Forsys Confirms Deeper Uranium Mineralization at Valenciaadmin
Wednesday, August 6th 2008
Forsys Metals Corp is pleased to report that diamond drill hole VAL-152 encountered uranium mineralization to a depth of 499.7 m, 149 m below the proposed pit bottom at the Company’s wholly-owned Valencia Uranium project (“Valencia”) located in Namibia, Africa. The deep diamond drill hole was recently completed in addition to the current infill percussion drilling program underway at Valencia.
Assay results from hole VAL-152 demonstrate numerous ore intersections with average grades exceeding those presented in the Forsys Metals Corp: Valencia Project, Namibia Technical Report (Snowden June 2007 NI 43-101 compliant), including intersections encountered at depths below the proposed Valencia pit shell. Highlighting this is a 14 m intersection of uranium mineralization from 417 m to 431 m with a grading of 0.27 Kg/T.
Duane Parnham, President and CEO commented “We are further encouraged that this initial deep diamond drill hole confirms the presence of ore to a depth of 500 m, which is well below the previously defined Valencia ore body. It provides additional exploration potential to expand the pit depth later in mine development. It also opens the possibility to extend the mine plan at depth and complements our percussion drilling program which has been successful in expanding the pit shell boundary.”
Selected results of the diamond drill hole VAL-152 with grades higher than the current Valencia reserve grade of 0.120 Kg/T are shown in the table below (refer to the Company’s website at www.forsysmetals.com for full results).