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Introduction
The Key lake Road Project area consists of 5 projects, covers over 240,000 ha and 100 km of prospective mine trend. This location, the eastern margin of the Athabasca basin, is home to the most productive uranium mines in the world with roughly 25% of the worlds Uranium productions coming from this area. The projects are, Key Lake Road, Haultain River, Romulus, Orchid Lake, and Highrock Lake.
Geology
The Key Lake Road Project area 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 Key Lake Road Project generally occurs within a Proterozoic, graphite-bearing suite of metapelite, pelite, calc-silicate and arkosic metasediments found within this high strain zone.
The Key Lake Road Project area is targeting basement hosted, structurally and stratigraphically controlled uranium deposits such as Cameco'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.
Key Lake Road Project
- 100% owned, consisting of 25 mineral claims covering 111,564 ha
Forum's Key Lake Road project is located south of Cameco's Key Lake deposits, and 20 km southwest of Cameco's Key Lake Mine/Mill Complex, the principal processing facility for the nearby high grade McArthur River uranium mine and site of the formerly productive Key Lake Deposit. It is underlain by rocks that host all the known uranium deposits in the eastern Athabasca Basin, and also hosts a major shear zone. The project is almost 70km from north to south, and 12 to 20km wide.
Geology
The KLR property is situated along the contact of the Mudjatik and Wollaston Domains (Figure 1), two of the major lithotectonic subdivisions of the Precambrian rocks in Saskatchewan. The contact area between these two domains is very important for hosting most of the uranium deposits on the east side of the Athabasca Basin. The contact and related cross-cutting structures are the main control for the location of the deposits: all major uranium deposits in the Athabasca Basin occur along one of these trends. Several of these structural trends exist within the KLR property: the contact between the Mudjatik and Wollaston Domains named the Key Lake Road Shear Zone (KLRSZ), and several N070 trending cross-structures. The KLRSZ is approximately 50 km long and is present the entire length of the KLR property. Another major structure is the Costco Trend, orientated at N070. This structure is sub-parallel to the Key Lake structure that hosts the Key Lake deposits located 25 km to the north. The project is well located as it has the all-weather Key Lake Road running through the middle of the property. The deposit model Forum is using is the basement --hosted model, as there is no sandstone on the project. Examples of this model are Millennium (54 million lbs.), P-Patch (17 million lbs.) and Eagle Point (120 million lbs.).
Historical Work
The Key Lake Road property was acquired by Forum Uranium Corp. in 2004. In the summers of 2005, 2006 and 2007, reconnaissance geological mapping and radiometric prospecting were carried out. The locations of the uranium mineralization which were discovered during this period are shown in Figure 1. All uranium showings were basement-type uranium mineralization and found in pelitic gneiss, pegmatite and calc-silicate. The larger uranium showings, such as the DD Zone, the Molly Zone and the Millison Lake showings, were mapped in detail. In 2007, a total of 1,454 lake sediment samples were collected over almost the entire project using a helicopter-supported survey.
Airborne VTEM and magnetic surveys were carried out in 2005 and in 2006 over the Key Lake Road project. Two strong sub-parallel north-south trending conductors, the C-1 and C-2, were outlined over the entire length of the KLRSZ. Ground Horizontal Loop EM surveys were carried out over some of the airborne conductors to better define drill targets in 2007 and 2008, and in 2009 concentrated on the Costco conductors. Ground gravity surveys were also conducted over the Costco trends in 2009, to identify zones of hydrothermal alteration which show up as gravity lows.
All drilling done by Forum in 2006 to 2008 was situated along the 50km long KLRSZ and most target areas were accessible by drill road. The majority of holes were drilled to test the C-1 conductor, others were drilled to test the C-2 conductor and a few to test the western Hobo conductor. Only one hole was drilled to test the C-3 conductor. Other holes were drilled to investigate the outcrop uranium mineralization found by prospecting such as in the DD area, Hobo area and Molly area. Drilling in 2010 investigated a small part of the Costco trend in the northern part of the project. A total of 79 holes for 12,137 metres have been completed on the project to date by Forum Uranium Corp. The exploration expenditures to date come to a total of $8.7 million.
Future Exploration
Future exploration work on the project would include a mix of ground gravity surveys along the KLRSZ, geochemical surveys (A-horizon tills) and diamond drilling.
Highrock Lake
The Highrock property is a continuation of the Black Forest part of the Key Lake project, hosting the Key lake deposits and the GAX, BV and P Patch showings (Figure 1). The conductive package that runs through the Highrock property is the southern extension of the same conductor that hosts the Key Lake deposits. This conductor is very strong and has a total length of 13.5km on the Highrock property, with the main conductive system running the entire 6 km length of the project.
To date, only 3 overburden holes have been drilled on the property in 1980. Forum is currently conducting a line-cutting program followed by ground EM and ground gravity to ready the project for a future drill program.
Costigan Lake Joint Venture
- 743 ha (Forum is the operator, 65%, with NVI Mining (NVI), wholly owned subsidiary of Breakwater Resources Ltd ("Breakwater").
The Costigan Lake project is located 15 km southwest of the Key Lake deposit on what is interpreted to be the same graphitic horizon that hosts the deposits. The property consists of one mineral lease, ML 5487, with a total area of 743 ha and is owned by a joint venture partnership of Forum Uranium Corporation (65%) and NVI Mining Ltd. (35%). The Costigan Lake project was acquired in 2006 and an HLEM survey was completed over the entire property in the same year. This survey outlined four sub-parallel conductors through the entire length of the property.
Historical Work
A diamond drill program from consisting of 6 holes (824m) was completed by April of 2006, followed by another 2 holes in 2007 to test the conductors. Thick tectonized graphitic pelitic gneiss and weak uranium mineralization was encountered in drill holes COS-03 (0.069 % U3O8 over 0.1 m), COS-04 (0.026 % U3O8 over 0.2 m) and COS-05 (0.109 % U3O8 over 0.1 m) and in a historic hole CS 79-03 (0.088 % U3O8 over 4.02 m). Strong alteration was encountered in all four mineralized holes. Holes COS-07 and COS-08, drilled in 2007 encountered thick graphitic pelitic gneiss but no major structures or mineralization was intersected.
Romulus
- 100% owned, consisting of 6,140 ha
The Romulus property was staked in 2007 and covers the northern extension of the Key Lake Road shear zone. Approximately 16 kilometres of conductor are on this property. Line-cutting, ground EM and ground gravity surveys are planned for this project to prepare it for future drill programs.
Maps
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