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.

Richard Parkhouse, Director, Investor Relations and Pine Van Wyk, Country Director, Namibia, will be presenting on November 7th at 2.20pm Eastern Standard time.

For more information and/or to register for the conference please visit: https://redcloudfs.com/fallminingshowcase2023/.

We look forward to seeing you there.

For further information:

Richard Parkhouse
Director, Investor Relations
+447730493432
rparkhouse@forsysmetals.com
www.forsysmetals.com

About Forsys Metals Corp

Forsys Metals Corp ("Forsys") is engaged in acquiring and developing mineral properties and is principally focused on advancing the Norasa Project, which is wholly-owned by the company's subsidiary Valencia Uranium (Pty) Ltd ("Valencia Uranium"), encompassing both the Valencia Uranium deposit (ML149) ("Valencia") and the nearby Namibplaas Uranium deposit (EPL3638) ("Nambiplaas") in the politically friendly jurisdiction of Namibia.Norasa is one of Africa's most compelling fully permitted uranium projects with 43-101 compliant proven and probable reserves of 91Mlb and Forsys are currently engaged in re-evaluating all aspects of the previous 2015 Definitive Feasibility Study. Multiple workstreams have been established to re-analyse geology data and geotechnical information, Forsys's aim is to explore new technologies to enhance recovery rates and optimize tailings handling and also to improve on pit design and mine plans. In March 31 2023, Forsys initiated a new drilling program to retrieve fresh geology samples from both the Valencia and Namibplaas orebodies and pit environments and these ore samples are being analysed to confirm resource size, and improve on process and pit designs. Further information is available at the Company website forsysmetals.com .

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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 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").

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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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Baselode Discovers New Zone of Radioactivity Six Kilometres Northeast of ACKIO

Baselode Discovers New Zone of Radioactivity Six Kilometres Northeast of ACKIO

  • Intersected over 30 metres of continuous radioactivity within a massive hydrothermal alteration system
  • New zone discovered on the second drill hole of Hook's regional exploration program, 6 km from ACKIO discovery
  • Demonstrates the fertility of the uranium corridor along Baselode's Hook Project

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce the discovery of a new uranium prospect on the Hook project ("Hook") in the Athabasca Basin area of northern Saskatchewan (Figure 1).

"We're very excited about this new discovery on Hook, on the second hole of our regional exploration program. HK24-010 intersected over 30 metres of continuous radioactivity at approximately 173 metres vertical depth. This new discovery is hosted within a massive alteration corridor similar in scale to what we have observed at our ACKIO zone 6 km to the southwest. We believe the alteration corridor has mobilized uranium from the host rocks and deposited it within a redox front, similar to what we interpret for HK24-010. We intend to follow-up drilling in this area in the coming weeks after completing exploration drilling in a logistically efficient order on other targets with stronger geophysical anomalisms. Hook's regional exploration aim was to discover new zones of uranium mineralization and we're well on our way with this new prospect," commented James Sykes, CEO, President, and Director of Baselode.

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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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Skyharbour Drills New Discovery at Russell Project with High-Grade Uranium Mineralization Up to 3.0% U3O8 at Newly Identified Fork Zone; Preparing for Fully-Funded Summer Drill Program

Skyharbour Drills New Discovery at Russell Project with High-Grade Uranium Mineralization Up to 3.0% U3O8 at Newly Identified Fork Zone; Preparing for Fully-Funded Summer Drill Program

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQB: SYHBF ) (Frankfurt: SC1P ) (the "Company") is pleased to announce initial results from Phase One of its 2024 winter drill program at the 73,294 hectare Russell Lake Uranium Project ("Russell" or the "Project"). The Project is strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan adjacent to regional infrastructure, including an all-weather road and powerline. Drilling at Russell was completed during two separate phases of drilling with a total of 3,094 metres drilled in six holes during Phase One with geochemical assays reported here. The second phase of the winter drill program at Russell consisted of 2,058 metres in four holes with the geochemical assays still pending and to be released at a later date. The Company also recently completed 2,864 metres of drilling in nine holes at its Moore Project with assays pending from that program.

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Purepoint Uranium Provides Exploration Update on Geophysical Programs at Russell South, Tabbernor, and Smart Lake Projects

Purepoint Uranium Provides Exploration Update on Geophysical Programs at Russell South, Tabbernor, and Smart Lake Projects

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce the completion of two geophysical programs at its Russell South project, the commencement of a new geophysical survey at the Tabbernor project, and the rescheduled survey at the Smart Lake joint venture project. Additionally, Purepoint has released an updated Portfolio Handbook, now available on the Company's newly launched website.

"Our team has made significant strides in advancing our exploration efforts at both Russell South and Tabbernor," said Chris Frostad, President and CEO of Purepoint. "We are particularly excited about the upcoming completion of the Smart Lake survey, which will set the stage for our winter drilling program."

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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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