Uranium-project developer Forsys Metals has completed an engineering cost study on its proposed Valencia process plant to be located at the company’s Norasa uranium project, in Namibia, which had improved a number of the project’s metrics.
The study, which reviewed the Snowden Group 2008 definitive feasibility study and 2010 engineering cost study that outlined some potentially attractive comminution flowsheet changes and optimisations, highlighted improved metrics resulting from the combined Valencia and Namibplaas uranium deposits.
The study had increased the differential net present value on Norasa by $348-million before tax, and operating expenditures were significantly reduced from the adjusted 2010 engineering cost study.
The capital expenditure for the process plant was reported to be cost-effective at $249.7-million.
Other metrics improved included the leach residence time being reduced by 30%, and increase in plant throughput from 8.7-million tons a year to 11.2-million tons a year, and an increase in average yearly production from 3.3-million pounds to 4.2-million pounds of triuranium pentoxide (U3O8).
"As a consequence of the positive study, we are now accelerating the drilling programmes at Valencia East and Valencia North with a strategy to release an updated mineral resources statement in Q3 2013. In the near term, we will appoint an engineering firm to complete the feasibility study, which will incorporate the optimised processing plant,” Forsys CEO Marcel Hilmer said.
Forsys said the results of the new study would be incorporated in a National Instrument (NI) 43-101 feasibility study, slated to be complete by the end of the year.
The latest Namibplaas resource estimated 33.4-million pounds of U3O8 grading 152 parts per million (ppm), using a cut-off grade of 100 ppm, to be present on the property.
This resulted in a combined measured and indicated resource at a cut-off grade of 100 ppm of 93.9-million pounds of U3O8, grading 175 ppm, being present on the properties, which were located only seven kilometres apart.
Forsys was now focused on two significant high-grade zones that would be the focus of optimising the openpit design.
Forsys initially focused on its Valencia uranium project and had acquired a 25-year mining licence, making it one of only two fully permitted development-stage projects in the country.
The Valencia project had an after-tax net present value of about $273-million, with reserves of about 60.5-million pounds of U3O8. asa20130503
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