Forsys Metals has raised C$5,280,000 to continue funding the Norasa Uranium project and for general working capital purposes.
The Norasa Uranium Project, on farm Valencia 122 and farm Bloemhof 109, is owned by Forsys’ 100% subsidiary, Valencia Uranium (Pty) Ltd.
The project comprises the Valencia Uranium deposit under mining licence 149 and the nearby Namibplaas Uranium deposit under EPL 3638 in the Namib Desert.
Forsys has done extensive work on the deposits from 2006 to 2015, with nearly 290,000 metres of drilling, resource estimation, and processing test work.
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 a contained metal oxide of 42.6 Mlbs U3O8.
The technical reports previously prepared supporting the 2015 feasibility study demonstrated significant, proven, and probable mineral reserves of 91 Mlb.
In addition, the 2015 feasibility study demonstrated a measured and indicated resource of 115 Mlb and an inferred resource of 11 Mlb.
Forsys wants to improve the Norasa project’s economics by optimising pit parameters and examining the possibility of using heap leaching in mineral processing.
