Forsys Metals Corporation has recently announced further positive drilling results from its 100% owned Namibplaas Uranium project. As part of the second phase drilling programme, the company has reported that is has completed 214 additional percussion holes.
"We are very pleased that the phase 2 drilling programme at Namibplaas which began in October 2011 has again proven extensive mineralisation with significant intersections of 200 ppm eU3O8"
"We anticipate that this drill programme will increase the overall project resource, as well as upgrade the category, and overall grade at Namibplaas. The continued positive results received from the Namibplaas drilling programme have reinforced our confidence that ultimately we will be able to consolidate Namibplaas with Valencia into an expanded combined project," said Marcel Hilmer, CEO and Director of Forsys.
There are four drill rigs currently operating on site with approximately 42,000 meters completed in two hundred and fourteen holes, or 93% of the planned 45,000 metre programme.
The general manager and project engineer of Valencia Uranium, Dag Kullmann said that the company is on schedule to complete the current drilling programme by the end of this month and deliver an updated compliant NI 43-101 Technical Report for Namibplaas in the third quarter of 2012.
"The Company continues to develop the preliminary design of an expanded consolidated project that could produce annually up to 6 million pounds of U3O8 from the consolidated Valencia and Namibplaas deposits. Preliminary pit designs and mining schedules are expected to confirm the potential of a consolidated operation."
According to the company's most recent report, released earlier this month, Forsys through an extensive exploration programme will expand uranium resources at Namibplaas Uranium Project that will provide the basis for consolidation with the Valencia Uranium Project.
The company's 2012 strategic objectives focus on completing an updated feasibility study for the Valencia and Namibplaas projects, completing of Valencia mill optimisation and expansion process, as well as reporting and releasing an updated compliant resource estimate for the Namibplaas deposit. Finally, Forsys Metals are seeking to acquire additional exploration licences.
The Namibplaas Uranium project covers a total surface area of 1,742ha on the farm, northeast of Valencia and is owned by Forsys Metals Corporation, an advanced-stage explorer that has the capability to capitalise on mid and long-term uranium sector dynamics.