Forum Uranium Corp.: Numerous Drill Targets Identified on NW Athabasca Project (Maurice Bay), Saskatchewan
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/16/11 -- Forum Uranium Corp. (TSX VENTURE: FDC) -
Key Point Summary
-- Modern exploration techniques demonstrate excellent potential in the
area surrounding the Maurice Bay uranium deposit.
-- Gravity survey identifies high priority drill targets
-- Drilling planned after a summer exploration program
Forum Uranium Corp. and Mega Uranium Ltd. (TSX VENTURE: MGA) announce the completion of a geophysical program on the NW Athabasca uranium project which is under option from Cameco Corporation. A gravity survey covering approximately 50% of the project has identified eleven high priority targets to be drilled later this year following a summer field program. Gravity surveys of this type are designed to identify zones of lower density hydrothermal alteration, which are typically in spatial association with uranium deposits in the Athabasca Basin.
The project is located along the northwest edge of the Athabasca Basin and is considered to have good potential for unconformity and basement-style uranium mineralization. The Maurice Bay deposit (with a historical resource(i) of 1.5 million pounds uranium grading 0.6% U3O8), Zone 2A, with grades of up to 5.68% over 8.5 metres and three other areas of surface mineralization show the project's potential for further discoveries. Most of the exploration work was done in the late 70's and early 80's. The historical drill programs focused on surficial mineralization, located by radioactive boulder trains and outcrop showings.
The recently identified gravity anomalies by Forum/Mega will be drill tested either late in 2011 or early in 2012. Future plans are to cover the remainder of the ground with a gravity survey aimed at developing additional targets.
An exploration camp and drill rig will be mobilized to site in September. 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 is planned. Drilling could commence as early as this upcoming fall depending on results of the summer program.
To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/FDC0615.pdf
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. This property is surrounded by Forum's 100% owned Maurice Point project which has identified drill targets adjacent to the NW Athabasca property.
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.
Matt Terriss
Director, Corporate Affairs
604-630-1585
604-689-3609 (FAX)
info@forumuranium.com
www.forumuranium.com