Vancouver, B.C., October 4, 2016 - FDC: TSX-V - Forum Uranium Corp. (“Forum”) announces that Rio Tinto Exploration (“RTX”) has commenced an 81 line km DCIP resistivity survey by Discovery International Geophysics Inc. on the Henday property held 60% by RTX and 40% by Forum. The survey is following up target areas that were drilled this past winter and one new target area. The survey is a pole-dipole and pole-pole array type with receiver dipole lengths of 50m and current injection intervals every 25m which should be completed by mid-October.
The survey comprises a total coverage of 81 line-kilometers as follows:
- Epitaph Block: Approximately 20.9 line-kilometres of resistivity surveying on 9 lines spaced at 300m;
- Hollow Lake Block: Approximately 55.6 line-kilometres of resistivity surveying on 12 lines spaced at 200m; and
- Poseidon Block: Approximately 4.5 line-kilometres of resistivity surveying on 3 lines spaced at 400m.
This past winter RTX completed a 15 hole, 5,340.3m drill program on three target areas on the Henday Property (see news release dated May 18, 2016), located northeast of Rio Tinto’s Roughrider uranium deposit nearby the AREVA/Denison McClean Lake mill in Saskatchewan’s Athabasca Basin. Six holes were drilled in the Hollow Lake target area, 6 holes in the Elephant target area, and 3 holes in the Epitaph target area. Of highlight was hole 16HDY007 at Hollow Lake which intersected anomalous uranium mineralization in two discrete 0.3m uranium-bearing fractures at 177.4m and 182.4m, respectively. Assay results indicated the fracture at 177.4m contained 523 parts per million (ppm) uranium total digestion (UTD), whereas the fracture at 182.4m contains 469ppm UTD.
Ken Wheatley, P.Geo. and Forum’s VP, Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Figure 1: Location of the DCIP resistivity grids on the Henday property.
About the Henday Property
The Henday Project consists of 3 claims covering 7,204ha at the north-eastern side of the Athabasca Basin, Saskatchewan. The property is strategically located north-east of Rio Tinto’s Roughrider uranium deposit, the Denison/AREVA Midwest Lake project and nearby McClean Lake mill, and north of Cameco/AREVA’s Dawn Lake project.
RTX has earned a 60% interest in Henday and Forum holds a 40% interest. RTX has the right to acquire an additional 10% interest in the Henday project by funding $20 million in exploration or delivering a Feasibility Study, whichever occurs first. Funds expended on this geophysical survey will be credited towards RTX earning their additional 10% interest in the project.
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, RTX, 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