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Forum Commences Drilling on the Henday Uranium Project, Saskatchewan |
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Thursday, 20 January 2011 15:10 |
- 3,750 metres of drilling planned
- Prospective alteration (with up to .16% uranium) is the drill program's primary targeted area
- Two targets along the interpreted extension of the prolific Midwest Fault will also be drilled
- Funding of the drill program provided by project partner, Hathor Exploration
Forum Uranium Corp. (FDC: TSX-V) and Hathor Exploration Limited (HAT: TSX-V) announce that the diamond drill program on the Henday Project in the Athabasca Basin, Saskatchewan is now underway.
A total of 3,750 metres of drilling is planned to test the large area of prospective alteration (with up to 0.16% uranium) discovered in 2010 at the Mallen Lake Zone. Two targets along the interpreted extension of the prolific Midwest Fault which hosts the Areva/Denison Midwest deposit, the Hathor Roughrider deposits and Fission's J zone will also be tested.
Mallen Lake Zone
Drilling has commenced on the Mallen Lake zone, where a large alteration system extending well into the overlying sandstones and down into the basement rocks was discovered in the 2010 drill season. The unconformity in the Mallen Lake area is shallow at 110m, easily reached by open pit methods. Several drillholes intersected uranium mineralization, with 0.5 metres at 723ppm U in RL-66 and 0.5 metres of 1610ppm U in RL-68, both within basement lithologies. Clean geochemistry (very minor arsenic and nickel) returned from this zone suggests that the uranium model is similar to Hathor's Roughrider zone or Cameco's Millennium deposit.
A series of drill holes are planned to intersect a graphitic unit within the basement rocks, just below the unconformity and approximately 80m below the unconformity on either side of the mineralization intersected in 2010. Any further uranium mineralization will be followed up immediately.
Other Priority Targets
The two other targets are located along the interpreted northern extension of the Midwest fault where it is intersected by cross-cutting structures; the Mallen Lake structure and the Moonlight structure. These areas have never been drill tested and show a combination of electromagnetic conductors, and both gravity and resistivity lows (indicative of alteration). Also, a soil sampling survey in the summer of 2010 returned elevated uranium values in these areas.
Ownership
Hathor currently holds a 40% interest in the Henday project with Forum as Operator. The funding of this drill program by Hathor will complete Hathor's option to earn a 60% interest in the Henday project and a joint venture will be formed with Forum holding a 40% interest.
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