Vancouver, B.C., April 17, 2014 - Forum Uranium Corp.’s (FDC: TSX-V) winter drill program on its 100% owned Clearwater Property has successfully identified five major structural trends with reactivated graphitic shear zones, alteration, and areas of localized radioactivity. These positive results warrant leaving the camp and drill on site to expedite the planning of a follow-up summer program with minimal start-up costs.
Regional exploratory drilling of gravity and electromagnetic targets intersected brecciated graphite/pyrite in reactivated faults on all electromagnetic conductor targets (Figure 1). Two drill holes (CW-07 and CW-08) returned a mix of strong chloritization, variable bleaching and localized secondary hematite, indicating oxidized fluids (Figure 2). Two holes, CW-05 (Mongo target) on the interpreted south-west extension of the Patterson Lake structure and CW-09 on the eastern “arm” returned elevated radioactivity. The Mongo hole returned minor graphite, brittle/ductile breccia zones and a local radioactive peak of 300cps. Numerous targets along the 3km long Mongo trend remain. Hole CW-09 intersected strongly altered and corroded, weakly graphitic pelitic gneiss with locally elevated radioactivity of up to 300cps. Further drilling in both these areas has been recommended by Forum’s technical team.
Ken Wheatley, Vice President of Exploration commented “Forum is pleased with its initial drill program on this project. The combination of sub-vertical reactivated graphitic shear zones, intense alteration in the upper sections of the holes and the occasional occurrence of secondary hematite is indicative of the type of environment for transporting uranium bearing fluids. Clearwater is a large and untested property strategically located along strike from the PLS deposits, and this first pass limited drill program has provided valuable geological insight. We still have plenty of targets to drill along these structural corridors on the northern claim, and have yet to begin drilling the southern claims with their conductive trends, airborne radiometric anomalies and high uranium values in the lake sediments.”
Forum completed nine holes totaling 2,310 metres on nine separate, widely spaced targets, including a number of gravity lows, radon anomalies and EM conductors both on strike and running parallel to Fission Uranium’s Patterson Lake South trend. Analytical results are expected in early June. The drill program terminated early due to spring break-up, and planned drilling of a second hole on Mongo Lake was deferred due to poor ice conditions.
Forum will continue to prioritize the numerous conductive trends on the project and identify new targets from further evaluation of the results of this program. Most of the area is accessible all year round.
Figure 1: Gravity and radon anomalies with EM conductors on Forum’s Clearwater Project. Red lines are airborne EM conductors, black dashed lines are interpreted structural trends. The background colours are from an airborne magnetometer survey.
Figure 2: Drill hole locations on ground gravity background. Solid black lines are EM conductors, dashed black line is a major lithological contact. Hole CW-09 intersected strongly altered and corroded weakly graphitic pelitic gneiss with locally elevated radiometrics of up to 300cps. Hole CW-05 returned minor graphite, brittle/ductile breccia zones and a local radiometric peak of 300cps at 280m depth
Ken Wheatley, P.Geo. (Saskatchewan/Nunavut), Forum’s Vice President, Exploration is the Qualified Person that has reviewed and approved 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. 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 in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the 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: 604-638-3943
Matt Terriss, Director, Corporate Affairs
Tel: 604-638-3947
Robin Cook, Senior Account Manager
CHF Investor Relations
Tel: 416-868-1079 x 228
Email: robin@chfir.com
