Forum Commences Drilling at Northwest Athabasca JV to Follow-Up on 39.5m of Uranium Mineralization
March 24, 2014 (Source: Marketwired) — Forum Uranium Corp. (TSX VENTURE:FDC) (“Forum” or the “Company”) is pleased to announce that the 3,000 metre drill program approved by the Northwest Athabasca Joint Venture has commenced. This program will follow-up on the positive results obtained from last winter’s drilling, which included Hole NWA-63, (39.5m of 0.15% U3O8 including a 0.5 m interval grading 1.8% U3O8; See press release dated June 5, 2013) drilled on the Otis West target. The mineralization discovered in 2013 at Otis West is hosted within basement rocks along a major fault (the Otis fault) parallel to the Maurice Bay fault. It has a strike length of 50m, a vertical extent of approximately 110m, and remains open to the east and at depth.
This drill program is designed to determine the eastern extent of the mineralization discovered at Otis West and its extension on to the Otis East gravity target, both of which lie on the south side of the 1.5 million pound Maurice Bay deposit* (See Figure 1) and extend for one kilometre within strong side by side gravity lows. In addition, planned drilling will also test basement targets identified below the unconformity style Maurice Bay deposit, Zone “A” (historic grades of up to 6m of 5.64% U3O8 at a depth of 113m to 119m drilled in 1978 by Uranerz Exploration and Mining, a predecessor company of Cameco Corporation) and an untested gravity low on the east side and on strike with the Maurice Bay deposit (MB East).
The Northwest Athabasca Property continues to be a prolific area for uranium mineralization, both unconformity-style as demonstrated by the Maurice Bay deposit, and basement-style as determined by three out of four gravity targets drilled that host uranium mineralization in the basement rocks. Five of the nine holes drilled last winter on Otis West intersected shallow uranium mineralization in highly altered basement rocks. This is typical of the class of basement-hosted deposits, such as Fission Uranium’s Patterson Lake South discovery, Rio Tinto’s Roughrider deposit and Cameco’s Millennium deposit, albeit each with their own characteristics.
Forum is Operator of the Northwest Athabasca JV, which is the Company’s second drill campaign of the current season. Drilling is continuing at Forum’s 100% owned Clearwater project, located on trend and immediately adjacent to the southwest of Fission Uranium’s Patterson Lake South (PLS) discovery (See press release dated February 26, 2014)
Maurice Bay Deposit*
The Maurice Bay deposit is a 1.5 million pound historical uranium resource estimate based on 600 tonnes grading 0.6% U3O8, as reported by Saskatchewan Industry and Resources, Miscellaneous Report 2003-7. The Maurice Bay historical resource estimate was completed prior to the implementation of National Instrument 43-101. Given the extensive exploration work completed by experienced mineral resource companies, and the quality of the historical work completed, the Company believes the historical estimate to be relevant and reliable. However, a qualified person has not completed sufficient work to verify and classify the historical estimate as a current mineral resource, and the Company is not treating the historical estimate as a current mineral resource. Hence, the estimate should not be relied upon. It should be noted that mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed by Ken Wheatley, P. Geo. (Saskatchewan and Nunavut), Vice President, Exploration for Forum Uranium Corp., a qualified person under NI 43-101.
To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/Map_of_Maurice_Bay_Deposit_Area_Figure_1.pdf.
NW Athabasca Joint Venture
The NW Athabasca project is a joint venture held 64% jointly by Forum and NexGen Energy Ltd. Forum is Operator of the joint venture with 23.5% partner Cameco Corporation and 12.5% partner AREVA Resources Canada Inc.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
ON BEHALF OF THE BOARD
Richard J. Mazur, P.Geo., President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Raj Shah has been a member of the InvestorIntel.com team for the last nearly 9 years. Recruited from Merrill Lynch, he has over 13 years’ ... <Read more about Raj Shah>