Vancouver, British Columbia–(Newsfile Corp. – July 18, 2017) – Forum Uranium Corp. (TSXV: FDC) (“Forum”) announces the commencement of a soil sampling program on its Northwest Athabasca project, located approximately 70km west of Uranium City (Figure 1). Soil sampling is planned over 5 of 19 known gravity anomalies on the project. In 2013-14, Forum drill tested five of these gravity anomalies, of which three were found to contain basement-hosted uranium mineralization (up to 39.5m of 0.15% U3O8). Each zone of mineralization returned anomalous boron in the overlying sandstone with values of up to 1% over 0.5 metres. The sampling program is designed to determine if anomalous boron values are present in the soils over the prospective gravity anomalies.
This summer’s field work will sample two of the known mineralized gravity anomalies and three other anomalies, in addition to background line work in the general surrounding area (Figure 2). Soil samples will be collected at 30m spacings starting directly over the anomaly and continuing in a line several hundred metres down-ice. This survey should take two weeks to complete, and samples will be sent to the Saskatchewan Research Council geoanalytical laboratory for geochemical analysis. Results should be available by September. This survey will help prioritize the remaining gravity anomalies for future drill programs.
The Northwest Athabasca Joint Venture includes: Forum 39.25%; NexGen 28.25%; Cameco Corp. 20%, and AREVA Resources Canada 12.5%. The property comprises 10,161 ha, and includes the Maurice Bay uranium deposit. It contains a historical resource of 1.5 million pounds uranium grading 0.6% U3O8 (Not NI-43-101 compliant*) at a depth of 50 m (Saskatchewan Industry and Resources, Miscellaneous Report 2003-7). Numerous shallow targets for basement and sandstone-hosted unconformity style mineralization are under-explored or untested, which demonstrates a high potential for discovering additional high grade deposits. Basement-hosted mineralization of up to 8.5m at 5.68% U3O8 at a depth of 30m is present on the property.
*The Maurice Bay historical resource estimate was completed prior to the implementation of National Instrument 43-101. Given the extensive exploration work completed by experienced mineral resource companies, and the quality of the historical work completed, the Company believes the historical estimate to be relevant and reliable. However, a qualified person has not completed sufficient work to verify and classify the historical estimate as a current mineral resource, and the Company is not treating the historical estimate as a current mineral resource. Hence, the estimate should not be relied upon.
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 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.
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Figure 1: Location and Geology Map of the Athabasca Basin and Northwest Athabasca Project. The project (NWA) is located in the northwest corner of the map along the edge of the Athabasca sandstone basin. Forum projects are in blue.
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.
For further information contact:
Rick Mazur, President & CEO
Craig Christy, Vice President, Corporate Development
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Figure 2: Geology Map of NWA Project. The Northwest Athabasca project lies on the NW edge of the sandstone basin. Maurice Bay Deposit- A, B and Main Zones are located. Depth to the unconformity varies from 0 to 200 metres. The gravity anomalies are outlined in black. The anomalies with red fill are the untested anomalies that will be sampled. The red blobs without outlines are radioactive boulder trains. The gold area is the Athabasca sandstone.
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