Forsys Metals Corp. has announced the results of a feasibility study of its whollyowned Norasa uranium project in Namibia, 80 km northeast of the coastal town of Swakopmund. The study assumes an 8.2-million-mt/y ore processing rate. Production is estimated at approximately 5.2 million lb/y of U3O8 over a 15-year mine life. Average operating costs per pound are estimated at $32.96/lb of U3O8 over the first five years of production and $34.72/lb of U3O8 over the life of the mine.
Norasa project reserves are estimated at 90.7 million lb of U3O8 in 206 million mt of ore grading 200 ppm U3O8. The reserves occur in three deposits, resulting in three distinct pits: the Valencia pit, a small satellite pit adjacent to the Valencia pit and the Namibplaas pit.
The feasibility study assumes a development schedule of approximately 24 months from the start of detailed engineering to the commencement of plant production. Forsys expects to optimize the development schedule during detailed engineering.
“Norasa is one of the very few uranium projects in the world that is construction ready with a mining license,” Forsys Metals CEO Marcel Hilmer said. “The feasibility study confirms the robustness of Norasa’s economics. The study delivered a number of outstanding results, including increases in tonnage and annual and life-of-mine production, whilst lowering operating costs. We believe that the study results will attract strategic partners and investors, and provide us with alternatives for the next phase of Norasa’s development.”
Forsys is a Canadian company headquartered in Toronto.