Forum Uranium Corp.: High Grade Assay Results and Continuing Success on the Northwest Athabasca Property, Saskatchewan
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/26/12 -- Forum Uranium Corp. (TSX VENTURE: FDC) and Mega Uranium Ltd. (MGA: TSX) are pleased to announce assay results from the first drill target at the NW Athabasca property under option from Cameco Corporation. Uranium mineralization was encountered at shallow depths in two holes drilled on Zone 2A (see news release dated November 8, 2012).
Drillhole NWA-35 - 2.48% U3O8 over 1.5 metres at a vertical depth of 26 metres with a 0.5 metre interval grading 5.77% U3O8.
Drillhole NWA-34 - 20 centimetres grading 0.27% U3O8 at a vertical depth of 50 metres, located only 20 metres west of the historic Zone 2A mineralization.
Further drilling is recommended in the Zone 2A area where additional targets have been delineated including an EM conductor 40 metres to the west, along strike from the known mineralization at Zone 2A.
The drill rig is currently investigating the Barney target, a gravity low west, and on strike from, the Maurice Bay deposit. Uranium mineralization within zones of strong basement alteration has been intercepted in several holes. This is the third target that has encountered uranium mineralization on the property. A full description of the results will be released upon completion of drilling at the Barney zone.
The NW Athabasca property hosts the Maurice Bay deposit (historical resource(i) of 1.5 million pounds uranium at a grade of 0.6% U3O8). A winter drill program is planned for the first quarter 2013. All targets are similar to Cameco's Millennium deposit and Rio Tinto's Roughrider deposit at much shallower depths (less than 100 metres).
(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.
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 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.
To view Figure 1: NW Athabasca Project Gravity Survey, please visit the following link: http://media3.marketwire.com/docs/1126fdc_fig1.pdf
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
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