Forsys Metals (FSY-T, FOSYF-O) continues to grow the Valencia uranium deposit in Namibia, even though the project will not likely be under its control for much longer.
On Nov. 17, Forsys announced it was recommending its shareholders tender to a takeover offer from George Forrest International Afrique. The bid offered $7 per Forsys share and represented a 55% premium at the time. The deal is expected to close in February.
The latest estimate puts measured and indicated resources at Valencia at 61 million lbs. U3O8 — a 47% increase over the previous estimate of 41 million lbs.
A higher average grade, which was up 18% to 130 ppm U3O8, made for more pounds in the new estimate.
The resource update is the result of infill drilling that began in the middle of 2007 and included 205 percussion-drill holes and 16 diamond- drill holes.
The resource as defined has been constrained to a depth of 380 metres below surface and limited to geological modelling of the alaskite, Forsys says.
The new estimate contains measured resources of 24.5 million tonnes grading 149 ppm U3O8 for 8 million lbs. U3O8, indicated resources of 188.7 million tonnes grading 128 ppm U3O8 for 53 million lbs. U3O8, and inferred resources of 76.9 million tonnes grading 119 ppm U3O8 for 20 million lbs. U3O8.
Valencia is in central-west Namibia, about 80 km east of Swakopmund, which is on the Atlantic coast.
In addition to the merger, Forsys and George Forrest International have agreed to a $10-million exploration and development budget.
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