Vancouver, B.C. , Nov 28, 2017 - FDC: TSX-V- Forum Uranium Corp. (“Forum” or the “Company”) is pleased to provide an update of the Company’s staking activities in Saskatchewan in 2017. Forum has added to an already extensive portfolio of near surface uranium exploration projects in Canada’s Athabasca Basin, which hosts the highest-grade uranium deposits in the world. Recent staking of new ground along the prolific Wollaston Belt south of Cameco’s Cigar Lake deposit, in addition to strategic ground near Key Lake, enhances Forum’s land position in the eastern Athabasca Basin. One additional claim has been staked in the Patterson Lake area north of NexGen’s Arrow and Fission’s Triple R discoveries (see Figure 1).
STAKING ACTIVITES IN NEW AREAS OF THE ATHABASCA BASIN
Two new claim groups, the Waterbury and Waterbury South properties totaling 10,684 ha were staked south of Cigar Lake. These claims lie within the band of graphite-rich basement rocks (the Wollaston Belt) that host the uranium deposits of the eastern Athabasca Basin. The sandstones in this area vary from 100 to 350 metres deep. The Hook claim, totaling 1,121 ha, was staked north of the Patterson Lake Trend.
KEY LAKE ROAD AREA
Forum has added ground to its already exceptional position along the Key Lake Road south of Cameco’s Key Lake processing facility. A total of 5,922 ha were picked up adjacent to the Costco claims, which covers areas where the EM conductors continue beyond the existing property boundary and where several gravity lows with associated conductors are found. An additional 2,230 ha were acquired around the Highrock claims covering coincident magnetic lows over a significant electromagnetic conductor extending beyond Forum’s original claim boundary.
Rick Mazur, President & CEO stated, “The weak uranium market has presented a tremendous low-cost opportunity to capitalize on the Company’s highly regarded exploration property portfolio by adding and enhancing its presence through new staking in the Basin. The past year has also seen the Company position itself for a turnaround in uranium markets by advancing exploration on its properties. Forum will continue to evaluate opportunities to add long-term shareholder value and enhance its position in the world’s premier uranium district.”
Uranium Market Update
Cameco recently announced the suspension of mining activities at its McArthur River mine and other operations for a minimum of 10 months. This decision is expected to remove approximately 16-18 million pounds of U3O8 from the market. The spot uranium price has increased approximately 15 % since this announcement. Forum believes that continued supply discipline is necessary for the uranium market to rebalance, which should lead to the higher pricing needed by uranium companies for a sustainable operating industry.
Figure 1 Location Map of Forum Projects in the Athabasca Basin, Saskatchewan
Richard Mazur, P.Geo., Forum’s President and CEO is the Qualified Person that has reviewed and approved 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 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
Craig Christy, VP, Corporate Development