Forum Uranium Corp.
TSX VENTURE : FDC

Forum Uranium Corp.

May 20, 2010 09:00 ET

Forum Uranium Corp.: Henday Returns Uranium Mineralization Within Alteration Halo Identified During Winter Drill Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2010) - Forum Uranium Corp. (TSX VENTURE:FDC) and Hathor Exploration Limited (HAT: TSX-V) are pleased to announce the results from the eight week winter drill program at the Henday project, Athabasca Basin, Saskatchewan. Drilling intersected a strong alteration halo in both the sandstone and well down into the basement with elevated geochemical indicators and weak uranium mineralization. The size and strength of the alteration encountered is very positive, and extends over 200m in width and at least 200m in strike, being intersected by several graphitic conductors.

The alteration halo was encountered in 12 of the 18 holes drilled. A graphitic package within the alteration halo hosts the mineralization intersected to date. The uranium mineralization was very clean with almost no associated elements except for boron in one hole (1 metre of 0.162%), which is typical of basement-hosted uranium deposits in the Athabasca Basin. Geochemistry returned from core samples processed at the Saskatchewan Research Council show anomalous values of uranium in the basement lithologies. Highlights of the geochemistry include:

Hole # Down-Hole Depth (metres) Thickness Uranium (ppm) Lbs U3O8/ton
RL-66 135.4 - 137.9 2.5 m 264 0.5
RL-66 139.9 - 142.2 2.5 m 302 0.6
RL-66 144.0 - 144.5 0.5 m 491 1.0
RL-68 144.0 - 144.5 0.5 m 424 0.8
RL-68 221.2 - 221.7 0.5 m 1690 3.4

A resistivity survey was completed over the area of alteration in April. The survey shows a resistive low under Mallen Lake in the area of the alteration intersected by the winter drilling. This low is 200m by 200m at the level of the unconformity (110 metres). The resistivity survey shows that the main target area lies under the lake with approximately 700 metres of graphitic conductors within the resistivity low to be tested (Figure 1). A drill program proposed for the summer will be deferred until the winter drill season to adequately test the uranium mineralization and geophysical targets. Geochemical surveys will be run over several target areas throughout the summer to aid in focusing future drill programs.

Ken Wheatley, Vice President, Exploration, stated, "Judging from the extent and geochemistry of the alteration in both the sandstone and basement, it is apparent that a fertile hydrothermal cell had developed in this area. Basement-hosted deposits in the Athabasca Basin, such as Hathors' Roughrider Zone, occur as sheet-like pods within a much larger alteration zone. We have found the large alteration zone with the correct geochemistry at Henday, now we have to find the smaller target of the mineralized pod."

To view Figure 1 please click on the following link: http://www.forumuranium.com/i/nr/2010-05-20-henday-target-areas.jpg

Figure 1 - The resistivity low (in blue with black dashed outline) contains two conductors (white lines), with the main conductor (grey line) hosting the uranium mineralization. Target areas are within the red ellipses. The southern target area has not been tested, and only two holes, RL-65 and 68, intersected the main graphite zone.

Hathor has earned a 20% interest in the Henday property from Forum, and has the option to earn a 60% interest by spending $3.5 million in exploration with an additional 10% earned by electing to take the project to a bankable feasibility study. (For details see the Company's website at www.forumuranium.com)

Quality Assurance and Quality Control

Core samples were collected from the 18 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 in the Athabasca Basin. Ken Wheatley, P.Geo. (Saskatchewan, 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 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

Rick 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

  • Forum Uranium Corp.
    Rick Mazur
    President & CEO
    604-630-1585
    604-689-3609 (FAX)
    or
    Forum Uranium Corp.
    Mark Prosser
    Corporate Communications
    604-638-3947
    604-662-8429 (FAX)
    mark@forumuranium.com
    www.forumuranium.com