Tue Dec 15, 2009 Forum To Drill Up To 15 Holes On The Key Lake Road Project, Athabasca Basin
Vancouver, B.C. December 15, 2009. Forum Uranium Corp. (FDC: TSX-V) is pleased to announce that preparations are well underway for the upcoming winter drill program on the Key Lake Road project in northern Saskatchewan.
- 2,500 meter drill program; up to 15 holes planned, January 2010
- $1 million budget approved
- Located south of the Cameco/Areva Key Lake Mine
- Shallow, near surface drill targets; No sandstone cover
- Amenable to open pit mining
The drill program will commence January, 2010 in search for a basement deposit modeled after the Roughrider discovery by Hathor as well as Cameco's 56.5 million pound Millennium uranium deposit (Source; Indicated and Inferred Resource- Cameco 2008 Annual Financial Review). All of the Key Lake targets have potential for this style of basement-hosted uranium mineralization at or near surface.
A large east-northeast trending conductive system (the Costco trend) lies parallel to the Key Lake fault system to the north where the Cameco/Areva Key Lake mine produced 195 million pounds uranium from 1983-1998 (Figure 1). Several strong gravity anomalies and EM conductors are present on five grids along the Costco trend.
Winter plans are to conduct a minimum 2,500m drill program on the Costco grids for 12 to 15 drill holes in the targeted areas and will be the first time that these areas will have been drilled. Only one hole was previously drilled on the Costco 3 grid (Denison DDH 79-5 in 1979, Figure 2) which intersected moderate to strong basement alteration through most of the hole. This hole was not tested for geochemistry or clay analysis, and was never followed up by further drilling. DDH 79-5 lies on the outside edge of a large gravity low defined by Forum in 2008.
Exploration work completed in the summer of 2009 consisted of prospecting, mapping and two Soil Gas Hydrocarbon surveys. The Soil Gas Hydrocarbon survey has identified two target areas, one on the Karpinka property (50:50 with Virginia Energy Resources Inc.) and one on its 100% owned Romulus claim, immediately west of Karpinka. Forum is developing targets on these projects for drilling at a later date.
Figure 1: The Forum Projects in the Key Lake Road Area. The white rectangle shows the location of the upcoming drill program. This figure only shows the northern half of the large (98,000 hectares) Key Lake Road project covering the eastern Athabasca mine trend. The red line running through Forums' property is Highway 914 to the Key Lake mill.
Figure 2: Gravity map on a section of the Costco Trend, Key Lake Road project. The blues are gravity lows, the reds gravity highs. The black dashed line is an EM conductor marking a graphite horizon. The circles are existing drill holes completed by Denison in 1979 and 1980. Drill targets for 2010 are in the gravity lows, thought to be areas of low density caused by alteration by hydrothermal fluids (possibly mineralized).
Ken Wheatley, P.Geo. (Saskatchewan, Nunavut), Vice President, Exploration is the Qualified Person that has reviewed the contents of this news release.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits nearby existing infrastructure by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
ON BEHALF OF THE BOARD
Richard J. Mazur, P.Geo.
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur
President & CEO
Tel: 604-630-1585
Or Mark Prosser
Corporate Communications
FORUM URANIUM CORP.
910-475 Howe Street
Vancouver, BC V6C 2B3
Tel: 604-638-3947
Fax: 604-662-8429
Email:
Website: www.forumuranium.com
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