URANIUM
EXPLORING FOR URANIUM IN SASKATCHEWAN’S ATHABASCA BASIN & NUNAVUT’S THELON BASIN
Forum is a uranium explorer searching for high-grade deposits in Saskatchewan’s Athabasca Basin, the most valuable uranium real estate in the world. The richest and highest grade uranium mines are found here. Saskatchewan supplies over 20% of all annual uranium mine production. The Thelon Basin is, perhaps, the most prospective region in the world for discovering new high-grade uranium deposits outside the Athabasca Basin.
In 2024, Forum’s primary area of focus will be the Aberdeen uranium project in Nunavut’s Thelon Basin, where drilling is set to resume in June.
Athabasca Basin Projects
Wollaston (Forum 100%)
The Wollaston property is located within 10km of Cameco’s Rabbit Lake uranium mill and within 30km of Orano/Denison’s McClean Lake uranium mill. An eight hole 2,062m dill program was completed in early 2022, with four holes on the Gizmo gravity target intersecting uranium values as high as 0.21% U3O8 in an area of intense alteration, bleaching and secondary hematite. A follow-up seven hole 2,031m Winter 2023 drill program was completed on the Gizmo target. Assays returned anomalous uranium values. The Gizmo trend has been extended 750m to the east by a newly identified gravity low that will require drill testing. A ground gravity survey also identified 14 new gravity anomalies associated with EM conductors to the northeast and southeast of the Gizmo target. No work is planned in 2024. This project is available for partnering.
Wollaston Lake: Gravity Coverage and Future Drill Targets
Highrock ( Forum 80% Sassy Gold Corp 20%)
In 2022 Forum granted Sassy Gold Corporation an option to acquire a 100% interest in the Highrock uranium property for staged payments over four years. Exploration is targeting basement-hosted uranium, similar to the nearby P-Patch deposit discovered by Forum’s Ken Wheatley whlile with Uranerz in 1997. Sassy has since earned a 20% interest in the project. No work is planned for 2024.
Highrock Location Map showing graphitic conductor trend that host the Key Lake deposit
Grease River (Traction Uranium Corp Option to Earn 100%)
Traction can earn an initial 51% interest by paying Forum $250,000, issuing 1,625,000 shares of Traction, and spending $3 million in exploration to December 31, 2025. Forum will be the operator until Traction completes this first phase. In June 2023, airborne magnetic, electromagnetic, and radiometric surveys were completed to aid structural mapping and define prospective drill targets. Data analysis completed in November 2023, identified new conductors and fault intersections in the East claim block. In June 2024, a MobileMT geophysical survey commenced over the entire property. The purpose of this survey is to provide high resolution data that will identify conductors and fault zones at depth that were not easily imaged by last year’s survey, particularly on the West claim block, where sandstone cover impaired the quality of the data obtained.
Grease River Project - Regional Location Map
Fir Island (Orano Canada 51% Forum 49%)
In 2019 Forum entered into a $6 million option agreement with Orano Canada to explore its Fir Island Uranium Property, located on the northeast edge of the Basin. In April 2021, Forum completed ten holes for 3,051m. Eight holes tested the Cathy Fault /resistivity anomaly, while the remaining two holes tested a smaller nearby resistivity low to the southwest. A 100m interval of interpreted ultramafic rock with elevated nickel was intersected in the basement rocks in Hole FI-24. This same lithology with 0.24% nickel over a 68.5m interval has been identified in Hole FI-3, located 1.1km west of FI-24.
In May 2022, Orano funded an extensive resistivity survey along the northern extension of the Cathay Fault, locally defined by an EM conductor and a series of gravity lows. Drill targets identified by this survey are dependent on agreeing to a new budget.
2021 Drill Locations: 2021 drill holes are red. Drill holes from earlier programs are in yellow. Resistivity lows are outlined by the dashed lines.
Northwest Athabasca (NWA) (Forum 43.3% NexGen 26.3% Cameco 18.7% Orano 11.7%)
Forum is the Operator of the NWA project, which is partnered with NexGen, Cameco, and Orano. Drilling campaigns completed by Forum’s team in 2012, 2013 and 2014 identified shallow zones of uranium mineralization grading up to 5.7% uranium over 8.5m. Over twenty drill targets have been identified for further exploration. Forum has prepared a budget, which includes plans for a 4,000m drill program in 2025. The proposed program is subject to approval by the participating JV partners. The program is to be funded by Global Uranium Corp., which has entered into an option agreement with Forum whereby they can earn up to 75% of Forum’s 43.3% interest in the NWA project. (See press release dated May 30, 2024 for further details.)
Henday (Forum 40% Uranium Energy Corp (UEC) 60%)
UEC can earn an additional 10% interest by funding $20 million in exploration, or by completing a feasibility study.
Other Uranium Projects
Forum has drill ready targets at its 75% owned Clearwater and 65% owned Costigan projects
Thelon Basin
Aberdeen Uranium Project (Forum 100%)
Forum staked extensive ground with significant uranium mineralization that was discovered by Cameco in 2008-2012, but later dropped during the extended period of low uranium prices. Forum’s ground is on trend with majority owner Orano’s Kiggavik uranium deposit, and hosts two uranium discoveries made by Cameco to the west of Kiggavik. In 2022, Forum completed a review of Cameco’s historical drilling, which totaled 36,000m in 135 drill holes. Additional initiatives completed included archaeological studies, community engagment, ground geophysical surveys and establishing a drill camp location. In July-August 2023, Forum completed 991m of drilling wiith the primary focus on expanding shallow high-grade uranium mineralization at the Tatiggaq discovery. Drilling successfully intersected high-grade uranium mineralization in the Main Zone (Hole TAT23-002 - 2.25% U3O8 over 11.1 m) and Hole TAT23-003, a 200m step out in the West Zone intersected 0.28% U3O8 over 24.6m. For further details go to the Nunavut Uranium Project (Thelon Basin) website project page. A comprehensive 10,000m exploration drill program is planned to commence in June 2024.
Map showing the location of Forum’s Aberdeen uranium project including the Tatiggaq, Qavvik, and Ayra uranium showings and the 2024 drill camp location. Forum’s maiden drill program completed during July-August 2023 successfully intersected shallow high-grade mineralization at Tatiggaq. A 10,000m follow-up drill program is expected to commence in June 2024.
COPPER
EXPLORING SASKATCHEWAN’S WOLLASTON COPPERBELT
Janice Lake Sedimentary Copper Project (Forum 100%)
In May 2019, Forum entered into a $30 million option agreement with Rio Tinto Exploration Canada (RTEC) to explore the Janice Lake Sedimentary Copper Property in north-central Saskatchewan. RTEC spent $14 milllion in exploration to the end of the 2021 exploration season. In 2023, Forum reaquired a 100% interest in the project, and RTEC was granted a 20% back-in right and a capped 2% NSR, subject to certain conditions being met.
RTEC drilled thirty-nine holes totalling 10,033m on four targets: Janice and Jansem (22 drill holes), Kaz (3 drill holes) and Rafuse (14 drill holes). In addition, extensive geophysical, geochemical, and geological surveys were completed over the 52km extent of the copperbelt, identifying new areas for potential copper mineralization. Juno, a mineralized trend running parallel to Jansem, and Robert, 4km on strike to the north of Janice were discovered last summer and have yet to be drill tested.
At Janice, the copper mineralized strike length is now 1.2 km long by 400m wide by thicknesses up to 57m. The Janice Target remains open to the southwest and northeast, and at depth. At Jansem, copper mineralization has been extended to 650m long by 200m wide by thicknesses up to 66m. Jansem remains open to the southwest, northeast, and at depth. Drilling results at Kaz and Rafuse did not extend significant mineralization to the northwest. New areas for potential copper mineralization have been identified southwest of the Janice and Jansem targets, where boulders discovered by prospecting assayed as high as 3.8% Cu and 3.7g/t Ag.
No work is planned for 2024. The project is available for partnering.
Janice Lake Drill Target Areas 2018-2021: Janice, Jansem, Kaz, Rafuse.
COBALT
EXPLORING IDAHO’S COBALT BELT
Quartz Gulch Cobalt Project, Idaho, USA
Forum acquired the Quartz Gulch claim block which comprises 127 claims totaling 10.65 sq. kms. located approximately 5 kms to the southeast of Jervois Mining’s Idaho Cobalt Project, the only permitted cobalt mine development in North America. The Idaho Cobalt Belt has highly developed infrastructure and the Quartz Gulch property is easily accessed via the road to the past producing Blackbird mine. The Yellowjacket Formation, host to cobalt deposits in the area, trends onto the property.
No work is planned for 2024.
