Forum Receives Encouraging Drill Results on Its Agnico-Eagle Option Nearby the Kiggavik Deposits-North Thelon Project, Nunavut
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/22/12 -- Forum Uranium Corp. (TSX VENTURE: FDC) is pleased to announce drill results on property held under option from Agnico-Eagle Mines Ltd. on Forum's district-scale North Thelon project adjoining Areva Resources Canada's Kiggavik uranium deposits. 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 JD-01 and JD-02 on the Judge Sissons claims under option from Agnico-Eagle. These lie to the east of Areva's Kiggavik deposits near the prolific Andrew Lake Fault which controls Areva's End and Andrew Lake deposits and recent discoveries by Cameco.
Rick Mazur, President & CEO, stated: 'Our 2011 drill program has provided Forum with three strong targets for follow-up drilling in 2012- Tarzan, BL-32 and Judge. Areva's Kiggavik deposits, Cameco's recent discoveries and Forum's newly identified drill targets demonstrate the world class nature of this emerging uranium mining camp. Forum is in the unique position of exploring strategic ground in the company of two of the largest uranium companies, Areva and Cameco.'
Holes JD-01 and 02 were drilled in the Judge area located on a fault parallel to the Andrew Lake Fault, the structure that controls most of the known mineralization in the area. The Judge area lies to the east of Areva's Andrew Lake and End deposits on a very strong gravity low. The two drill-holes intersected metasediments (the rock type that hosts the Kiggavik deposits and Cameco's showings) throughout both holes. The metasediments are strongly to extremely hematized and bleached with extensive quartz brecciation (similar to the local showings and deposits) and chloritized at the bottom of the hole, intersecting a redox front. Geochemistry returned uranium values of 20ppm over 12.5 metres, 512ppm boron over 102 metres and 115ppm nickel over 54 metres in JD-01, and 16ppm uranium over 10 metres, 362ppm boron over 161 metres and 115ppm nickel over 54 metres in JD-02. These geochemical results are highly encouraging indications of a substantial uranium mineralizing system.
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 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, please visit the following link: http://media3.marketwire.com/docs/Forum-0222-fig1.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
