Welcome!

News Feed Item

Positive Drill Results from Northwest Athabasca Joint Venture Winter Program: Further Drilling Recommended

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/13/14 -- Forum Uranium Corp. (TSX VENTURE: FDC) announces assay results from its 2014 winter drill program at the Northwest Athabasca JV project. A total of 2,911 metres in 13 holes on five separate targets were completed. Highlights include:

--  Maurice Bay Deposit(i) - 1.61% U3O8 over 5.5 m
--  Otis West - 0.95% U3O8 over 0.3 m within a 30 m wide zone of
    radioactivity
--  Zone A- 263 ppm U3O8 over 4.8 m
--  Maurice Bay East - 166 ppm U3O8 over 1.8 m and up to 0.56% boron

Further drilling is recommended on all four target areas, in addition to evaluation of numerous other gravity targets along favourable structural settings on the property.

Ken Wheatley, Forum's Vice President, Exploration stated, "We continue to be impressed with the abundance and variety of uranium showings on this project. We are obviously working within a very fertile system and it is Forum's mandate to continue exploration and discover an economic deposit."

Maurice Bay Deposit & Basement Targets

Two holes (see Figure 1) were drilled to test for possible mineralization within the basement rocks beneath the historic Maurice Bay deposit, with one of the holes transecting the historic mineralization. Hole NWA-72 returned 5.5 m of 1.61% U3O8 within a seven metre wide mineralized zone (1,000 ppm cutoff) that spans the unconformity on the Maurice Bay Deposit. The deposit is overlying a fresh and competent Archean horst (similar to Key Lake and many of the eastern deposits).

Otis West

Drilling in 2013 returned 0.21% U3O8 over 24.5 m including 1.80% U3O8 over 0.5 m. Three drill holes completed at Otis West have extended the mineralized strike length from 50 m to 70 m. Mineralization, which is hosted in the basement rocks, remains open to the east. Hole NWA-73 returned approximately 30 m of anomalous uranium values (greater than 100 ppm) from 146.0 to 175.6 m, with a peak of 0.95% U3O8 over 0.3 m intersected at 173.3 m in an interval of extensive core loss. Hole NWA-74 returned approximately 70 m of anomalous values in an area of heavy core loss from 150 to 220 m, with a peak of 0.30% U3O8 over four metres intersected between 161 and 165 m.

Further drilling is required to properly test the Otis West gravity target, which extends for 400 m along the Otis fault that 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 encountered in 2013 (1.34% U3O8 over three metres at a depth of 90 m). Hole NWA 77, located 15 m to the north, intersected three intervals of elevated uranium: 167 ppm U3O8 over 0.5 m at 34.5 m depth, 29 ppm U3O8 over 21.6 m between 59.0 and 70.6 m, and 263 ppm U3O8 over 4.8 m between 77.8 and 82.6 m depth in a quartz breccia. Zone "A" remains of interest, as nearby historic drilling in the basement returned grades of up to six metres of 5.65% U3O8 at a depth beginning at 115 metres.

Maurice Bay East

One hole, NWA-79, was drilled in the untested Maurice Bay East gravity target. It returned large sections of chloritized and quartz dissolved sandstones from 52 m down to the unconformity at 138 m. Weakly elevated uranium was intersected between 112.7 to 117.0 m with a peak of 166 ppm U3O8 over 1.8 m and an associated boron value of up to 0.56%, the highest boron value encountered in the winter program. A basement hosted alteration zone returned an average of 83 ppm U3O8 over 11.5 m from 150.0 to 161.5 m. It is interpreted that a possible mineralized zone was overshot by this hole and further drilling should be done to the south.

Otis East

Three holes were drilled on the Otis East gravity target, intersecting strongly altered sandstones, basement lithologies and brecciation, but no significant uranium mineralization. Further drilling is recommended on the northern part of this large gravity low.

Quality Assurance/Quality Control

Core samples are collected and shipped in sealed containers to the Saskatchewan Research Council, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory, for geochemical analysis using the Uranium ICP Package. This package is the preferred analytical technique for detecting uranium and pathfinder elements in the alteration halos of unconformity-type uranium deposits in the Athabasca Basin. Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum's Vice President, Exploration is the Qualified Person that has reviewed and approved the contents of this news release.

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.

NW Athabasca Joint Venture

The NW Athabasca project is a joint venture with 64.6% held jointly by Forum and NexGen Energy Ltd. with Forum acting as Operator. Remaining partners in the joint venture are Cameco Corporation (22.9%) and AREVA Resources Canada Inc. (12.5%). Forum and AREVA Resources were the only participants funding this winter's drill program and the joint venture is subject to dilution provisions.

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

Figure 1: Map of Maurice Bay Deposit Area. The blue colours represent gravity lows, the reds are gravity highs. Yellow dots are historical holes, most of which were stopped at the unconformity. Green dots are 2012/13 drill holes. The red dots are the drill holes completed in 2014. To view Figure 1, click the following link: http://media3.marketwire.com/docs/962330_map.jpg

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

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
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. 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 settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
"Since we launched LinuxONE we learned a lot from our customers. More than anything what they responded to were some very unique security capabilities that we have," explained Mark Figley, Director of LinuxONE Offerings at IBM, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...