Vancouver, B.C., February 10, 2016 - FDC: TSX-V - Forum Uranium Corp. (“Forum”) announces that Rio Tinto Canada Uranium Corporation (“RTCUC”) has commenced a drill program with two diamond drill rigs at its 40% owned Henday property. Henday is strategically located north-east of the Denison/AREVA Midwest Lake deposit and RTCUC’s Roughrider deposit and bordering AREVA/Denison’s McClean Lake uranium mine and mill (see Figure 1). RTCUC is drilling prospective structural, geophysical and geochemical targets identified from work carried out on the Elephant and Epitaph target areas as planned below.
Elephant and Epitaph Target Areas
From historical drilling, depth to the unconformity in the Elephant area is expected to be about 130m. One rig is currently testing the Elephant area with approximately 15 holes planned to be drilled to a depth of 450m. From historical drilling, depth to the unconformity in the Epitaph area is expected to be about 150m. One rig is currently testing the Epitaph area with approximately 5 holes planned to be drilled to a depth of 450m.
RTCUC has earned a 60% interest in Henday and Forum holds a 40% interest. RTCUC has the right to acquire an additional 10% interest in and to Henday by sole funding $20 million in exploration or delivering a Feasibility Study on the Henday property, whichever occurs first. The current drill program is a step towards RTCUC earning their further interest in the project.
Ken Wheatley, P.Geo. , Forum’s Vice-President, Exploration is the Qualified Person that has reviewed and approved the contents of this news release.
Figure 1: The Henday Project is located on the prolific east side of the Athabasca Basin.
About the Henday Property
The Henday Project consists of 3 claims covering 7,204 ha at the north-eastern margin of the Athabasca Basin, Saskatchewan. The Henday Project is strategically located north-east of the Denison/AREVA Midwest Lake project and RTCUC’s Roughrider project, north of Cameco/AREVA’s Dawn Lake project and borders AREVA/Denison’s McClean Lake uranium mine and mill.
A total of 53 drill holes were drilled on the Henday property by previous operators from 1978 to 2005. Forum Uranium acquired the project in 2007 and completed a series of ground gravity surveys, airborne EM surveys, a resistivity survey and diamond drill programs in 2008, 2010 and 2011 for a total of 56 holes and 12,754 metres. The primary focus of these drill campaigns was in the Mallen target area. Several large alteration zones were delineated with associated elevated uranium geochemistry and further targets remain to be drill tested.
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 by exploring on its 100% owned properties and through strategic partnerships and joint ventures with Cameco, AREVA, Rio Tinto Canada Uranium, NexGen and Uracan.
ON BEHALF OF THE BOARD OF DIRECTORS
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