SOURCE: Forum Uranium Corp.

Forum Uranium Corp.

May 18, 2016 09:00 ET

Rio Tinto Exploration Canada Identifies New Zone of Anomalous Uranium Mineralization on Forum's 40% Owned Henday Property, Athabasca Basin

VANCOUVER, BC--(Marketwired - May 18, 2016) -  Forum Uranium Corp. ("Forum") (TSX VENTURE: FDC) announces that Rio Tinto Exploration ("RTX") has completed a 15 hole, 5,340 metre drill program on three target areas at its 40% owned Henday Property, located northeast of Rio Tinto's Roughrider uranium deposit nearby the AREVA/Denison McClean Lake mill in Saskatchewan's Athabasca Basin. Six holes were drilled in the Hollow Lake target area, 6 holes in the Elephant target area, and 3 holes in the Epitaph target area. Whole rock assay highlights from the winter drill program are listed in Tables 1, 2 and 3 from these three target areas. A plan map with drill-hole locations is shown as Figure 1 below.

Hollow Lake: five out of six holes intersected significant alteration. One hole, 16HDY007 intersected anomalous uranium mineralization in two discrete 0.3m uranium-bearing fractures at 177.4m and 182.4m, respectively (Figure 2). Assay results indicate the fracture at 177.4m contains 523 parts per million (ppm) uranium total digestion (UTD), whereas the fracture at 182.4m contains 469ppm UTD. Both intervals are hosted in pelitic gneiss within a 20m interval of pervasive argillization, strong illite, weak hematite, and moderate to strong black chlorite alteration as well as 2.2m of elevated uranium (187-275ppm UTD, Table 2). Four holes drilled within a 200m zone of 16HDY007 have rotated bedding, quartz dissolution, and local silicification of Athabasca sandstone along with moderate to strong argillization, moderate hematite alteration and moderate to strong black chlorite alteration. These factors make the Hollow Lake area a priority target for follow-up work.

Ken Wheatley, Forum's VP of Exploration commented, "The size and strength of the alteration intersected at the Hollow Lake target suggest that uranium bearing fluids have migrated through significant structures in the area. Further work is required to determine the control of uranium mineralization and the potential areas for where it may have been deposited. We are very pleased with the positive results and quality of work from this first pass drill campaign by our partner on this project."

Hole ID   From (m)   To (m)   U   B   As   Cu   Mo   Ni   Pb
16HDY013   153.5   154.0   0.52   946   1.27   2.13   2.92   0.65   3.92
16HDY013   154.0   154.5   0.76   1000   2.33   3.23   6.23   1.03   6.6
16HDY013   154.5   155.0   0.44   254   4.3   3.5   2.56   1.89   4.1
16HDY013   155.0   155.5   1.04   56   4.34   15.9   2.8   1.59   2.74
Sandstone results above, basement results below.                                    
16HDY007   175.2   176.2   187   6.6   20.4   12.4   0.78   57.4   17
16HDY007   176.2   177.4   275   9.19   32   19.4   0.92   62.5   23.8
16HDY007   177.4   177.7   523   3.91   28   35.7   0.65   92.4   40.1
16HDY007   182.43   182.73   469   34.8   55.2   731   5.23   248   56.4
16HDY007   188   189   69.6   53.2   286   2160   52.2   174   612
16HDY007   191   192   102   39.2   95.6   163   6.79   103   70.3
16HDY011   260   261   48.2   1310   2210   330   240   2270   76.5
16HDY011   261   262   69.3   1190   2380   320   339   2480   112
16HDY013   198   198.5   10.2   31.5   50.7   766   18.3   49   1310
16HDY013   198.5   199   81.9   265   431   3340   442   464   1640
16HDY013   199.49   200   98   588   1180   1680   501   1320   171
16HDY013   211   212   20.4   292   1100   369   114   1170   44.9
16HDY015   322.8   323.3   150   0.82   7.57   66.1   0.78   14.8   79.2

Table 1: Highlights from the Hollow Lake target winter 2016 sandstone and basement assays. All results are reported in ppm. All elements except Boron (B) reported as partial digestion; boron reported as near total digestion.

Epitaph: all three holes contained significant faulting, illitic clay, quartz dissolution, minor red hematite alteration, and rotated bedding in the sandstone, coupled with pervasive clay with weak hematite, limonite, and black chlorite alteration in the basement. A 1.0m interval at 286.8m in hole 16HDY002 returned 214ppm UTD in graphitic pelitic gneiss. Follow-up hole 16HDY004 intersected 131ppm UTD at 256.9m in pelitic gneiss. Structural disruption and alteration of this type is favourable for uranium mineralization, and follow-up drilling is recommended.

Hole ID   From (m)   To (m)   U   B   As   Cu   Mo   Ni   Pb
16HDY002   149.25   149.5   2.82   24   1.02   0.29   0.08   2.92   1.2
                                     
16HDY002   286.8   287.8   214   78.6   47.4   158   2.83   55.2   37.1
16HDY004   256.9   257.4   131   10.9   20   11.9   1.77   26.5   34.5

Table 2: Highlights from the Epitaph target winter 2016 sandstone and basement assays. All results are reported in ppm. All elements except Boron (B) reported as partial digestion; boron reported as near total digestion. Sandstone results are above the space in the table, basement results are below.

Elephant: four out of the six holes drilled contained structurally disrupted sandstone with illitic clay, local minor red hematite alteration, and quartz dissolution. Basement alteration consisted of pervasive, red hematized clay near the unconformity along with black chlorite alteration in shear zones below. Further drilling to follow up areas with uranium-associated alteration and structural disruption is also recommended.

Hole ID   From (m)   To (m)   U   B   As   Cu   Mo   Ni   Pb
16HDY001   160.15   160.65   2.54   161   5.41   0.6   0.12   2.9   2.59
16HDY003   101.6   102.6   1.2   25   11.6   9.14   1.14   0.28   1.91
16HDY003   102.6   103.1   4.55   16   11.9   13.3   1.3   5.25   1.36
16HDY005   148.5   149.0   3.48   11   1.86   0.98   0.11   1.4   1.18
16HDY005   149.0   149.5   3.64   10   1.98   0.88   0.12   1.37   1.65
16HDY005   150.4   150.88   1.99   15   2.07   1.07   0.4   1.04   1.81
16HDY006   154.0   154.73   1.37   382   1.75   0.56   0.22   1.57   2.62
16HDY012   149.0   149.5   1   469   1.53   1.42   0.04   1.18   3.54
                                     
16HDY006   249.18   250.31   6.13   514   1170   11   3.98   664   9.86

Table 3: Highlights from the Elephant target winter 2016 sandstone and basement assays. All results are reported in ppm. All elements except Boron (B) reported as partial digestion; boron reported as near total digestion. Sandstone results are above the space in the table, basement results are below.

A final report from RTX including a geochemical, radiometric, and geological interpretation of the drill results and recommendations for follow-up exploration is expected in Q2 2016. Samples include both chip samples (3.8-6.0m intervals) and split core (0.3-1.0m intervals) that are taken systematically and submitted to SRC Geoanalytical Laboratories (an SSC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon, Saskatchewan for analysis. All samples are analyzed using ICP-MS for trace elements reported as partial and/or total digestion, ICP-OES for major and minor elements reported as total digestion, and fusion solution of boron by ICP-OES reported as total digestion.

http://www.marketwire.com/library/MwGo/2016/5/17/11G098829/Images/map1-2cf3743ab3c08ffeb90dbb19c83035e5.jpg

Figure 1: The Henday Project: Rio Tinto Exploration (Operator - 60%) / Forum Uranium Corp. (40%).

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Figure 2: Interpreted cross-section of drill fence at Hollow Lake on the Henday property. Yellow is sandstone, pink is felsic rock, dark green is pelitic gneiss, grey is graphitic pelitic gneiss, pale green is felsic gneiss, blue is clay alteration, dashed lines are interpreted fault intersections. Red bar plot is UTD ppm.

Ken Wheatley, P.Geo. and Forum's VP, Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.

About the Henday Property

The Henday Project consists of three claims covering 7,204ha at the north-eastern side of the Athabasca Basin, Saskatchewan. The property is strategically located north-east of Rio Tinto's Roughrider uranium deposit, the Denison/AREVA Midwest Lake project and nearby McClean Lake mill, and north of Cameco/AREVA's Dawn Lake project (Figure 1).

RTX has earned a 60% interest in Henday and Forum holds a 40% interest. RTX has the right to acquire an additional 10% interest in the Henday project by funding $20 million in exploration or delivering a Feasibility Study, whichever occurs first. Funds expended on this drill program will be credited towards RTX earning their additional 10% interest in the project.

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 with Cameco, AREVA, RTX, NexGen and Uracan.

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.

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Contact Information

  • For further information contact:

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

    Matt Terriss
    Director, Corporate Affairs
    Tel: 604-689-2599