TORONTO, ONTARIO -- (Marketwire) -- 01/23/13 -- Forsys Metals Corp ("Forsys" or the "Company") (TSX: FSY)(FRANKFURT: F2T)(NAMIBIAN: FSY) is pleased to announce positive drilling results from an extension exploration program on the Company's fully permitted Valencia Mining Licence 149 in Namibia, Africa. The new discovery, "Valencia East" is located 500 metres northeast from the planned Valencia production pit (see Figure 1). Since November 20, 2012 the Company has completed a total of 15 percussion drill holes for a total of 2,250 metres.
The Company is also pleased to announce that as a result of the continued exploration success at Valencia, comprising Valencia Main, Valencia East and Valencia North and at Namibplaas (EPL 3638), combined with the high likelihood of common infrastructure (a NI 43-101 technical reporting requirement); these projects will now be consolidated and considered as a single project. The Company has designated that the newly consolidated property be named, Norasa Uranium Project. Norasa is an everyday term used by the rich and diverse culture of the Damara people and means united or putting things together.
Marcel Hilmer, Chief Executive Officer, commented, "The initial drilling results at Valencia East have confirmed considerable mineralization in 11 of the 15 percussion drill holes, encountering significant intersections of greater than 200 ppm U3O8 including many greater than 400 ppm as highlighted in Table 1 below. The results from this drilling program are very encouraging and indicate the potential for a significant high-grade area located in close proximity to the main Valencia deposit and proposed processing plant. We are very pleased that this program continues to increase both the potential resources and the overall grade of the consolidated Valencia and Namibplaas projects, now known as Norasa. The consolidation of the projects confirms our strategy to build a world class, large capacity process plant that can be supplied with ore from both the Valencia and Namibplaas deposits."
Table 1: Highlights of recent assay results from Valencia East PercussionDrilling(Minimum of 200 ppm U3O8 and an interval of 1.0 metre or greater)---------------------------------------------------------------------------- Grade Interval (ppm)Hole From (m) To (m) (m) U3O8----------------------------------------------------------------------------VEPD-002 56.8 66.2 9.4 233 Including 64.2 66.0 1.8 527 75.5 83.6 8.1 307 Including 76.6 78.4 1.8 747----------------------------------------------------------------------------VEPD-004 36.7 41.1 4.4 254 Including 38.0 39.3 1.3 438 52.8 56.0 3.2 214----------------------------------------------------------------------------VEPD-005 51.9 55.9 4.0 244 Including 54.2 55.9 1.7 345 90.3 99.6 9.3 201 Including 95.6 97.4 1.8 308 165.8 166.8 1.0 393 170.2 174.8 4.6 432 Including 170.3 172.3 2.0 757----------------------------------------------------------------------------VEPD-006 69.2 72.3 3.1 806 Including 70.6 71.8 1.2 1400----------------------------------------------------------------------------VEPD-008 36.2 37.5 1.3 399----------------------------------------------------------------------------VEPD-010 25.4 29.7 4.3 228 38.2 39.2 1.0 273 43.8 44.8 1.0 248----------------------------------------------------------------------------VEPD-011 21.4 28.0 6.6 205 31.4 32.4 1.0 311----------------------------------------------------------------------------VEPD-012 4.7 7.6 2.9 205 40.1 41.4 1.3 290 73.0 90.0 17.0 404 Including 81.7 83.3 1.6 731 Including 85.4 89.0 3.6 701 96.8 100.6 3.8 689 Including 98.6 99.8 1.2 1295----------------------------------------------------------------------------VEPD-013 35.9 44.5 8.6 251 103.3 114.8 11.5 346 Including 113 114.4 1.4 1692----------------------------------------------------------------------------VEPD-014 121.5 146.9 25.4 228 Including 137.3 138.4 1.1 552 Including 140.6 142.5 1.9 317----------------------------------------------------------------------------VEPD-015 21.1 22.5 1.4 221 35.4 38.4 3.0 416----------------------------------------------------------------------------
