Forum Uranium Corp. Exploration Update, Saskatchewan and Nunavut
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/23/11 -- Key Point Summary
-- Hathor Joint Venture at Henday - on hold until Takeover Bids by Cameco
and Rio Tinto are resolved
-- Northwest Athabasca (Maurice Bay Deposit) - drill program to start early
January, 2012
-- North Thelon - summer drill results pending
-- Key Lake Road - drill ready
-- Rare Earth Elements - Kipawa West and Nutaaq results pending
Forum Uranium Corp. (TSX VENTURE: FDC) 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 U that requires follow-up drilling.
Northwest Athabasca (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 70s and early 80s 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(i) 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 2012.
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.
(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