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Introduction
The North Thelon Project now covers over 245,000 ha and consists of four project areas; the Kiggavik North and South Projects, the Tanqueray Option, the Agnico-Eagle Option and the northern half of Inuit Owned Land (IOL) parcel BL-21, all located on the eastern margin of the Thelon Sandstone Basin, approximately 50km west of Baker Lake, Nunavut. All the projects are located adjacent to Areva's Kiggavik uranium mine development project (148M lb U3O8).
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 U3O8. The ore would be processed in an on-site mill at Kiggavik to produce 7.8 million pounds U3O8 per year over a mine life of 17 years, commencing in 2015. The project is expected to employ 400-600 people during operations.
The Kiggavik North and South Property is 100% owned by Forum. Forum has an option to earn 60% of the Property held by Tanqueray Resources Ltd. Forum has option an 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.
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 southwest, north and northeast of the Kiggavik deposits (including the Kiggavik, End and Andrew Lake uranium deposits), which occur mainly in meta-arkoses and mafic volcanics along a 24 kilometer (km) section of a regional northeast-southwest trending structural zone called the "Kiggavik Structural Trend". Forum's land position covers 50 km trend of favorable rock types that have potential to host similar style deposits.
Historical Work
Evaluation of historical data in government assessment files list several areas of significant uranium occurrences within the North Thelon claims that were left untested in the early 1980's. On the North Thelon property, several historic occurrences within hematized and brecciated dirty quartzites, fault breccias and granites (same units hosting the Kiggavik deposits) are grading from 0.06% to 0.31% U3O8.
2007 Program
Forum conducted an exploration program from July through to September, 2007 on its 100% owned ground and on the adjoining ground optioned from Tanqueray Resources Ltd. where three uranium showings grading up to 1.07% were reported. Field crews examined numerous historical uranium showings on the NTJV property and, through further investigation of other areas of favorable geology and structure, discovered previously unreported uranium mineralization of particular interest as follows:
FOR-62 -- A newly discovered occurrence in a thrust faulted package of quartzite and metawacke with uranium values up to 1.3% U3O8 at the intersection of NW and ENE trending faults.
Tarzan -- This well located prospect covered by overburden lies along a northeast structure (identified by existing airborne magnetic and electromagnetic surveys) which hosts AREVA's End deposit, Andrew Lake deposit and Jane showing that lie 3 km to the northeast of Forum's property.
Nutaaq (Inuktitut for "Something New") -- A newly discovered occurrence over a 4km by 2km area in regolithic quartzite and metawacke intruded by fluorite-bearing granite with results up to 0.18% U3O8. A gravity survey has identified gravity lows which may indicate zones of alteration.
Pyro Lake -- An historical occurrence in regolithic metawacke and metavolcanic rocks at the unconformity with overlying Thelon conglomerate. Grades of 0.13% U3O8 occur in an area of the intersection of three faults.
Ivitaaq (Inuktitut for "Red Rocks") -- An historical occurrence in regolithic metawacke and quartzite at the unconformity with Thelon conglomerate. Grades of up to 0.19% U3O8 occur at the intersection of two fault systems.
Boundary -- Thrust faulted quartzite and metawacke cut by a WNW to NW fault system. Grades of up to 0.08% U3O8 occur at the intersection of these two fault systems
Red Hearts -- A complex network of predominantly ENE and NNW trending faults within quartzite and metawacke, which are strongly radioactive.
2008 work program
Forum completed an aggressive, multifaceted exploration campaign this past summer which included an airborne survey, ground gravity surveys, mapping, prospecting, till sampling and limited diamond drilling over this large property. Forum is utilizing the same exploration method that was instrumental in the discovery of the major deposits in this region by Areva.
2008 Drilling
A total of 12 holes for 2474m were completed and tested six different areas in this first pass drill campaign. A total of 270 composite and selective geochemical core samples were collected, as well as 158 spectral clay chips.
The most prospective areas drilled were the large gravity targets found on the Tarzan A and B grids along the Kiggivik trend. 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% U3O8. (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 the 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).
Geophysical Surveys
Forum commissioned Fugro Airborne Surveys to fly two large blocks of RESOLVE electromagnetic/magnetic surveys for a total of 7891 line kilometres covering most of the North Thelon Project area. MWH Geo-Surveys Ltd conducted 11 ground gravity survey grids in 7 areas across the North Thelon Project area.
Geological Mapping and Prospecting
Prospectors located several more uranium showings on Forum's 100% owned Tarzan property and on ground optioned from Agnico-Eagle and Tanqueray Resources Ltd. with values up to 2890 ppm uranium.
2009 Program
Preliminary plans for 2009 are to conduct ground gravity surveys, till sampling and mapping. Targets generated by these surveys will be followed up by a diamond drill program, which will include further testing of Forum's Tarzan area that lies on the south end of the Kiggavik trend. Forum is also considering a major joint venture partner.
Maps
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