Vancouver, B.C., June 6, 2017 - Forum Uranium Corp.(TSX.V:FDC) (“Forum”) announces the completion of a ground electro-magnetic (EM) survey and ground gravity geophysical program on its 100% owned Costco property (formerly the Key Lake Road Project). These surveys, which have identified several areas of interest for future drilling (See Figures 1 & 2), are part of Forum’s continuing efforts to have all its major exploration projects drill ready for the second half of this year.
The Costco gravity survey was completed on a 100m x 100m spacing for the southern grid, and a 100m x 200m on the northern grid. New data obtained covers part of a large northeast trending lithostructural unit that parallels the Key Lake structure approximately 20km to the north. Areas of gravity lows in combination with cross-cutting structures associated with the EM conductor show potential for basement-hosted uranium mineralization. Forum’s technical team is continuing to refine its drill targets in these areas and on the Highrock property located to the north (Figure 1), where geophysical work was completed earlier this year (See press release dated April 26, 2017).
Figure 1: Location of the Costco and Highrock Projects.
The Costco and Highrock projects are now drill-ready with several high-potential targets outlined.
Figure 2: Costco trend ground gravity survey with EM conductors. The blue colours are gravity lows, the red dashed lines are graphitic conductors. White ellipsoids are areas of interest.
The Costco and Highrock projects cover the southern extension of the graphitic conductive unit that hosts the Key Lake deposits, where over 200 million pounds of uranium were mined by open pit methods at an average grade of 2.3% U3O8 from 1983 to 1997. Regional infrastructure to the properties is excellent with year-round road access, readily available power nearby and close proximity to Cameco’s Key Lake uranium processing facility.
Ken Wheatley, P.Geo. and Forum’s Vice President, Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based mineral exploration company with a focus on the acquisition, exploration and development of uranium projects in Canada’s Athabasca Basin. 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’s goal is to discover near surface, high grade 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, 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, Vice President Corporate Development