Introduction
The 100%-owned Henday Project consists of 3 claims covering 7,204 ha of the north-eastern margin of the Athabasca Basin, Saskatchewan. The property is strategically located along the north-east trend which hosts the Midwest Lake mine project (41.0M lbs. U3O8 at an average grade of 5.5%) currently slated for production in 2008 by AREVA Resources Canada and Denison Mines Corp., and the Midwest A Zone, where Denison Mines recently reported results of 10.5 meters grading 12.4% U3O8 to 22.6 meters grading 26.7% U3O8.
Forum entered into an Option Agreement on the Henday project in the Athabasca Basin, Saskatchewan with Hathor Exploration Limited ("Hathor") on February 27th, 2009. Hathor can earn up to a 60% interest in stages by spending $3.5 million in exploration over three years and making a payment of 150,000 shares upon TSX approval. Hathor's first year commitment is to complete a $500,000 ground electromagnetic and gravity survey program to commence immediately. A further 10% interest in the property can be earned by completing a feasibility study. Forum will be the operator up until Hathor completes its 60% interest. For the complete terms of the agreement please see news release dated February 27th/2009.
Geology
The Henday Project covers favorable basement rocks within the Mudjatik-Wollaston Tectonic Zone, a northeast trending structural zone on the eastern margin of the Basin along which the district's most productive uranium mines occur. Over 95% of known Canadian uranium deposits and all current uranium producing mines in Canada are located on this trend.
The Mudjatik-Wollaston Tectonic Zone is the NE trending high strain tectonic zone marking the boundary between the Archean gneisses and granitoids of the Mudjatik Domain to the west and Archean gneisses, metasediments, and pegmatite intrusions of the Wollaston domain to the east. Uranium mineralization on the Henday Project generally occurs within a Proterozoic, graphite-bearing suite of metapelite, pelite, calc-silicate and arkosic metasediments found within this high strain zone.
The Henday Project is targeting basement hosted, structurally and stratigraphically controlled uranium deposits such as Comeco's Millennium deposit (containing 47.2M lbs of U3O8 indicated and inferred) and the Eagle Point/Rabbit Lake deposit (containing 19.0M lbs of U3O8 proven and probable). These deposits generally contain structurally controlled veins, breccias and massive replacement-type mineralization. The mineralization on the Henday Property is shallow - the unconformity is at an average depth of 160 m, ranging from 125 m to 220 m.
Historical Work
Historical work on the Henday Project including mapping, trenching, sampling, drilling, and geophysics has outlined several mineralized zones including one drill intercept of 0.21% U3O8 over 4 m in the Athabasca sandstone at the unconformity, and 10 other holes have intersected anomalous uranium mineralization associated with electromagnetic conductive trends, strong clay alteration and anomalous geochemistry.
Previous ground electromagnetic surveys have outlined 8 conductive trends totaling 45 line kilometres on the property that identify prospective graphitic lithologies in basement rocks. Areva's Mallen lake showing lies to the south of the property where drill intercepts of 5.9% U3O8 over 0.3 m and 2.5% U3O8 over 0.3 m in basement rocks were encountered.
2008 Exploration Program
Results from 21 holes, totalling 4971 meters were reported in September 2008. Two of Forum's drill holes successfully identified an illitic alteration halo. The alteration halo extends both upwards into the sandstone and downwards into the basement for a total of 50m in thickness (115 to 155m). Uranium values up to 313 U ppm were intersected with associated Nickel, Boron, Lead and Copper. Anomalous geochemistry such as this may be indicative of a fertile hydrothermal system, and is a common feature around all the uranium deposits in this part of the Athabasca Basin. For complete results please see news release dated, Sept 8th, 2008. Work proposed for 2009 will include ground gravity surveys over the anomalous areas which proved effective in delineating Hathor's nearby Roughrider zone.
2009 Exploration Program
A $500,000 ground electromagnetic and gravity survey program commenced in February as per terms of the Joint Venture with Hathor Exploration. This was completed in May and high priority drill targets have been identified.
A high-resolution airborne magnetometer survey is currently underway. This survey will help identify and prioritize the structural geology and rock types on the project, and place them in context with surrounding properties, including Hathor's Roughrider Zone that lies approximately 12 km to the south, and the Midwest, Dawn Lake and McClean Lake deposits.
As operator of the Henday project, Forum will recommend a drill campaign slated for January, 2010 or earlier. The combined efforts of the Forum and Hathor exploration teams should take the property to its full potential.
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