FORUM URANIUM
NEWS RELEASE
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NEWS RELEASE
FORUM DRILL PROGRAM IDENTIFIES URANIUM POTENTIAL ON
TREND FROM AREVA'S KIGGAVIK MINE DEVELOPMENT PROJECT, NUNAVUT
Vancouver, B.C.
November 26, 2008. Forum Uranium Corp. (FDC: TSX-V) is pleased to report on exploration
activities at its 100% owned North Thelon Project. The North Thelon Project
is an exceptionally strategic land position covering 218,000 ha of high
potential ground adjacent to Areva's 148 million pound Kiggavik uranium
project located nearby Baker Lake, Nunavut (click here to view North Thelon Project map). Areva is currently conducting a feasibility study on the project.
Ken Wheatley, Vice President, Exploration reports, "Promising drill
results have been encountered along the southwest extension of Areva's
Kiggavik trend (includes the Kiggavik, End and Andrew Lake deposits and the
Jane occurrence) on Forum's 100% owned Tarzan property. Encouraging results
were also encountered along a favourable ENE structure that hosts the End
deposit, drilled to the northeast on ground optioned from Agnico-Eagle Mines
Ltd. In addition, the airborne geophysical survey identified a major
structure with a series of uranium showings that lies east and parallel to
the Kiggavik trend. These targets need further drilling to assess the
economic potential of this emerging uranium mining camp."
Forum completed an aggressive, multifaceted exploration campaign
this past summer which included an airborne survey, ground gravity surveys,
mapping, prospecting, till sampling and limited diamond drilling over this
large property. Forum is utilizing the same exploration method that was
instrumental in the discovery of the major deposits in this region by
Areva.
Drilling
A total of 12 holes for 2474m were
completed and tested six different areas in this first pass drill campaign. A
total of 270 composite and selective geochemical core samples were collected,
as well as 158 spectral clay chips.
The most prospective areas drilled were the large gravity targets found on
the Tarzan A and B grids. These gravity lows line up on the N45 trend that
hosts the Jane occurrence and the Andrew Lake and End deposits. The Tarzan A
gravity target measures 1.2 km by 0.7 km in area and is located 4.6 km
southwest of Areva's Jane uranium occurrence where drilling intersected 1
metre grading 8% U3O8. (Source: GSC World Mineral
Occurrence Database) The Tarzan B gravity targets measure 500m by 250m and
1.0 km by 0.6 km in area and are located 11km southwest of the Jane.
Only three
holes were drilled into each of these two large gravity targets. Tarzan A
drilling (TZ-01, TZ-02, TZ-03) returned extensive alteration including
intense de-silicification, quartz flooding, hematite re-mobilization and clay
replacement. Spectral clay sampling shows illite is often the dominate clay
in this alteration. Illite alteration halos with anomalous geochemistry may
be indicative of a fertile hydrothermal system, and is a common feature
around the known uranium deposits of this region. Tarzan B drilling (TZ-04,
TZ-05, TZ-06) saw similar massive alteration. Spectral clay sampling again
shows illite as the dominate clay type. The alteration zones were encountered
near-surface and extended to the bottom of the drill holes. Due to technical
issues most drill holes did not exceed 250m and as such the bottom of this
massive alteration system remains untested. Radiometric peaks of 5-6 times
the surrounding rock were observed in both areas.
Lab results
have shown TZ-04 on the Tarzan B grid to have the most anomalous
geochemistry. Variable uranium enrichment occurs nearly continuously from 12
to 146m (22ppm U over 79.5m from 45 to 124.5m) and numerous pathfinder
elements (up to 120ppm Pb over 11.2m and 801ppm B over 12.7m) are also
variably enriched. TZ-05 returned localized uranium enrichment from 185.3 to
195m (14ppm U), and TZ-02 on the Tarzan A grid has local uranium enrichment
from 84.1 to 93m (21ppm U).
Drillhole
RW-01 was drilled on a large gravity low on the western edge of the Ranger
West grid on the Agnico-Eagle option. This gravity low is on the same N070�
trend that continues to Areva's End deposit. Hole RW-01 intersected spotty
bleaching and increasingly brecciated core near the bottom of the hole. Once
again, technical issues forced drilling to be halted and this target remains
untested at depth. Geochemical results are pending.
Other
drill-holes tested the Cathy grid (CA-01) on the Agnico-Eagle option, the
mineralized showings at Graphite and RD-7 (GR-01, RD7-01 respectively) on the
Tanqueray option and the FOR-62 showing (BD-01, BD-02) on 100% Forum ground.
No significant alteration or radioactivity was encountered in these holes.
Detailed gravity surveys are recommended for these showings. Geochemical
results are pending.
Geophysical
Surveys
Forum
commissioned Fugro Airborne Surveys to fly two large blocks of RESOLVE
electromagnetic/magnetic surveys for a total of 7891 line kilometres covering
most of the North Thelon Project area. The apparent resistivity and magnetic
surveys proved invaluable in identifying geological, structural and
alteration features.
MWH
Geo-Surveys Ltd conducted 11 ground gravity survey grids in 7 areas across
the North Thelon Project area. The resulting Bouguer gravity grids
highlighted alteration zones and structural trends which were used in
developing drill targets, both for the 2008 and the upcoming 2009 drill
programs. This method of geophysics was successfully used by Urangesellschaft
/ Cogema (now Areva) in the discovery of some of the deposits located on the
adjacent Kiggavik project.
Geological
Mapping and Prospecting
Widespread
regional mapping and prospecting continued with follow-up from the 2007
program. Detailed mapping was conducted in areas of structural complexity and
known surface uranium showings. Prospectors located several more uranium
showings on Forum's 100% owned Tarzan property and on ground optioned from
Agnico-Eagle and Tanqueray Resources Ltd. with values up to 2720 ppm uranium.
Two soil
sampling grids were completed, the first located east of the Tarzan B
gravity/drilling grid to test a major N070� lineament. Geochemical results
showed a weak enrichment of uranium (up to 12ppm) and pathfinder elements
flanking the edge of a large magnetic high near the center of the grid. This
could reflect an underlying alteration zone that is present at the contact of
granites (magnetic high) on the north and metasediments (magnetic low) on the
south. The second grid was located in the north-eastern portion of the
project area and situated over the previously mentioned major NE trending
lineament. Geochemical results from this grid outline weakly enriched uranium
(up to 7ppm) and pathfinder elements at the junction of a N70� lineament and
a northwest-trending structure.
Quality
Control/Quality Assurance
Core samples were collected from the drill-holes and shipped in
sealed containers to the Saskatchewan Research Council, an ISO/IEC 17025:2005
(CAN-P-4E) certified laboratory for geochemical analysis using the Uranium
ICP Package. This package is the preferred analytical technique for detecting
uranium and pathfinder elements in the alteration halos of unconformity-type
uranium deposits. Ken Wheatley, P.Geo. (Saskatchewan, Alberta, NWT/Nunavut),
Forum's 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.
ON BEHALF OF
THE BOARD
Richard J. Mazur,
P.Geo.
President & CEO
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
For further
information contact:
Rick Mazur
President & CEO
Tel: 604 630-1585
or
Mark Prosser
Corporate Communications
FORUM URANIUM CORP.
910-475 Howe Street
Vancouver, BC V6C 2B3
Tel: 604-630-1585
Fax: 604-662-8429
Email: info@forumuranium.com
Website: http://www.forumuranium.com/
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