Forsys Metals Corp. Expands Uranium Horizons with Namibplaas Acquisition
In an exciting development for the uranium sector, Forsys Metals Corp. has successfully reached an agreement to purchase a key portion of land at their Norasa uranium project in Namibia, specifically known as farm Namibplaas Portion-1. This pivotal move will further solidify Forsys’ position in an industry that is gaining increasing attention for its potential contributions to a sustainable energy future.
Forsys’s wholly owned subsidiary, Valencia Uranium Pty. Ltd., inked a deal with Namibplaas Guestfarm and Tours Pty. Ltd. for this acquisition. The property hosts the Namibplaas uranium deposit, which falls under Exclusive Prospecting Licence (EPL-3638). This license covers a substantial area – about 1,266 hectares – of which approximately 93% is linked to the Namibplaas property, extending the company’s mining footprint substantially.
Located just three kilometers northeast of the Valencia deposit, the Namibplaas property is conveniently accessible via a newly constructed industrial-grade road, enhancing the logistical efficiency of the project. Forsys’s strategic planning includes diamond and reverse circulation drilling to both expand and upgrade the resource base, a notable move that underscores the company’s commitment to maximizing the potential of this site.
The financial aspect of this acquisition is equally intriguing. Forsys will pay a total of 24 million Namibian dollars (approximately .28 million USD) for the land, with an initial payment of 7 million Namibian dollars to be made upon fulfilling all contractual conditions. The rest will be disbursed in monthly installments over the next decade, showcasing Forsys’s thoughtful approach to financial commitments.
Mark Frewin, the CEO of Forsys, expressed his excitement regarding this acquisition, stating, “The acquisition of farm Namibplaas, portion 1, means that the company now has unfettered access to the Namibplaas licence area, adding significant value and flexibility to our mine development strategy.” With plans for immediate drilling programs on Namibplaas, Forsys is setting the stage
