Vancouver, Canada, August 13, 2011 --(PR.com
· 2,000 metre drill program planned on uranium targets adjacent to Areva’s Kiggavik deposit and Cameco’s new discoveries in Nunavut.
· Drilling to focus on Forum’s 100% owned Tarzan property.
· Gravity survey planned on Inuit owned land parcel BL-32 located in the center of Cameco’s exploration area.
Forum Uranium Corp. (FDC: TSX-V) is pleased to announce commencement of exploration on its 100% owned and optioned land at its North Thelon project, Nunavut. Drilling will focus on the Tarzan property, just to the south and on strike from Areva’s deposits, containing a resource of 127 million pounds uranium at a grade of 0.55% U3O8 (Source, Areva, 2011). It is also immediately south of one of Cameco’s new discoveries announced this past April, Tatiggaq, located 5 km west of Areva’s Andrew and End deposits and only 2 km north of the Tarzan property boundary. Grades range from 12.4m at 0.21% U3O8 to 10.0m at 3.52% U3O8 at depths ranging from 114m to 182m and the deposit remains open in all directions (Source; Cameco, 2011).
The Tattigqaq discovery, along with Areva’s Andrew and End deposits, are strongly influenced by the regional scale N070 trending Andrew Lake fault. Forum recently acquired Inuit owned land parcel BL-32 from Nunavut Tunngavik Inc. which is on the westerly strike extension of the Andrew Lake fault. Cameco also announced another discovery along this trend, Qavvik, located approximately 7km to the east of BL-32. Grades range from 1.4m at 1.5% U3O8 to 19.9m at 0.52% U3O8 at depths ranging from 145m to 356m and the deposit remains open in all directions (Source; Cameco, 2011). Forum will complete a gravity survey on BL-32 in preparation for a future drill program.
The Andrew, End and two new Cameco discoveries all have very similar geophysical characteristics: they lie within a magnetic low, a resistivity low and a gravity low along a major structure or one of its offshoots. Gravity surveys are designed to identify zones of lower density hydrothermal alteration, which are typically in spatial association with uranium deposits.
Forum’s Tarzan property has at least 8 similar targets, 5 of them remaining untested by Forum’s limited drill program in 2008. Of the 3 targets tested by shallow drilling, all of them showed moderate to extreme alteration and structure, similar to that seen in the Cameco drill holes on their new discoveries. Drillhole TZ-04 on the Tarzan property returned 22ppm U3O8 and anomalous pathfinder elements over 79.5 metres and was terminated prematurely due to difficult drilling conditions.
Figure 1: Property Map of the North Thelon Project.
Ken Wheatley, P.Geo. (Saskatchewan and Nunavut), Forum’s Vice President of Exploration and qualified person has reviewed the contents of this news release.
About the North Thelon Project
Forum acquired a large (>400,000 acres), strategic land position surrounding the Areva/Japan Canada Uranium (JCU)/Daewoo world-class Kiggavik mine development project in Nunavut starting in 2006. Forum owns 100% interests in mineral claims, subject to a 2% NSR on the Tarzan and Nutaaq claims, acquired the rights to earn 100% interest in Inuit owned land parcels BL-21 and BL-32 and acquired the rights to earn a 55% interest in claims held by Agnico-Eagle Mines Ltd. An initial feasibility study of the 127 million pound Kiggavik uranium project has been completed and an Environmental Assessment study is expected to be filed by the end of the year. The Kiggavik project description filed with the Nunavut Impact Review Board as part of the permitting process envisages approximately 8 million pounds of uranium production per year. Cameco has been actively exploring its property to the west of Areva since 2005 and recently announced two discoveries. Both Cameco and Areva are currently proceeding with aggressive drill campaigns this summer in this newly emerging mining camp.
About Forum UraniumU
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium and rare earth projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries and proactive community consultation. The Company has a strategy to discover near surface mineral deposits nearby existing infrastructure 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.
For further information contact:
Director, Corporate Affairs