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

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

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 U 3 O 8 , including 41.9 m of 683 ppm U 3 O 8 .
  • 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 U 3 O 8

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 U 3 O 8 over 5m:

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

BHID X Y Z FROM TO LENGT H EOH RC COR E Gamm a U Th U3O 8
UTM UTM m amsl m m m m m m cps pp m pp m p pm
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: 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").


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Forsys Reports Interim Drilling Results at Norasa

Forsys Reports Interim Drilling Results at Norasa

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

Forsys is pleased to provide an update on the Company's Norasa Uranium project ("Norasa 1 ") with interim results from its 2024 Resource Extension and Exploration target drilling program at Valencia (ML 149).

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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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Forsys Obtains Renewal of Exclusive Prospecting Licence  for its Namibplass Uranium Deposit

Forsys Obtains Renewal of Exclusive Prospecting Licence for its Namibplass Uranium Deposit

Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) ("Forsys" or the "Company") is pleased to announce that the Ministry of Mines and Energy of the Republic of Namibia (" Ministry ") has renewed the Company's Namibplaas Exclusive Prospecting License ("EPL")3638, that forms part of its Norasa Uranium Project ("Norasa 1 ").

This licence has been renewed for a further two years until February 2026. In September 2022 Forsys has also made an application to the Ministry to convert EPL-3638 to a full 25-year Mining Licence ("ML"), and this submission is pending as ML-251. EPL-3638 remains in good standing while the Ministry processes Forsys' ML-251 submission.

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Forsys Update On Norasa Uranium Project

Forsys Update On Norasa Uranium Project

Forsys has launched a broad-ranging initiative to reassess its 2015 Feasibility Study ("FS") for its fully owned Norasa Project 1 in Namibia. The Company sees potential to improve project economics by optimizing pit parameters and examining the potential of using heap leaching in mineral processing. The work program that began in mid 2023 and is anticipated to finish in mid 2024 includes the following components:

  • 4,100 metre ("m") drilling program aimed at enhancing geotechnical assessments and obtaining fresh ore samples for additional metallurgical test work;
  • Geotechnological optimization of pit parameters to reduce stripping ratio;
  • Evaluation of alternative metallurgical processes, including heap leaching, to reduce capital and operational expenses;
  • Critical review of all linear infrastructure and utilities.

To achieve these objectives, the Company recruited a 27 person team who have significant previous uranium mining experience at various Namibian operations. The technical team includes process engineers, mining experts, geologists, environment consultants, and local specialists led by the Company's Namibian Country Director, Pine Van Wyk.

Further Drilling Program

Recent advancements in metallurgical, engineering and mining technology since exploration and computation of the Norasa Project's FS have warranted a comprehensive review of the project. In mid 2023, the Company commenced a new 4,100 m drilling program to retrieve fresh samples at depths of up to 420 m from the slope areas for both the planned mining pits at Valencia and Namibplaas.

The drilling program focuses on:

  • Geotechnical logging and geo-mechanical sampling to refine pit designs;
  • Sampling for new metallurgical test work and for optimized process design;
  • Sampling and testing local groundwater resources and to establish additional groundwater monitoring borehole;
  • Further geotechnical drilling, logging and sampling, along with downhole surveys (trajectory, gamma, Optical Televiewer) at Valencia and Namibplaas;
  • Density test work on ore and waste material;
  • geochemical analysis of samples at Trace Element Analytical Laboratories and calc index and U deportment test work; minimum of 5% check analyses by other independent analytical laboratories.

Figure-1 below, illustrates the drilling program within ML-149 Valencia and EPL-3638 Namibplaas (ML-251 pending). Currently one Reverse Circulation ("RC") drill rig and two Diamond Core ("DC") drill rigs are on ML-149. Additional drill locations are planned for further in-depth studies and for geotechnical assessments.

Drilling program underway

Figure 1: Drilling program underway

By the end of October 2023, a total of 1,445 m of RC drilling and 1,865 m of DC drilling had been completed, including substantial large diameter metallurgical drilling at the Valencia, ML-149 site. Work is ongoing and the majority of the programme is targeted for completion by year end 2023.

Heap Leach Trade-Off Studies and Test Work

In March 2023, Forsys engaged DRA Projects Pty Ltd, a subsidiary of DRA Global Limited (ASX; DRA/JSE: DRA) ("DRA") to oversee test work and conduct various engineering studies. The test work and studies aim to assess the potential trade-off opportunity between tank and heap leaching given advances in High Pressure Grinding Rolls crushing and heap leach technology.

Column leach tests are underway at SGS laboratories in South Africa, including measurements of ore height and slump in the column, with residues analyses for uranium content. The column leach tests results will inform heap leach recovery projections and key process conditions for the economic assessments. Final results of this trade-off study are expected first quarter 2024.

Mining Licences, Environmental Certificates and Permits

The Company currently holds a 25-year Mining Licence (ML-149) for its Valencia deposit, valid until 2033. Additionally, Forsys is actively engaged with the Ministry of Mines and Energy (MME) to renew its Exclusive Prospecting Licence (EPL-3638) for further pit optimization work at the Namibplaas site.

Earlier in the year, Forsys renewed its Environmental Clearance Certificate ("ECC") from the Ministry of Environment, Forestry and Tourism for a further three-year term, allowing the Company to advance its development plans for the Norasa project. The ECC renewal process evaluated the Company's environmental management practices, including waste management, emissions controls, biodiversity protection, and community engagement, among other factors.

Forsys is in the process also of securing additional permits, encompassing land surface rights; accessory works; radiation management; linear infrastructure development and desalination.

Qualified Person and Independent Consulting Firms

Mr. Robin Welsh is acting as the Company's Qualified Person, as such term is defined in National Instrument 43-101 ("NI 43-101"). Mr. Welsh is a Senior Project Manager for DRA Projects Pty Ltd and with his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101. Mr. Welsh has reviewed and approved the scientific or technical information contained in this press release.

DRA Projects Pty Ltd, a subsidiary of DRA Global Limited is an international multi-disciplinary engineering, project delivery and operations management group, predominantly focused on the mining, minerals and metals industry.

About Forsys Metals Corp.

Forsys Metals Corp. (TSX: FSY, FSE: F2T, NSX: FSY) is focused on advancing the Norasa Uranium Project that is made up of the Valencia Uranium deposit (ML-149) and the nearby Namibplaas Uranium deposit (EPL-3638) in the politically friendly jurisdiction of Namibia. Extensive work has been carried out on the deposits from 2006 to 2015 with close to 290,000 m of drilling, resource estimation and processing test work.

The reserves come from three deposits: the Valencia pit, a small satellite pit adjacent to Valencia, and the Namibplaas pit, and two NI 43-101 technical reports previously prepared in support of the 2015 FS demonstrated significant proven and probable mineral reserves of 91Mlb. In addition, the 2015 FS demonstrated Measured and Indicated resource of 115Mlb and Inferred resource of 11Mlb.

Forsys are currently engaged in re-evaluating the 2015 FS and multiple workstreams are underway to re-analyze geology data as well as establishing a new drilling program to retrieve fresh samples from both site deposits and improve on process and pit designs. As a part of this study, Forsys are exploring new technologies to understand how these can enhance recovery rates, optimise tailings and improve project economics.

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: rparkhouse@forsysmetals.com email: info@forsysmetals.com
Phone: +44 (0) 7730 493432

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 may include statements regarding improved project economics, improved resource quality, the benefits of changing to a heap leach process, anticipated Capex and Opex savings, the results and timing of an updated NI 43-101 technical report and feasibility study, and the future operating or financial performance of Forsys Metals Corp which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements 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.

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Forsys Metals Corp Announces Participation in Red Cloud's 2023 Fall Mining Showcase in Toronto

Forsys Metals Corp Announces Participation in Red Cloud's 2023 Fall Mining Showcase in Toronto

Forsys Metals Corp (TSX: FSY), a company focused on advancing its flagship uranium Norasa Project, comprising two uranium deposits in the Erongo region of Namibia, is pleased to announce that the company will be presenting at Red Cloud's 2023 Fall Mining Showcase. We invite our shareholders and all interested parties to join us there.

The annual conference will be hosted in-person, at the Sheraton Centre Toronto Hotel from November 7-8, 2023.

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Skyharbour Intersects 7.30% U3O8 over 3.0m within 5.0m of 4.61% U3O8 at High-Grade Moore Project and Plans for Upcoming Fully-Funded Summer Drill Programs

Skyharbour Intersects 7.30% U3O8 over 3.0m within 5.0m of 4.61% U3O8 at High-Grade Moore Project and Plans for Upcoming Fully-Funded Summer Drill Programs

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (the "Company") is pleased to announce assay results from its 2024 winter diamond drilling program which totaled 2,864 metres in nine holes at its 100% owned, 35,705 hectare Moore Uranium Project. The project is located approximately 15 kilometres east of Denison Mine's Wheeler River project and proximal to regional infrastructure for Cameco's Key Lake and McArthur River operations in the Athabasca Basin, Saskatchewan. A highlight from this program was from hole ML24-08 which intersected 5.0 metres of 4.61% U 3 O 8 from a relatively shallow downhole depth of 265.5 metres to 270.5 metres including 10.19% U 3 O 8 over 1.0 metre at the Main Maverick Zone. Skyharbour plans to continue advancing Moore through additional drilling in 2024 in conjunction with a fully-funded summer drill program to follow-up on the recently reported Fork target uranium discovery at the Company's adjacent Russell Lake Uranium Project. The combined drill campaign this summer is planned to consist of approximately 7,000 - 8,000 metres with details forthcoming.

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Baselode Reports High Levels of Radioactivity Over Wide Intercepts at ACKIO Uranium Project

Baselode Reports High Levels of Radioactivity Over Wide Intercepts at ACKIO Uranium Project

  • Over 30 metres of continuous radioactivity, such as 907 cps over 34 m, including 9,173 cps over 0.4 m
  • AK24-118 and AK24-119 returned the widest radioactivity levels in Pod 6
  • All three drill holes with over 20 metres of cumulative thickness of radioactivity
  • The second drill for regional exploration targets has now mobilized to site

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce radioactivity results from the first three diamond drill holes within the ACKIO ("ACKIO") uranium prospect of the Hook project ("Hook") in the Athabasca Basin area of northern Saskatchewan (Figure 1).

"AK24-119's results rank as one of the top 10 best drill hole radioactivity intersections at ACKIO, making this a unique drill hole. Previous drill hole AK22-035 intersected 0.54% U3O8 over 7.3 m (see Baselode News Release dated September 12, 2022) in Pod 6, and we are seeing similar levels of radioactivity within AK24-118 and AK24-119 but over broader widths within the same Pod, suggesting mineralization remains open in this area. ACKIO has continued to deliver encouraging results since the discovery in 2021, and we expect more promising results to follow.

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Skyharbour and JV Partner Orano Announce Completion of Geophysics and Upcoming Commencement of Field Program at Preston Uranium Project

Skyharbour and JV Partner Orano Announce Completion of Geophysics and Upcoming Commencement of Field Program at Preston Uranium Project

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ("Skyharbour" or the "Company"), is pleased to announce that its joint-venture partner company, Orano Canada Inc. ("Orano"), has recently completed a geophysical program at the 49,635 hectare Preston Uranium Project ("Preston" or the "Property") located in the western Athabasca Basin, Saskatchewan, Canada. The program included a ground electromagnetic survey (ML-TEM) and a ground gravity survey. Orano is now preparing for a Spatiotemporal Geochemical Hydrocarbons (SGH) soil sampling program that will take place this summer at the project.

Location Map of Preston Project:
https://www.skyharbourltd.com/_resources/maps/Sky_Preston_20211209.jpg

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Purepoint Uranium Redefines Turnor Lake Project with Latest Technology and Advanced Data Integration

Purepoint Uranium Redefines Turnor Lake Project with Latest Technology and Advanced Data Integration

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced significant exploration advancements at its Turnor Lake project, located in the prolific Athabasca Basin of Northern Saskatchewan. After nearly 15 years since the last major drilling campaign, Turnor Lake is being revitalized with a completely fresh geological and geophysical outlook, positioning it as a potential host for the next major uranium discovery in Saskatchewan. A drill program is currently underway at Turnor Lake, aiming to explore and define the extent of uranium mineralization.

The Turnor Lake project spans 9,705 hectares across vital structural and conductive corridors, aligning with the region's significant uranium discoveries and historical high-grade deposits. Our exploration revitalization is driven by the application of advanced technology and methodologies while integrating a wealth of historical data with ongoing real-time drilling insights.

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Nuclear Fuels Appoints Gregory Huffman as Chief Executive Officer

Nuclear Fuels Appoints Gregory Huffman as Chief Executive Officer

CSE:NF
OTCQX:NFUNF

Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) ("Nuclear Fuels" or the "Company") today announced the appointment of Mr. Gregory Huffman as Chief Executive Officer, President and Director of the Company effective immediately. Mr. Huffman brings over two decades of mining analysis and equity finance experience to the Company, with a focus on uranium and other energy-related metals.  In connection with his appointment, Mr. Huffman will purchase by way of private placement a total of 2,000,000 units at $0.35 per unit, each consisting of a common share and a half of a share warrant, with each whole warrant exercisable at a price of $0.55 for two years.

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Blue Sky Uranium Launches Strategic Exploration Program for In-Situ Recovery Uranium Targets in Argentina with Two New Project Acquisitions

Blue Sky Uranium Launches Strategic Exploration Program for In-Situ Recovery Uranium Targets in Argentina with Two New Project Acquisitions

TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF

Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF), "Blue Sky" or the "Company") is pleased to announce the acquisition of two new projects totaling nearly 80,000 hectares that are prospective for discovery of uranium deposits amenable to In Situ Recovery (" ISR ") in the Neuquén Basin of Argentina (see Figure 1 ). These acquisitions represent a strategic initiative to broaden the Company's medium to long-term prospects for discovery of additional uranium mineral resources.

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