reviewed and approved by Cameron MacKay , P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a  Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedar.com .

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States . The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

SOURCE Baselode Energy Corp.

Cision View original content: https://www.newswire.ca/en/releases/archive/August2022/22/c0161.html

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Baselode Starts Drill Program on Bear Uranium Project : Begins Fleet Space Technologies' ANT survey over ACKIO

Baselode Starts Drill Program on Bear Uranium Project : Begins Fleet Space Technologies' ANT survey over ACKIO

  • 1,500 metre inaugural Bear drill program has started targeting 3 areas with 6 to 8 drill holes
  • Fleet Space Technologies' Ambient Noise Tomography ("ANT") survey, a passive, seismic method for generating 3D subsurface models is being deployed over ACKIO

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce the starts of an inaugural drill program and ANT geophysical survey on its Bear ("Bear") and Hook ("Hook") uranium projects, respectively, in the Athabasca Basin area, northern Saskatchewan (see Figure 1).

"We're excited to start this drill campaign on Bear. Our target generation has identified areas of potential structural disruption and hydrothermal fluid alteration along the uranium-fertile Wollaston-Mudjatik transition zone that hosts numerous high-grade uranium deposits. We've identified 3 main targets areas we'll be drilling at the intersection points of NE-SW-trending layers and cross-cutting NW-SE-oriented structures (Figure 2). We believe the latter structures may have controlled anomalous uranium intersected in historic drill holes.

We're also happy to announce we've started laying out and acquiring data from Fleet Space Technologies' ANT survey deployed over ACKIO. We hope to map out the extent of ACKIO's Athabasca sandstone outlier and the deep structural roots of the uranium mineralization system. We believe ACKIO continues at depth, including mineralization along the sandstone-basement fault zone. We look forward to testing these targets when we begin our next ACKIO drill program in June," stated James Sykes, CEO, President, and Director of Baselode.

Please watch the Company's video (below) to understand the target generation ideas for the Bear drill program.

Bear - 2024 Exploration Targets Defined

Cannot view this video? Visit:
https://www.youtube.com/watch?v=anLYo83AUko

Bear Drill Program Details
The recently started Bear drill program is planned for 1,500 metres with 6 to 8 drill holes targeting 2 to 3 different target areas. The helicopter-support program allows expedient drill targeting and lessens environment impacts. The Company has received the necessary permits to complete the program.

Hook ANT Program Details
"Fleet Space Technologies has developed an innovative high-resolution, ground-based, satellite-connected ambient noise tomography ("ANT") survey to produce a 3D model of the subsurface. The survey will be completed over ACKIO and other areas of interest, with data expected to be received and interpreted prior to starting diamond drilling on Hook in June. The Company has received the necessary permits to complete the program.

About Baselode Energy Corp.
Baselode controls 100% of approximately 272,804 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

The Company discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.

Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.

QP Statement
The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

For further information, please contact:

James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
306-221-8717
www.baselode.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedarplus.ca.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/6412/207569_3b7b7a66048c29e0_007.jpg

FIGURE 1 - Baselode projects location map. ACKIO uranium prospect identified with yellow circle.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/207569_3b7b7a66048c29e0_007full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/6412/207569_3b7b7a66048c29e0_008.jpg

FIGURE 2 – Bear Project Compilation Map.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/207569_3b7b7a66048c29e0_008full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207569

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Baselode to Begin Bear Uranium Project Drill Program and Updates on Catharsis

Baselode to Begin Bear Uranium Project Drill Program and Updates on Catharsis

  • 1,500 metre inaugural Bear drill program scheduled to start in coming weeks
  • Catharsis drill program is complete, with results to be released when assays received

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide updates for its Bear ("Bear") and Catharsis ("Catharsis") uranium projects in the Athabasca Basin area, northern Saskatchewan (see Figure 1).

"This is an exciting time as we begin our inaugural drill exploration program on Bear. The geology looks compelling, with an apparent regional structure hosting uranium mineralization already being identified with historic drilling and overlapping geophysical gravity low anomalies associated with bends in EM conductors. A discovery at Bear would be fortuitous as it is located about 30 kilometres south of the Key Lake uranium mill, and 10 kilometres east of the Key Lake haul road.

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Baselode Doubles Drill Program for Catharsis Uranium Project

Baselode Doubles Drill Program for Catharsis Uranium Project

  • The drill program will double in size to 4,000 metres
  • Three new target areas will be added
  • Baselode is seeking another grassroots discovery on Catharsis
  • Early drilling has encountered anomalous radioactivity, strong alteration, and encouraging redox-style alteration within brittle structures

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce that it will increase the ongoing drill program on the Catharsis uranium project ("Catharsis") to 4,000 metres. Early drilling has shown encouraging signs that warrant the additional investment.

"Our first drill hole of this program intersected anomalous radioactivity* within a structural corridor at a favourable lithologic contact. These are important similarities with other uranium deposits. Subsequent drill holes followed the radioactivity up-dip (Figure 3) and intersected quartz-hematite oxidized fluid systems with redox-style and clay alteration characteristics reminiscent of high-grade uranium deposits (see Figures 4, 5 & 6). We will continue drilling the target area down-dip of the radioactivity, and along strike from it. We are encouraged by the results and have decided to increase our Program. We will drill more target areas than previously announced to test for near-surface, high-grade uranium deposits," stated James Sykes, CEO, President, and Director of Baselode.

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Baselode Ready to Start Drilling at Catharsis Uranium Project

Baselode Ready to Start Drilling at Catharsis Uranium Project

  • New video published detailing uranium targets planned for this drill program
  • Multiple untested targets will be drilled with this program
  • Drill and crews are on site, ready to start drilling

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide details outlining drill plans for the Catharsis uranium project in northern Saskatchewan's Athabasca Basin area.

"We have completed extensive work to define Tier 1 target areas that share characteristics with other world-class basement-hosted Athabasca uranium deposits, such as NexGen Energy Ltd. (TSX: NXE) and Denison Mines Corp. (TSX: DML) Arrow and Gryphon deposits, respectively. The Catharsis drill program is ready to start, and our focus is to fast-track discovery by drilling multiple target areas with helicopter support," stated James Sykes, CEO, President, and Director of Baselode.

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Baselode Closes Bought Deal Financing

Baselode Closes Bought Deal Financing

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce the closing of its previously announced "bought deal" private placement (the "Offering") for aggregate gross proceeds of C$6,000,000, which includes the full exercise of the Underwriter's (as defined herein) over-allotment option for gross proceeds of C$1,000,000. Under the Offering, the Company sold the following:

  • 2,222,222 units of the Company (each, a "Unit") at a price of C$0.45 per Unit for gross proceeds of C$1,000,000 from the sale of Units; and
  • 7,692,308 flow-through units of the Company that were sold to charitable purchasers (each, a "Charity FT Unit", and collectively with the Units, the "Offered Securities") at a price of C$0.65 per Charity FT Unit for gross proceeds of C$5,000,000 from the sale of Charity FT Units.

Red Cloud Securities (the "Underwriter") acted as sole underwriter and bookrunner under the Offering.

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Imperial achieves first oil production from Grand Rapids project using lower emission technology

  • Ramping up production to achieve 15,000 barrels per day of GHG-advantaged volumes
  • Expected to reduce emissions intensity up to 40%, compared to existing technologies
  • Supports company goal to reduce operated oil sands emissions intensity 30% by 2030

Imperial (TSE: IMO, NYSE American: IMO) today announced its Grand Rapids oil sands project has started production at Cold Lake, marking the first commercial deployment of the recovery technology that uses less steam to lower emissions intensity.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240522998144/en/

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Skyharbour's Partner Company North Shore Uranium Reports Drill Results at the Falcon Project with Uranium Mineralization Confirmed at Two Targets

Skyharbour's Partner Company North Shore Uranium Reports Drill Results at the Falcon Project with Uranium Mineralization Confirmed at Two Targets

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ("Skyharbour" or the "Company"), is pleased to announce that its partner company, North Shore Uranium ("North Shore"), has collected multiple samples from two of the first three uranium prospects drilled at its 55,699 hectare Falcon Property ("Falcon" or the "Property") located at the eastern margin of the Athabasca Basin in northern Saskatchewan, returning anomalous uranium values of greater than 300 ppm U 3 O 8 and up to a maximum of 572 ppm U 3 O 8 (Table 1). North Shore is now planning future exploration programs on the Property.

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Nuclear Fuels Announces Change of Auditor

Nuclear Fuels Announces Change of Auditor

CSE:NF

Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) ("Nuclear Fuels" or the "Company") announces that it has changed its auditor from MNP LLP, Chartered Professional Accountants, to Davidson & Company LLP, Chartered Professional Accountants, effective May 10, 2024 .

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Forsys Reports Updated Mineral Resource Estimate for its Norasa Project in Namibia

Forsys Reports Updated Mineral Resource Estimate for its Norasa Project in Namibia

Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) ("Forsys" or the "Company")

Forsys is pleased to provide an update for the Company's Norasa Uranium project ("Norasa 1 ") which comprises the deposits of Valencia Main and East, ("Valencia"), under Mining Licence (ML-149) and Namibplaas ("Namibplaas") under EPL-3638, (ML-251 pending).

Highlights

Forsys has undertaken a comprehensive review and update of all of the parameters for a Mineral Resource Estimate ("MRE") for the Norasa project using recent drill results together with the 2005-2011 previous MRE data. Confirmatory and geotechnical drilling, in conjunction with new survey information, including topographic surveys, down-the-hole optical televiewer surveys, trajectory surveys, and downhole gamma probe surveys, were used as inputs for mineral resource modelling. Re-interpretation of the previous database utilising all available data and modern estimation approaches has improved the definition of the MRE to more confidently support mine planning. This study, enhanced by an integrated and expanded drill program targeting existing and new areas together with a robust work plan of optimisation process testing and modelling, will help reinforce the upside potential of the Norasa project.

  • For the overall Norasa project, a conceptual pit constrained MRE for total deposits assessed from previous (2005-2011) and 2023 drilling results is estimated to be:
    • Valencia Main Measured and Indicated Resource at 40 ppm U 3 O 8 cutoff is estimated to be 152 Mt at 136 ppm eU 3 O 8 (equivalent U 3 O 8 ). Measured and Indicated contained metal is estimated at 45 Mlbs U 3 O 8 , at 40 ppm U 3 O 8 cutoff.
    • Valencia Main and East Inferred Resources are estimated at 5.7 Mt at 120 ppm eU 3 O 8 with 1.3 Mlbs U 3 O 8 contained metal oxide, at 40 ppm U 3 O 8 cutoff.
    • Namibplaas Inferred Resources are estimated to be 218.7 Mt at 85 ppm eU 3 O 8 with 41.1 Mlbs U 3 O 8 contained metal oxide, at 40 ppm U 3 O 8 cutoff.

Pine van Wyk, Country Director for Forsys commented: "The comprehensive work done over the last twelve months on the Norasa Uranium Project has created a solid foundation to advance project development.  The revised mineral resource model will help optimise the mine economics and process parameters. Results are expected soon from a column leaching test program currently being undertaken at SGS Laboratories in South Africa, which would establish the design basis of the planned heap leaching pads.  With the existing ML149 permitted to commence mining, the large scale Norasa project is well advanced to take advantage of the strong uranium sector fundamentals."

Mineral Resources
Results are reported from recent remodelling of historical (2005-2011) drilling and recent 2023 drilling results. The Mineral Resources are reported within US$120/lb U 3 O 8 pit shells, with a cut-off grade of 40 ppm U 3 O 8 for each of the deposits at Valencia Main and East, ("Valencia"), under Mining Licence (ML-149) and US$120/lb U 3 O 8 at 40 ppm U 3 O 8 cutoff at Namibplaas ("Namibplaas") under EPL-3638. The MRE are summarised as follows:

For the overall Norasa project, a conceptual open-pit shell constrained MRE for total deposits assessed from previous (2005-2011) and recent (2023) drilling results is estimated to be Measured and Indicated of 151.9 Mt at 136 ppm eU 3 O 8 , with contained metal oxide of 45.4 Mlbs U 3 O 8 at Valencia Main. Inferred Resources for the Norasa project are estimated to be 224.5 Mt at 86 ppm eU 3 O 8 , with contained metal oxide of 42.6 Mlbs U 3 O 8 (refer to Table 1):

  • Measured and Indicated: 151.9 Mt at 136ppm eU 3 O 8 , with contained metal oxide of 45.4 Mlbs for Valencia Main.
  • Inferred Resource for Valencia Main is estimated to be 4.7 Mt at 121 ppm eU 3 O 8 and 1.3 Mlbs eU 3 O 8 contained metal oxide.
  • Inferred Resource for Valencia East is estimated to be 1.0 Mt at 114 ppm eU 3 O 8 and 0.3 Mlbs U 3 O 8 contained metal oxide; and
  • Inferred Resource for Namibplaas is estimated to be 218.7 Mt at 85 ppm eU 3 O 8 and 41.1 Mlbs U 3 O 8 contained metal oxide.

Table 1: Mineral Resource Estimate for Norasa project as at 30 April 2024 at a 40 ppm U 3 O 8 cut-off grade.

Class Deposit Mass
Mt
(metric)
Average Grade
eU 3 O 8
(ppm)
Material Content
U 3 O 8
Mlbs
Contained Metal
U
tonnes
Measured Valencia East
Valencia Main 7.6 171 2.9 1,099
Namibplaas
Norasa 7.6 171 2.9 1,099
Indicated Valencia East
Valencia Main 144.3 134 42.6 16,368
Namibplaas
Norasa 144.3 134 42.6 16,368
Measured
&
Indicated
Valencia East
Valencia Main 151.9 136 45.4 17,467
Namibplaas
Norasa 151.9 136 45.4 17,467
Inferred Valencia East 1.0 114 0.3 97
Valencia Main 4.7 121 1.3 487
Namibplaas 218.7 85 41.1 15,817
Norasa 224.5 86 42.6 16,401


Notes:
1. All tabulated data have been rounded and as a result minor computational errors may occur.
2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Mineral Resource Statement for Norasa as at 30th April 2024 is reported at a cut-off grade of 40ppm U 3 O 8 from within a conceptual pit-shell using the following assumed parameters:
  • Base Uranium Price –USD/lb U 3 O 8 : $120
  • Average Mining Cost at reference elevation (AISC) USD/tonne: Valencia Main $2.38; Valencia East $2.13; Namibplaas $2.29"
  • Average Processing Cost USD/tonne processed: $7.55
  • Average G&A Overheads USD/tonne processed: $1.04
  • Process Overall Recovery % U 3 O 8 Recovery: 85.0 %
  • Selling Cost Transport USD/lb U 3 O 8 : $1.29
4. From the assumed parameters, a 40 ppm U 3 O 8 cut-off grade was calculated, which together with the conceptual pit shell demonstrates reasonable prospects for eventual economic extraction (RPEEE) for the Mineral Resource. The assessment to satisfy the criteria of RPEEE is a high-level estimate and is not an attempt to estimate Mineral Reserves.

Mineral Resource Estimation Methodology

A summary of the Mineral Resource modelling methodology is as follows:

  • The Mineral Resource was modelled using a combination of Leapfrog Geo ® and Datamine Studio RM ® software.
  • Valencia Main and East data:
    • Comprise a combined dataset of 141 diamond (DD), 148 reverse circulation (RC) and 446 percussion (PC) type drill holes (Figure 1).
    • Borehole data from Valencia Main and East with XRF assay and calculated equivalent grades (eU 3 O 8 ) from gamma-probing for each of the deposits have been used to estimate the Mineral Resource.
    • Equivalent uranium grades have been factored to correlate practically well with the XRF data, which constitutes 25 % of the grade data.
    • Where XRF data are available these supercede the corresponding probe equivalent grade in the estimation data.
  • Namibplaas data:
    • Comprise a dataset of 530 percussion holes and 40 diamond drill holes (Figure 2).
    • Borehole data from Namibplaas XRF assay and calculated equivalent grades (eU 3 O 8 ) have been used to estimate the Inferred Mineral Resource.
    • Equivalent uranium grades constitute the majority of the grade data and where XRF data are available, ~3.5 % of all grade data, these supercede the probe derived values.
  • Wireframe interpretations of the logged lithologies were used to define the various geological units.
  • Mineralisation is strongly associated with alaskite intrusions, that are in turn controlled by a structural architecture that comprises folded and planar strata surfaces, and fold-associated shears and cleavages. Importantly, the orientation of marble strata is a major control on the distribution of uranium mineralisation for REDOX chemistry reasons, at Valencia and the Erongo region alaskite deposits as whole. The alaskite orientations are therefore strataform, except where they have invaded sheared and strongly cleaved antiformal hinge zones, as at Valencia Main. In order to honour the geological controls in the estimates various surfaces were modelled:
    • String interpretations of the "stratiform" intrusions were digitised in cross-section and were used to create median surfaces for each of the intrusions.
    • The resulting mineralised zone wireframes align with the lithological strata while also cross-cutting the strata in places to accommodate axial-planar mineralisation orientations (see Figure 3).
    • The surfaces were then used to guide the orientation of the grade estimate through interpolation of individual dip and dip directions for each model block.
  • The geometry of the Namibplaas deposit comprises stratiform lithologies that dip toward the southwest. The alaskite intrusives have intruded in a strataform manner and have exploited disruptions in the overall fabric, such as local fold flexures and dilation zones associated with the NE-SW regional extensional setting. In order to honour the geological controls at Namibplaas in the estimates various surfaces were modelled with guidance from the directions of greatest structural continuity to guide implicit modelling:
    • Along the strike and dip direction of the host metasediments, and
    • Along a shallow-plunging hinge structure that is oriented to the NE, parallel to the regional extension regime.
    • Considering that mineralization at Namibplaas is strongly associated with the granitic intrusions, string interpretations of the mid-points of these "stratiform" intrusions were digitized in cross-section, thereafter linked to create median surfaces of each of the alaskite intrusions (see Figure 4).
    • The surfaces of the intrusions were then used to guide the orientation of the grade estimate through interpolation of individual dip and dip directions for each model block.
  • Grade shells using a 40 ppm U 3 O 8 threshold were constructed using Leapfrog ® implicit modelling with directional control surfaces from the geological model.
  • The model volumes were divided into four domains at Valencia Main and two domains at Namibplaas. Each domain is distinct in terms of its geographic/geometric position as well as statistical / geostatistical parameters.
  • Ordinary kriging estimation used three-dimensional directional variograms to estimate U 3 O 8 grades within the mineralised zones for Valencia Main and Namibplaas. Inverse distance squared interpolation was used for Valancia East. The models underwent validation by comparison of estimated grade values against input sample grades, both visually and statistically.
  • Volumes covered by 30 m drill-spacing were classified as Indicated Mineral Resources at Valencia. All blocks outside of these volumes within the grade shells that received a grade estimate during the interpolation runs were considered Inferred.
  • At Namibplaas, although the tight drill spacing of approximately 30 m provides dense coverage of the deposit, the predominance of probe-derived eU 3 O 8 assays warrants a confidence level for an Inferred Resource.

30 April 2024 MRE block model and US$120/lb U3O8 pit shells at Valencia Main and Valencia East, ML 149.

Figure 1: 30 April 2024 MRE block model and US$120/lb U 3 O 8 pit shells at Valencia Main and Valencia East, ML 149.

30 April 2024 MRE block model and US$120/lb U3O8 pit shells at Namibplaas, EPL 3638.

Figure 2: 30 April 2024 MRE block model and US$120/lb U 3 O 8 pit shells at Namibplaas, EPL 3638.

Figure 3 part 1.Figure 3 part 2

Figure 3:  Shows the stacked concordant surfaces generated parallel to the 3 marble bands and orientation of mineralisation aligned with the strata and axial planar cleavages in the fold hinge (guiding surfaces hidden) at Valencia.

Shows alaskite midpoint strings (yellow) linked in parallel to the the NE-SW oriented strike of the deposit.

Figure 4:  Shows alaskite midpoint strings (yellow) linked in parallel to the the NE-SW oriented strike of the deposit.

In accordance with National Instrument 43-101 ("NI 43-101") a Technical Report outlining the mineral resource estimation will be filed under Forsys' profile on SEDAR+ ( www.sedarplus.ca ) within 45 days of the date of this release.

Assaying and QAQC

  • Recent (2023) Sampling and Assays
    • Samples were taken from the diamond drill cores and RC chips for geochemical assay guided by the routine downhole radiometric probe results, and sent to Trace Elements Analysis Laboratories (Pty) Ltd ("TEA Labs") at 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, Swakop Uranium and Langer Heinrich mines.
    • Forsys employs a QAQC programme with Certified Reference Materials (CRMs), blanks, coarse duplicates and pulp duplicates inserted into each batch of samples. The QAQC insert rate comprises 4 % CRMs using three CRM types with different grades of U 3 O 8 ; 4 % blanks and 8 % to 10 % duplicates. RC sample batches have three types of duplicates; a field duplicate split at the drill rig; a coarse duplicate split at prescribed intervals at the laboratory; and pulp duplicates, also split at the laboratory. Core samples only have coarse and pulp duplicates split at the laboratory.
    • Four-percent of the samples sent to TEA Labs are sent for check analyses at SGS Laboratories (SGS) in South Africa, which serves as the independent accredited laboratory. The sample results are further validated by comparison with the radiometric scans.
  • Previous Sampling and Assays (2005-2011 Valencia Uranium Limited (VUL)):
    • All diamond drill half core and RC samples collected by VUL were assayed at the Setpoint Technology ("Setpoint") laboratory in Johannesburg, South Africa. Setpoint was accredited with the South African Accreditation System (SANAS), accreditation number T0223, and was also an ISO17025 accredited laboratory. Setpoint crushed and pulverised the samples for analysis of U 3 O 8 using the XRF pressed pellet method.
    • The VUL protocols for the QAQC were as follows:
      • CRMs inserted at a frequency of at least one per 20 samples.
      • Blanks inserted at a frequency of at least one per 50 samples.
      • Duplicates taken at a frequency of at least one per 20 samples.
    • The Setpoint laboratory included appropriate quality assurance and quality control (QAQC) procedures during the analysis of the VUL samples by including its own certified reference standards (CRM), blanks and duplicates.
    • VUL percussion holes were not physically sampled. Datasets were derived from two downhole probes that were calibrated against the XRF sample assays.
    • Snowden reviewed the assay results from Setpoint for the Valencia deposits in 2009 2 for the purposes of resource estimation and considered the QAQC results to be of a high standard of precision, unbiased and accurate.
    • Optiro reviewed the assay results from Setpoint for the Namibplaas deposit in 2011 and considered that the results of the QAQC indicate a high level of precision with no bias, no significant contamination and a high degree of accuracy (from Snowden 2009 2 and Optiro 2011 3 )
  • Trekkopje Exploration (Goldfields 1974-1984):
    • Exploration data derived from Trekkopje Exploration era, up to and including 1984, have not been verified by the QP and therefore were not utilised in this Mineral Resource Estimate.

Workplan

Forsys is undertaking an infill and extension drilling program and optimisation work with the aim of expanding and upgrading the Mineral Resource:

  1. Resource Infill Drilling and Resource Extension Drilling
    Total of 85 percussion drill holes for 7,520 metres have been laid out on a 25 x 25 metre grid. The objective is to more than double the quantity of the Measured Mineral Resource. The holes target the 660 m elevation with drill depths up to 100 m from surface and is comparable to the previous Measured Resource grid.

    A subsequent program for potential resource extension is planned for the areas adjacent to the Valencia Main deposit; along strike to the west, on the hinge zone to the south, and north of the Main deposit at the Jolie Zone.
  2. Pit Design Modeling
    The updated resource block model is used to assess open pit economic models. Pit slope design parameters are being reviewed to include lithological logging and geomechanical test work from additional drilling.
  3. Column Leaching Process Optimization Work
    Column Leach tests are presently underway at SGS in South Africa where the columns have been emptied and final analyses and data is pending. The next phase of testing will assess systematic processes to enhance the efficiency and effectiveness of extracting the uranium mineralisation from the ore using sulphuric acid solutions.
  4. Process Design
    DRA Global were appointed as the study contractor to deliver engineering to support preliminary cost estimates for a heap leach process. Ongoing engineering and optimisation continues.
  5. Bulk Sampling
    After site assessment and selection, a detailed plan is being drawn up to develop a box cut with the objective of retrieving approximately 20,000 tonnes of typical run-of-mine, fresh and representative sample material from the deposit.

Qualified Persons Statement for Metallurgy
Mr Aveshan Naidoo is a Specialist Engineer: Hydromet and Economics, for DRA South Africa Projects (Pty) Ltd of Building 33, Woodlands Office Park, 20 Woodlands Drive, Woodlands, Sandton, 2080. He holds a Bachelor of Science in Chemical Engineering and a Master of Business Administration at the University of Witwatersrand. He is a registered Professional Engineer with the Engineering Council of South Africa (Registration No. 20130523). Mr Naidoo has been practising his profession continuously since 2008 and has 16 years of experience across a range of African projects. He is familiar with NI 43-101 and, by reason of his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.

Qualified Persons Statement for Mineral Resource
The information in this release that relates to the updated Mineral Resource Estimate for the Norasa Project is based on information compiled or reviewed by Dr Guy Freemantle of The MSA Group (Pty) Ltd., Johannesburg, South Africa. The MSA Group are independent consultants to the Norasa Project, Namibia.  Dr Freemantle holds a Bachelor of Science in Geology and a PhD in Geology, both at the University of the Witwatersrand. He is a member of the Society of Economic Geologists (892905); a Fellow of the Geological Society of South Africa (965392); and is registered with SACNASP (Registration 117527). Dr Freemantle has practiced his profession continuously for 14 years and 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 fulfil 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:

Pine van Wyk, Country Director, Forsys
email: pine@forsysmetals.com

Richard Parkhouse, Director, Investor Relations
email: rparkhouse@forsysmetals.com email: info@forsysmetals.com
phone : +44 7730493432

Nikolas Matysek,  Communications Manager (Canada)
email: nmatysek@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.sedar+.com. 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.

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