Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

January 12, 2011 08:00 ET

Forum Commences Drilling on the Henday Uranium Project, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 12, 2011) -

Highlights

  • 3,750 metres of drilling planned
  • Prospective alteration (with up to .16% uranium) is the drill program's primary targeted area
  • Two targets along the interpreted extension of the prolific Midwest Fault will also be drilled
  • Funding of the drill program provided by project partner, Hathor Exploration

Forum Uranium Corp. (TSX VENTURE:FDC) and Hathor Exploration Limited (TSX VENTURE:HAT) announce that the diamond drill program on the Henday Project in the Athabasca Basin, Saskatchewan is now underway. 

A total of 3,750 metres of drilling is planned to test the large area of prospective alteration (with up to 0.16% uranium) discovered in 2010 at the Mallen Lake Zone. Two targets along the interpreted extension of the prolific Midwest Fault which hosts the Areva/Denison Midwest deposit, the Hathor Roughrider deposits and Fission's J zone will also be tested.

Mallen Lake Zone

Drilling has commenced on the Mallen Lake zone, where a large alteration system extending well into the overlying sandstones and down into the basement rocks was discovered in the 2010 drill season. The unconformity in the Mallen Lake area is shallow at 110m, easily reached by open pit methods. Several drillholes intersected uranium mineralization, with 0.5 metres at 723ppm U in RL-66 and 0.5 metres of 1610ppm U in RL-68, both within basement lithologies. Clean geochemistry (very minor arsenic and nickel) returned from this zone suggests that the uranium model is similar to Hathor's Roughrider zone or Cameco's Millennium deposit. 

A series of drill holes are planned to intersect a graphitic unit within the basement rocks, just below the unconformity and approximately 80m below the unconformity on either side of the mineralization intersected in 2010. Any further uranium mineralization will be followed up immediately.

Other Priority Targets

The two other targets are located along the interpreted northern extension of the Midwest fault where it is intersected by cross-cutting structures; the Mallen Lake structure and the Moonlight structure. These areas have never been drill tested and show a combination of electromagnetic conductors, and both gravity and resistivity lows (indicative of alteration). Also, a soil sampling survey in the summer of 2010 returned elevated uranium values in these areas. 

Ownership

Hathor currently holds a 40% interest in the Henday project with Forum as Operator. The funding of this drill program by Hathor will complete Hathor's option to earn a 60% interest in the Henday project and a joint venture will be formed with Forum holding a 40% interest.

To view the map associated with this release, please click here: http://media3.marketwire.com/docs/henday.jpg.

Ken Wheatley, P.Geo. (Saskatchewan, Alberta, Nunavut), 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 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 nearby existing infrastructure by exploring on its 100% owned properties and through strategic partnerships and joint ventures.

ON BEHALF OF THE BOARD

Richard 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.

Contact Information