SOURCE: Forum Uranium Corp.

Forum Uranium Corp.

April 07, 2016 09:00 ET

Drilling Confirms Potential of Strong 10km EM Conductor on Forum Uranium's Highrock Project (Key Lake Mine Area)

VANCOUVER, BC--(Marketwired - April 07, 2016) - Forum Uranium Corp. ("Forum" or the "Company") (TSX VENTURE: FDC) is pleased to announce that it has completed eight widely spaced diamond drill holes totaling 1,362 metres along a 10km long electromagnetic (EM) conductor on its 100% owned Highrock Property, interpreted to be the same unit that hosts the Key Lake uranium mine located 15 km to the north. This first pass drill program has successfully identified several areas of interest for further drilling along this significant trend. Geochemical results are expected in May.

Drilling targeted a series of gravity lows (an indication of alteration associated with uranium mineralization) and several major cross-cutting structures along a strong graphitic conductor (see Figure 1). Holes HR-05, 06 and 07 targeted gravity lows at the interpreted intersection of a cross-cutting northeast orientated structure within the north-south graphitic conductor. All three holes intersected zones of strong tectonization and alteration, with holes HR-06 and 07 being exceptionally well developed with sections of missing core, fault gouges and bleaching. HR-07 returned 3 weakly elevated zones of radioactivity at 90.9 to 91.3m (up to 410cps), 118 to 120m (up to 322cps) and 155.9 to 156.9m (up to 314cps). HR-01 also returned 3 zones of elevated radioactivity with 119.3 to 119.5m returning up to 820cps, and HR-03 with one zone from 86.7 to 88.1m with a peak of 704cps. Further drilling in these areas has been strongly recommended by the Company's technical team.

Hole HR-08 tested a very strong gravity low at the north end of the property where the main conductor trends to the northeast. Weak alteration along a strong conductor was encountered in this hole. Future drilling will test this large gravity low further to the northeast, where Forum's property borders Cameco's Key Lake mine property. Several kilometres of this 10km long EM conductor with associated gravity lows remain untested, particularly to the south.

Core samples have been delivered to the Saskatchewan Research Council laboratories for geochemical analysis for uranium, boron and associated elements. In addition, six samples will be analyzed for gold in a massive sulphide zone intersected in holes HR- 04 and 05. Historic reverse circulation drilling on the property indicated anomalous gold values were present in the overburden. 

http://www.marketwire.com/library/MwGo/2016/4/7/11G092327/Images/ForumDrillHoleLocation-e81d2a6bf15499b8ab6887ea5386baa4.jpg

Figure 1: Drill Hole Locations on Ground Gravity Map of the Highrock Project. White ellipsoids mark target areas that are gravity lows (dark blue) in combination with long linear electromagnetic trends (black lines). Drill holes are yellow dots, dashed lines are cross-cutting structures.

The Highrock claims lie just outside the southern edge of the Athabasca Basin which has the potential to host shallow depth, high grade, basement deposits. Existing infrastructure in the Highrock area is excellent, and includes a nearby all-weather road and powerline to the Key Lake mill site.

Ken Wheatley, P.Geo., Forum's Vice-President, Exploration is the Qualified Person that has reviewed and approved the contents of this news release. The counts per second (cps) in this release were derived from down-hole probing using a Mt. Sopris Logger Model HLP 2375 NaI crystal probe. 

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. 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 by exploring on its 100% owned properties and through strategic partnerships and joint ventures.

ON BEHALF OF THE BOARD OF DIRECTORS

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.

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Contact Information

  • For further information contact:
    Rick Mazur
    President & CEO
    Tel: 604-630-1585

    Matt Terriss
    Director, Corporate Affairs
    Tel: 604-689-2599