07:46 AM EDT, 05/14/2024 (MT Newswires) -- Forsys Metals Corp. ( FOSYF ) , which jumped 8.1% on the TSX yesterday, on Tuesday provided an update for the company's Norasa Uranium project. A statement noted the project comprises the deposits of Valencia Main and East, under Mining Licence (ML-149) and Namibplaas, under EPL-3638, (ML-251 pending).

Among highlights, Forsys said it has undertaken a comprehensive review and update of all of the parameters for a Mineral Resource Estimate for the Norasa project using recent drill results together with the 2005-2011 previous MRE data. It noted confirmatory and geotechnical drilling, in conjunction with new survey information, including topographic surveys, down-the-hole optical televiewer surveys, trajectory surveys, and downhole gamma probe surveys, were used as inputs for mineral resource modelling. FSY said re-interpretation of the previous database utilising all available data and modern estimation approaches has "improved the definition of the MRE to more confidently support mine planning". This study, enhanced by an integrated and expanded drill program targeting existing and new areas together with a robust work plan of optimisation process testing and modelling, will help reinforce the upside potential of the Norasa project, it added.

Pine van Wyk, Country Director for Forsys, in a statement said: "The comprehensive work done over the last 12 months on the Norasa Uranium Project has created a solid foundation to advance project development. The revised mineral resource model will help optimise the mine economics and process parameters. Results are expected soon from a column leaching test program currently being undertaken at SGS Laboratories in South Africa, which would establish the design basis of the planned heap leaching pads. With the existing ML149 permitted to commence mining, the large scale Norasa project is well advanced to take advantage of the strong uranium sector fundamentals."