Vancouver, Canada, January 11, 2013 --(PR.com
)-- Forum Uranium drills 0.2 m of 1.01% U3O8 in Sask.
Mr. Richard Mazur reports:
Forum Uranium Corp.: Up To 1% U308 Encountered in Drilling On the Northwest AthabascaPproperty, Saskatchewan
Forum Uranium Corp. and NexGen Energy Ltd. have released assay results from its new discovery on the Northwest Athabasca property which is under option from Cameco Corp. Uranium mineralization was encountered over significant widths in four holes within a strong alteration zone delineated in the basement rocks at shallow depths drilled on the Barney gravity target. The alteration zone remains open to the north, west and south. These indications of a robust uranium mineralized system are very encouraging at this early stage in the program. Plans are to immediately follow-up this discovery in the next drilling campaign planned for February and March.
As reported in the previous news release dated November 26, 2012 regarding the fall drilling program, uranium mineralization was intersected in several holes on the Barney gravity target approximately 1.5 km west of the Maurice Bay deposit(i). Assay results have been received for the mineralized zones intercepted in four holes NWA-42, 44, 45 and 49, all from the Barney gravity target as shown in Table 1.
Table 1: Significant assay results from the Barney Drill holes
From(ii) To(ii) Width(iii) Grade
Hole Number (Metres) (Metres) (Metres) (% U3O8)
NWA-42 116.8 123.0 6.2 0.045%
Includes 121.5 122.0 0.5 0.250%
NWA-44 130.0 137.0 7.0 0.132%
includes 132.3 132.5 0.2 1.010%
133.7 135.2 1.5 0.271%
NWA-45 124.9 126.9 2.9 0.044%
130.3 135.9 5.6 0.062%
includes 134.7 135.9 1.2 0.189%
NWA-49 128.5 135.5 7.0 0.014%
Includes 130.9 131.1 0.2 0.248%
(ii) True depths vary from 106 to 119m below surface
(iii) Downhole width
This mineralization lies on the northeast side of a gravity low (Figure 1) within a large alteration zone associated with hydrothermal hematite, strongly elevated boron and, to a lesser extent, copper and nickel. The mineralization is trending nearly east-west and remains open to the west (Figure 2).
To view Figures 1 and 2, please visit the following link: http://media3.marketwire.com/docs/fdc0109-figures.pdf.
To date, uranium mineralization has been intersected at the historical Zone 2A (2.48% U3O8 over 1.5 metres) and on two gravity targets (Opie and Barney) out of five targets investigated. Gravity surveys have been shown to work very well on this project by indicating the probable presence of an alteration envelope. There still remain 12 untested targets to investigate, with one of the targets immediately south of the Maurice Bay deposit (Otis) requiring further work.
Quality Assurance and Quality Control
Core samples are collected and shipped in sealed containers to the Saskatchewan Research Council, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory for geochemical analysis using the Uranium ICP Package. This package is the preferred analytical technique for detecting uranium and pathfinder elements in the alteration halos of unconformity-type uranium deposits in the Athabasca Basin. Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum's Vice President, Exploration is the Qualified Person that has reviewed and approved the contents of this news release.
Forum and NexGen Option with Cameco
The NW Athabasca project is 87.5% owned by Cameco and 12.5% owned by AREVA. Forum and NexGen have formed a 50/50 joint venture, with Forum as Operator, to earn a 60% interest from Cameco on the NW Athabasca project by completing $4 million in exploration over four years and making cash payments of $400,000 over three years of which $140,000 has been paid. Forum and NexGen will earn their joint 60% interest in the property upon completion of further cash payments under the option agreement.