Vancouver,
B.C. August 19, 2009. Forum Uranium Corp. (FDC: TSX-V) is pleased to
announce that the summer exploration program has commenced on its 100%
owned Key Lake Road project and recently acquired Karpinka
Joint Venture with Virginia Energy Resources Inc. (formerly Santoy Resources Ltd.), where grades of up to 3,525 ppm uranium (0.42% U3O8) were
encountered in boulders and outcrops. (See Forum news release - May 12th,
2009.)
An extensive program of mapping, prospecting, and surveying (soil
gas hydrocarbon sampling) will be undertaken over areas of interest along
the Key Lake Road Shear Zone and other favourable structural trends. Forum
field crews will focus on the Romulus 2, Karpinka, Costco and Highrock
Lake target areas. The
Key Lake Road
project covers over 100
km of prospective trends for mineralization. (Figure
1)
Forum will drill high priority targets in the Costco area where a
large gravity anomaly was identified by Forum and historical drilling by Denison in 1979
identified over 150
metres of basement alteration, which was
subsequently never followed up. The drill program will take place during
the upcoming winter drill season in search for a basement deposit modeled after the recent discovery by Hathor as well as Cameco's
56.5 million pound Millennium uranium deposit (Source; Indicated and
Inferred Resource- Cameco 2008 Annual Financial
Review). All of the Key
Lake targets have
potential for this style of basement-hosted uranium mineralization at or
near surface.
Soil gas hydrocarbon (SGH) is a survey that can detect minute
quantities of gas given off by bacteria that thrive on certain types of ore
deposits. Each type of deposit has its own specific bacteria, which gives a
specific SGH fingerprint above the deposit. This survey is being conducted
over several areas of structural interest where there is a combination of a
graphitic conductor and cross-cutting faults. The Key Lake Road project area is
particularly amenable to this type of survey due to the near surface, open
pit targets on the property with shallow soil and glacial till cover.
Figure 1: Key Lake Road
Projects Location Map.
Ken Wheatley, P.Geo. (Saskatchewan,
Nunavut),
Vice President, Exploration is the Qualified Person that has reviewed 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 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.