Forsys provided an update on the Company?s Norasa Uranium project with interim results from its 2024 Resource Extension and Exploration target drilling program at Valencia (ML 149). The drilling program strategy is to expand and upgrade the Valencia resources, adjacent to the main pit and to the north and northeast of the pit. Six areas of mineralisation potential were delineated from exploration work that includes aerial photo interpretation; geological mapping; aeromagnetic surveys; airborne radiometric and ground scintillometer surveys; and review of historic drilling data. Drilling aims to assess mineralisation extension potential at two targets in the vicinity of the Valencia Main pit and to test the potential of four targets to the north and east of the pit. A total of 60 boreholes for 8,512 metres of combined percussion and diamond drilling have been scheduled for this program. Twenty-two of the first percussion drill holes, including 2 diamond drill extensions, intersected uranium mineralisation. Four PQ diameter diamond holes are underway at Valencia main to retrieve metallurgical samples. Drilling has focused on two zones, to date, that have the potential to extend the Valencia Main deposit: at Valencia West and at Valencia South, to depths of up to 380 metres below surface. Completed and planned collar locations are shown with a ground scintillometer background. The resource extension drill program tested potential targets adjacent to the main pit and includes: Valencia West extension was tested with 18 boreholes, on 80 m spaced sections, over 900 m strike length, and six infill holes immediately west of the Valencia Main pit. Downhole scintillometer survey results were received from 17 of these boreholes. Eighteen of the Valencia West boreholes have been assayed by XRF method and all returned positive confirmation of uranium mineralisation. Valencia South is a down-plunge extension to the main deposit being tested with a grid of eight boreholes. Borehole VA24-022, intersected 232 metres at 194 ppm U3O8 from surface to the end of the percussion drill pre-collar. Mineralisation occurs within the Valencia Main inferred resource shell reported with current, 40 ppm U3O8 cutoff. Depth extensions to the percussion holes are being tested with diamond drill tails. The neighbouring exploration target drill program is planned to identify additional resource potential at the Jolie Zone, Valencia East, Bundu, and Valencia North. Twenty-eight boreholes are scheduled, comprising 2,280 metres of drilling across the four targets: Jolie Zone occurs about 600 m north of the Valencia pit and to date three boreholes have been completed. Assay results from all three boreholes confirm uranium mineralisation, with the best intersection of 185 ppm U3O8 over 41 metres in VA24-019.
The Valencia East deposit occurs about 500 m northeast of the main pit. Fourteen boreholes are planned to test the existing resource and to potentially extend the deposit. Mineralised granite was discovered about 1 km northeast of the main pit. The zone is named the Bundu Zone, where an initial three boreholes are planned. The Valencia North prospect is located about 1 km north of the Valencia pit and is presently being tested with three boreholes.