Introduction
The North Thelon Project now covers over 245,000 ha and consists of three project areas; the Kiggavik North and South areas, the Agnico-Eagle Option area and the Inuit Owned Land (IOL) areas; the northern half of IOL BL-21 and the entirety of BL-32. The Kiggavik North and South areas are 100% owned by Forum. Forum has an option on Agnico Eagle Mines Ltd. Judge Sissons and Schultz Lake uranium properties adjacent to Areva's Kiggivik project. In December of 2008 Forum entered into a Memorandum of Understanding (MOU) with Nunavut Tunngavik Incorporated (NTI) to earn a 100% interest in all minerals on 27,344 hectares of the northern half of Inuit Owned Land (IOL) parcel BL-21.
The North Thelon project is located on the eastern margin of the Thelon Sandstone Basin, approximately 50km west of Baker Lake, Nunavut. The project is located adjacent to Areva's Kiggavik uranium mine development project (148M lb U
3O
8) and Cameco's Aberdeen and Turqavik projects. Areva Resources Canada Inc. has filed a project description to the Nunavut Impact Review Board, the regulatory authority that approves mining projects in the territory, for public consultation, environmental assessment and permitting of the Kiggavik Mine Development project. The total quantity of recoverable reserves is currently estimated at 114 million pounds U
3O
8. The ore would be processed in an on-site mill at Kiggavik to produce 7.8 million pounds U
3O
8 per year over a mine life of 17 years, commencing in 2015. The project is expected to employ 400-600 people during operations.
Geology
The North Thelon Project covers a portion of the eastern margin of the Proterozoic Thelon Sandstone Basin. The claims are strategically located adjacent to the north, east and south of the Kiggavik deposits (including the Kiggavik, End and Andrew Lake uranium deposits), which occur mainly in meta-sediments and meta-volcanics along a 24 kilometre section of a regional northeast trending structural zone called the "Kiggavik Structural Trend". Forum's land position covers 50km of the eastern extension of the meta-sediments and meta-volcanics that host the Kiggavik deposits, holding good potential to host similar style uranium deposits.
Historical Work
Exploration in the project area was carried out by Urangesellschaft Canada Ltd. ("UG") starting in 1975. Systematic coverage of much of the Thelon Formation and surrounding basement rocks was done by utilizing airborne EM and radiometric surveys. Anomalous areas were then prospected and mapped in detail and in 1977 the Kiggavik deposits were discovered. UG and then Japanese partner PNC discovered the Andrew Lake and End deposits in the 1980's using resistivity and gravity techniques. Areva took control of the project and continued exploration until 1997. The Kiggavik project was on hold from 1997 until 2004 and the land base was dramatically reduced to keep down assessment fees. This is the land that Forum acquired in 2006, and most of this ground has not seen uranium exploration work since 1982: the work by Areva and PNC was concentrated along the Kiggavik trend.
2007 - 2009 Exploration by Forum Uranium Corp.
An annual exploration campaign on the North Thelon project has involved summer mapping, prospecting and ground gravity surveys. . This was followed by more ground gravity surveys and a diamond drill program. A total of 12 holes for 2474m were completed and tested six different areas in this first pass drill campaign. Several prospective areas were drilled including the large gravity targets found on the Tarzan A and B grids along the Kiggivik trend, the Graphite Zone, BD and RD-7. The Tarzan A gravity target measures 1.2 km by 0.7 km in area and is located 4.6 km southwest of Areva's Jane uranium occurrence where drilling intersected 1 metre grading 8% U
3O
8. (Source: GSC World Mineral Occurrence Database). The Tarzan B gravity targets measure 500m by 250m and 1.0 km by 0.6 km in area and are located 11km southwest of Jane. Three holes were drilled into each of these two large gravity targets. Tarzan A drilling (TZ-01, TZ-02, TZ-03) returned extensive alteration including intense de-silicification, quartz flooding, hematite re-mobilization and clay replacement. T2-01 intersected 2 m of 152 ppm U from 110 to 112 metres. Spectral clay sampling shows illite is often the dominate clay in this alteration. Illite alteration halos with anomalous geochemistry may be indicative of a fertile hydrothermal system, and is a common feature around the known uranium deposits of this region.
Lab results have shown TZ-04 on the Tarzan B grid to have the most anomalous geochemistry. Variable uranium enrichment occurs nearly continuously from 12 to 146m(22ppm U over 79.5m from 45 to 124.5m) and numerous pathfinder elements (up to 120ppm Pb over 11.2m and 801ppm B over 12.7m) are also variably enriched. TZ-05 returned localized uranium enrichment from 185.3 to 195m (14ppm U), and TZ-02 on the Tarzan A grid has local uranium enrichment from 84.1 to 93m (21ppm U). The single holes at Graphite and BD both intersected the quartzite/meta-sediment contact with associated elevated radioactivity and associated brecciation. The hole at RD-7 stayed within the quartzite and follow-up holes will be drilled further to the north-east, closer to the contact with carbon-rich meta-sediments. Mapping and prospecting continued in 2008, along with a soil sampling survey.
In 2008, a Fugro airborne EM survey was flown over two large blocks on the project to provide 7891 line kilometres of an apparent resistivity map and an electromagnetic map. The resistivity is excellent for identifying faults, structures and resistive/non- resistive rocks, which allowed Forum, in conjunction with ground gravity surveys, to identify 1st priority targets for future drill programs. Also, MWH Geo-Surveys Ltd has conducted 18 ground gravity survey grids in 11 areas across the North Thelon Project area. Gravity lows along a structure may indicate clay alteration, a signature of the uranium deposits in the area.
In 2009, a review of Forum's geochemical database revealed Rare Earth Element (REE) anomalies in the Nutaaq area, so re-sampling and mapping on localized outcrop was done. Values of up to 3.8% total rare earth oxides were returned.
2010 Exploration
Further mapping and prospecting was carried out, with an emphasis on rare earth elements, gold and mapping/prospecting for assessment purposes. Soil sampling was carried out along the contact area of the Graphite showing - a 2km long series of sulphide-bearing uranium showings (grades of up to 1.07% U
3O
8) to aid in developing drill targets. Mapping and sampling on gold prospects was also a major aspect of this summer's work.
Detailed prospecting and sampling in the Nutaaq area to get a better control and understanding of the REE anomalies was also conducted, and returned values of up to 7.6% TREO. The Nutaaq geology is dominated by a 10km by 8km syenite intrusive mixed with Hudsonian granites along a major N070 structure. The REE appear to be concentrated in goyazite clays within hematized syenites on the east side of the Nutaaq area, associated with alteration formed by the Thelon sandstone which once overlay the area. The syenites were fresh on the west side of the Nutaaq area, but have returned the highest grades to date.
A large and comprehensive series of gravity surveys was also conducted during July and August, completing coverage over most of the priority targets. Approximately 3,000 stations on 6 grids were completed, with drill targets being generated on a number of the grids. The North Thelon project is now in a drill-ready state, and Forum is looking forward to a major drill campaign in 2011 to take this property to the next level.
Maps
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