Forum provides mid-year update and plans for 2021
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) (“Forum” or “the Company”) is pleased to inform shareholders of a semi-annual review of the Company’s current exploration activities and exploration plans for the remainder of 2021. on its copper, uranium, nickel, cobalt and palladium projects in Saskatchewan and Idaho (Figure 1).
Janice Lake Copper / Silver (Rio Tinto option to earn 80%)
Rio Tinto Exploration Canada (“RTEC”) is continuing drilling on the 2.6 km Rafuse target, the fourth target drilled by RTEC over a lateral strike length of six kilometers. Four holes have been drilled to date following the nine hole program completed this winter and drilling will continue throughout the summer. Field crews have mapped and sampled over the past month in the area of 3.8% copper boulder discovered in 2020.
Love Lake Nickel / Copper / Palladium (100% Forum)
Forum has received the results of the airborne electromagnetic survey announced on May 10, 2021 on the Love Lake mafic / ultramafic complex. The Company is finalizing the drilling targets of the survey as well as the targeting of surface showings of copper / nickel / platinum / palladium. A 3,000 meter drilling program is expected to begin during the first week of August.
Quartz Gulch Cobalt / Copper (100% Forum)
Forum is planning a prospecting, mapping and sampling program at the end of August. This will be the first program conducted on the property since Noranda, the former Blackbird cobalt mine operators, completed an exploration program that identified anomalous cobalt in stream sediment samples in 1982.
Wollaston Uranium (100% Forum)
A compilation of geological, geophysical and drilling data on the property has been completed. A gravity survey announced on April 7, 2021 has been partially completed due to the early onset of spring. Gravity teams will complete the survey this fall. Gravity surveys identify zones of alteration associated with uranium mineralization.
JV Northwest Athabasca (39.5% Forum; 28% NexGen; 20% Cameco; 12.5% Orano)
Forum, as the operator, plans to offer a drilling program to the joint venture partners for the winter of 2022. The property includes the historic Bay of Mauritius uranium deposit of 1.5 million pounds * based on 600 000 tonnes at a grade of 0.6% U3O8 at a depth of 50 meters (Saskatchewan Industry and Resources, Miscellaneous Report 2003-7) in the western Athabasca Basin.
Forum drilled the property in 2012, 2013 and 2014, which identified a number of shallow zones of uranium mineralization grading up to 5.7% uranium over 8.5 meters. With over twenty drill targets identified, it is clear that a fertile uranium mineralization system on the property requires additional drilling.
Fir Island (Orano Canada option to earn 70%)
Forum completed ten holes on the Cathy target during the winter drill program and identified a strong boron halo enhancing to the north. A partner of the forum and the joint venture, Orano will review the drilling results with a view to planning a drilling program for the winter of 2022.
Other uranium projects
Forum has targets ready for drilling on the Highrock, 100% owned, Clearwater 75% and Costigan 65% projects. Rio Tinto, 60% owner of the Henday project (40% Forum), does not foresee any program for 2021/2022.
Figure 1: Location of Forum’s copper, nickel / PGM and uranium projects (blue areas), processing facilities (red squares) and roads in the Athabasca Basin, Saskatchewan, Canada
To view an improved version of Figure 1, please visit:
Rick Mazur, P.Geo., President and Chief Executive Officer of Forum and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this press release.
* The estimate of the historical resources of Mauritius was carried out before the implementation of National Instrument 43-101. Considering the significant exploration work carried out by experienced mineral resource companies and the quality of the historical work carried out, the Company believes that the historical estimate is relevant and reliable. However, a qualified person has not performed enough work to verify and classify the historical estimate as a current mineral resource, and the Company does not treat the historical estimate as a current mineral resource. You should therefore not rely on the estimate. It should be noted that mineral resources, which are not mineral reserves, have not demonstrated their economic viability.
About Forum Energy Metals
Forum Energy Metals Corp. (TSX Venture Exchange: FMC) has three energy metals projects 100% owned in 2021 by the Company and its major mining partners Rio Tinto and Orano for copper / silver, uranium and nickel / platinum / palladium in Saskatchewan, the number one mining province one from Canada for exploration and development. In addition, Forum has a portfolio of seven uranium projects ready for drilling and a strategic position in Idaho’s cobalt belt. For more information: www.forumenergymetals.com
This press release contains forward-looking statements. Forward-looking statements deal with future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in these statements.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause Forum’s actual results, level of activity, performance or achievements to differ materially from those expressed or under – understood by this forward-looking information. These factors include, but are not limited to: uncertainties related to historical data, commitments for works expenditures; the ability to raise sufficient capital to finance future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain the permits required for the maintenance or advancement of its exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President and 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 more information contact:
Rick Mazur, P.Geo., President and CEO
Phone. : 778-772-3100
Burns Singh Tivez-Bhohi, director
Phone. : 074-0316-3185
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90694