Posted in | Uranium | Mining Business

Forum Uranium Acquires 100% Interest in Two Claims in Russell Lake Area

Forum Uranium Corp. announces that it has acquired a 100% interest in two claims totaling 6,530 hectares in the Russell Lake area, 20 kilometres northeast of the Cameco/AREVA Key Lake Mine and Mill in the eastern Athabasca Basin.

Ken Wheatley, Forum's Vice President, Exploration stated, "Forum is always on the lookout for quality exploration prospects in the Athabasca Basin. The Wham property fits Forum's exploration criteria of being well located to existing infrastructure and with uranium potential at shallow depths. Rio Tinto Exploration and AREVA Resources Canada claims surround the Wham property and they are actively exploring in the area."

AREVA Resources Canada's Mam Lake Uranium Zone is located along an east-northeast electromagnetic conductor that contains a strongly tectonized, 10km long graphitic meta-pelitic gneiss unit. It is interpreted that this graphitic unit and a sub-parallel graphitic unit to the north extend on to Forum's Wham property, located 2 kilometres on trend to the east of the Mam Lake Uranium Zone. The Mam Lake Uranium Zone was drilled in 1978/79 and outlined a 600 metre long by 100 metre wide zone of uranium mineralization. The strongest drill intersection was a 4.5 metre interval from 171.8 metres to 176.3 metres grading 1.1% U3O8 with a 0.3 metre interval at 173.3 metres to 173.6 metres grading 6.8% U3O8.

The depth to the unconformity on the Wham property is interpreted to be approximately 200 metres. The regional airborne magnetic map shows that the entire Wham property is situated within a broad magnetic low zone. Additional electromagnetic, magnetic and gravity surveys are recommended to explore the possible extension of the Mam Lake Corridor on to Forum's Wham property.

Forum will pay $7,500 cash and issue 25,000 shares for the claims, subject to TSX Venture Exchange Approval. A Finder's Fee may be payable in accordance with the policies of the TSX Venture Exchange.

Ken Wheatley, P.Geo. and Forum's VP, Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.


Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback