Forum Uranium Corp.: Shallow, High Grade Uranium Mineralization Confirmed on NW Athabasca Property, Saskatchewan
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/08/12 -- Forum Uranium Corp. (TSX VENTURE: FDC) and Mega Uranium Ltd. (TSX: MGA) are pleased to announce preliminary results from the first of three high priority targets being drilled on the NW Athabasca property. Uranium mineralization was encountered at shallow depths in two of four holes drilled in the first target area.
Drillhole NWA-35 intersected a 1.4 metre mineralized interval at a vertical depth of 26 metres and is interpreted to be part of Zone 2A discovered in 1978. Within this interval, a 25 centimetre section gave an off-scale scintillometer(i) reading (greater than 9999 counts per second). Mineralization consists of blebs and flecks of pitchblende. Sufficient drilling has now been completed in the vicinity of Zone 2A to conclude that the zone is of very limited extent, however the intercept in hole NWA-35 confirms the presence of high grade mineralization on the NW Athabasca property. Further drilling is recommended outside Zone 2A to define the controlling structure.
Drillhole NWA-34 intersected a 10cm zone within a graphitic shear with a scintillometer(i) reading of 1,400 counts per second at a vertical depth of 50 metres and located 20 metres west of Zone 2A. Approximately 20 metres to the west of the NWA-34 intercept is an untested electromagnetic conductor which has been selected for future drill testing.
The current drill program is continuing with testing of the Maurice Creek South target, (a gravity low situated immediately south of the historic Maurice Creek mineralization) and the Barney Zone, (tested by a single hole in March, 2012 with very positive results of strong bleaching and faulting associated with dravite clays in the overlying sandstones).
Large gravity lows are present both to the north and south of Zone 2A. Drilling on the gravity low to the south discovered the Opie Zone in March 2012 (0.142% U3O8 over 7.6 metres at a depth of 40 to 100 metres) which requires more drilling this winter. An untested gravity low also lies to the north of Zone 2A and is a priority target for future drill programs. To see Figure 1: NW Athabasca Project Gravity Survey, click on http://media3.marketwire.com/docs/fdc118i.pdf.
The NW Athabasca property hosts the Maurice Bay deposit (historical resource(ii) of 1.5 million pounds uranium at 0.6% U3O8). The positive results returned from the drill program completed in March, 2012, including the discovery of the Opie, encouraged Forum and Mega to step up exploration on the property. All targets are similar to Cameco's Millennium deposit and Rio Tinto's Roughrider deposit and at much shallower depths (less than 100 metres).
Quality Assurance and Quality Control
Core samples are collected 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 in the Athabasca Basin. Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum's Vice President, Exploration is the Qualified Person that has reviewed and approved the contents of this news release.
Forum and Mega Option with Cameco
The NW Athabasca project is 87.5% owned by Cameco and 12.5% owned by AREVA. Forum and Mega have formed a 50/50 joint venture, with Forum as Operator, to 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 $140,000 has been paid. It is anticipated that Forum and Mega will vest their joint 60% interest in the property upon completion of the current program.
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 in Quebec and Nunavut.
(i) Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a handheld Exploranium GRS-101 total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. The degree of radioactivity within this interval is highly variable and associated with visible pitchblende mineralization. Core recovery is generally between 90% to 100% in hole NWA-35. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.
(ii) 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.
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
Forum Uranium Corp.
Matt Terriss
Director, Corporate Affairs
604-638-3947
CHF Investor Relations
Robin Cook
Senior Account Manager
416-868-1079 x 228
robin@chfir.com