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Forum Uranium Corp. announced the commencement of a geophysical program to define drill targets on the NW Athabasca property, under option from Cameco Corporation.
The property has excellent potential for unconformity and basement-style uranium mineralization with grades of up to 5.68% over 8.5 metres intersected in past drilling at Zone 2A. The Maurice Bay deposit (with a historical resource of 1.5 million pounds uranium grading 0.6% U3O8 at a depth of 50 metres), Zone 2A, and three other areas of surface mineralization show that near-surface uranium mineralization is widespread on this project. Drill targets have also been identified on Forum's 100% owned Maurice Point project which surrounds the Maurice Bay property. Gravity surveys are underway to cover sections of the project area that have the highest potential for economic mineral deposits based on structure, known mineralization and untested EM conductors. These surveys are designed to identify zones of alteration which are typically associated with uranium deposits in the Athabasca Basin. Plans are also underway for a comprehensive summer exploration program of geological mapping, re-logging of existing drill core and prospecting for the bedrock sources of glacially transported mineralized boulders. Access will be established throughout the project area in anticipation of an aggressive drill campaign this year. Forum and Mega Uranium have entered into a 50/50 Joint Venture Agreement to manage the exploration program during the earn-in period with Forum as initial Operator. Forum and Mega can earn a 60% interest from Cameco on the NW Athabasca project by completing $4 million in exploration over four years and making cash payments of $400,000 over three years of which $60,000 has been paid. More information, click here. |
