Forum Hits "Off Scale" at Zone A and 40 Metres of Radioactivity at Otis on NW
Athabasca Joint Venture
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/10/13 -- Forum
Uranium Corp. (TSX VENTURE:FDC) is pleased to announce the completion
of 17 holes totaling 3,449 metres on three near surface targets on
the NW Athabasca Joint Venture project located in the Athabasca
Basin, Saskatchewan. Uranium mineralization was intersected in 8 of
-- Zone A- 4.5 metres of radioactivity with 1.2 metres of "Off Scale".
-- Otis- 40 metres of radioactivity with 0.1 metres of "Off Scale".
-- Barney- Strong alteration zone extended.
Three targets were drilled in the vicinity of the Maurice Bay
deposit(i) (historical resource of 1.5 million pounds of uranium
grading 0.6% U3O8).
1. Six holes totaling 1,352 metres were drilled at Barney and Barney South
to follow-up on uranium mineralization encountered over significant
widths at shallow depths in four holes within a strong alteration
envelope in basement rocks (see News Release dated January 9, 2013).
2. Nine holes totaling 1,751 metres were drilled at Otis West, a gravity
anomaly south of the Maurice Bay Deposit previously untested by Forum.
Historic drill holes were typically stopped at the unconformity.
3. Two holes totaling 346 metres were drilled at Zone A on the north side
of the Maurice Bay deposit.
Basement-style uranium mineralization was intersected in historical
drill hole MAU-543 over 6 metres grading 5.6% U3O8 from 113 metres to
119 metres. Forum drillholes intersected uranium mineralization
up-dip from this historical drillhole as follows:
-- Hole NWA-65 intersected a 7.5 metre zone from 78.5 metres to 86 metres
with radioactivity greater than 500 counts per second (cps)(ii) with a
peak of 3,700 cps over 0.1 metres at 83.3 metres. This hole intersected
the zone five metres west of the original intersection
-- Hole NWA-66 intersected a 4.5 metre zone from 87.5 metres to 92 metres
with radioactivity ranging from 100 cps to 9,000 cps, including a 1.2
metre interval of off scale radioactivity (greater than 9,999 cps). This
hole intersected the zone two metres north of the original intersection.
Both holes were drilled in close proximity to MAU-543 to determine the
orientation and dip of the mineralization.
Uranium has now been intersected over a 40 metre vertical extent and
further drilling is recommended along strike and down-dip from these
intersections (see drill plan and sections at www.forumuranium.com
for further details).
Of the two gravity anomalies located immediately south of the Maurice
Bay deposit (Figure 1), only the western anomaly was tested due to
positive results (Otis West). Holes NWA-56 to 64 were drilled on the
south side of the gravity low along a major offset/fault striking
east-west, with five of the holes on the western side hitting
radioactivity exceeding 1,000cps. The mineralized zone (over
1,000cps) has a minimum strike length of 50 metres and a vertical
extent of up to 75 metres and a thickness of up to 28m.
Hole NWA-63 intersected 40 metres of anomalous radioactivity from 131
metres to 171 metres with an off-scale peak (greater than 9,999 cps)
over 0.1 metres at 143.3 metres. This zone was intersected up-dip by
NWA-56 and down-dip by NWA-64, showing a vertical extent of anomalous
radioactivity of at least 120 metres. Further drilling is strongly
recommended for both the Otis West and East targets.
Drilling continued on the Barney Zone, where uranium mineralization
was encountered over significant widths in four holes within a strong
alteration zone delineated in the basement rocks at shallow depths in
2012. The 2013 program tested the western extension of this
mineralization, a major NNW striking airborne EM conductor and the
south end of the Barney gravity low. The extreme zone of alteration
continued in all holes and a thin shear zone with 4,000cps
radioactivity was intersected at Barney South. Further drilling at
Barney South is recommended.
(i) A 1.5 million pound historical uranium resource grading 0.6% U3O8
for the Maurice Bay deposit, as reported by Saskatchewan Industry and
Resources, Miscellaneous Report 2003-7 has not been calculated or
classified under the specifications of National Instrument 43-101 and
should not be relied upon.
(ii) Natural gamma radiation in drill core that is reported in this
news release was measured in counts per second (cps) using a
hand-held Exploranium GR-110G total count gamma ray scintillometer.
The reader is cautioned that scintillometer readings 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. The degree of radioactivity within the
mineralized intervals is highly variable and associated with visible
pitchblende mineralization. All intersections are down-hole core
interval measurements and true thicknesses are yet to be determined.
NW Athabasca Joint Venture
The NW Athabasca project is a joint venture held 60% jointly by Forum
and NexGen Energy Ltd., a private British Columbia corporation
established by Tigers Realm Group, an Australian based privately
owned resources group. Forum is Operator of the joint venture with
27.5% partner Cameco Corporation and 12.5% partner AREVA Resources
Quality Assurance and 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 and fire assay for gold. 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. Assay results will be reported once received. 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.
To view Figure 1, visit the following link:
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
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.
Forum Uranium Corp.
President & CEO
Forum Uranium Corp.
Director, Corporate Affairs
CHF Investor Relations
Senior Account Manager
416-868-1079 x 228
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