Forsys Metals country director Pine van Wyk says the comprehensive work done over the last 12 months on the Norasa Uranium Project has created a solid foundation to advance project development.
The Norasa Uranium Project, on farm Valencia 122 and farm Bloemhof 109, is owned by Forsys’ 100% subsidiary, Valencia Uranium (Pty) Ltd.
Van Wyk commented after the company provided an update for the Norasa Uranium project, which comprises the deposits of Valencia Main and East under mining license 149) and Namibplaas under EPL-3638.
The mineral resources are reported within US$120/lb U3O8 pit shells, with a cut-off grade of 40 ppm U3O8 for each of the deposits at Valencia Main and East and US$120/lb U3O8 at 40 ppm U3O8 cutoff at Namibplaas.
The total deposits assessed for the overall Norasa project drilling results estimated the measured and indicated resources at 151.9 Mt at 136 ppm eU3O8, with contained metal oxide of 45.4 Mlbs U3O8 at Valencia Main.
Inferred resources for the Norasa project are estimated to be 224.5 Mt at 86 ppm eU3O8, with contained metal oxide of 42.6 Mlbs U3O8.
The results from the recent remodelling of historical 2005-2011 drilling and recent 2023 drilling will help reinforce the Norasa project’s upside potential.
Forsys Metals says reinterpreting the previous database and utilising all available data and modern estimation approaches has improved the definition of the MRE, enabling more confident mine planning.
Van Wyk says the revised mineral resource model will help optimise the mine economics and process parameters.
According to Van Wyk, results are expected soon from a column leaching test program currently being undertaken at SGS Laboratories in South Africa, which would establish the design basis of the planned heap leaching pads.
“With the existing mining licence 149 permitted to commence mining, the large-scale Norasa project is well advanced to take advantage of the strong uranium sector fundamentals,” he says.
Mining licence 149 was converted from EPL 1496 on June 23, 2008, and is valid for 25 years from the date of issue by the Namibian Ministry of Mines and Energy and is renewable.
In April 2009, Valencia Uranium entered into a compensation agreement with the owner of the farm, Valencia 122, regarding Section 52 of the Minerals Act of 1992.
The agreement granted Valencia Uranium unrestricted use of the land on and around mining licence 149, covering an area of 3,327 hectares.
A similar agreement was reached with the owners of the neighbouring 594-hectare farm, Bloemhof 109.
Namibplaas is located 4.5km northeast of the Valencia deposit on the farm Namibplaas 93, with a total surface area of 1,269 ha.
