Vancouver – Forum Energy Metals Corp. (TSXV: FMC) (“Forum” or “Company”) is pleased to announce that an extensive resistivity survey has commenced on the Fir Island Uranium Project under the option of Orano Canada Inc.
Orano finances this $495,000 survey as part of its option to earn up to 70% of the Pine Island project by spending up to $6 million. Orano has financed two drilling programs with Forum as operator and at the end of this program, Orano will have spent $3 million on the project to earn a 51% interest.
Drilling by Forum in 2020 and 2021 identified the “Cathy Fault” which exhibits strong alteration, elevated geochemical indicators and abundant dravite; a boron-rich clay found around most uranium deposits on the east side of the Athabasca Basin. A resistivity survey was carried out on the project in 2019 and proved to be an excellent tool for defining zones of alteration in sandstone and subsoil lithologies. Resistivity lows usually indicate weathering and worked well on the Pine Island project to locate the strong alteration associated with the Cathy fault. The current survey follows the northern extension of the Cathy fault, locally defined by an EM conductor and a series of gravity depressions. The gravitational lows and conductor continue to the mainland where they intersect the main Black Rift Lake and a series of gravity-related Great Lows. This survey should define a number of excellent drill targets for future programs.
Ken Wheatley, VP Exploration, said: “The results of this study should provide Forum and Orano with excellent drill targets in an area of the project with the greatest potential for a uranium deposit. These targets will be located just on the edge of the athabasca sandstone basin, with sandstone cover ranging from 100m to 0m. The intersection of the Cathy fault and the Black Rift Lake should provide interesting drill targets, especially since the Black Rift Lake houses the depleted Nisto showing, a small uranium deposit that was mined in 1959 and brought to uranium city for treatment.’
About 25 lines, spaced 200 m apart, will be completed for the survey by Patterson Geophysics of La Ronge, Sask.. The program should take 4-6 weeks.
On Forum Energy Metals
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metallurgical company with uranium, copper, nickel and cobalt projects in Saskatchewan, Canada Mining province ranked number one for exploration and development, a strategic position on uranium lands Nunavut and a strategic position of cobalt lands in the Idaho cobalt belt.