Forsys Announces Commencement of Expansion Drill Program at Namibplaas

TORONTO, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”)

Forsys is pleased to announce the commencement of a drill program comprising 64 drill holes at its Namibplaas uranium property (“Namibplaas” or the “Property”), for approximately 12,500 metres (“m”), having now satisfied all regulatory and statutory requirements to access Portion-1 of farm Namibplaas No. 93, which was acquired by the Company’s fully owned subsidiary Valencia Uranium (Pty) Ltd. in December 2024 (please refer to news release dated January 6, 2025).

The Property hosts the Namibplaas uranium deposit under Exclusive Prospecting Licence (EPL-3638), which together with the Valencia uranium deposit under Mining Licence (ML-149) ("Valencia”) comprise the Norasa Uranium Project (“Norasa”)¹ (see figure 1 below).

The principal objectives of this program are to infill and upgrade the existing Namibplaas mineral resource to the Measured and Indicated category and test down dip mineralization potential (drill target 1: Area B (figure 2)); and to conduct reconnaissance drilling on new sites on EPL-3638 in Area A to evaluate the potential to expand Norasa’s mineral resource base (drill target 2: Area A (figure 3)).  

Figure-1 Farm Namibplaas (EPL-3638), 3km northeast of Valencia deposit (ML-149)

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The Norasa Uranium Project (“Norasa“) is wholly owned by the Company’s 100% subsidiary Valencia Uranium (Pty) Ltd. (“Valencia Uranium”) and comprises Valencia uranium deposits ("Valencia”) under a 25-year Mining Licence (ML-149) valid until 2033 and renewable and Namibplaas uranium deposit (“Namibplaas”) (under EPL-3638), both located in the Erongo region of Namibia, Africa.

Drill Target 1; Area-B

The Company has planned a 44-drillhole ~9,350 m drill program (see figure 2 below) designed to identify and support a potential upgrade of the currently classified Inferred resource to Measured and Indicated by reducing the drill spacing and increasing the proportion of resource drill holes that have both downhole gamma and laboratory assay results. Currently, the overall Namibplaas resource is classified as Inferred due to a low ratio of XRF-assayed samples within an historic population of predominantly downhole gamma equivalent data.

The majority of the 44 drillholes are planned along the eastern margin of the deposit. A further 12 drillholes (circa 1,915m) are planned for geotechnical drilling and geometallurgical sampling at Namibplaas.

Figure-2:        Additional drillholes at Namibplaas Area B planned by MSA. (ground scintillometer overlay)

Drill Target 2: Area-A

The Namibplaas resource has been defined on the historic radiometric Anomaly-B (figure-2 above) whereas higher radiometric signatures occur approximately 2 km to the west at Anomaly-A (see figure 3 below). The strength of the Anomaly-A radiometric signature is attributed to prominent thorium concentration on surface, which was established from surface sampling. This target has potential to significantly augment the Norasa resource base in tonnage and grade.

A further 1,000m in eight drillholes have been laid out to test drill Target 2 situated at Anomaly-A.   There is a high total count of scintillometer signatures in parts of this area which bears significant potential for mineralization as the uranium is regularly leached out on surface, leaving mainly thorium in the outcrop.   Anomaly-A lithologies are granitic, similar to the uranium deposits on the neighbouring farm Valencia and the rocks constituting Anomaly-B and the Namibplaas uranium resource. To date sampling has been limited to the surface and no drilling has taken place in the anomalous area.

An initial reconnaissance drill program will test for uranium mineralization in fresh rock, below 50m depth. The target area has rugged terrain which necessitates some earthmoving and road building prior to mobilising drilling equipment.

Figure-3:         Namibplaas ground scintillometer survey superimposed onto aerial radiometric imagery. (Historic drillholes are shown as small dots, 2023 drilling as larger blue dots and planned holes over Anomaly A as white dots).

The Company will provide further updates on its ongoing studies as they become available.

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 and a PhD in Geology, 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 14 years and has sufficient experience and knowledge that is relevant to the style of mineralization 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.

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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

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:

R ichard Parkhouse, Investor Relations

email: email:

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 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.

Photos accompanying this announcement are available at