Vancouver, B.C., June 5, 2013 - Forum Uranium Corp. (FDC: TSX-V) and joint venture partner NexGen Energy Ltd. are pleased to announce drill results from shallow uranium mineralization encountered from drilling at Otis West ( as reported in the news release dated April 10, 2013). Grades of up to 1.80% U3O8 were intersected in 5 of 9 holes drilled on this target immediately south of the Maurice Bay deposit. The mineralized zone remains open to depth and to the east.
This is the fourth target drilled on the property that has intersected basement-hosted uranium mineralization typical of uranium deposits in the western Athabasca Basin such as Patterson Lake South, Cluff Lake and Shea Creek.
- 24.5 metres grading 0.21% U3O8 , including 1.80% U3O8 over 0.5 metres
- Mineralization in 5 holes from two drill fences at 50 metre spacing
- Mineralization remains open to the east along an unconformity offset
Otis West lies on the south side of the Maurice Bay deposit (historical resource* of 1.5 million pounds of uranium grading 0.6% U3O8 ) in a strong gravity low. Mineralization is hosted mainly within basement rocks along a major fault (the Otis fault) parallel to the Maurice Bay fault (Figure 1). This zone was intersected in diamond drillholes NWA-60 and 61 and by drillholes NWA-56, 63 and 64 on a section 50 metres further east. The mineralization shows a vertical extent of 110 metres and remains open to the east (Figure 2). Very strong boron values in the overlying sandstone (up to 1.18%) are associated with this mineralization. Boron is a strong pathfinder indicator for economic uranium deposits in the Athabasca Basin.
Future drill programs will continue drilling along the Otis Fault to the east.
Table 1: Significant assay results from the Otis West Drill holes.
** Downhole width
Maurice Bay Deposit*
A 1.5 million pound historical uranium resource grading 0.6% U3O8 for the Maurice Bay deposit, as reported by Saskatchewan Industry and Resources, Miscellaneous Report 2003-7 has not been calculated or classified under the specifications of National Instrument 43-101 and should not be relied upon.
Quality Assurance and Quality Control
Core samples are collected and shipped in sealed containers to the Saskatchewan Research Council, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory for geochemical analysis using the Uranium ICP Package. This package is the preferred analytical technique for detecting uranium and pathfinder elements in the alteration halos of unconformity-type uranium deposits in the Athabasca Basin. Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum’s Vice President, Exploration is the Qualified Person that has reviewed and approved the contents of this news release.
NW Athabasca Joint Venture
The NW Athabasca project is a joint venture held 60% jointly by Forum and NexGen Energy Ltd. Forum is Operator of the joint venture with 27.5% partner Cameco Corporation and 12.5% partner AREVA Resources Canada Inc.
Incentive Stock Option Issuance
The Company is also pleased to announce that, in accordance with the Company’s stock option plan, it has granted to its directors, officers, advisors, employees and consultants incentive stock options to purchase up to an aggregate of 800,000 common shares exercisable on or before June 5, 2018 at a price of $0.40 per share.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium 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 in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
Figure 1: Unconformity Contour Map of the Maurice Bay Deposit Area. Blue to black colours are deep sandstone (70 to 120m). Yellow to red colours are 0 to 50m deep sandstone. Yellow stars are historical drillholes, the majority of them stopping at or near the unconformity contact. The red dots are Forum drill holes from 2013 in the Otis West area. The Maurice Bay deposit, the high grade A Zone mineralization and the Otis West mineralization are all associated with an offset (fault) in the unconformity.
Figure 2: Cross-Section of NWA-56, 63 and 64. The grid is in 25m squares with the vertical showing elevation above sea-level. Hole NWA-63 returned local grades as high as 2.89% U3O8 . The two short vertical holes are historic and drilled by Uranerz in 1978, narrowly missing the mineralization. Uranium mineralization was targeted at the unconformity, not in the basement at that time.
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.
For further information contact:
Rick Mazur, President & CEO
Matt Terriss, Director, Corporate Affairs
Robin Cook, Senior Account Manager
CHF Investor Relations
Tel: 416-868-1079 x 228