Click here to close now.

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
SYS-CON Events announced today that Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Alert Logic provides Security-as-a-Service for on-premises, cloud, and hybrid IT infrastructures, delivering deep security insight and continuous protection for cust...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations migh...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps 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 bu...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...