|
| |||||||||||||||
Forsys Continues Drilling at Valencia Expanding Pit Bottom and Overall Resource TORONTO, ONTARIO--(MARKET WIRE)--Jul 22, 2008 -- Forsys Metals Corp ("Forsys" or the "Company") (Toronto:FSY.TO - News)(Frankfurt:F2T.F - News)(NSX: FSY) is pleased to announce the third set of percussion
drilling results from the 2008 exploration campaign at the
Company's 100% owned Valencia Uranium Deposit ("Valencia")
located in Namibia, Africa. Drilling results demonstrate
that the ore body footprint at 325 m depth (380 m elevation)
indicates a possible east-west extension of 200 m wide by
approximately 500 m long in the north-south direction, as
compared to the current pit bottom which is 45 m wide by
75 m long (June 2007 NI 43-101 Technical Report).
Drilling at the Valencia Southwest Zone and Transition Zone has again confirmed additional mineralization further expanding the Valencia resource. The third set of drill hole results in the Southwest Zone and Transition Zone consisted of 13 additional vertical holes, bringing the total to 43 holes (15,050 m). It is notable that all holes in this drilling campaign have exhibited uranium mineralization. Upon completion of the drilling campaign, the Company is expected to deliver a revised reserve and resource calculation in September 2008 along with major components of the feasibility study. Results from drill holes PD-021 and PD-027 through to PD-030, which were pending from the second set of drill results announced in the Company's news release dated June 13, 2008, are added to the following table of significant intersections. Refer to the Company's website at www.forsysmetals.com for the complete set of results to date from the 2008 exploration campaign.
Table 1: Southwest Zone Highlights
------------------------------------------------------------------------
Grade
Hole From(m) To(m) Interval(m) (Kg/T eU3O8)(i)
------------------------------------------------------------------------
PD-021 168.90 286.40 117.50 0.255
Including 190.10 282.20 92.10 0.293
308.30 345.80 37.50 0.216
Including 316.80 344.70 27.90 0.248
------------------------------------------------------------------------
PD-027 274.70 295.30 20.60 0.178
Including 274.70 292.90 18.20 0.193
297.40 336.80 39.40 0.157
Including 298.50 314.90 16.40 0.220
------------------------------------------------------------------------
PD-028 280.70 350.00 69.30 0.132
Including 320.90 349.40 28.50 0.157
------------------------------------------------------------------------
------------------------------------------------------------------------
Grade
Hole From(m) To(m) Interval(m) (Kg/T eU3O8)(i)
------------------------------------------------------------------------
PD-029 159.70 178.10 18.40 0.151
199.30 237.10 37.80 0.191
Including 216.10 236.90 20.80 0.231
253.10 297.50 44.40 0.152
Including 269.60 282.80 13.20 0.262
300.20 358.10 57.90 0.170
Including 300.50 307.20 6.70 0.231
Including 343.90 356.60 12.70 0.238
------------------------------------------------------------------------
PD-030 141.90 300.50 158.60 0.199
Including 198.20 236.90 38.70 0.215
Including 264.90 275.50 10.60 0.198
Including 276.60 300.10 23.50 0.248
302.40 337.20 34.80 0.147
Including 306.70 309.10 2.40 0.188
Including 316.30 321.70 5.40 0.358
------------------------------------------------------------------------
PD-032 141.70 191.40 49.70 0.153
Including 145.90 150.20 4.30 0.179
Including 152.30 157.00 4.70 0.166
Including 181.00 190.40 9.40 0.287
307.30 338.30 31.00 0.177
Including 307.30 310.70 3.40 0.266
Including 313.90 319.10 5.20 0.207
Including 323.00 334.40 11.40 0.223
------------------------------------------------------------------------
PD-034 169.90 190.40 20.50 0.190
Including 170.30 183.70 13.40 0.229
213.40 350.00 136.60 0.197
Including 200.30 210.40 10.10 0.246
Including 220.30 227.60 7.30 0.480
Including 229.20 233.10 3.90 0.448
240.40 277.50 37.10 0.211
Including 283.30 290.20 6.90 0.430
314.00 334.40 20.40 0.202
Including 314.00 322.20 8.20 0.315
336.00 350.00 14.00 0.180
------------------------------------------------------------------------
PD-036 51.30 55.70 4.40 0.131
149.10 156.80 7.70 0.175
193.90 243.90 50.00 0.116
Including 232.40 243.50 11.10 0.162
------------------------------------------------------------------------
PD-037 28.50 70.50 42.00 0.244
Including 40.70 53.80 13.10 0.322
Including 54.40 60.40 6.00 0.285
Including 61.50 67.90 6.40 0.355
181.00 309.00 128.00 0.214
Including 185.70 203.40 17.70 0.274
Including 224.80 250.30 25.50 0.268
Including 252.10 259.00 6.90 0.280
309.90 354.10 44.20 0.141
------------------------------------------------------------------------
------------------------------------------------------------------------
Grade
Hole From(m) To(m) Interval(m) (Kg/T eU3O8)(i)
------------------------------------------------------------------------
PD-038 23.50 60.00 36.50 0.277
Including 34.00 45.00 11.00 0.346
Including 54.50 59.90 5.40 0.363
156.10 173.90 17.80 0.223
Including 156.10 157.50 1.40 0.377
Including 165.90 173.90 8.00 0.317
199.70 210.80 11.10 0.245
Including 201.20 208.30 7.10 0.329
228.00 259.60 31.60 0.230
Including 228.30 237.20 8.90 0.285
Including 247.80 257.80 10.00 0.254
264.30 323.00 58.70 0.156
------------------------------------------------------------------------
PD-041 9.10 66.10 57.00 0.273
67.50 128.30 60.80 0.199
Including 109.20 123.60 14.40 0.372
131.10 173.80 42.70 0.215
Including 131.30 144.00 12.70 0.278
183.30 286.10 102.80 0.171
Including 183.30 194.60 11.30 0.240
Including 250.10 256.60 6.50 0.243
Including 260.20 285.00 24.80 0.203
------------------------------------------------------------------------
PD-046 108.00 271.20 163.20 0.145
Including 163.20 194.60 31.40 0.166
Including 194.60 206.00 11.40 0.195
Including 224.00 265.40 41.40 0.150
281.40 317.00 35.60 0.149
Including 291.00 315.20 24.20 0.167
318.90 346.30 27.40 0.202
Including 324.30 341.50 17.20 0.235
------------------------------------------------------------------------
PD-048 179.50 195.20 15.70 0.154
210.60 228.10 17.50 0.184
Including 210.60 220.10 9.50 0.257
246.70 350.00 103.30 0.152
Including 290.90 307.90 17.00 0.228
Including 313.80 316.70 2.90 0.291
Including 341.20 350.00 8.80 0.209
------------------------------------------------------------------------
Table 2: Transition Zone Highlights
------------------------------------------------------------------------
Grade
Hole From(m) To(m) Interval(m) (Kg/T eU3O8)(i)
------------------------------------------------------------------------
PD-035 54.00 65.50 11.50 0.194
83.90 92.80 8.90 0.199
------------------------------------------------------------------------
PD-040 17.60 98.6 81.00 0.221
Including 64.90 71.70 6.80 0.342
Including 82.50 96.60 14.10 0.268
99.10 207.4 108.3 0.134
Including 187.1 205.3 18.2 0.247
269.00 275.7 6.70 0.203
------------------------------------------------------------------------
PD-043 194.90 205.50 10.60 0.181
------------------------------------------------------------------------
PD-051 32.00 71.30 39.30 0.206
Including 32.00 47.40 15.40 0.245
Including 58.60 70.50 11.90 0.242
71.50 182.50 111.00 0.137
Including 114.70 133.20 18.50 0.185
Including 141.00 150.90 9.90 0.231
Including 158.90 165.00 6.10 0.207
Including 165.70 178.80 13.10 0.211
------------------------------------------------------------------------
(i)The results in this news release are reported as equivalent U308
("eU308"). The Company has calculated a correlation between grade
thickness product of gamma counts (counts per second) collected by down
hole geophysical methods and the grade thickness product of chemical assays
from the Company's drill hole library (otherwise known as GT Chem and
GT Rad). That correlation has been established with over 100 GT intervals
and is used to calculate eU308 in the percussion drill holes from gamma
probe survey with a resulting correlation coefficient of 0.99 (estimation
of confidence level).To view Figure 1 - Schematic Plan View of Pit Surface, please visit the following link: http://media3.marketwire.com/docs/fsy722.pdf Dr. Roger Laine, Chief Geologist of Forsys, is the designated Qualified Person responsible for all of Forsys' exploration programs as well as the person responsible for the contents of this news release. On Behalf of the Board of Directors of Forsys Metals Corp Duane Parnham, President and CEO For further information visit our website at www.forsysmetals.com. Sedar Profile #00008536 Forward-Looking Information This press release contains "forward-looking information" including statements and information regarding exploration results. Such forward-looking information reflects the current expectations or beliefs of the Company. Forward-looking information is subject to a number of risks, assumptions and uncertainties that may cause the actual results of the Company to differ materially from those discussed herein, including the possibility that future exploration results will not be consistent with the announced results or the Company's expectations, the resource/reserve and grade of the ore body may not be upgraded, the uncertainties involved in interpreting exploration results and other inherent risks in the mineral exploration and development industry. Such forward-looking information speaks only as of the date on which it is made and, unless required by applicable securities laws, the Company undertakes no obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Shares Outstanding: 77,085,231
Contact: Contacts:
Forsys Metals Corp.
Bruce Hall
Chief Communications Officer
(905) 844-4646
Email: bhall@forsysmetals.com
In Namibia
Forsys Metals Corp.
+264 61 219 462
Email: wrn@forsysmetals.com
Website: http://www.forsysmetals.com
Source: Forsys Metals Corp.
|  | ||||||||||||||
