Forsys begins Valencia uranium drill program
Forsys begins Valencia uranium drill program in Namibia
2006-05-29 09:11 ET - News Release
Mr. Duane Parnham reports
FORSYS BEGINS DETAILED DRILLING FOR MEASURED RESOURCE AT VALENCIA
Forsys Metals Corp. has started a reverse circulation drill hole program in the central portion of the company's Valencia uranium deposit, located in Namibia, Africa. With the assistance of Snowden Mining Industry Consultants, a detailed plan of close spaced RC drill holes will be used to reclassify a portion the known Valencia resource currently categorized as measured. This measured portion will be used in the company's Valencia feasibility study.
The RC program will include drilling on a 20- by 20-metre grid with drill hole depths varied to accommodate the topography. The result will be a measured block of approximately seven to 10 Mt representing a minimum of 70 per cent of two years production from a proposed Valencia open pit operation.
The RC program will collect approximately 2,500 samples. The analytical results for uranium (U3O8) along with the calculation of acid consumption rates (calc-index) will be reported periodically over the next three to four months. Acid consumption rates will assist with engineering and processing studies.
Core samples were also collected for metallurgical studies. Initially these studies will focus on rock strength properties. The metallurgical results are expected within six weeks.
In addition to the RC program, two diamond drill rigs are presently finishing off the validation, resource delineation and infill program at Valencia. Three additional short drill holes were requested by Snowden to collect further geotechnical information for the pit optimization studies. In total six holes remain to be drilled.
A significant number of core samples are also in various stages of the uranium assay cycle and their results will continue to be reported following receipt in Windhoek, Namibia.
Rick Bonner, PGeol, exploration manager of Forsys, is the designated qualified person responsible for all of Forsys's exploration programs as well as the person responsible for the contents of this news release.