Forum Receives Encouraging Drill Results on Inuit Owned Lands Nearby the Kiggavik Deposits-North Thelon Project, Nunavut
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/14/12 -- Forum Uranium Corp. (TSX VENTURE: FDC) is pleased to announce drill results on Inuit-owned lands held under exploration agreement with Nunavut Tunngavik Incorporated (NTI) on Forum's district-scale North Thelon project adjoining Areva Resources Canada's Kiggavik uranium deposit. Forum drilled nine holes totaling 2,036 metres on uranium targets identified by its regional geological, geophysical and geochemical programs conducted over the past five field seasons. Encouraging drill results have been received from DDH RH-01 on Inuit-owned land parcel BL-32 under exploration agreement with NTI. This hole is located on the Andrew Lake Fault which controls Areva's End and Andrew Lake deposits and recent discoveries by Cameco.
A gravity survey on BL-32 identified four targets along the Andrew Lake Fault Drillhole RH-01 was located on the eastern anomaly and intersected extremely altered metasediments down to 284 metres, with quartz brecciation at the bottom of the hole. Anomalous geochemistry includes 13ppm uranium over 49 metres, 406ppm vanadium over 30 metres and 1186ppm boron over 250 metres, including up to 2.69% boron over 10 metres. Ken Wheatley, Vice President of Exploration stated, 'I have never encountered boron values of this magnitude in the Athabasca Basin. This is a very good sign of a strong uranium mineralizing event and further drilling is strongly recommended.'
Drilling on Forum's 100% owned Tarzan property, where NTI has a 2% Net Smelter Royalty, was also conducted to follow up encouraging results from 2008 drill-hole TZ-04, where anomalous geochemical results of 20ppm uranium over 79.5 metres, 326ppm boron over 156 metres and 53ppm lead over 131 metres was encountered. Follow-up drill-hole TZ-08 in 2011 returned extensive alteration and similar anomalous geochemistry but had to be abandoned due to drilling difficulties and did not reach its target depth. Further drilling is also recommended on this Tarzan target.
Areva has completed an initial feasibility study and submitted its Environmental Assessment Study to the Nunavut Impact Review Board for the development of an 8 million pound per year uranium mine, and Cameco has intersected uranium with grades of up to 3.52% U3O8 over 10 metres along the Andrew Lake Fault. Cameco has also announced the new Ayra showing from this summer's work, located within a kilometre of Forum's Inuit-owned land parcel BL-32 (Cameco presentations at the 2011 Nunavut Mining Symposium and the 2011 Saskatchewan Mining Open House).
About the North Thelon Project
Forum acquired a large (greater than 400,000 acres), strategic land position surrounding the Areva/Japan Canada Uranium (JCU)/Daewoo world-class Kiggavik mine development project in Nunavut starting in 2006. Forum owns 100% interests in mineral claims, subject to a 2% NSR on the Tarzan and Nutaaq claims to Nunavut Tunngavik Incorporated, acquired the rights to earn 100% interest in Inuit owned land parcels BL-21 and BL-32 from Nunavut Tunngavik Incorporated and acquired the rights to earn up to a 65% interest in claims held by Agnico-Eagle Mines Ltd. The 127 million pound Kiggavik uranium project grading 0.55% U3O8 has completed an initial feasibility study, commenced permitting and submitted an Environmental Assessment Study to the Nunavut Impact Review Board. The proposed mine anticipates production of approximately 8 million pounds of uranium per year. Cameco has been actively exploring its property to the west of Areva since 2005 and has announced three discoveries. Cameco and Areva continue to aggressively drill in this newly emerging mining camp.
To view Figure 1, click on the following link: http://media3.marketwire.com/docs/i213m.pdf
Ken Wheatley, P.Geo. (Saskatchewan and Nunavut), Forum's Vice President of Exploration and qualified person has reviewed the contents of this news release.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium and rare earth 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 nearby existing infrastructure by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
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.
Contacts:
Forum Uranium Corp.`
Matt Terriss
Director, Corporate Affairs
604-638-3947
info@forumuranium.com
www.forumuranium.com
