Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

November 26, 2008 13:55 ET

Forum Drill Program Identifies Uranium Potential on Trend From Areva's Kiggavik Mine Development Project, Nunavut

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2008) - Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to report on exploration activities at its 100% owned North Thelon Project. The North Thelon Project is an exceptionally strategic land position covering 218,000 ha of high potential ground adjacent to Areva's 148 million pound Kiggavik uranium project located nearby Baker Lake, Nunavut (See: www.forumuranium.com/i/maps/North-Thelon-Project-Map2.jpg). Areva is currently conducting a feasibility study on the project.

Ken Wheatley, Vice President, Exploration reports, "Promising drill results have been encountered along the southwest extension of Areva's Kiggavik trend (includes the Kiggavik, End and Andrew Lake deposits and the Jane occurrence) on Forum's 100% owned Tarzan property. Encouraging results were also encountered along a favourable ENE structure that hosts the End deposit, drilled to the northeast on ground optioned from Agnico-Eagle Mines Ltd. In addition, the airborne geophysical survey identified a major structure with a series of uranium showings that lies east and parallel to the Kiggavik trend. These targets need further drilling to assess the economic potential of this emerging uranium mining camp."

Forum completed an aggressive, multifaceted exploration campaign this past summer which included an airborne survey, ground gravity surveys, mapping, prospecting, till sampling and limited diamond drilling over this large property. Forum is utilizing the same exploration method that was instrumental in the discovery of the major deposits in this region by Areva.

Drilling

A total of 12 holes for 2474m were completed and tested six different areas in this first pass drill campaign. A total of 270 composite and selective geochemical core samples were collected, as well as 158 spectral clay chips.

The most prospective areas drilled were the large gravity targets found on the Tarzan A and B grids. These gravity lows line up on the N45 trend that hosts the Jane occurrence and the Andrew Lake and End deposits. The Tarzan A gravity target measures 1.2 km by 0.7 km in area and is located 4.6 km southwest of Areva's Jane uranium occurrence where drilling intersected 1 metre grading 8% U3O8 (Source: GSC World Mineral Occurrence Database). The Tarzan B gravity targets measure 500m by 250m and 1.0 km by 0.6 km in area and are located 11km southwest of the Jane.

Only three holes were drilled into each of these two large gravity targets. Tarzan A drilling (TZ-01, TZ-02, TZ-03) returned extensive alteration including intense de-silicification, quartz flooding, hematite re-mobilization and clay replacement. Spectral clay sampling shows illite is often the dominate clay in this alteration. Illite alteration halos with anomalous geochemistry may be indicative of a fertile hydrothermal system, and is a common feature around the known uranium deposits of this region. Tarzan B drilling (TZ-04, TZ-05, TZ-06) saw similar massive alteration. Spectral clay sampling again shows illite as the dominate clay type. The alteration zones were encountered near-surface and extended to the bottom of the drill holes. Due to technical issues most drill holes did not exceed 250m and as such the bottom of this massive alteration system remains untested. Radiometric peaks of 5-6 times the surrounding rock were observed in both areas.

Lab results have shown TZ-04 on the Tarzan B grid to have the most anomalous geochemistry. Variable uranium enrichment occurs nearly continuously from 12 to 146m (22ppm U over 79.5m from 45 to 124.5m) and numerous pathfinder elements (up to 120ppm Pb over 11.2m and 801ppm B over 12.7m) are also variably enriched. TZ-05 returned localized uranium enrichment from 185.3 to 195m (14ppm U), and TZ-02 on the Tarzan A grid has local uranium enrichment from 84.1 to 93m (21ppm U).

Drillhole RW-01 was drilled on a large gravity low on the western edge of the Ranger West grid on the Agnico-Eagle option. This gravity low is on the same N070 degrees trend that continues to Areva's End deposit. Hole RW-01 intersected spotty bleaching and increasingly brecciated core near the bottom of the hole. Once again, technical issues forced drilling to be halted and this target remains untested at depth. Geochemical results are pending.

Other drill-holes tested the Cathy grid (CA-01) on the Agnico-Eagle option, the mineralized showings at Graphite and RD-7 (GR-01, RD7-01 respectively) on the Tanqueray option and the FOR-62 showing (BD-01, BD-02) on 100% Forum ground. No significant alteration or radioactivity was encountered in these holes. Detailed gravity surveys are recommended for these showings. Geochemical results are pending.

Geophysical Surveys

Forum commissioned Fugro Airborne Surveys to fly two large blocks of RESOLVE electromagnetic/magnetic surveys for a total of 7891 line kilometres covering most of the North Thelon Project area. The apparent resistivity and magnetic surveys proved invaluable in identifying geological, structural and alteration features.

MWH Geo-Surveys Ltd conducted 11 ground gravity survey grids in 7 areas across the North Thelon Project area. The resulting Bouguer gravity grids highlighted alteration zones and structural trends which were used in developing drill targets, both for the 2008 and the upcoming 2009 drill programs. This method of geophysics was successfully used by Urangesellschaft / Cogema (now Areva) in the discovery of some of the deposits located on the adjacent Kiggavik project.

Geological Mapping and Prospecting

Widespread regional mapping and prospecting continued with follow-up from the 2007 program. Detailed mapping was conducted in areas of structural complexity and known surface uranium showings. Prospectors located several more uranium showings on Forum's 100% owned Tarzan property and on ground optioned from Agnico-Eagle and Tanqueray Resources Ltd. with values up to 2720 ppm uranium.

Two soil sampling grids were completed, the first located east of the Tarzan B gravity/drilling grid to test a major N070 degrees lineament. Geochemical results showed a weak enrichment of uranium (up to 12ppm) and pathfinder elements flanking the edge of a large magnetic high near the center of the grid. This could reflect an underlying alteration zone that is present at the contact of granites (magnetic high) on the north and metasediments (magnetic low) on the south. The second grid was located in the north-eastern portion of the project area and situated over the previously mentioned major NE trending lineament. Geochemical results from this grid outline weakly enriched uranium (up to 7ppm) and pathfinder elements at the junction of a N70 degrees lineament and a northwest-trending structure.

Quality Control/Quality Assurance

Core samples were collected from the drill-holes 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. Ken Wheatley, P.Geo. (Saskatchewan, Alberta, NWT/Nunavut), Forum's Vice President, Exploration is the Qualified Person that has reviewed the contents of this news release.

About Forum Uranium

Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. 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 nearby existing infrastructure by exploring on its 100% owned properties and through strategic partnerships and joint ventures.

ON BEHALF OF THE BOARD

Richard J. Mazur, P.Geo., President & CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Forum Uranium Corp.
    Rick Mazur
    President & CEO
    (604) 630-1585
    or
    Forum Uranium Corp.
    Mark Prosser
    Corporate Communications
    (604) 638-3947
    (604) 662-8429 (FAX)
    Email: info@forumuranium.com
    Website: www.forumuranium.com