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.
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.
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
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
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:
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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