EXPLORATION UPDATE, SASKATCHEWAN AND NUNAVUT
Key Point Summary
- Hathor Joint
Venture at Henday - on hold until Takeover Bids
by Cameco and Rio Tinto are resolved
Athabasca (Maurice Bay Deposit) - drill program to start early January,
Thelon � summer drill results pending
- Key Lake Road � drill ready
Earth Elements � Kipawa West and Nutaaq results pending
Forum Uranium Corp. (FDC:
TSX-V) is pleased to give an update on their various
exploration projects in the Athabasca and Thelon Basins, Canada.
Henday Joint Venture (60% Hathor; 40% Forum)
This project is currently on hold until a resolution
of the takeover bids by Cameco and Rio Tinto is voted
upon by Hathor�s shareholders. The Henday project is on the northeast extension of the Midwest
Fault, which controls mineralization on Hathor�s
Roughrider zone and Areva/Denison�s Midwest deposit.
Drilling in 2011 identified a large illite
alteration halo with uranium grades up to 1,610 ppm Uthat
requires follow-up drilling.
(Forum and Mega Uranium earning 60% from Cameco)
A 4,000 metre drill program is planned for early
January, 2012. There are numerous targets as defined by the gravity
survey completed by Forum and Mega in the winter of 2011, as well as EM
conductor targets defined by Cameco in 2005 to
2007. Most of these remain untested by drilling as most of the work on
the project was completed in the late 70�s and early 80�s and concentrated on
areas with surface expressions of radioactivity. Work will commence in
the vicinity of Zone 2A, which returned grades of up to 5.68% U3O8
over 8.5 metres.
The Maurice Bay deposit (with a historical resource* of 1.5 million pounds
uranium grading 0.6% U3O8), Zone 2A and three other areas
of surface mineralization show the project�s potential for further
discoveries. Forum�s 100% owned Maurice Point project surrounds the
Northwest Athabasca project, where numerous gravity and structural drill
targets have been identified.
North Thelon (100%
Forum and Options with Agnico-Eagle and NTI)
A 2,000 metre drill program, gravity surveys and soil
sampling were completed by the end of September, 2011. Several targets
were investigated by the drill program which focused on gravity targets along
the major structures on strike from Areva�s Kiggavik deposits and Cameco�s
new uranium discoveries. Large structures and intense alteration were
intersected in most of the drill holes. Analytical results are pending.
Three of the targets drilled in 2011 require follow-up drilling (Tarzan, BL-32
located in the middle of Cameco ground, and Judge),
and there remains six more targets that were not drilled. Forum has
mobilized fuel and supplies to Baker Lake for another round of drilling in
Key Lake Road
Projects (100% Forum and JV�s with Virginia Energy and NVI)
The extensive Key Lake Road project lies south of the Cameco/Areva Key Lake mill along the major shear zone that
controls the location of the unconformity deposits of the eastern Athabasca
basin. Gravity, electromagnetic, magnetic and soil sampling programs have
identified numerous targets that have been drilled since 2005. Numerous targets
remain and are in a drill ready state. The basement-hosted Millennium,
Roughrider and Eagle Point deposits are the exploration models for this area.
Rare Earth Projects
(100% Forum and Option to earn 65% from Aurizon)
Rock and soil geochemical programs have been completed on the Kipawa West project adjacent to Matamec�s
Kipawa deposit in Quebec and the Nutaaq
project nearby the Kiggavik uranium deposit in
Nunavut. Analytical results are pending.
Ken Wheatley, P.Geo. (Saskatchewan, Alberta, Nunavut), Vice President, Exploration is the Qualified
Person who has reviewed the contents of this news release.
*Historical resource for the Maurice Bay deposit, as reported by Saskatchewan
Industry and Resources, Miscellaneous Report 2003-7, has not been calculated or
classified under the specifications of National Instrument 43-101 and should
not be relied upon.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the
acquisition, exploration and development of Canadian uranium and rare earth
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. The Company is also evaluating North American
rare earth prospects.
ON BEHALF OF THE BOARD
Richard J. Mazur, P.Geo.
President & CEO