Forsys Metals (TSX/NSX: FSY, FSE: F2T) has launched a 9,333-metre drilling campaign at its Namibplaas deposit in Namibia as it seeks to upgrade more than 41mn pounds of inferred uranium resources to the higher-confidence indicated category.
The uranium developer said the programme comprises 44 boreholes and forms part of efforts to strengthen the resource base of its Norasa Uranium Project, Mining & Energy reported.
According to the company, the drilling campaign will focus primarily on the Namibplaas Main target, which hosts approximately 42mn pounds of uranium resources. A second target area, known as Area-A, will initially be tested through two boreholes to assess its exploration potential before additional drilling is considered.
Forsys said a successful outcome could move the Norasa Uranium Project closer to the milestone of 100mn pounds of indicated uranium resources.
The drilling programme follows the signing of a lease agreement, with an option to purchase the 6,714-hectare Namibplaas PTN-1 farm, which covers 93% of Exclusive Prospecting Licence 3683. The agreement provides the company with full access to the licence area and supports uninterrupted exploration activities.
Namibplaas is located about five kilometres from the company's fully permitted Valencia uranium deposit, which holds a mining licence valid until 2033.
Forsys is evaluating the integration of the Namibplaas and Valencia deposits into a single development plan while assessing technologies aimed at reducing future capital and operating costs.
The expansion, Mining & Energy reported, comes amid growing global demand for uranium driven by nuclear energy development, decarbonisation initiatives and rising electricity consumption worldwide.
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