Forum Acquires Fir Island Property on Centennial-Black Lake Trend, Athabasca Basin, Saskatchewan
20 Febrero 2014 - 5:30AM
Marketwired
Forum Acquires Fir Island Property on Centennial-Black Lake Trend,
Athabasca Basin, Saskatchewan
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 20, 2014) -
Forum Uranium Corp. ("Forum" or the "Company") (TSX-VENTURE:FDC) is
pleased to announce that it has entered into a Purchase and Sale
Agreement ("the Agreement") with Anthem Resources Ltd. ("Anthem")
to acquire a 100% interest in Anthem's Fir Island claims totaling
14,205 hectares on the northeast margin of the Athabasca Basin,
Saskatchewan. Under the terms of the Agreement, Forum will acquire
a 100% interest for 300,000 common shares and a 1.5% Net Smelter
Royalty with a 1% buyback provision for $1 million.
Ken Wheatley, VP Exploration stated, "This project fits nicely
with Forum's mandate of acquiring and exploring projects with
shallow sandstone cover located along major structural zones. The
immediate proximity within 300 metres of the historic Nisto mine
along the Black Bay fault strongly suggests that this structure is
fertile for uranium mineralization. Forum will continue to use the
weak uranium market to identify and acquire highly prospective
properties to add value to our project portfolio."
The Fir Island claims are well located on the northern extension
of the Centennial shear zone that transects the Athabasca Basin and
manifests itself as the Black Lake fault on the property. Faults of
this style are known to frequently host unconformity-style uranium
deposits in the Athabasca Basin. Anthem previously completed a
comprehensive series of geophysical and geochemical surveys which
have identified several shallow uranium drill targets from surface
to 240 metres depth.
No drilling has been carried out on the property and only minor
expenditures are required this year to keep the property in good
standing. On completion of the acquisition, Forum plans to carry
out a ground gravity survey along the Black Lake Shear Zone to
identify zones of low density hydrothermal alteration and further
refine drill targets.
Highlights of the Fir Island Project:
- Highly prospective near-drill ready project with shallow
uranium targets identified by a number of geophysical and
geochemical surveys conducted by Anthem
- Property lies directly on a major structure: the Black Lake
Shear Zone (BLSZ) immediately adjacent to the Nisto mine (96 tonnes
mined at 1.38% U), evidence that the BLSZ is fertile
- Shallow to no sandstone cover; road access within 2 km
To view Figure 1: Fir Island Project Claim Map, please visit the
following link: http://media3.marketwire.com/docs/Figure1-FDC.pdf.
Forum's 100% owned Fir Island property is outlined in green.
Richard Mazur, P.Geo., Forum's President and CEO is the
Qualified Person that 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 and the Thelon Basin, Nunavut by
exploring on its 100% owned properties and through strategic
partnerships and joint ventures.
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.
Forum Uranium Corp.Rick MazurPresident &
CEO604-630-1585Forum Uranium Corp.Matt TerrissDirector, Corporate
Affairs604-638-3947CHF Investor RelationsRobin CookSenior Account
Manager416-868-1079 x 228robin@chfir.com
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