|By Marketwired .||
|January 15, 2014 06:30 AM EST||
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.
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.
Forum Uranium Corp.
President & CEO
Forum Uranium Corp.
Director, Corporate Affairs
CHF Investor Relations
Senior Account Manager
416-868-1079 x 228
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
May. 3, 2016 02:30 PM EDT Reads: 911
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
May. 3, 2016 02:30 PM EDT Reads: 938
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
May. 3, 2016 02:30 PM EDT Reads: 876
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
May. 3, 2016 02:00 PM EDT Reads: 1,168
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
May. 3, 2016 01:45 PM EDT Reads: 1,031
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
May. 3, 2016 01:30 PM EDT Reads: 1,213
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
May. 3, 2016 01:30 PM EDT Reads: 1,030
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
May. 3, 2016 01:15 PM EDT Reads: 1,195
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
May. 3, 2016 01:00 PM EDT Reads: 1,144
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
May. 3, 2016 01:00 PM EDT Reads: 958
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
May. 3, 2016 01:00 PM EDT Reads: 1,238
As the rapid adoption of containers continues, companies are finding that they lack the operational tools to understand the behavior of applications deployed in these containers, and how to identify issues in their application infrastructure. For example, how are multiple containers within an application impacting each other’s performance? If an application’s service is degraded, which container is to blame? In the case of an application outage, what was the root cause of the outage?
May. 3, 2016 12:45 PM EDT Reads: 1,031
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 3, 2016 12:30 PM EDT Reads: 1,222
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
May. 3, 2016 12:30 PM EDT Reads: 769
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
May. 3, 2016 12:30 PM EDT Reads: 1,157