Vancouver, Canada, February 17, 2012 --(PR.com
)-- Forum Uranium Corp. is providing drill results on Inuit-owned lands held under an exploration agreement with Nunavut Tunngavik Inc. (NTI) on Forum's district-scale North Thelon project adjoining Areva Resources Canada's Kiggavik uranium deposit. Forum drilled nine holes totalling 2,036 metres on uranium targets identified by its regional geological, geophysical and geochemical programs conducted over the past five field seasons. Encouraging drill results have been received from DDH RH-01 on Inuit-owned land parcel BL-32 under the exploration agreement with NTI. This hole is located on the Andrew Lake fault which controls Areva's End and Andrew Lake deposits and recent discoveries by Cameco.
A gravity survey on BL-32 identified four targets along the Andrew Lake fault. Drill hole RH-01 was located on the eastern anomaly and intersected extremely altered metasediments down to 284 metres, with quartz brecciation at the bottom of the hole. Anomalous geochemistry includes 13 parts per million uranium over 49 metres, 406 parts per million vanadium over 30 metres and 1,186 parts per million boron over 250 metres, including up to 2.69 per cent boron over 10 metres. Ken Wheatley, vice-president of exploration, stated: "I have never encountered boron values of this magnitude in the Athabasca basin. This is a very good sign of a strong uranium mineralizing event and further drilling is strongly recommended."
Drilling on Forum's 100-per-cent-owned Tarzan property, where NTI has a 2-per-cent net-smelter royalty, was also conducted to follow up encouraging results from 2008 drill-hole TZ-04, where anomalous geochemical results of 20 parts per million uranium over 79.5 metres, 326 parts per million boron over 156 metres and 53 parts per million lead over 131 metres were encountered. Follow-up drill-hole TZ-08 in 2011 returned extensive alteration and similar anomalous geochemistry but had to be abandoned due to drilling difficulties and did not reach its target depth. Further drilling is also recommended on this Tarzan target.
Areva has completed an initial feasibility study and submitted its environmental assessment study to the Nunavut Impact Review Board for the development of an eight-million-pound-per-year uranium mine, and Cameco has intersected uranium with grades of up to 3.52 per cent U3O8 over 10 metres along the Andrew Lake fault. Cameco has also announced the new Ayra showing from this summer's work, located within a kilometre of Forum's Inuit-owned land parcel BL-32 (Cameco presentations at the 2011 Nunavut Mining Symposium and the 2011 Saskatchewan Mining Open House).
About the North Thelon project
Forum acquired a large (greater-than-400,000-acre) 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 NSR on the Tarzan and Nutaaq claims to Nunavut Tunngavik; acquired the rights to earn a 100-per-cent interest in Inuit-owned land parcels BL-21 and BL-32 from Nunavut Tunngavik; and acquired the rights to earn up to a 65-per-cent interest in claims held by Agnico-Eagle Mines Ltd. The 127-million-pound Kiggavik uranium project grading 0.55 per cent U3O8 has completed an initial feasibility study, commenced permitting and submitted an environmental assessment study to the Nunavut Impact Review Board. The proposed mine anticipates production of approximately eight million pounds of uranium per year. Cameco has been actively exploring its property to the west of Areva since 2005 and has announced three discoveries. Cameco and Areva continue to aggressively drill 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.