TORONTO, ONTARIO -- (Marketwire) -- 03/19/13 -- Forsys Metals Corp ("Forsys" or the "Company") (TSX: FSY)(FRANKFURT: F2T)(NAMIBIAN: FSY) today announced further positive drilling results at the Norasa Uranium Project ("Norasa") from an extension exploration program on the Company's fully permitted Valencia Mining Licence 149 ("ML 149") in Namibia, Africa. The drilling program was completed on the Company's recently discovered deposit, "Valencia East" which is located 500 metres northeast from the planned Valencia production pit (see Figure 1). Initial drilling activities commenced on 20 November 2012 and 15 percussion holes completed before year-end. This release reports on an additional 30 percussion drill holes completed in Q1 2013. The total metres drilled in this phase were 3,185 meters and a total of 5,436 metres have been drilled since the drilling program commenced.
The Company is also pleased to announce the latest results of a metallurgical test program that began during the latter part of 2012. The previous Snowden Technical Report released in January 2010 reported processing recoveries of 85.7%. The current results from SGS Lakefield in Johannesburg indicate Forsys will be able to achieve an overall plant recovery exceeding 88%.
Marcel Hilmer, Chief Executive Officer, commented, "The continuing positive drilling results from Valencia East are very encouraging and further 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 Norasa. We are further encouraged by the SGS report which indicates an increased processing recovery of greater than 2% over those in the Company's previous Technical Report."
Valencia East - Highlighted Drilling Results
Table 1: Highlights of recent assay results from Valencia East PercussionDrilling(significant intersections with minimum interval of 1.0 metre)----------------------------------------------------------------------- Grade (ppmHole From (m) To (m) Interval (m) U3O8)-----------------------------------------------------------------------VEPD-016 58.5 63.6 5.1 204 Including 60.0 61.6 1.6 280-----------------------------------------------------------------------VEPD-017 72.0 73.8 1.8 223-----------------------------------------------------------------------VEPD-018 118.4 138.2 19.8 169 Including 120.8 123.0 2.2 209 Including 130.1 132.6 2.5 231 Including 137.0 138.1 1.1 506-----------------------------------------------------------------------VEPD-020 13.3 14.9 1.6 248 Including 13.4 14.4 1.0 305-----------------------------------------------------------------------VEPD-021 20.2 23.6 3.4 186 Including 21.8 22.8 1.0 215-----------------------------------------------------------------------VEPD-022 28.8 30.4 1.6 218-----------------------------------------------------------------------VEPD-025 18.8 21.4 2.6 203 74.8 76.0 1.2 312 129.3 132.2 2.9 204 Including 130.1 131.5 1.4 238 133.8 135.7 1.9 194 Including 133.8 134.9 1.1 260-----------------------------------------------------------------------VEPD-026 82.4 83.4 1.0 319-----------------------------------------------------------------------VEPD-027 68.4 69.5 1.1 195 77.6 81.5 3.9 188 100.4 119.8 19.4 240-----------------------------------------------------------------------VEPD-028 55.4 56.4 1.0 215 120.0 129.5 9.5 245 Including 120.0 121.1 1.1 384 Including 121.8 123.0 1.2 330 Including 127.2 129.5 2.3 266-----------------------------------------------------------------------VEPD-029 86.4 87.4 1.0 204 90.0 92.2 2.2 192 Including 91.0 92.0 1.0 257-----------------------------------------------------------------------VEPD-030 72.9 75.6 2.7 364 Including 73.5 75.3 1.8 484 96.8 98.0 1.2 205-----------------------------------------------------------------------VEPD-031 42.3 49.3 7.0 237 Including 43.7 47.9 4.2 289 66.0 68.3 2.3 241 Including 66.4 67.4 1.0 348-----------------------------------------------------------------------VEPD-035 50.7 51.9 1.2 199 68.3 74.4 6.1 777 Including 68.6 72.0 3.4 1244-----------------------------------------------------------------------VEPD-036 17.7 18.7 1.0 210 86.8 89.3 2.5 347 Including 87.3 88.3 1.0 589 122.7 125.5 2.8 252 Including 124.2 125.2 1.0 399-----------------------------------------------------------------------VEPD-037 39.7 40.9 1.2 213 44.0 63.3 19.3 244 Including 44.1 45.1 1.0 351 Including 46.9 49.6 2.7 326 Including 54.0 55.4 1.4 302 Including 56.3 58.0 1.7 282 Including 58.9 60.9 2.0 382 94.3 95.8 1.5 242-----------------------------------------------------------------------VEPD-038 39.7 40.9 1.2 216 53.9 55.8 1.9 220-----------------------------------------------------------------------VEPD-039 16.3 18.1 1.8 266 32.2 33.3 1.1 331 34.3 36.2 1.9 222 44.5 46.0 1.5 226-----------------------------------------------------------------------
