Forum Uranium Corp.: Drilling Confirms High Grade Intersections in the Maurice Bay Deposit and Extends Otis West Zone
01 Mayo 2014 - 5:30AM
Marketwired
Forum Uranium Corp.: Drilling Confirms High Grade Intersections in
the Maurice Bay Deposit and Extends Otis West Zone
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 1, 2014) - Forum
Uranium Corp. (TSX-VENTURE:FDC) announces it has completed its 2014
winter drill program at the Northwest Athabasca JV project (NWA
JV). A total of 2,911 metres (m) in 13 holes on 5 separate targets
were completed. Drilling has confirmed historic high grade
mineralization drilled by previous operators at the Maurice Bay
deposit* by intersecting "off-scale" radioactivity.
Three of the five exploration targets: Otis West, Zone A and
Maurice Bay East returned positive results. Drilling at Otis West
has extended the mineralized strike length to 70m from 50m and
remains open to the east. These latest results from the NWA JV
project will be reviewed with Forum's joint venture partners with
the intent of planning a follow-up drill program.
Maurice Bay Deposit & Basement Targets
Two holes (see Figure 1) were drilled to test for possible deep
mineralization within the basement rock beneath the historic
mineralization at the Maurice Bay deposit, with one of the holes
transecting the historic mineralization. Hole NWA-72 returned 1.4m
of "off-scale" radioactivity in a mineralized zone totaling 5m
within Athabasca sandstone in the Main Zone of the Maurice Bay
Deposit. Radioactivity also extended 4.5m down into the basement
for a total zone of 9.5m of mineralization, but no additional
mineralization was identified at depth.
Otis West
Three drill holes completed at Otis West have extended the
mineralized strike length to 70m from 50m. Mineralization, which is
hosted in the basement rocks, remains open to the east.
- Hole NWA-73 returned approximately 30m of anomalous values from
143 to 175m with a peak of 1,400cps in a section of heavy core
loss. The down-hole probe further identified radioactivity
measurements of up to 11,500cps in a radioactive zone over 1.5m,
which suggests that final assays may not be representative due to
the extensive core loss. Targeted drilling near Hole NWA-73 will be
required to thoroughly test this area for mineralization.
- Hole NWA-74 returned approximately 70m of anomalous values from
150 to 220m with a peak of 4,500cps, also in an area of heavy core
loss.
- Hole NWA-75 tested the interpreted down-dip extension of NWA-74
and also intersected the fault zone but with only weakly elevated
radiometrics over a 70m interval from 150m to 220m.
Further drilling will be required to test the Otis West target,
which extends for 400m as a strong gravity low, along the Otis
fault which runs parallel to the Maurice Bay fault.
Zone A
Three holes were drilled in the Zone A area, testing the
interpreted south and north strike extensions of uranium
mineralization grading 1.34% U3O8 over 3m at a depth of 90m
encountered in 2013. Hole NWA-77, located 15m to the north
intersected elevated radiometrics in three separate sections in the
overlying sandstone including immediately above the unconformity at
70.6m depth. A brecciated quartz-rich zone in basement rocks
returned up to 1,600cps at 78.6m and 600cps at 82.5m. Zone A
remains of interest, as nearby historic drilling in the basement
returned grades of up to 6m of 5.65% U3O8 at a greater depth
beginning at 115m.
Maurice Bay East
One hole, NWA-79, was drilled in the Maurice Bay East gravity
target. It returned large sections of chloritized and quartz
dissolved sandstones from 52m down to the unconformity at 138m with
weakly elevated radiometrics at 104 to 117m with a peak of 250cps
at 113.5m and in the basement lithologies at 159.5 to 162m
(200cps). Further evaluation of this area is warranted to identify
follow-up drill targets.
Otis East
Three holes were drilled on the Otis East gravity target. These
holes returned strongly altered sandstones and basement lithologies
and brecciation, but no significant uranium mineralization was
intersected.
Quality Assurance/Quality Control
The reader is cautioned that natural gamma radiation in drill
core as reported in this news release and measured in counts per
second (cps) using a total count gamma-ray scintillometer are not
directly or uniformly related to uranium grades of the rock sample
measured, and should be used only as a preliminary indication of
the presence of radioactive materials. Core samples have been sent
to the Saskatchewan Research Council for assaying and results are
expected in June. The technical information in this news release
has been prepared in accordance with the Canadian regulatory
requirements set out in NI 43-101 and reviewed by Ken Wheatley, P.
Geo. (Saskatchewan and Nunavut), Vice President, Exploration for
Forum Uranium Corp., a Qualified Person under NI 43-101
Maurice Bay Deposit*
A 1.5 million pound historical uranium resource (600 tonnes
grading 0.6% U3O8) for the Maurice Bay deposit, is reported by
Saskatchewan Industry and Resources, Miscellaneous Report 2003-7.
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. It should be noted
that mineral resources, which are not mineral reserves, do not have
demonstrated economic viability.
Northwest Athabasca Joint Venture Project
The NWA JV project is a joint venture held 64% jointly by Forum
and NexGen Energy Ltd. Forum is Operator of the joint venture with
23.5% partner Cameco Corporation and 12.5% partner AREVA Resources
Canada Inc. Forum and AREVA only participated in this winter drill
program and the joint venture is subject to dilution
provisions.
To view Figure 1 please click on the following link:
http://media3.marketwire.com/docs/FDC0430.pdf
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
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 &
CEO604-638-3943Forum Uranium Corp.Matt TerrissDirector, Corporate
Affairs604-638-3947info@forumuranium.comwww.forumuranium.comCHF
Investor RelationsRobin CookSenior Account Manager416-868-1079 x
228robin@chfir.com
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