Skyharbour's Partner Company North Shore Uranium Commences Drill Program at Falcon Uranium Property

Skyharbour's Partner Company North Shore Uranium Commences Drill Program at Falcon Uranium Property

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ("Skyharbour" or the "Company"), is pleased to announce that its partner company, North Shore Uranium ("North Shore"), has commenced its drill program at the Falcon Property ("Falcon" or the "Property") located at the eastern margin of the Athabasca Basin in northern Saskatchewan. North Shore is planning to drill three targets associated with electromagnetic ("EM") conductors. Information pertaining to the drill program and a summary of the Property were provided by the Company on February 28, 2024 and December 19, 2023.

Location Map of Falcon Project:
https://skyharbourltd.com/_resources/maps/Sky-SouthFalconOption.jpg?v=0.1

The drill program is being managed by TerraLogic Exploration Inc. The final three targets selected for drilling, which lie along a strong, dominantly northeast-trending EM conductor system, are shown in the image below. For each target, a subsurface geophysical model of the EM conductor has been prepared and a hole, which is drilled at an angle, has been designed to intersect the conductor.

Electromagnetics with 2024 Drill Targets P03, P08 and P12:
https://www.skyharbourltd.com/_resources/images/Electromagnetics-with-2024-Drill-Targets.jpg

Falcon Uranium Project:

The Falcon Property, which constitutes part of North Shore's Falcon Property, contains eleven mineral claims comprising approximately 42,908 hectares approximately 50 km east of the Key Lake mine. Nine of the claims are from Skyharbour's original South Falcon Uranium Project and the remaining two claims are from Skyharbour's Foster River Project. Historical uranium mineralization discovered at Falcon is shallow and is hosted in several geological settings including classic Athabasca-style basement mineralization associated with well-developed EM conductors. At the EWA target, up to 0.492% U 3 O 8 and 1,300 ppm lead was encountered in outcrop grab samples (Sask. Mineral Deposits Index [SMDI] 5038). Historical grab sampling at Knob Lake (SMDI 1014) also encountered up to 0.01% U 3 O 8 in an outcrop of pegmatite, while anomalous nickel, copper, and molybdenum were found in historical grab samples from the Fraser North target area (SMDI's 1125 and 1126).

A well-defined northeast-trending, locally folded, electromagnetic conductor system runs throughout the Property, which was defined by airborne and ground geophysical surveys by JNR Resources ("JNR") in the 2000's. In 2008 JNR conducted a drill campaign at the property area. Of the 47 holes drilled that year, 28 holes (totaling 7,348 metres) were drilled on the South Falcon Uranium Property at the Walker (14 holes), Walker South (7 holes), and EWA target areas (6 holes). At the Walker and South Walker targets, which lie along the aforementioned EM conductor system, structurally disrupted and variably altered metasediments (including graphitic pelitic gneisses) with anomalous boron, copper, molybdenum, nickel, cobalt, arsenic, and vanadium were encountered in several drill holes. During this same drill campaign, the Fraser Lakes Zone B uranium deposit was discovered approximately four kilometres east of the Walker South target on a refolded extension of the EM conductor system. At the EWA target, which lies along a separate northeast-trending EM conductor, anomalous uranium, boron, lead, and molybdenum were encountered in structurally disrupted pegmatites; the best result was 0.235% U 3 O 8 over 0.5 m (within a 3.5 m interval of 0.113% U 3 O 8 ) in hole WYL-08-501 (Sask. Mineral Assessment File 74H02-0045).

Furthermore, in 2022, Skyharbour completed a FALCON® airborne gravity gradiometer and magnetic survey over nine of the eleven claims at the Falcon Property. This new geophysical data will assist North Shore in prioritizing areas along the EM conductor system for drilling. Over 30 kilometres of the EM conductor system remains untested on the Falcon Property. North Shore's initial focus will be on the two claims formerly part of the Foster Project (geophysics), and on generating drill targets on three claims at the southeastern end of the EM conductor systems including Knob Lake, which shows similarities to the Fraser Lakes Zone B deposit approximately 6 km to the northeast and several other high-priority targets elsewhere along the main EM conductor system.

Significant potential exists on the project for basement-hosted, unconformity-related uranium deposits like those further to the north in the Wollaston Domain (i.e. Eagle Point, Rabbit Lake, Key Lake and others), as well as for pegmatite/granite-hosted (i.e. alaskite-type) U-Th-REE mineralization like at the Fraser Lakes Zone B deposit on Skyharbour's adjacent South Falcon East Property, currently under option to Tisdale Clean Energy.

The Option Agreement:

North Shore may acquire an initial 80% interest in the Property by issuing common shares of the Resulting Issuer ("Shares") having an aggregate value of CAD $1,225,000; making aggregate cash payments of CAD $525,000; and incurring an aggregate of CAD $3,550,000 in exploration expenditures on the Property over a three-year period. Once North Shore has earned an initial 80% interest in the Property, North Shore may acquire the remaining 20% interest in the Property within 90 business days by issuing Shares having a value of CAD $5,000,000, and making a cash payment of CAD $5,000,000 to Skyharbour. If North Shore does not elect to acquire the remaining 20% interest, a joint venture will be formed with Skyharbour holding a 20% participating interest.

North Shore will be the operator of the exploration programs during the earn-in stage and for the joint venture if formed. Two claims totaling 10,673 hectares that form part of Skyharbour's Foster River Property are subject to a one percent (1%) NSR royalty payable to Skyharbour. The remaining nine claims totaling 32,235 hectares that comprise Skyharbour's South Falcon Point Property are subject to a two percent (2%) NSR royalty payable to Denison Mines Corp. ("Denison") with North Shore having the right to purchase one percent of the royalty from Denison at anytime by paying $1 million. All Shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

Qualified Person:

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.

About North Shore Uranium Ltd:

North Shore is a mineral exploration company focused on uranium exploration at the eastern margin of the Athabasca Basin through its Falcon property which will increase from 12,800 to 55,700 hectares with the addition of the claims subject to the Agreement, and the West Bear property located 90 kilometres to the northeast.

About Skyharbour Resources Ltd.:

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 587,000 hectares (over 1.45 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.

Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Valor Resources at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; North Shore Uranium at the Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued and over $19 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.

Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.

Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .

Skyharbour Resources Ltd.

"Jordan Trimble"

Jordan Trimble
President and CEO

For further information contact myself or:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.


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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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  1. The election of the following nominees as directors of the Corporation for the ensuing year or until their successors are elected or appointed.

Votes ForVotes Withheld
              Catherine M. Best739,666,794
97.19%
21,395,027
2.81%
              M. Elizabeth Cannon755,414,889
99.26%
5,646,932
0.74%
              N. Murray Edwards734,115,206
96.46%
26,946,615
3.54%
              Christopher L. Fong730,264,360
95.95%
30,797,461
4.05%
              Ambassador Gordon D. Giffin681,630,086
89.56%
79,431,703
10.44%
              Wilfred A. Gobert749,993,920
98.55%
11,067,902
1.45%
              Christine M. Healy759,396,832
99.78%
1,664,989
0.22%
              Steve W. Laut752,522,642
98.88%
8,539,180
1.12%
              Honourable Frank J. McKenna713,843,507
93.80%
47,218,314
6.20%
              Scott G. Stauth755,136,229
99.22%
5,925,592
0.78%
              David A. Tuer721,224,440
94.77%
39,837,382
5.23%
              Annette M. Verschuren757,804,674
99.57%
3,257,147
0.43%




Votes ForVotes Withheld
  1. The appointment of PricewaterhouseCoopers LLP as auditors of the Corporation for the ensuing year and to authorize the Audit Committee of the Board of Directors to fix their remuneration.
733,200,212
94.14%
45,678,373
5.86%

Votes ForVotes Against
  1. Vote on Share Split of Issued and Outstanding Common Shares of the Corporation be subdivided on a two for one basis.
774,321,586
99.41%
4,556,996
0.59%

Votes ForVotes Against
  1. On an advisory basis, approval of the Corporation's approach to executive compensation.
748,228,501
98.31%
12,833,315
1.69%

 

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As of the close of markets on May 2, 2024, Canadian Natural had 1,068,104,423 common shares issued and outstanding. Adjusted for the Share Split, there would have been 2,136,208,846 common shares issued and outstanding.

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