|Ownership:||Forum entered into an agreement granting Rio Tinto Canada a four year option to acquire a 51% interest in the Janice Lake Project by spending $10 million in exploration, making $490,000 in cash payments, and servicing the remaining $200,000 in underlying cash payments to Transition Metals Corp. Rio can earn a further 29% interest (total 80%)by spending a further $20 million in exploration over a three years (total $30 million) and making further cash payments of $150,000 to Forum (total $640,000).|
|Stage:||Highly prospective with over 20 copper occurrences. Drill results by Noranda in 1993 include 0.77% Cu over 33.0 m including 1.6% Cu over 6 m, within 35 m of surface. In 2003, Phelps Dodge completed 6 diamond drill holes applying geophysical methods to target mineralization under cover which resulted in the discovery of a new zone which returned values including 0.72% Cu over 26.0 m including 1.33% Cu over 5.83 m (JL-03-38). Grab samples collected by Transition Metals have returned values ranging from 0.34 to 9.35% copper and 0.7 to 61.7 g/t silver, confirming previous reports of high-grade mineralization at surface, and highlighting the potential for the discovery of multiple near-surface, sediment-hosted copper deposits. A first pass drill 4 hole drill program completed by Forum in August 2018 encountered copper mineralization in all four holes within 80m of surface. Hole FEM-01 intersected 18.5 m (59.0 to 77.5m downhole depth) grading 0.94% Cu and 6.7 g/t Ag including 5.2 metres grading 2.22% Cu and 16.5 g/t Ag. The true thickness of the mineralization is 18.0m.|
|Size:||38,250 Ha, encompassing the entire 52 km Wollaston Copperbelt District.|
|Located in north-central Saskatchewan within the Wollaston Domain, a northeasterly-trending belt of metamorphosed lower Proterozoic supracrustal rocks deposited upon Archean granitoid basement A major power transmission corridor runs to the northeast of Janice Lake.|
|The Janice Lake area contains significant concentrations of sediment-hosted copper showings. Logging of the drill core and petrographic studies suggest that mineralization is hosted by mafic-rich stratigraphy within more felsic units, opening the possibility for multiple layers of copper mineralization. Located 55 km southeast of the Key Lake uranium processing facility in close proximity to several of Forum’s core uranium exploration properties enables this project to be effectively integrated into Forum’s operations.|
|Significant Comparable Deposits||The age and depositional environment at Janice are similar to the giant Udokan Deposits of the Lake Baikal region in Siberia, and the Revette deposits of Montana USA. Baikal Mining Company LTD reports JORC compliant Measured and Indicated resources of 1.822 billion tonnes grading 1.01% copper, 14.3 grams per tonne silver for the Udokan deposits. (Baikal Mining Company Ltd. press release presenting published estimate prepared by SRK Consulting, dated April 9, 2014). Hecla Mining reports 43-101 compliant Inferred resources of 112 million tonnes grading 0.7% copper, 1.6 oz/t silver for its Montanore deposit and 97.6 million tonnes grading 0.7% copper and 1.5 oz/t silver for its Rock Creek deposit in Montana. (Hecla Mining Company: published reserves and resources statement, December 31, 2016).|
The first phase of drilling has been completed by Rio Tinto Exploration Canada and all 21 drill holes have been reported as of December 3, 2019.The program has successfully confirmed and extended copper mineralization at the Jansem and Janice targets.
A table summarizing all drill results completed by Forum and Rio Tinto in the 2018-19 can be found on the home page.
Rick Mazur, Forum’s President & CEO commented, “Drilling by Rio Tinto intersected thick zones of flat lying, stratabound chalcocite and native copper mineralization with good continuity and near-surface grades. Deeper drilling has demonstrated that multiple horizons of copper mineralization are present. We are gaining confidence that Janice Lake is a strongly mineralized system, as new data generated by this program helps us to understand the full potential of this 52km long sedimentary copper basin.”
Janice Lake claims map, including the newly staked southern extension of the Wollaston Copperbelt.
Longitudinal Section of drilling in the JL-1 showing area. The orange area is the interpreted copper mineralization using a 0.1% cut-off grade.