Forum Development Corp.

Forum Development Corp.

November 08, 2005 17:42 ET

Forum Reports Assays of up to 5.3% Uranium at Key Lake Road Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 8, 2005) - Forum Development Corp. (TSX VENTURE:FDC) is pleased to report on the sample results from the regional reconnaissance program conducted on its 100%-owned Key Lake Road Project located in the eastern Athabasca Basin of northern Saskatchewan, Canada. The program focused on 2 main areas located along the Key Lake Road Shear Zone, a major structural trend extending for over 40 kilometres (km) within Forum's property. A total of 282 rock samples were collected from the property and tested for uranium content. Over 100 of the samples analyzed returned anomalous values of uranium grading up to 5.3% U3O8.

DD Zone

Grab samples from the DD Zone (a combination of Double D and Twilight Zones previously announced by the Company on October 3, 2005) returned values of 0.38% and 0.55% U3O8 in outcrop. A soil sample taken from an area 700 metres (m) north of the DD Zone along the same trend graded up to 1.01% U3O8.

The DD Zone is associated with multiple electromagnetic conductive trends within or proximal to the Key Lake Road Shear Zone. Uranium mineralization encountered in the DD Zone is hosted in steeply dipping NNE trending graphitic metapelite, situated adjacent to Archean granite along the Key Lake Road Shear Zone. These strongly sheared, chloritic and partially hematized rocks are highly radioactive along fractures and shears within a 100m wide zone for a strike length of 200m. The samples reported above were taken from a 30m long exposure of intense radioactivity within this broad zone of anomalous uranium background.

The DD Zone exhibits a similar structural and geological setting as Cameco's Millennium deposit, a reported 34.6 million pound uranium deposit grading 2.87% U3O8. The mineralization at Millennium is covered with 600m of Athabasca sandstone and occurs approximately 100m below the unconformity. The first indication of uranium mineralization from the Millennium discovery was a drill intercept grading 0.15% U3O8. Forum is exploring for a similar style of basement-hosted uranium deposit at or near surface on the Key Lake Road property.

Molly Zone

The Molly Zone (a combination of the Molly, Thomas Lake and Nuclear Lake zones) is located in the southern portion of the Key Lake Road property. The Molly Zone comprises an 8 km long NNE striking trend of anomalous uranium mineralization associated with a complex assemblage of calc-silicate, meta-arkose, pegmatite and pelite/semipelite parallel to the Key Lake Road Shear Zone. Grab samples grading from 0.1% to 0.78% U3O8 (average of 0.27% U3O8 from 14 samples) were found over a 5 km trend within the Molly Zone. One sample containing 5.3% U3O8 occurs in a brecciated calc-silicate associated with graphitic metapelite and pegmatite.

Dr. Boen Tan, P.Geo., Forum's Chief Geological Consultant and Qualified Person stated, "The geological setting of the DD Zone exhibits many characteristics similar to the Millennium deposit or could represent a uranium halo of an unconformity-style, basement-hosted uranium deposit at or near surface." Dr. Tan further elaborated, "The Molly Zone is a large, complex zone of high uranium concentration that needs further evaluation to clearly understand the nature of this widespread mineralization."

Forum's Key Lake Road Project encompasses 107,988 hectares and is located approximately 20 km by road south of the Key Lake Mine/Mill complex, the current processing facility for ore from Cameco's McArthur River Mine. The Key Lake Road property was acquired to test an exploration model for basement-hosted uranium mineralization below the erosional level of the overlying Athabasca sandstone. A map of the Key Lake Road Project area may be viewed at the following link:

Exploration Activities / Technical Report Preparation

As previously announced in the Company's release of October 17, 2005, a 1,800 line km VTEM magnetic/electromagnetic helicopter survey is scheduled to commence on the Key Lake Road property later this week. This survey, along with historical property data and information obtained during this summer's exploration program, will be utilized in preparation of Forum's 2006 exploration program on the Key Lake Road project. National Instrument 43-101 compliant technical reports are currently being prepared by Taiga Consultants Ltd. of Calgary, Alberta and Dr. Boen Tan, Forum's Chief Geological Consultant on both the Maurice Point and Key Lake Road projects.

Quality Assurance and Quality Control

Samples were shipped in security sealed containers to Loring Laboratories Ltd. in Calgary, Alberta. Samples are analyzed by 30 element ICP analysis and uranium results greater than 1,000 ppm U are assayed by uranium fluorometric analysis for %U3O8 content. Rock samples are crushed to minus 10 mesh, split to a 250 gram sample and pulverized to 90% passing 150 mesh. For uranium fluorometric analysis, a 1 gram sample is dissolved by total acid digestion, filtered, dried and fused. Samples and standards are analyzed for uranium on a fluorometer.

The exploration program was conducted by Bob Nichol, P. Geo. of Taiga Consultants Ltd. Calgary, Alberta, a Qualified Person in the Province of Saskatchewan and managed by Bruce Harmeson, B.Sc. (Geology), Forum's Uranium Project Manager. Dr. Boen Tan, P. Geo. (Saskatchewan), Forum's Chief Geological Consultant, is the Qualified Person supervising the evaluation of Forum's uranium exploration projects.

Forum Development Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of energy projects. The Company has a 100% interest in over 150,000 hectares of uranium exploration properties located in the prolific Athabasca Basin, Saskatchewan. Forum is also evaluating a Coalbed Methane (CBM) project in the Merritt Coalfield in southern British Columbia. For further information about Forum, visit our website at


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

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