SOURCE: Forum Uranium Corp.

Forum Uranium Corp.

June 16, 2015 06:30 ET

Forum Intersects Elevated Uranium, Boron and Base Metals at Fir Island, Athabasca Basin

VANCOUVER, BC--(Marketwired - June 16, 2015) - Forum Uranium Corp. (TSX VENTURE: FDC) ("Forum" or the "Company") intersected uranium in several holes on its initial drill program at the 100% owned Fir Island project as well as strongly anomalous boron and base metals, typically associated with unconformity uranium deposits. Five holes intersected a zone of strong quartz dissolution and remobilization, tectonization in the sandstone, dravite and sudoite clays locally in the basement rocks and a 50m off-set in the unconformity; all excellent indicators of nearby uranium mineralization (See news Release dated April 20, 2015).

Drill Highlights

Drill Hole Depth Thickness Uranium Boron Base Metals
           
FI-01 147m 5m 48ppm - -
FI-03 177m 10m - - 5200ppm Nickel
FI-04 140m 1m 386ppm - 301ppm Nickel
  154m 10m -
 2810ppm -
FI-07 212m 1m - 2350ppm -
  238m 6m 34ppm - -
FI-08 203m 15m - 2750ppm -
  220m 10cm 137ppm 1490ppm -
  223m 10cm 161ppm - 57ppm Lead

Ken Wheatley, Vice President, Exploration, commented, "These results are viewed very positively for a first pass drill program on this property. The combination of elevated uranium, boron, and base metals, combined with the intense alteration and structural setting, suggests that uranium-bearing fluids have been actively migrating in this area. It is our goal to find a near surface unconformity deposit, whether it be located at the unconformity at the base of the thrust fault, similar to the prolific McArthur River deposit, or within basement rocks similar to the Millennium deposit. We plan to focus our further exploration along the Cathy Fault and the East Channel Structural Corridor."

The winter drill program tested only 50 metres of the strike length of the Cathy Fault, which extends for at least 5 kilometres along the west side of Fir Island. Further exploration is also planned to test the East Channel trend (see Figure 1). A proposed gravity survey will cover approximately 5 kilometres of the East Channel Trend on Fir Island and along the Black Bay Fault, which is to be followed up by further diamond drilling.

To view "Figure 1: Map of the Fir Island Project", please visit the following link: http://media3.marketwire.com/docs/G044830_Map.jpg

Figure 1: Map of the Fir Island Project. Claims are outlined in black. Both the Black Lake fault and the East Channel are wide structural zones. The Black Lake fault has numerous uranium showings along it, while the East Channel/Cathy Fault intersection has only been tested with five holes to date.

For drill core photos, visit http://www.forumuranium.com/s/Uranium-PhotoGallery.asp

Quality Assurance/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.

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.

Contact Information

  • For further information contact:

    Rick Mazur
    President & CEO
    Tel: 604-630-1585


    Matt Terriss
    Director, Corporate Affairs

    Tel: 604-630-1585

    Robin Cook
    Senior Account Manager
    CHF Investor Relations
    Tel: 416-868-1079 x 228
    Email: robin@chfir.com