Forum Acquires Fir Island Property on Centennial-Black Lake Trend, Athabasca Basin, Saskatchewan
February 20, 2014 (Source: Marketwired) — Forum Uranium Corp. (“Forum” or the “Company”) (TSX VENTURE:FDC) is pleased to announce that it has entered into a Purchase and Sale Agreement (“the Agreement”) with Anthem Resources Ltd. (“Anthem”) to acquire a 100% interest in Anthem’s Fir Island claims totaling 14,205 hectares on the northeast margin of the Athabasca Basin, Saskatchewan. Under the terms of the Agreement, Forum will acquire a 100% interest for 300,000 common shares and a 1.5% Net Smelter Royalty with a 1% buyback provision for $1 million.
Ken Wheatley, VP Exploration stated, “This project fits nicely with Forum’s mandate of acquiring and exploring projects with shallow sandstone cover located along major structural zones. The immediate proximity within 300 metres of the historic Nisto mine along the Black Bay fault strongly suggests that this structure is fertile for uranium mineralization. Forum will continue to use the weak uranium market to identify and acquire highly prospective properties to add value to our project portfolio.”
The Fir Island claims are well located on the northern extension of the Centennial shear zone that transects the Athabasca Basin and manifests itself as the Black Lake fault on the property. Faults of this style are known to frequently host unconformity-style uranium deposits in the Athabasca Basin. Anthem previously completed a comprehensive series of geophysical and geochemical surveys which have identified several shallow uranium drill targets from surface to 240 metres depth.
No drilling has been carried out on the property and only minor expenditures are required this year to keep the property in good standing. On completion of the acquisition, Forum plans to carry out a ground gravity survey along the Black Lake Shear Zone to identify zones of low density hydrothermal alteration and further refine drill targets.
Highlights of the Fir Island Project:
- Highly prospective near-drill ready project with shallow uranium targets identified by a number of geophysical and geochemical surveys conducted by Anthem
- Property lies directly on a major structure: the Black Lake Shear Zone (BLSZ) immediately adjacent to the Nisto mine (96 tonnes mined at 1.38% U), evidence that the BLSZ is fertile
- Shallow to no sandstone cover; road access within 2 km
To view Figure 1: Fir Island Project Claim Map, please visit the following link: http://media3.marketwire.com/docs/Figure1-FDC.pdf. Forum’s 100% owned Fir Island property is outlined in green.
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Richard Mazur, P.Geo., Forum’s President and CEO is the Qualified Person that has reviewed and approved the contents of this news release.
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 OF DIRECTORS
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 professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>