Welcome!

News Feed Item

Forum Reviews 2013 Highlights and 2014 Plans in Patterson Lake Area

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/15/14 -- Forum Uranium Corp. (TSX VENTURE:FDC) ("Forum" or the "Company") is pleased to update shareholders with a year-end review of the Company's activities for 2013 and exploration plans for 2014. Forum holds an extensive portfolio of uranium exploration projects in Canada's Athabasca and Thelon Basins. The Company is well positioned to benefit from improved uranium markets with 5 drill-ready projects that are 100% owned or are partnered with major uranium companies.

In 2013, the Company prioritized the advancement to the drill stage of its 100% owned Clearwater Property which is on trend from Fission Uranium's Patterson Lake South (PLS) discovery. Forum is currently preparing its first drill campaign on Clearwater and with $4 million in working capital, the Company remains focused on its goal of making a new high grade uranium discovery in 2014.

Key Highlights for 2013

--  Forum raised $6.4 million from common and flow-through equity share
    financings. 
    
--  Successfully advanced its 100% owned Clearwater project, on trend from
    Fission Uranium's Patterson Lake South (PLS) discovery, to the drill
    stage. Drilling is scheduled to begin in February. To date, 11
    significant drill targets have been identified. 
    
--  Drilled economic grades of uranium mineralization at its Northwest
    Athabasca Joint Venture (Forum/NexGen, Cameco, AREVA), including a 3
    metre intercept grading 1.34% U3O8 at a shallow depth at Zone A, which
    remains open along strike to the northwest and southeast. 
    
--  Acquired the 1,381 hectare Highrock South Property in the Key Lake Road
    area, a similar exploration play as Patterson Lake South at the margin
    of the Athabasca Sandstone on the prolific Wollaston trend in the
    eastern Athabasca. 
    
--  Strengthened its financial market expertise with the appointment of
    James A. Hutton to the Company's Advisory Board. 

Clearwater Project (100% owned on trend of the PLS Discovery)

In late 2012, Forum staked 9,910 hectares on trend along the southwest border of Fission Uranium's PLS discovery claim. Interpretation of data compiled from the extensive database gathered by Ken Wheatley, VP, Exploration and Dr. Boen Tan, Chief Geologist, each with over 35+ years of exploration experience in the Athabasca Basin, identified this staking opportunity. Forum quickly followed-up with prospecting, airborne magnetic, electromagnetic and radiometric surveys, followed by radon and gravity surveys to successfully advance the project to the drill stage:

--  Forum's systematic exploration approach generated approximately 11 drill
    targets to be drilled in February, 2014 on the northernmost part of the
    claim. 
    
--  A 3,000 metre drill program comprising approximately 12 to 15 holes is
    planned at a cost of $900,000 (See Figure 1 below). 
    
--  Strongly anomalous lake sediment anomalies that occur in the two
    southernmost claims will be followed-up with further prospecting and
    lake radon surveys. 

Northwest Athabasca Joint Venture (64% jointly Forum (Operator)/NexGen; Cameco 23.5%; AREVA 12.5%)

The Northwest Athabasca JV hosts the shallow, sandstone-hosted, 1.5 million pound, Maurice Bay uranium deposit(i) (600,000 tonnes grading 0.6% U3O8 - Source: Saskatchewan Industry and Resources, Miscellaneous Report 2003-7(ii)). Exploration completed in this area in the late 1970's was not conducted deep into the basement. Basement-hosted uranium mineralization such as Cameco's Millennium, Rio Tinto's Roughrider and Fission's Patterson Lake South deposits were later discovered. Forum acquired its interest in the project with a view to exploring this potential in the area of the Maurice Bay deposit and has successfully demonstrated that intensive alteration and significant grades of uranium mineralization occur in the basement.

Forum completed a third drill campaign in early 2013, completing a total of 3,449 metres in 17 holes. High grade uranium mineralization was encountered in two zones. A 3 metre intercept grading 1.34% U3O8 at shallow depths was intersected at Zone A and remains open along strike to the northwest and southeast. A broad zone of strong basement alteration was intersected at the Otis West target. Drilling encountered 40 metres of uranium mineralization, including a 24.5m wide zone grading 0.21% U3O8 with higher grade intercepts up to 1.8% U3O8 over 0.5m. The uranium mineralization has been traced for 50m along strike and remains open to the east. Forum and NexGen have increased their joint interest to 64% in the joint venture and further work plans will be determined after consultation with the Company's JV partners.

Maurice Point (Forum 100%)

With positive results being encountered on the adjacent NW Athabasca JV property, Forum is re-evaluating its exploration plans along trend of the Maurice Bay deposit.

Henday Joint Venture (60% Rio Tinto; 40% Forum)

Henday is located on the Midwest trend, host to the Midwest Lake and Roughrider deposits. Rio Tinto presented a $150,000 budget to conduct an airborne magnetic and electromagnetic survey in the summer of 2014. In addition, relogging and sampling of some of the historical drillholes will be completed. Forum has agreed to fund its share of the program.

Key Lake Road Project (100% Forum and Karpinka JV- 50% Forum/50% Anthem)

Forum acquired the 1,381 hectare Highrock South Property in the Key Lake Road area, a similar exploration play as Patterson Lake South at the margin of the Athabasca Sandstone on the prolific Wollaston trend in the eastern Athabasca. The same conductive trend that hosts the previously mined Key Lake deposit (196 million pounds grading 2.89% U3O8 Source: Saskatchewan Industry and Resources, Miscellaneous Report 2003-7(ii)) trends on to Forum's Highrock Lake and Highrock Lake South properties. Forum plans to maintain its core property position in the area in search for a shallow, open-pit deposit.

North Thelon (100% Forum; Agnico Option for 51%; NTI Exploration Agreement)

Forum is negotiating its commitments with its partners at its strategically located North Thelon project immediately adjacent to AREVA's 133 million pound Kiggavik uranium deposit averaging 0.54% U3O8 (Source: AREVA Resources Canada Inc. Kiggavik Project EIS, Volume 1, Main Document, April 2012 submission to the Nunavut Impact Review Board(ii)). A decision regarding a production certificate for an 8 million pound per year uranium mine is anticipated for the development of Kiggavik in Q1 2015 after AREVA completes its Final Environmental Assessment Submission, expected in September, 2014. The Nunavut Government re-affirmed its Uranium Development Policy during the year.

Corporate

Forum has entered 2014 with 5 drill ready projects, $4 million in working capital, 29 million shares outstanding, and a low market capitalization. It has kept its highly regarded technical team intact during this extremely difficult period in the junior mineral resource industry, and has strengthened its financial capabilities with the appointment of James A. Hutton to the Advisory Board.

The Company has benefited from minimal exploration assessment requirements during this period of weak uranium prices, and is positioned to not only maintain its exceptional Athabasca and Thelon property portfolios in 2014, but is now actively seeking property acquisitions to enhance shareholder value and strengthen its uranium base in these two core regions. The Company looks forward to an active year in 2014 beginning with the mobilization of its first drill program at the highly prospective Clearwater Property in February.

Richard Mazur, P.Geo., Forum's President and CEO is the Qualified Person that has reviewed and approved the contents of this news release.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/921888.jpg.

Figure 1: Gravity and radon anomalies with EM conductors on Forum's Clearwater Project. Red lines are airborne EM conductors, black dashed lines are interpreted structural trends. The background colours are from an airborne magnetometer survey. Forum plans to drill the gravity, radon and EM targets in February.

(i)  This is a historical estimate that has not been calculated or          
     classified under the specifications of National Instrument 43-101 and  
     should not be relied upon. A qualified person has not done sufficient  
     work to classify the historical resource estimate as current mineral   
     resources or mineral reserves. The Company is not treating the         
     historical estimate as current mineral resources or mineral reserves.  
                                                                            
(ii) Converted from %U to %U3O8                                             

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 OF DIRECTORS

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.

Contacts:
Forum Uranium Corp.
Rick Mazur
President & CEO
604-630-1585

Forum Uranium Corp.
Matt Terriss
Director, Corporate Affairs
604-638-3947

CHF Investor Relations
Robin Cook
Senior Account Manager
416-868-1079 x 228
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that IoT Global Network has been named “Media Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. The IoT Global Network is a platform where you can connect with industry experts and network across the IoT community to build the successful IoT business of the future.
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
When applications are hosted on servers, they produce immense quantities of logging data. Quality engineers should verify that apps are producing log data that is existent, correct, consumable, and complete. Otherwise, apps in production are not easily monitored, have issues that are difficult to detect, and cannot be corrected quickly. Tom Chavez presents the four steps that quality engineers should include in every test plan for apps that produce log output or other machine data. Learn the ste...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Enterprises are universally struggling to understand where the new tools and methodologies of DevOps fit into their organizations, and are universally making the same mistakes. These mistakes are not unavoidable, and in fact, avoiding them gifts an organization with sustained competitive advantage, just like it did for Japanese Manufacturing Post WWII.
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
Machine learning provides predictive models which a business can apply in countless ways to better understand its customers and operations. Since machine learning was first developed with flat, tabular data in mind, it is still not widely understood: when does it make sense to use graph databases and machine learning in combination? This talk tackles the question from two ends: classifying predictive analytics methods and assessing graph database attributes. It also examines the ongoing lifecycl...
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.