Forsys Metals’ (FSY-T) 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 that it was recommending an offer from George Forrest International Afrique S.P.R.L to its shareholders. The offer was for $7.00 per Forsys share and represented at 55% premium at the time. The deal is expected to close in February.
The latest estimate puts measured and indicated resources at 61 million lbs U3O8 – a 47% increase over the previous estimate of from 41 million lbs.
More pounds came from a higher average grade as it went up 18% to 130 ppm U3O8.
The results were built on the back 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 modeling of the alaskite, Forsys says.
The new resource breaks down as follows: 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 of U3O8; and inferred resources of 76.9 million tonnes grading 119 ppm U3O8 for 20 million lbs of U3O8.
Along with the offer Forsys and George Forrest International agreed to a $10 million exploration and development budget
In Toronto on Jan. 28 Forsys was up 11¢ to $6.38 on 782,000 shares traded.
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