Forum Uranium Corp.: Drilling Confirms High Grade Intersections in the Maurice Bay Deposit and Extends Otis West Zone
May 1, 2014 (Source: Marketwired) — Forum Uranium Corp. (TSX VENTURE:FDC) announces it has completed its 2014 winter drill program at the Northwest Athabasca JV project (NWA JV). A total of 2,911 metres (m) in 13 holes on 5 separate targets were completed. Drilling has confirmed historic high grade mineralization drilled by previous operators at the Maurice Bay deposit* by intersecting “off-scale” radioactivity.
Three of the five exploration targets: Otis West, Zone A and Maurice Bay East returned positive results. Drilling at Otis West has extended the mineralized strike length to 70m from 50m and remains open to the east. These latest results from the NWA JV project will be reviewed with Forum’s joint venture partners with the intent of planning a follow-up drill program.
Maurice Bay Deposit & Basement Targets
Two holes (see Figure 1) were drilled to test for possible deep mineralization within the basement rock beneath the historic mineralization at the Maurice Bay deposit, with one of the holes transecting the historic mineralization. Hole NWA-72 returned 1.4m of “off-scale” radioactivity in a mineralized zone totaling 5m within Athabasca sandstone in the Main Zone of the Maurice Bay Deposit. Radioactivity also extended 4.5m down into the basement for a total zone of 9.5m of mineralization, but no additional mineralization was identified at depth.
Three drill holes completed at Otis West have extended the mineralized strike length to 70m from 50m. Mineralization, which is hosted in the basement rocks, remains open to the east.
- Hole NWA-73 returned approximately 30m of anomalous values from 143 to 175m with a peak of 1,400cps in a section of heavy core loss. The down-hole probe further identified radioactivity measurements of up to 11,500cps in a radioactive zone over 1.5m, which suggests that final assays may not be representative due to the extensive core loss. Targeted drilling near Hole NWA-73 will be required to thoroughly test this area for mineralization.
- Hole NWA-74 returned approximately 70m of anomalous values from 150 to 220m with a peak of 4,500cps, also in an area of heavy core loss.
- Hole NWA-75 tested the interpreted down-dip extension of NWA-74 and also intersected the fault zone but with only weakly elevated radiometrics over a 70m interval from 150m to 220m.
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Further drilling will be required to test the Otis West target, which extends for 400m as a strong gravity low, along the Otis fault which runs parallel to the Maurice Bay fault.
Three holes were drilled in the Zone A area, testing the interpreted south and north strike extensions of uranium mineralization grading 1.34% U3O8 over 3m at a depth of 90m encountered in 2013. Hole NWA-77, located 15m to the north intersected elevated radiometrics in three separate sections in the overlying sandstone including immediately above the unconformity at 70.6m depth. A brecciated quartz-rich zone in basement rocks returned up to 1,600cps at 78.6m and 600cps at 82.5m. Zone A remains of interest, as nearby historic drilling in the basement returned grades of up to 6m of 5.65% U3O8 at a greater depth beginning at 115m.
Maurice Bay East
One hole, NWA-79, was drilled in the Maurice Bay East gravity target. It returned large sections of chloritized and quartz dissolved sandstones from 52m down to the unconformity at 138m with weakly elevated radiometrics at 104 to 117m with a peak of 250cps at 113.5m and in the basement lithologies at 159.5 to 162m (200cps). Further evaluation of this area is warranted to identify follow-up drill targets.
Three holes were drilled on the Otis East gravity target. These holes returned strongly altered sandstones and basement lithologies and brecciation, but no significant uranium mineralization was intersected.
Quality Assurance/Quality Control
The reader is cautioned that natural gamma radiation in drill core as reported in this news release and measured in counts per second (cps) using a total count gamma-ray scintillometer are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. Core samples have been sent to the Saskatchewan Research Council for assaying and results are expected in June. 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
Maurice Bay Deposit*
A 1.5 million pound historical uranium resource (600 tonnes grading 0.6% U3O8) for the Maurice Bay deposit, is 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.
Northwest Athabasca Joint Venture Project
The NWA JV 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. Forum and AREVA only participated in this winter drill program and the joint venture is subject to dilution provisions.
To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/FDC0430.pdf
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 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>