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.

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
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...