Norasa uranium project’s updated resources estimate reports that the measured and indicated resources have increased to 103 million pounds of uranium, up from 94 million pounds.
Based on an extensive drilling program at the Namibplaas and Valencia extension deposits and a main Valencia deposit modelling review, the update also estimated that the grade has increased 13% to 197ppm from higher cut-off grades of 100ppm at Valencia and 170ppm at Namibplaas.
Additionally, the estimates reports that at lower cut-offs of 60ppm at Valencia and 100ppm at Namibplaas, measured and indicated resources exceed 150 million pounds of uranium.
Forsys Metals president and CEO Marcel Hilmer said that the company has consolidated its deposits, completed an engineering cost study that optimized the process plant, discovered a new high-grade zone 500m from Valencia main and completed a metallurgical test program that returned enhanced recoveries since the beginning of 2013.
"Combined, these positive developments have strengthened the economics of Norasa and have effectively positioned us to be able to advance development of Norasa in parallel with the expected recovery of the uranium market," Hilmer added.
An updated reserve statement is scheduled to be completed before the end of Q1 2014 with the newly updated mineral resource estimate.
