Vancouver, Canada (October 4, 2017) - Forum Uranium Corp. (TSX.V:FDC) (“Forum”) and Uracan Resources Ltd. (TSX.V:URC) have agreed to terminate the Clearwater Project Option Agreement signed August 18, 2014. Forum owns 75% and Uracan earned a 25% interest after spending $1.5 million on exploration over the past two years. Exploration focused on trend to the southwest of Fission’s Triple R deposit, where limited drilling was followed up with a ground TEM study to further define prospective conductors for future drill testing. Forum will evaluate its next steps for advancement of this drill ready project, including potential joint venture.
The Clearwater Project covers a total of 9,912 hectares adjacent and to the southwest of Fission Uranium’s Patterson Lake South claims (Figure 1). Forum and Uracan conducted two drill campaigns, completing 20 holes for a total of 5,418 metres of drilling. A number of drill targets remain to be followed up from the previous drilling and new targets remain untested.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based mineral exploration company focusing 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 Exploration, 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
Figure 1: Location Map of the Clearwater Project. Note location along the Patterson Lake Corridor. Figure modified from NexGen website.