|Ownership:||Update (November 2019): Orano Canada Inc. option. Orano can earn a 51% interest by spending $3,000,000 on or before December 31, 2021 and can earn 70% interest by spending an additional $3,000,000 for a total of $6,000,000 on or before December 31, 2023.|
|Stage:||Highly Prospective; Drill Ready|
|Fir Island is located approximately 5km northeast of the community of Black Lake, on the northeast edge of the Athabasca Basin. It is connected by an all-weather road to the provincial highway system, which also provides year-round road access to the Rabbit Lake and McClean Lake mills. The property can be accessed by truck in the winter and by boat in the summer.|
|The regionally important Black Lake fault, part of the major Snowbird Tectonic Zone, transects the entire Athabasca Basin, and is highly prospective for unconformity-type uranium deposits. The sandstone cover varies from 0 to 200m above the unconformity. The possibility of uranium mineralization below the unconformity at the base of the thrust fault (similar to McArthur River) or in the hanging wall of the Cathy Fault in the basement (similar to Millennium or Eagle Point) demonstrates the highly prospective nature of the Fir Island project.|
|Cameco’s Centennial Deposit is located near the south boundary. The historic Nisto uranium mine (96 tonnes mined at 1.38% in the late 1950s) occurs in basement rocks on the northwest side of the Black Lake fault, directly adjacent to the property.|
- Forum will be the exploration operator until such time as Orano has earned a 51% interest in the project.
Work Programs for 2019
- The Company expects to complete a resistivity survey by the end of the year to define targets for a planned 3,000m drill program during the winter of 2020 .
- Forum completed a 10 hole reconnaissance drill program totaling 2,435m in early 2015. Drill hole FI-03 intersected 35m of 0.3% nickel from 180m to 215m in the basement lithologies. Drill hole FI-04 intersected up to 386ppm U in clay-rich basement lithologies immediately beneath the unconformity at 140m, and then 17m of enriched boron (up to 2810ppm) from 148m to 165m depth.
- Five holes were competed on two fences 50m apart ( See Target H on Figure 2) and intersected a very interesting area of tectonization, quartz dissolution, and a 50m offset in the unconformity along a NE trending thrust fault (Cathy Fault -See Figure 3). Dravite and sudoite clays were found in both the sandstone and basement lithologies, along with locally elevated geochemistry (U, Pb, B). Hole FI-8, drilled near the East Channel Structure, returned values of 137 and 161ppm U respectively, below a section of 16m of 2750ppm B, all within pegmatites starting at depth of 202m to the unconformity. The strike and dip of the Cathy Fault is now known, which can be used for follow-up drill holes.
Maps & Figures
Figure 6: Fir Island Project with Magnetic Background. The red to pink is the mag high, the blues are mag lows. The East Channel lies on the east - southeast side of a very strong mag high, probably an Archean granite. The survey was completed on the island section of the East Channel - modeling of the results show structural disruption within the East Channel, in conjunction with a series of gravity lows and corresponding boron anomalies in soil samples. The thick black line shows the limit of the Athabasca sandstone; the thickness of the sandstone varies from 0 to 250m on this project.