Welcome!

News Feed Item

Forum Uranium Corp.: Drilling Confirms High Grade Intersections in the Maurice Bay Deposit and Extends Otis West Zone

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/01/14 -- Forum Uranium Corp. (TSX VENTURE: FDC) announces it has completed its 2014 winter drill program at the Northwest Athabasca JV project (NWA JV). A total of 2,911 metres (m) in 13 holes on 5 separate targets were completed. Drilling has confirmed historic high grade mineralization drilled by previous operators at the Maurice Bay deposit(i) by intersecting "off-scale" radioactivity.

Three of the five exploration targets: Otis West, Zone A and Maurice Bay East returned positive results. Drilling at Otis West has extended the mineralized strike length to 70m from 50m and remains open to the east. These latest results from the NWA JV project will be reviewed with Forum's joint venture partners with the intent of planning a follow-up drill program.

Maurice Bay Deposit & Basement Targets

Two holes (see Figure 1) were drilled to test for possible deep mineralization within the basement rock beneath the historic mineralization at the Maurice Bay deposit, with one of the holes transecting the historic mineralization. Hole NWA-72 returned 1.4m of "off-scale" radioactivity in a mineralized zone totaling 5m within Athabasca sandstone in the Main Zone of the Maurice Bay Deposit. Radioactivity also extended 4.5m down into the basement for a total zone of 9.5m of mineralization, but no additional mineralization was identified at depth.

Otis West

Three drill holes completed at Otis West have extended the mineralized strike length to 70m from 50m. Mineralization, which is hosted in the basement rocks, remains open to the east.

--  Hole NWA-73 returned approximately 30m of anomalous values from 143 to
    175m with a peak of 1,400cps in a section of heavy core loss. The down-
    hole probe further identified radioactivity measurements of up to
    11,500cps in a radioactive zone over 1.5m, which suggests that final
    assays may not be representative due to the extensive core loss.
    Targeted drilling near Hole NWA-73 will be required to thoroughly test
    this area for mineralization.
--  Hole NWA-74 returned approximately 70m of anomalous values from 150 to
    220m with a peak of 4,500cps, also in an area of heavy core loss.
--  Hole NWA-75 tested the interpreted down-dip extension of NWA-74 and also
    intersected the fault zone but with only weakly elevated radiometrics
    over a 70m interval from 150m to 220m.

Further drilling will be required to test the Otis West target, which extends for 400m as a strong gravity low, along the Otis fault which runs parallel to the Maurice Bay fault.

Zone A

Three holes were drilled in the Zone A area, testing the interpreted south and north strike extensions of uranium mineralization grading 1.34% U3O8 over 3m at a depth of 90m encountered in 2013. Hole NWA-77, located 15m to the north intersected elevated radiometrics in three separate sections in the overlying sandstone including immediately above the unconformity at 70.6m depth. A brecciated quartz-rich zone in basement rocks returned up to 1,600cps at 78.6m and 600cps at 82.5m. Zone A remains of interest, as nearby historic drilling in the basement returned grades of up to 6m of 5.65% U3O8 at a greater depth beginning at 115m.

Maurice Bay East

One hole, NWA-79, was drilled in the Maurice Bay East gravity target. It returned large sections of chloritized and quartz dissolved sandstones from 52m down to the unconformity at 138m with weakly elevated radiometrics at 104 to 117m with a peak of 250cps at 113.5m and in the basement lithologies at 159.5 to 162m (200cps). Further evaluation of this area is warranted to identify follow-up drill targets.

Otis East

Three holes were drilled on the Otis East gravity target. These holes returned strongly altered sandstones and basement lithologies and brecciation, but no significant uranium mineralization was intersected.

Quality Assurance/Quality Control

The reader is cautioned that natural gamma radiation in drill core as reported in this news release and measured in counts per second (cps) using a total count gamma-ray scintillometer are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. Core samples have been sent to the Saskatchewan Research Council for assaying and results are expected in June. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed by Ken Wheatley, P. Geo. (Saskatchewan and Nunavut), Vice President, Exploration for Forum Uranium Corp., a Qualified Person under NI 43-101

Maurice Bay Deposit(i)

A 1.5 million pound historical uranium resource (600 tonnes grading 0.6% U3O8) for the Maurice Bay deposit, is reported by Saskatchewan Industry and Resources, Miscellaneous Report 2003-7. The Maurice Bay historical resource estimate was completed prior to the implementation of National Instrument 43-101. Given the extensive exploration work completed by experienced mineral resource companies, and the quality of the historical work completed, the Company believes the historical estimate to be relevant and reliable. However, a qualified person has not completed sufficient work to verify and classify the historical estimate as a current mineral resource, and the Company is not treating the historical estimate as a current mineral resource. Hence, the estimate should not be relied upon. It should be noted that mineral resources, which are not mineral reserves, do not have demonstrated economic viability.

Northwest Athabasca Joint Venture Project

The NWA JV project is a joint venture held 64% jointly by Forum and NexGen Energy Ltd. Forum is Operator of the joint venture with 23.5% partner Cameco Corporation and 12.5% partner AREVA Resources Canada Inc. Forum and AREVA only participated in this winter drill program and the joint venture is subject to dilution provisions.

To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/FDC0430.pdf

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

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
604-638-3943

Forum Uranium Corp.
Matt Terriss
Director, Corporate Affairs
604-638-3947
[email protected]
www.forumuranium.com

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 TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, will describe how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launchi...
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
As hybrid cloud becomes the de-facto standard mode of operation for most enterprises, new challenges arise on how to efficiently and economically share data across environments. In his session at 21st Cloud Expo, Dr. Allon Cohen, VP of Product at Elastifile, will explore new techniques and best practices that help enterprise IT benefit from the advantages of hybrid cloud environments by enabling data availability for both legacy enterprise and cloud-native mission critical applications. By rev...
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, will lead you through the exciting evolution of the cloud. He'll look at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering ...
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, will provide a fun and simple way to introduce Machine Leaning to anyone and everyone. Together we will solve a machine learning problem and find an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intellige...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere delivers a more modern architectural approach to storage that doesn't require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbui...