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.

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. 

Exploration History

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:

• DDH TUR-042 – 2.69% U₃O₈ over 7.9 m from 200.2m to 208.1m, including 24.8% U₃O₈ over 0.4m at a depth of 202.9m to 203.3m
• DDH TUR-052B - 0.43% U₃O₈ over 54.2m at a depth of 115.4m to 169.6m
• DDH TUR-056 – 0.93% U₃O₈ over 9m at a depth of 126m to 135m
• DDH TUR-058 – 1.17% U₃O₈ over 6.1m at a depth of 88.2m to 94.3m

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:

• Completed a review of Cameco’s historical drilling;
• Initiated location studies to determine the most suitable location to construct a camp for planned 2023 drilling;
• WSP Golder was hired as an independent third party consultant to prepare an archaeological study for documenting sensitve sites within the project area;
• Initiated a community engagement program with the Hamlet of Baker Lake;
• MWH Geo-Surveys has begun conducting ground gravity surveys over four grids at a station spacing of 100m, along lines 400m apart.