11/20/2019 | Press release | Distributed by Public on 11/20/2019 08:06
Forum Energy Metals Commences Resistivity Survey on Its Fir Island Uranium Project, Funded by Orano Canada
November 20, 2019
Vancouver, B.C., November 20, 2019 - Forum Energy Metals Corp. (TSX.V: FMC) ('Forum') is pleased to announce that it has commenced a resistivity survey on its Fir Island project located on the north rim of the Athabasca Basin. Targets developed by this survey will be followed up with a diamond drill program early in 2020. All work is being funded by Orano Canada Inc. (formerly AREVA Resources Canada Inc.) as part of an option agreement to earn up to a 70% interest in the project by spending up to $6,000,000 in exploration expenditures by December, 2023.
Patterson Geophysics of La Ronge, Saskatchewan has been contracted to complete a ground IP-resistivity survey consisting of 9 lines for approximately 32km.This program targets the East Channel structure, a major lineament parallel to and associated with the Snowbird Tectonic Zone (Figure 2). The survey is designed to locate areas of maximum alteration and tectonization associated with uranium mineralization along the structure. The resistivity survey is scheduled for completion by mid-December.
The resistivity survey will aid in targeting for the upcoming diamond drill program where previous exploration identified numerous gravity lows interpreted as alteration with associated boron soil anomalies of up to 3,350 ppm. The north end of the East Channel was previously investigated by Forum with 5 drill holes in 2015 (DDH FI-06 to FI-10). Results demonstrated strong quartz dissolution and remobilization, tectonization in the sandstone, dravite and sudoite clays locally in both sandstone and basement rocks, in addition to intersecting a 50m off-set in the unconformity. All are excellent indicators for discovering potential nearby uranium mineralization.
Five holes were also completed on the Snowbird Tectonic Zone by Forum in 2015, with one hole, FI-03, returning up to 63.8m of 0.48% cobalt.
Figure 1: Location Map of Forum's Projects in northern Saskatchewan. Fir Island is circled in green. The Nisto uranium mine is associated with the Snowbird Tectonic Zone (blue dashed line) immediately adjacent to the Fir Island project in the north, and the Centennial uranium deposit is also associated with this Zone on the south side of the Basin.
Figure 2: Compilation Map showing Forum claims, structural corridors, drill holes and location of resistivity survey.
Ken Wheatley, P.Geo., Forum's VP, Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
About Forum Energy Metals
Forum Energy Metals Corp (TSX.V: FMC) explores for energy metals, including copper, nickel, platinum, palladium and uranium in Saskatchewan, Canada's Number One mining province. In addition, Forum has also established a strategic land position in the Idaho Cobalt Belt. For further information: www.forumenergymetals.com
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
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