Vancouver, Canada, September 24, 2011 --(PR.com
)-- Forum Uranium Corp. has completed staking of more ground in the prolific Kiggavik uranium camp west of Baker Lake, Nunavut. The new claims were staked due to new interpretations for the potential of the area, fueled by Cameco's new discoveries along the major N070 Andrew Lake fault, immediately north of the Tarzan claims (see news release dated Aug. 10, 2011). Forum also announces that it has increased the drilling program to continue evaluation of the numerous targets on the property in the vicinity of the Areva deposits and the Cameco discoveries. Forum has completed six holes to date and expects final results in November.
New staking of 52 claims adjacent to Areva's Kiggavik project and the Cameco discoveries;
Gravity surveys have been completed on BL-32, in the Tarzan area and the Agnico option;
Drill program extended beyond 2,000 metres.
Ground gravity surveys were completed on areas of prime interest in the Tarzan area, on BL-32 (located within Cameco's exploration property) and the Judge area within the Agnico option. All the surveys have returned anomalous gravity lows, typically located at the intersections of structural trends and potentially indicative of hydrothermal alteration related to uranium deposits in the area. The gravity survey in BL-32 was located along the western extension of the Andrew Lake fault, the mineralized trend which hosts the Andrew and End deposits (Areva), and several of Cameco's new discoveries. Gravity anomalies along the parallel Tarzan and Judge trends have also been tested by drilling. Drilling is currently under way and is expected to be completed by the end of the month.
About the North Thelon project
Forum acquired a large (greater than 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-per-cent interests in mineral claims, subject to a 2-per-cent net smelter return on the Tarzan and Nutaaq claims, acquired the rights to earn 100-per-cent interest in Inuit-owned land parcels BL-21 and BL-32, and acquired the rights to earn a 55-per-cent interest in claims held by Agnico-Eagle Mines Ltd. The 127-million-pound Kiggavik uranium project is nearing completion of a feasibility and environmental assessment study and is in the permitting process with the Nunavut Impact Review Board. It is estimated to produce approximately eight million pounds of uranium per year. Cameco has been actively exploring its property to the west of Areva since 2005 and recently announced two discoveries. Cameco is also currently drilling, and Areva has recently completed a drill campaign this summer in this newly emerging mining camp.
Ken Wheatley, PGeo (Saskatchewan and Nunavut), Forum's vice-president of exploration and qualified person, has reviewed the contents of this news release.
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