Forum Reports Wide Zone of Continuous, Shallow Uranium Mineralization at Otis
West, Northwest Athabasca JV and Issues Incentive Stock
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/05/13 -- Forum
Uranium Corp. (TSX VENTURE:FDC) and joint venture partner NexGen
Energy Ltd. are pleased to announce drill results from shallow
uranium mineralization encountered from drilling at Otis West ( as
reported in the news release dated April 10, 2013). Grades of up to
1.80% U3O8 were intersected in 5 of 9 holes drilled on this target
immediately south of the Maurice Bay deposit. The mineralized zone
remains open to depth and to the east.
This is the fourth target drilled on the property that has
intersected basement-hosted uranium mineralization typical of uranium
deposits in the western Athabasca Basin such as Patterson Lake South,
Cluff Lake and Shea Creek.
-- 24.5 metres grading 0.21% U3O8, including 1.80% U3O8 over 0.5 metres
-- Mineralization in 5 holes from two drill fences at 50 metre spacing
-- Mineralization remains open to the east along an unconformity offset
Otis West lies on the south side of the Maurice Bay deposit
(historical resource(i) of 1.5 million pounds of uranium grading 0.6%
U3O8) in a strong gravity low. Mineralization is hosted mainly within
basement rocks along a major fault (the Otis fault) parallel to the
Maurice Bay fault (Figure 1). This zone was intersected in diamond
drillholes NWA-60 and 61 and by drillholes NWA-56, 63 and 64 on a
section 50 metres further east. The mineralization shows a vertical
extent of 110 metres and remains open to the east (Figure 2). Very
strong boron values in the overlying sandstone (up to 1.18%) are
associated with this mineralization. Boron is a strong pathfinder
indicator for economic uranium deposits in the Athabasca Basin.
Future drill programs will continue drilling along the Otis Fault to
Table 1: Significant assay results from the Otis West Drill holes.
Hole Number From To Width(ii) Grade
(Metres) (Metres) (Metres) (% U3O8)
NWA-56 101.5 102.0 0.5 0.185%
104.0 104.5 0.5 0.123%
NWA-60 125.5 129.0 3.5 0.166%
145.5 146.0 0.5 0.101%
NWA-61 96.8 97.3 0.5 0.243%
NWA-63 131.0 170.5 39.5 0.152%
incl. 143.5 168.0 24.5 0.211%
incl. 144.0 144.5 0.5 1.803%
NWA-64 186.5 194.5 7.0 0.055%
(ii) Downhole width
Maurice Bay Deposit(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.
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. 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.
NW Athabasca Joint Venture
The NW Athabasca project is a joint venture held 60% jointly by Forum
and NexGen Energy Ltd. Forum is Operator of the joint venture with
27.5% partner Cameco Corporation and 12.5% partner AREVA Resources
Incentive Stock Option Issuance
The Company is also pleased to announce that, in accordance with the
Company's stock option plan, it has granted to its directors,
officers, advisors, employees and consultants incentive stock options
to purchase up to an aggregate of 800,000 common shares exercisable
on or before June 5, 2018 at a price of $0.40 per share.
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
To view Figures 1 and 2, click on the following link:
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
Press spacebar to pause and continue. Press esc to stop.