Forsys Metals is engaged in the business of acquiring, exploring and developing mineral properties. The principal focus is an emerging uranium producer with 100% ownership of Norasa, located in Namibia, Africa, which combines the fully licensed Valencia Uranium (“Valencia”) and the exploration stage Namibplaas Uranium (“Namibplaas”) projects, into production.
The company has the opportunity to capitalize on attractive mid and long-term uranium sector dynamics by focusing on enhancing Norasa. Forsys, through extensive exploration and technical programs has reported significant uranium resources. Norasa’s robust resource underpins our strategic position to participate in an energy sector that is enjoying positive long-term fundamentals and to participate in the increasing worldwide adoption on nuclear power. In addition, the Company believes that potential exists to increase uranium reserves at Norasa including the potential for finding additional uranium below the existing pit shell and from known satellite deposits.
Namibplaas is located 7.5km northeast of the Valencia deposit on the farm “Namibplaas 93” with a total surface area of 1,269 ha. The Exclusive Prospecting Licence (“EPL 3638”) for the Namibplaas uranium deposit was recently renewed for a further two years until February 1, 2026. In September 2022, the Company also made an application to the Ministry to convert EPL 3638 to a full 25-year Mining Licence (“ML”), and this submission is pending as ML 251.
EPL 3638 remains in good standing while the Ministry processes the Company’s ML 251 submission.
Further, environmental studies for Namibplaas are underway, with baseline monitoring of groundwater, air quality, noise studies, archeology, flora & fauna and soils already completed. This work is being done as part of Norasa and is taking the form of an amendment to the original Valencia EIA/EMP, a process that has been approved by the Ministry of Environment and Tourism.
The Company has undertaken a comprehensive review and update of all of the parameters for a Mineral Resource Estimate (“MRE”) for the Norasa project using recent drill results together with the 2005-2011 previous MRE data. Confirmatory and geotechnical drilling, in conjunction with new survey information, including topographic surveys, down-the-hole optical televiewer surveys, trajectory surveys, and downhole gamma probe surveys, were used as inputs for mineral resource modelling. Re-interpretation of the previous database utilising all available data and modern estimation approaches has improved the definition of the MRE to more confidently support mine planning. This study, enhanced by an integrated and expanded drill program targeting existing and new land areas together with a robust work plan of optimisation process testing and modelling, will help reinforce the upside potential of the Norasa project.
The Company is undertaking an infill and extension drilling program, together with optimisation work, with the aim of expanding and upgrading the Mineral Resource. To accomplish this, the Company’s ongoing workplan includes the following:
Resource Infill Drilling and Resource Extension Drilling
A total of 85 percussion drill holes for 7,520 metres have been laid out on a 25 x 25 metre grid. The objective is to more than double the quantity of the Measured Mineral Resource. The holes target the 1,660 m elevation with drill depths up to 100 m from surface and is comparable to the previous Measured Resource grid. A 2,350 m program for potential resource extension is planned for the areas adjacent to the Valencia Main deposit; along strike to the west, on the hinge zone to the south, and north of the Main deposit at the Jolie Zone.
Pit Design Modeling
The updated resource block model is being used to assess open pit economic models. Pit slope design parameters are being reviewed to include lithological logging and geomechanical test work from additional drilling.
Column Leaching Process Optimization Work
Column Leach tests are presently underway at SGS in South Africa where the columns have been emptied and final analyses and data is pending. The next phase of testing will assess systematic processes to enhance the efficiency and effectiveness of extracting the uranium mineralisation from the ore using sulphuric acid solutions.
Process Design
DRA Global were appointed as the study contractor to deliver engineering to support preliminary cost estimates for a heap leach process. Ongoing engineering and optimisation continues.
Bulk Sampling
After site assessment and selection, a detailed plan is being drawn up to develop a box cut with the objective of retrieving approximately 20,000 tonnes of typical run-of-mine, fresh and representative sample material from the deposit.
Vision and Strategy
The aims that are outlined below will see Forsys re-position as a ‘top table’ company in exploring, acquiring and developing accretive mining projects with significant resource potential. In line with this, the vision for Forsys future can be summarised as follows:
Vision
Forsys is committed to being recognised as a key provider of uranium and supplying the commodities necessary to help sustain and improve the world around us.
We want to bring about growth opportunity for all our stakeholders and create shareholder wealth by exploiting the opportunities that Forsys has and continues to generate. In doing so, we are committed to protecting the wellbeing of the environment and the communities where we work.
Strategy
For the vision to become reality, Forsys has established the following core strategy:
1. Norasa Project Advancement
Significant focus on developing the Norasa Project and in particular:
- conversion of the Namibplaas EPL to a mining licence;
- continue drilling and optimisation program
- drive the project to a ready to construct status,
- enter into long term supply agreements taking advantage of conducive market conditions
2. Strategic acquisition
Acquiring suitable mining assets which exploit local economies of scale and are accretive for shareholder wealth.
3. Corporate branding
Raise the profile of Forsys Metals to establish it as a wealth opportunity for investors through improved investor relations, effective PR and communications.
Corporate Values
As part of the Corporate governance of the company, the Board approved the following Corporate Values:
- To operate in accordance with best practice with a particular emphasis on safety and environment;
- To conduct operations in an efficient and effective manner and by seeking out opportunities for expansion;
- To respond to the attitudes and expectations of the communities in which we operate as part of our corporate social responsibility;
- To act with integrity, honesty and cultural sensitivity in all of Forsys’ dealings;
- To reward employee performance and provide a fulfilling work environment.
