TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”)

Forsys is pleased to announce further interim drilling results from its Resource Extension and Exploration drilling program on Valencia (ML 149), at the Company’s Norasa Uranium project (“Norasa ¹ ”). The drilling program currently underway is designed to expand and upgrade Valencia’s resources within and close to the current main pit. Positive results indicate good potential to increase the resource and grade level at Valencia.

Highlights

Highlights are as follows:

• 20,597 metres (“m”) of drilling have been completed in 211 boreholes since February 2024;
  
• Drilling at the Jolie Zone includes an intercept of 308 ppm eU ₃ O ₈ over 23m from 18m to 41m depth in drillhole VA24-061;
  
• At Valencia West, all 37 drillholes intersected uranium mineralisation. The best results include an intercept of 240 ppm eU ₃ O ₈ over 58m from 157m to 215m depth in drillhole VA24-083A;
  
• Infill drilling at the Valencia main deposit intersected 481 ppm eU ₃ O ₈ over a 63m interval in drillhole VA24-127 and 306 ppm eU ₃ O ₈ over a 91m interval in drillhole VA24-175;
  

Pine van Wyk, Forsys Country Director commented: “ Drilling results obtained to date demonstrate good potential to expand and upgrade the resources to support the Norasa development strategy . The continuity of mineralization at Valencia West and Jolie Zone highlights opportunities to extend the potential mine life and enhance project economics. ”

Summary

A total of 20,597.08m of drilling has been completed in 211 boreholes since the drilling program commenced in February 2024. To date, assays from 70 drillholes have been received and 19,092 down-hole metres have been surveyed with a gamma ray spectrometer (“downhole gamma”). Assay results in Table 1 and in the text are denoted U ₃ O ₈ , while grades calculated from downhole gamma are represented by eU ₃ O _{8 .}

• 12 drillholes at the Jolie Zone target in 2024 identified two zones of sub-parallel mineralised alaskite intrusions (Zones 1 and 2), which are approximately 50m apart (Figures 1 and 4). These zones strike NE-SW and are both open-ended to the SW along strike and at depth, whereas Zone 2 is also open-ended to the NE. Results from Jolie include 308 ppm eU ₃ O ₈ over 23m from 18m to 41m depth (Zone 1 in drillhole VA24-061) and 166 ppm eU ₃ O ₈ over 74m from 57m to 131m depth (Zone 2 in drillhole VA24-099). The SW and depth extensions of mineralisation are currently being tested by a further six drillholes, aiming to increase the known strike extent to 300m.
  
• Exploration drilling at Valencia West has defined additional mineralised ground to the west of the Valencia main orebody. Positive results could potentially extend the main pit to the west. All of the 37 drillholes completed in the area during 2024 intersected uranium mineralization (Figure 1). Results include 240 ppm eU ₃ O ₈ over 58m from 157m to 215m depth in drillhole VA24-083A. Recent drillholes have linked Valencia West to the Valencia Main resource, including drillhole VA24-189 with 200 ppm eU ₃ O ₈ over 22m from 89m to 111m depth (Table 1). Further drilling is in progress to establish intersections and grade for detailed resource modelling at Valencia West (Figure 1).
  
• Infill drilling is aimed at converting an existing 22 Mt Indicated Resource into Measured category (Figures 1 and 2). Intersections include 481 ppm eU ₃ O ₈ over a 63m interval in drillhole VA24-127 and 306 ppm eU ₃ O ₈ over a 91m interval in drillhole VA24-175 (Table 1).
  

Valencia Main Pit Extension and Resource Upgrade Drilling

Current drilling aims to upgrade the Valencia Main resource through infill drilling and expand the Valencia Main resource to the west and also assess satellite mineralisation extension potential at the Jolie Zone target 600 m north of the Valencia Main pit (Figure 1 ). Seventy-one additional drillholes totaling 9,637 m of combined percussion, reverse circulation (“RC”) and diamond drilling have been scheduled for the drilling program at Valencia. The drill program tests potential targets within and adjacent to the Valencia Main Pit:

• Valencia Main Infill drilling is aimed at converting an existing 22 Mt Indicated Resource into Measured category (Figures 1 and 2). To date, 10,836m (147 drillholes) of the planned 14,127m (189 drillholes) have been completed. Infill drilling is planned to test down to the 650m elevation, with several holes terminating in high-grades of up to 712 ppm eU ₃ O ₈ , and many of which contain high grades from the collar to the end of hole. Selected results are listed in Table 1 and include 481 ppm eU ₃ O ₈ over a 63 m interval in drillhole VA24-127 and 306 ppm eU ₃ O ₈ over a 91m interval in drillhole VA24-175. Of the 189 planned drillholes, 148 were drilled with RC, two with PQ and the remainder are being established as open-hole percussion drills (Figure 2). All the RC and PQ drillholes are surveyed with downhole gamma probes and individual metre samples are sent for laboratory analysis. The percussion holes are analysed with downhole gamma only. Once completed, the percussion drillholes will amount to a maximum of 37% of the Infill drilling and the downhole gamma results will be reconciled against all laboratory analyses in the programme.
  
  High grade results of the down-plunge extension to the south of the Valencia Main deposit, were previously reported (August 14 ^th 2024). One further drillhole is currently planned, with the aim of potentially increasing the Indicated Resource in this area .

• Valencia West exploration drilling is defining the extension of the main pit to the west. All 37 drillholes, drilled during 2024 in this area (Figure 1), intersected uranium mineralization, which extends along strike and to surface. Results (see Table 1) include 240 ppm eU3O8 over 58m from 157m to 215m depth in drillhole VA24-083A (Figure 3). Recent drillholes have linked Valencia West to the Valencia Main resource, including drillhole VA24-189 with 220 ppm eU3O8 over 13m from 14m to 27m depth and 200 ppm eU3O8 over 22m from 89m to 111m depth. Boreholes VA24-188 and VA24-190 are in progress and aim to potentially upgrade the link between Valencia West and the Valencia Main to the Indicated resource class.
  

Valencia Satellite Exploration Drilling

The Valencia satellite exploration drill program comprises several targets adjacent to or in the vicinity of the Valencia Main deposit. The programme aims to identify additional resource potential. Results of exploration drilling at the Jolie Zone; Valencia North and Bundu targets; and infill drilling at the Valencia East deposit were reported on August 14th 2024. Exploration drilling at the Jolie Zone target is in progress (Figure 1 ).

The Jolie Zone mineralisation occurs about 600 m north of the Valencia Main deposit (Figure 1). Historic drilling, comprising of five diamond holes and one percussion hole, intersected mineralisation within Jolie Zone-1, with high grade lenses of poor continuity along strike. Drilling of 12 holes, all completed during 2024, identified a thicker and more continuous mineralised intrusion (“Jolie Zone-2”), about 50m to the SE, and sub-parallel to Zone-1 (Figures 1 and 4). Both these zones are open-ended along strike to the SW and at depth, with Zone-2 also open-ended to the NE. Results (Table 1) include 308 ppm eU ₃ O ₈ over 23m from 18m to 41m depth (Zone-1 in drillhole VA24-061) and 166 ppm U3O8 over 74m from 57m to 131m depth (Zone-2 in drillhole VA24-099). The SW and depth extension is currently being tested by a further six drillholes, aiming to test the strike extension to 300m.

Figure 1: Overview map of the Valencia drill program as at 15 February 2025 where all collars are for the current programme Feb 2024 to present.

Figure 2: Detailed overview of the Valencia Infill drilling programme as at 15 February 2025.

Figure 3: Section through Valencia West (section width 80m showing drillhole intersections and resource blocks).

Figure 4: Composite section through the Jolie Zone (section width 45m)

Table 1: 2024 drill campaign; selected drillhole results (as of 15 February 2025); Widths are reported as drill hole lengths. True width is estimated to be approximately 75% of the downhole width. Infill Drilling is for Valencia Main and West

QAQC
Recent (2023-2024) Sampling and Assays

• Samples were taken from the half cores and RC chips for geochemical assay guided by the routine downhole radiometric probe results and sent to Trace Elements Analysis Laboratories (Pty) Ltd (“TEA Labs”) at Swakopmund, Namibia for sample preparation and analyses by XRF. TEA Labs internal and external check tests were conducted by ICP analyses.
  
• Forsys employs a QAQC program with Certified Reference Materials (CRMs), blanks, coarse duplicates, and pulp duplicates inserted into each batch of samples. The QAQC insert rate comprises 4 % CRMs using three CRM types with several, appropriate grades of U ₃ O ₈ ; 4 % blanks and 8 % to 10 % duplicates. RC sample batches have three types of duplicates; a field duplicate split at the drill rig; a coarse duplicate split at prescribed intervals at the laboratory; and pulp duplicates, also split at the laboratory. Core samples have coarse and pulp duplicates split at the laboratory.
  

External Check Assay Laboratory
Four percent of the samples sent to TEA Labs are also submitted for check analyses to SGS Laboratories (“SGS”) in South Africa; SGS serves as the independent accredited laboratory to the programme. The sample results are further validated by comparison with the downhole radiometric scans.

Qualified Persons Statement for Mineral Resource
The information in this release that relates to the Interim Drilling Results for the Norasa Project is based on information compiled or reviewed by Dr Guy Freemantle of The MSA Group (Pty) Ltd., Johannesburg, South Africa. The MSA Group are independent consultants to the Norasa Project, Namibia. Dr Freemantle holds a Bachelor of Science in Geology (2006) and Doctor of Philosophy in Geology (2017) both at the University of the Witwatersrand. He is a member of the Society of Economic Geologists (892905); a Fellow of the Geological Society of South Africa (965392); and is registered with SACNASP (Registration 117527). Dr Freemantle has practiced his profession continuously for 15 years and has sufficient experience and knowledge that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaken to fulfil requirements of a Qualified Person as per NI 43-101. Dr Freemantle consents to this release in the form and context in which it appears.

About Forsys Metals Corp.
Forsys Metals Corp. (TSX: FSY, FSE: F2T, NSX: FSY) is an emerging uranium developer focused on advancing its wholly owned Norasa Uranium Project, located in the politically and uranium friendly jurisdiction of Namibia, Africa. The Norasa Uranium Project is comprised of the Valencia Uranium deposit (ML-149) and the nearby Namibplaas Uranium deposit (EPL-3638). Further information is available at the Company website www.forsysmetals.com

On behalf of the Board of Directors of Forsys Metals Corp. Richard Parkhouse, Investor Relations. For additional information please contact:

Pine van Wyk, Country Director, Forsys
email: pine@forsysmetals.com

Richard Parkhouse, Investor Relations
email: rparkhouse@forsysmetals.com email: info@forsysmetals.com

Forward Looking Statement

Certain information contained in this press release constitutes "forward-looking information" , within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and Forsys Metals Corp disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

¹ The Norasa Uranium Project (“Norasa“) is wholly owned by the Company’s 100% subsidiary Valencia Uranium (Pty) Ltd. (“Valencia Uranium”) and comprises the Valencia uranium deposits (held under ML-149) ("Valencia”) and the Namibplaas uranium deposit (under EPL-3638) (“Namibplaas”), located in the Erongo region of Namibia.

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