Forum Commences Drilling at Northwest Athabasca JV to Follow-Up on 39.5m of Uranium Mineralization
March 24 2014 - 6:30AM
Marketwired
Forum Commences Drilling at Northwest Athabasca JV to Follow-Up on
39.5m of Uranium Mineralization
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 24, 2014) -
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.
Forum Uranium Corp.Rick MazurPresident &
CEO604-638-3943Forum Uranium Corp.Matt TerrissDirector, Corporate
Affairs604-638-3947info@forumuranium.comwww.forumuranium.comCHF
Investor RelationsRobin CookSenior Account Manager416-868-1079 x
228robin@chfir.com
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