Forsys Metals subsidiary Valencia Uranium finalizes purchase of Portion-1 of Namibplaas farm, securing access to the Namibplaas uranium deposit under EPL-3638. This acquisition completes negotiations for economic access rights and strengthens Norasa Uranium Project.
Forsys Metals is pleased to announce that its wholly-owned subsidiary Valencia Uranium (Pty) (“Valencia Uranium”) has finalized an agreement with Namibplaas Guestfarm and Tours (Proprietory) Limited (the “Farm Owner”) for the purchase of Portion-1 of farm Namibplaas No. 93 (the “Property”), at the Company’s Norasa Uranium project (“Norasa”). The Property hosts the Namibplaas uranium deposit (“Namibplaas”), under Exclusive Prospecting License (EPL-3638).
The purchase of this Property is the final outcome of lengthy negotiations for the economic terms for access rights with the previous farm owner. EPL-3638 covers a total surface area of 1,266 ha; with approximately 93% (1,179 ha) located on the Property, which measures approximately 6,700 hectares (ha). Figure-1 (below) provides an overview of the Property, the Company’s mineral licence holding and applications, exclusive use area and planned and existing linear infrastructure. EPL-3638 is situated less than 3 km to the northeast of the Valencia deposit (ML-149) and is accessed via a newly constructed industrial grade road from the B2 highway to the Valencia project site followed by a track suitable for 4x4 vehicles. For detailed information on the recent updated Mineral Resource Estimate for Norasa, please refer to the Company’s news release dated 14 May 2024. Planning is underway for diamond and reverse circulation drilling designed to expand and upgrade the resource within the Namibplaas main deposit and from adjacent targets. The Company has also applied for additional exclusive prospecting ground, EPL-10501 and EPL-8633. Approximately 237 ha, (42%) of the EPL-10501 application area and 239 ha,(5%) of EPL- 9865 are located on the Property. For further detail, see Figure-1 below.The Norasa Uranium Project (“Norasa“) is wholly owned by the Company’s 100% subsidiary Valencia Uranium (Pty) Ltd
Uranium Mining Acquisition Namibia Norasa Project
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