January
27, 2009 Vancouver, B.C. Forum Uranium Corp. (FDC: TSX.V) has
started a winter exploration program on the northern half of its 100% owned
Key Lake Road project. The main part of the program will concentrate on a
major structure/lithographic unit (the Costco trend) that is sub-parallel
to the Key Lake structure that hosts the 200 million lb. Key Lake deposits
30 kilometres to the north (Figure 1). The target along this trend is a
basement-hosted unconformity uranium deposit, similar to Cameco's
Millennium deposit or Hathor's Roughrider occurrence, but without the
overlying sandstone, making it amenable to an open pit operation.
Basement-hosted deposits are relatively common in and around the Athabasca
Basin, with Eagle Point, Horseshoe and Raven (Rabbit Lake area) lying
completely outside of the sandstone cover.
The
Costco area hosts approximately 30 kilometres of conductor along an
interpreted N60 structure, sub-parallel to the Key Lake Fault, plus several
other conductors in east-west and near north-south orientations. The Costco
trend was drilled by Denison Mines Ltd. in the late 70's, with one of the
holes (79-5) located on the main Costco trend. Weak to strong basement
alteration and bleaching was intersected through most of the hole which
ended at 153 metres. No follow-up work has been done on this hole. This
type of alteration is typical of basement-hosted uranium deposits.
Forum
Uranium Corp. has started line-cutting, ground EM and ground gravity
surveys on four separate grids on the Costco area of the Key Lake Road
project, as well as one grid on the Highrock Lake project which lies just
south of the Key Lake deposits on the same basal graphitic unit (Figure 1).
This phase of exploration will be used to select drill targets for follow
up work in the second half of the year.
Due to
the lack of sandstone cover on the Key Lake Road project, it is easy to
precisely locate the EM conductors. This lack of sandstone cover also helps
to accurately identify zones of alteration using a gravity survey. Basement
hosted deposits in the Athabasca Basin have a gravity low associated with
them, due to the low density of the clay rich rock. Gravity has been used
over the Millennium deposit and has helped Hathor with its ongoing drill
program delineating the Roughrider zone.
Figure
1: Airborne Magnetic Map of the Key Lake Road Project. The Key Lake trend
and the Costco trend cut across the basal Wollaston Group metasediments
(dark blue) which underlie most of the uranium deposits in the Athabasca
Basin. This image covers an area approximately 80 kilometres from north to
south, and 50 kilometres from east to west. Forum's claims are outlined in
purple.
Ken
Wheatley, P.Geo. (Saskatchewan, Alberta, NWT/Nunavut), Forum's Vice
President, Exploration is the Qualified Person that has written and
reviewed the contents of this information.
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 in
the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. 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 nearby existing infrastructure by exploring on its 100% owned
properties and through strategic partnerships and joint ventures.