Forsys Reports Additional High Grade Uranium Intersections At Valencia
Wednesday July 5, 12:36 pm ET
TORONTO, ONTARIO--(CCNMatthews - July 5, 2006) - Forsys Metals Corp ("Forsys" or the "Company") (TSX VENTURE:FSY - News) is pleased to report analytical results for three re-sampled historical drill holes; VA26-088, -096 and -102 and Forsys geotechnical drill hole VA26-117, all from the Company's Valencia Uranium deposit ("Valencia"), located in Namibia. Valencia has an initial National Instrument 43-101 ("NI 43-101") compliant resource of 32 million tonnes grading 0.22 kg/t U3O8 (Greenway 2005) and is located 35 km east of Rio Tinto's operating Rossing Uranium mine.
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The original analytical data and geological logs for the three re-sampled historical drill holes were reported as missing from the historical drill hole data base and were therefore not included in the NI 43-101 resource calculation. The three historical holes reported here, along with the previously reported historical holes, are located within the central area of the Valencia Main Zone. These results, together with the Company's previously released results, serve to continue to build management's confidence in the Valencia resource.
Drill hole VA26-088 intersected a thick zone of uranium mineralization in the northern central portion of the deposit:
- 26.47 m grading 0.214 kg/t U3O8 from 90.64 m to 117.11 m.
(Including 3.01 m grading 0.531 kg/t U3O8)
Drill hole VA26-096 intersected a broad zone of uranium mineralization near the centre of the deposit:
- 40.48 m grading 0.414 kg/t U3O8 from 219.55 m to 260.79 m.
(Including 1.47 m grading 1.099 kg/t U3O8) and
(Including 3.91 m grading 1.106 kg/t U3O8)
Drill hole VA26-102 intersected two separate zones of uranium mineralization on the northern margin of the deposit:
- 4.40 m grading 0.226 kg/t U3O8 from 36.40 m to 40.80 m.
- 10.35 m grading 0.210 kg/t U3O8 from 138.40 m to 148.75 m.
Drill hole VA26-117 intersected a zone of uranium mineralization on the southern margin of the deposit:
- 6.03 m grading 0.257 kg/t U3O8 from 221.8 m to 227.83m.
VA26-117 was a geotechnical hole designed to test the south-eastern wall of the expected pit design and is an apparent width from the off-section hole.
In addition, the "measured block" reverse circulation ("RC") drilling program is progressing well having completed 31 holes (2434.5 m) of a scheduled 160 holes. A second RC drilling rig is scheduled to arrive on site shortly to increase drilling rates and help accelerate this portion of the Feasibility Study measurement program.
Results of both the diamond drilling and RC drilling programs will be reported as the results are received.
Rick Bonner, P. Geol., Exploration Manager 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.
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