Forum Uranium Commences Exploration at Maurice Bay, NW Athabasca
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/05/11 -- Forum Uranium Corp. (TSX VENTURE: FDC) -
Highlights
-- Commencement of gravity surveys to define drill targets on the property
-- Comprehensive summer exploration program planned with an aggressive
drill campaign to follow
-- Shallow, High Grade, Open Pit potential at Maurice Bay
Forum Uranium Corp. announces the commencement of a geophysical program to define drill targets on the NW Athabasca property, under option from Cameco Corporation. The property has excellent potential for unconformity and basement-style uranium mineralization with grades of up to 5.68% over 8.5 metres intersected in past drilling at Zone 2A.
The Maurice Bay deposit (with a historical resource(i) of 1.5 million pounds uranium grading 0.6% U3O8 at a depth of 50 metres), Zone 2A, and three other areas of surface mineralization (Figure 1: http://media3.marketwire.com/docs/FDC0405.pdf) show that near-surface uranium mineralization is widespread on this project. Drill targets have also been identified on Forum's 100% owned Maurice Point project which surrounds the Maurice Bay property.
Gravity surveys are underway to cover sections of the project area that have the highest potential for economic mineral deposits based on structure, known mineralization and untested EM conductors. These surveys are designed to identify zones of alteration which are typically associated with uranium deposits in the Athabasca Basin.
Plans are also underway for a comprehensive summer exploration program of geological mapping, re-logging of existing drill core and prospecting for the bedrock sources of glacially transported mineralized boulders. Access will be established throughout the project area in anticipation of an aggressive drill campaign this year.
Forum and Mega Uranium have entered into a 50/50 Joint Venture Agreement to manage the exploration program during the earn-in period with Forum as initial Operator. Forum and Mega can earn a 60% interest from Cameco on the NW Athabasca project by completing $4 million in exploration over four years and making cash payments of $400,000 over three years of which $60,000 has been paid.
Ken Wheatley, P.Geo. (Saskatchewan, Alberta, Nunavut), Vice President, Exploration is the Qualified Person who has reviewed the contents of this news release.
(i) 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
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.
Contacts:
Forum Uranium Corp.
Rick Mazur
President & CEO
604-630-1585
604-689-3609 (FAX)
info@forumuranium.com
www.forumuranium.com