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.
Forum’s exploration properties are located at or near the edge of the Basin boundary, in search of near-surface uranium mineralization. Properties have been selected based on their proximity to known uranium deposits or occurrences and are associated with major structures and conductive zones. Forum maintains an extensive portfolio of uranium projects with advanced exploration targets.
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.
Wollaston Lake: 2022 Drill Areas
Highrock (Sassy Resources Corp Option to Earn 100%)
Forum has granted Sassy Resources Corporation an option to acquire a 100% interest in the Highrock uranium property for staged payments over four years totalling $350,000 in cash, 3.75 million common shares of Sassy, and $3.5 million in exploration expenditures. Exploration is targeting basement-hosted uranium, similar to the nearby P-Patch deposit discovered by Forum’s Ken Wheatley whlile with Uranerz in 1997.
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. Airborne magnetic, electromagnetic, and radiometric surveys commenced in May to aid structural mapping and define prospective drill targets.
Grease River Project - Regional Location Map
Fir Island (Orano Canada Option to earn 70%)
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. Forum has requested the lab to assay these nickel zones for palladium, platinum, and gold.
Drill targets planned for 2021 along a four kilometre electromagnetic conductor marking the Cathy Fault to the north of Fir Island could not be drilled this year due to poor ice conditions. 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. Drilling is planned to resume on targets defined by this survey in early 2023.
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 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 is reviewing plans for establishing a new base camp next summer. A permit application for a 3,500m drill program planned for early 2023 has been submitted.
Henday (Forum 40% Rio Tinto 60%)
Forum is partnered with Rio Tinto at Henday.
Other Uranium Projects
Forum has drill ready targets at its 75% owned Clearwater and 65% owned Costigan projects
Nunavut 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. This summer, Forum completed a review of Cameco’s historical drilling, which totaled 36,000m in 135 drill holes. Additional initiatives including archaeological studies, community engagment, and camp location analysis are ongoing. Ground geophysical surveys are also underway to identify targets for furture drilling planned for 2023.
Map showing location of Forum’s Tatiggaq, Qavvik, and Ayra uranium showings, camp location, and geophysical survey areas to the west of Orano and partners Kiggavik ground.
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 March 2023, the two companies amended their agreement. 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 the Janice and Jansem targets, copper mineralization has been significantly expanded along strike and down dip from the initial drilling success by Forum. 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.
Janice Lake Drill Target Areas 2018-2021: Janice, Jansem, Kaz, Rafuse.
EVALUATING THE NI-CU-PGM POTENTIAL AT LOVE LAKE, SASKATCHEWAN
Love Lake Project
Forum staked 12 claims covering 32,135 ha to evaluate the potential for palladium and other PGM, gold, copper and nickel. In 2020, a detailed airborne magnetometer survey identified three main areas of possible feeder pipes, in addition to several small pipes.
A 2,844m diamond drill program completed in September tested three prioritized targets for Nickel, Copper, and PGMs.
Simplified Geology Map. The Swan Lake Complex, hosts four separate PGM showings.
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.
Results are pending from a prospecting, mapping, and sampling program completed in October