Introduction
The 100%-owned Maurice Point Project consists of one mineral permit and fifteen mineral claims, covering 51,799 ha of the margin of the Athabasca Basin, Saskatchewan. The property is located immediately adjacent to Cameco Corporation's Maurice Bay deposit on the northwest margin of the Athabasca Basin.
The Maurice Bay uranium deposit, is reported to host 1.3 million pounds of U
3O
8 at a grade of 0.6%, includes structurally controlled mineralization within altered basement rocks and at the sub-Athabasca unconformity.
Forum Uranium has entered into an agreement with Mega Uranium Ltd. (MGA:TSX.V) to explore and develop Forum's 100% owned Maurice Point property, whereby Mega Uranium can earn a 55% interest in the Maurice Point project by spending $8 million over three years and issuing 100,000 Mega shares to Forum. Mega can earn a further 15% interest (total 70% interest) by delivering a positive feasibility study and arranging project financing. Forum has the option to convert its remaining 30% interest to a 2% NSR at its election. Forum is the Operator.
Geology
The Maurice Point Project covers the extensions of basement structures containing the Maurice Bay mineralization and the favorable Athabasca unconformity. The basement rocks include Archean gneisses and migmatites of the White Lake Complex which are unconformably overlain by metasediments of the Thluicho Lake Group. Both the gneisses and the metasediments appear to have been intruded by granite and granodiorite of the Western Granodiorite Complex.
The Maurice Point Project is targeting typical unconformity hosted uranium deposits similar to the nearby Maurice Bay deposit (1.3M lbs of U
3O
8 Resource), or the McArthur River deposit (436.5M lbs U
3O
8 Reserves).
Historical Work
Historical work on the Maurice Point Project including mapping, trenching, sampling, drilling, and geophysics has outlined 8 mineralized zones between Anderson Point in the north, and MacKenzie Point in the south with grab samples as high as 0.6% U
3O
8 and drill intersections including 0.15% U
3O
8 over 0.3m.
During 2005, Forum Uranium geologists outlined several new zones and redefined several historical zones of mineralization on the Maurice Point Property, for example: grab samples range from 0.38% U
3O
8 to 7.31% U
3O
8 on the Beach Zone and grab samples range from 0.26% U
3O
8 to 1.01% U
3O
8 the Uranium Ridge zone; two highly prospective zones along the extension of the NE structure which hosts the Maurice Bay deposit. In 2006 and 2007, further geophysical surveys were completed.
2008 Drill Program
Forum and option earn-in partner Mega Uranium Ltd. drilled a total of 10 holes for 2,321 metres on two target areas and ground gravity surveys were completed on three grids and resistivity survey was completed on parts of two grids.
The highlight of the program was the drill intersection of a very large and re-activated basement fault system with associated strong hydrothermal alteration. Alteration and brecciation extend down to a depth of more than 250m, similar in size and style to that seen at several basement-hosted deposits in the Athabasca Basin.
Five holes were drilled on the Colin River grid, about 18 kilometres northeast of Cameco's Maurice Bay deposit. These tested the McKenzie Fault which was identified in the airborne magnetometer survey completed in 2007, and by the ground gravity survey in 2008. This large and reactivated fault system was intersected in three of the holes, with bleaching and hematization extending from surface to more than 250 metres in depth.
Five more drill holes were completed in the vicinity of the Beach Zone where uranium mineralization was identified both in boulders and in regolithic basement outcrop, with grades in grab samples of up to 6.3% U3O8. Several gravity targets under the lake and nearby the contact with the Athabasca sandstones were not tested due to technical problems with the drill. These will be tested in future drill programs.
2009 Exploration
Mega can earn a 55% interest in the Forum-operated Maurice Point project by spending $8 million over 3 years. Mega has completed its first year commitment requirements.
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