|Ownership: Forum 100%|
|Stage: Highly Prospective; Significant uranium mineralization discovered by Cameco during the years 2008-2012. The claims were later abandoned due to the long period of low uranium prices from secondary supply entering the market post-Fukushima.|
|Size: 40 claims totaling 53,402 ha acquired by staking. Forum’s ground in this region now totals 95,518 ha.|
Location & Infrastructure: Located on the northeast edge of the Thelon Basin in Nunavut Territory, approximately 100km west of the Hamlet of Baker Lake. Baker Lake is accessible by aircraft. Chesterfield Inlet, located on the northwest coast of Hudson Bay, links Baker Lake with Hudson Bay. It also serves Agnico Eagle’s Meadowbank mine.
|Regional Significance: The Thelon Basin is, perhaps, the most prospective region in the world for discovering new high-grade unconformity style uranium deposits outside Saskatchewan’s Athabasca Basin.|
Proximity to Significant Deposits: Forum’s ground is on-trend with the Kiggavik uranium deposit (Historic Indicated 127.3 million pound mineral resource grading 0.47% U3O8 - Source: Denison Mines website. See Corporate Presentation dated November 2022, p. 22, and Orano 2020 Activities Report). The current ownership structure is Orano Canada (66.2%), Denison Mines (16.9%), and UEX Corp (16.9%). Orano, previously known as AREVA, completed six years of engineering, environmental, and community engagement studies from 2008 to 2014 before placing the project on care and maintenance due to the prolonged period of low uranium prices.
Forum’s claims cover the east-west and northeast-southwest structural trends hosting the Kiggavik deposits, in addition to Cameco’s discoveries made during the period 2008-2012.
During the period 2008-2012, Cameco drilled 135 holes totaling ~36,000m to the west of Kiggavik and discovered two uranium deposits - Tatiggaq and Qavvik. A significant showing named Ayra was also discovered.
Tatiggaq Uranium Discovery
The Tatiggaq discovery, found in 2010, consists of two zones: the Main and West Zones, which average 30m in thickness at a shallow depth of 80-100m, and strike lengths of 80m and 60m respectively. Discovery Hole TUR-014A intersected 0.85% U3O8 over 13.7m and 4.03% U3O8 over 0.5m. Grades of up to 24% U3O8 over 10 -30 cm widths with average grades of approximately 1% U3O8 were reported over these two mineralized zones. The deposits remain open along strike and at depth within a large gravity anaomaly (0.8 X 1.5km) that is not fully teted.
The Tatiggaq deposit is within a large gravity anomaly that remains open along strike for 1.5km and at depth. It is a priority target for 2023.
Significant intercepts include:
Qavvik Uranium Discovery
The Qavvik discovery was found in 2009 and consists of four steeply lenses 5-20m wide, to a depth of 350m, over a strike length of 250m. Drill Hole DDH SAN-002 intersected four discreet mineralized intervals grading 0.92% U3O8 over 2.5m at a depth of 253.9m to 256.4m, 1.18% U3O8 over 4.3m at a depth of 259.0m to 263.3m, 0.57% U3O8 over 1.6m at a depth of 273.3m to 275.3m, and 0.62% U3O8 over 2.2m at a depth of 277.5m to 279.7m. The highest grade mineraization intersected graded 5.69% U3O8 over 0.3m. Qavvik is an early stage discovery that has never received follow-up drilling to determine the extent of mineralization in the area.
The Ayra showing has all the hallmarks of classic unconformity type mineralization with uranium enrichment (67 to 610 ppm uranium) near the unconformity along steeply dipping faults that are clearly reactivated fault zones which offset the 10m to 60m thick overlying Thelon sandstone. The host rocks to the Ayra showing consist of lamprophyre, syenite, and gneiss unconformably overlain by strong altered and uranium enriched (2 to 11ppm uranium) Thelon sandstone. Only 15 widely spaced holes have tested this prospect
Cameco drilling 2008-2012 showing Tatiggaq, Qavvik, and Ayra discoveries over magnetic survey background
Sources: Various Cameco reports filed with the Nunavut Mining Recorder, presentations by Cameco at the Nunavut Mining Symposium and Saskatchewan Mining Open House from 2009-2013, and Rebecca Corrine Hunter PhD Thesis, Laurentian University, Sudbur, Ontario, Canada, 2021.
Summer 2022 Programs
Forum’s technical team and consultants carried out the following programs: