January 27, 2009 12:42 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 27, 2009) - Forum Uranium Corp. (TSX VENTURE:FDC) has started a winter exploration program on the northern half of its 100% owned Key Lake Road project. The main part of the program will concentrate on a major structure/lithographic unit (the Costco trend) that is sub-parallel to the Key Lake structure that hosts the 200 million lb. Key Lake deposits 30 kilometres to the north (Figure 1). The target along this trend is a basement-hosted unconformity uranium deposit, similar to Cameco's Millennium deposit or Hathor's Roughrider occurrence, but without the overlying sandstone, making it amenable to an open pit operation. Basement-hosted deposits are relatively common in and around the Athabasca Basin, with Eagle Point, Horseshoe and Raven (Rabbit Lake area) lying completely outside of the sandstone cover.
The Costco area hosts approximately 30 kilometres of conductor along an interpreted N60 structure, sub-parallel to the Key Lake Fault, plus several other conductors in east-west and near north-south orientations. The Costco trend was drilled by Denison Mines Ltd. in the late 70's, with one of the holes (79-5) located on the main Costco trend. Weak to strong basement alteration and bleaching was intersected through most of the hole which ended at 153 metres. No follow-up work has been done on this hole. This type of alteration is typical of basement-hosted uranium deposits.
Forum Uranium Corp. has started line-cutting, ground EM and ground gravity surveys on four separate grids on the Costco area of the Key Lake Road project, as well as one grid on the Highrock Lake project which lies just south of the Key Lake deposits on the same basal graphitic unit (Figure 1). This phase of exploration will be used to select drill targets for follow up work in the second half of the year.
Due to the lack of sandstone cover on the Key Lake Road project, it is easy to precisely locate the EM conductors. This lack of sandstone cover also helps to accurately identify zones of alteration using a gravity survey. Basement hosted deposits in the Athabasca Basin have a gravity low associated with them, due to the low density of the clay rich rock. Gravity has been used over the Millennium deposit and has helped Hathor with its ongoing drill program delineating the Roughrider zone.
Figure 1: Airborne Magnetic Map of the Key Lake Road Project. The Key Lake trend and the Costco trend cut across the basal Wollaston Group metasediments (dark blue) which underlie most of the uranium deposits in the Athabasca Basin. This image covers an area approximately 80 kilometres from north to south, and 50 kilometres from east to west. Forum's claims are outlined in purple. http://www.forumuranium.com/i/maps/key_lake_road.jpg
Ken Wheatley, P.Geo. (Saskatchewan, Alberta, NWT/Nunavut), Forum's Vice President, Exploration is the Qualified Person that has written and reviewed the contents of this information.
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 in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. 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 J. Mazur, P.Geo., President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forum Uranium Corp.Rick MazurPresident & CEO(604) 630-1585orForum Uranium Corp.Mark ProsserCorporate Communications(604) 630-1585(604) 662-8429 (FAX)Email: email@example.comWebsite: www.forumuranium.com
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