Business
Forsys announces significant new exploration results at recently discovered Valencia East extension
Consolidated projects to be called "Norasa" "FSY" TSX "F2T" Frankfurt "FSY" NSX ...
About this update from Forsys Metals Corp.
[{"type":"text","content":"\n\n\n\n\n\nConsolidated projects to be called \"Norasa\"\n\n\n\"FSY\" TSX\"F2T\" Frankfurt\"FSY\" NSXShares Outstanding: 109,875,422\n\nTORONTO, Jan. 23, 2013 /CNW/ - Forsys Metals Corp (\"Forsys\" or the \"Company\") is pleased to announce\n positive drilling results from an extension exploration program on the\n Company's fully permitted Valencia Mining Licence 149 in Namibia,\n Africa. The new discovery, \"Valencia East\" is located 500 metres\n northeast from the planned Valencia production pit (see Figure 1). Since November 20, 2012 the Company has completed a total of 15\n percussion drill holes for a total of 2,250 metres.\n\n\nThe Company is also pleased to announce that as a result of the\n continued exploration success at Valencia, comprising Valencia Main,\n Valencia East and Valencia North and at Namibplaas (EPL 3638), combined\n with the high likelihood of common infrastructure (a NI 43-101\n technical reporting requirement); these projects will now be\n consolidated and considered as a single project. The Company has\n designated that the newly consolidated property be named, Norasa\n uranium Project. Norasa is an everyday term used by the rich and\n diverse culture of the Damara people and means united or putting things\n together.\n\n\nMarcel Hilmer, Chief Executive Officer, commented, \"The initial drilling\n results at Valencia East have confirmed considerable mineralization in\n 11 of the 15 percussion drill holes, encountering significant\n intersections of greater than 200 ppm u3O8 including many greater than\n 400 ppm as highlighted in Table 1 below. The results from this drilling\n program are very encouraging and indicate the potential for a\n significant high-grade area located in close proximity to the main\n Valencia deposit and proposed processing plant. We are very pleased\n that this program continues to increase both the potential resources\n and the overall grade of the consolidated Valencia and Namibplaas\n projects, now known as Norasa. The consolidation of the projects\n confirms our strategy to build a world class, large capacity process\n plant that can be supplied with ore from both the Valencia and\n Namibplaas deposits\".\n\n\nTable 1: Highlights of recent assay results from Valencia East\n Percussion Drilling(Minimum of 200 ppm U3O8 and an interval of 1.0 metre or greater)\n\n\n
...