Vancouver, B.C., May 9, 2013 - Forum Uranium Corp. (FDC: TSX-V) and joint venture partner NexGen Energy Ltd. are pleased to announce drill results from the “off scale” mineralization at Zone A and the Barney zone targets on the Northwest Athabasca project. Results from the 30 metre intercept of uranium mineralization at Otis West are still pending.
Highlights
- Zone A- 3 metres of 1.34% U3O8, including 2.48% U3O8 over 0.5 metres at a depth of 90 metres.
- Zone A- Mineralization associated with a 1km long NW trending fault.
- Barney- 2.32% U3O8 over 0.5 metres.
Zone A
Zone A lies on the north side of the Maurice Bay deposit* (historical resource of 1.5 million pounds of uranium grading 0.6% U3O8) and is hosted mainly within basement rocks along a major NW trending fault (Figure 1). The mineralization within NWA-65 and NWA-66 appears to be associated with this fault which has a strike length of at least 1 kilometre.
Table 1: Significant assay results from the Zone A Drill holes.
| Hole Number | From (Metres) |
To (Metres) |
Width** (Metres) |
Grade (% U3O8) |
| NWA-65 | 80.5 | 83.5 | 3.0 | 0.14% |
| NWA-66 | 88.5 | 91.5 | 3.0 | 1.34% |
| includes | 90.0 | 91.5 | 1.5 | 1.86% |
| includes | 91.0 | 91.5 | 0.5 | 2.48% |
| ** Downhole width | ||||
Previous drill holes on Zone A completed in 1978 (MAU-543 and MAU-545) intersected 6m of 5.65% U3O8 from 113 to 119m and 3m of 1.08% U3O8 from 113 to 116m respectively, giving the high-grade portion of the mineralized zone an interpreted vertical extent of at least 30.5 metres. Further exploration along the strike of this structure is strongly recommended.
Barney
Five holes were drilled on the Barney target to follow up on mineralization encountered in four holes in Barney North and to further test the gravity low on Barney South. Drill hole NWA-53 intersected 0.5m of 2.32% U3O8 from 169 to 169.5m in a graphitic shear. Follow-up drilling is recommended for up-dip extensions and on strike to the east.
Maurice Bay Deposit*
A 1.5 million pound historical uranium resource grading 0.6% U3O8 for the Maurice Bay deposit, as reported by Saskatchewan Industry and Resources, Miscellaneous Report 2003-7 has not been calculated or classified under the specifications of National Instrument 43-101 and should not be relied upon.
Figure 1: Gravity with Drill Targets on the NW Athabasca Project. Black dots are previous holes, yellow stars are holes drilled in 2013 by Forum. Lines are EM conductors. Gravity lows are depicted as blue colours.
Figure 2: Zone A Cross Section. Grid is 20x20m, uranium intercepts are in red.
Quality Assurance and Quality Control
Core samples are collected and shipped in sealed containers to the Saskatchewan Research Council, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory for geochemical analysis using the Uranium ICP Package. This package is the preferred analytical technique for detecting uranium and pathfinder elements in the alteration halos of unconformity-type uranium deposits in the Athabasca Basin. Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum’s Vice President, Exploration is the Qualified Person that has reviewed and approved the contents of this news release.
NW Athabasca Joint Venture
The NW Athabasca project is a joint venture held 60% jointly by Forum and NexGen Energy Ltd. Forum is Operator of the joint venture with 27.5% partner Cameco Corporation and 12.5% partner AREVA Resources Canada Inc.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
ON BEHALF OF THE BOARD
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, President & CEO
Tel: 604-630-1585
Matt Terriss, Director, Corporate Affairs
Tel: 604-638-3947
Or
Robin Cook, Senior Account Manager
CHF Investor Relations
Tel: 416-868-1079 x 228
Email: robin@chfir.com
