Vancouver, B.C., April 10, 2013 - Forum Uranium Corp. (FDC: TSX-V) is pleased to announce the completion of 17 holes totaling 3,449 metres on three near surface targets on the NW Athabasca Joint Venture project located in the Athabasca Basin, Saskatchewan. Uranium mineralization was intersected in 8 of 17 holes.
- Zone A- 4.5 metres of radioactivity with 1.2 metres of “Off Scale”.
- Otis- 40 metres of radioactivity with 0.1 metres of “Off Scale”.
- Barney- Strong alteration zone extended.
Three targets were drilled in the vicinity of the Maurice Bay deposit* (historical resource of 1.5 million pounds of uranium grading 0.6% U3O8).
- Six holes totaling 1,352 metres were drilled at Barney and Barney South to follow-up on uranium mineralization encountered over significant widths at shallow depths in four holes within a strong alteration envelope in basement rocks (see News Release dated January 9, 2013).
- Nine holes totaling 1,751 metres were drilled at Otis West, a gravity anomaly south of the Maurice Bay Deposit previously untested by Forum. Historic drill holes were typically stopped at the unconformity.
- Two holes totaling 346 metres were drilled at Zone A on the north side of the Maurice Bay deposit.
Basement-style uranium mineralization was intersected in historical drill hole MAU-543 over 6 metres grading 5.6% U3O8 from 113 metres to 119 metres. Forum drillholes intersected uranium mineralization up-dip from this historical drillhole as follows:
- Hole NWA-65 intersected a 7.5 metre zone from 78.5 metres to 86 metres with radioactivity greater than 500 counts per second (cps)** with a peak of 3,700 cps over 0.1 metres at 83.3 metres. This hole intersected the zone five metres west of the original intersection
- Hole NWA-66 intersected a 4.5 metre zone from 87.5 metres to 92 metres with radioactivity ranging from 100 cps to 9,000 cps, including a 1.2 metre interval of off scale radioactivity (>9,999 cps). This hole intersected the zone two metres north of the original intersection. Both holes were drilled in close proximity to MAU-543 to determine the orientation and dip of the mineralization.
Uranium has now been intersected over a 40 metre vertical extent and further drilling is recommended along strike and down-dip from these intersections (see drill plan and sections at www.forumuranium.com for further details).
Of the two gravity anomalies located immediately south of the Maurice Bay deposit (Figure 1), only the western anomaly was tested due to positive results (Otis West). Holes NWA-56 to 64 were drilled on the south side of the gravity low along a major offset/fault striking east-west, with five of the holes on the western side hitting radioactivity exceeding 1,000cps. The mineralized zone (over 1,000cps) has a minimum strike length of 50 metres and a vertical extent of up to 75 metres and a thickness of up to 28m.
Hole NWA-63 intersected 40 metres of anomalous radioactivity from 131 metres to 171 metres with an off-scale peak (>9,999 cps) over 0.1 metres at 143.3 metres. This zone was intersected up-dip by NWA-56 and down-dip by NWA-64, showing a vertical extent of anomalous radioactivity of at least 120 metres. Further drilling is strongly recommended for both the Otis West and East targets.
Drilling continued on the Barney Zone, where uranium mineralization was encountered over significant widths in four holes within a strong alteration zone delineated in the basement rocks at shallow depths in 2012. The 2013 program tested the western extension of this mineralization, a major NNW striking airborne EM conductor and the south end of the Barney gravity low. The extreme zone of alteration continued in all holes and a thin shear zone with 4,000cps radioactivity was intersected at Barney South. Further drilling at Barney South is recommended.
*A 1.5 million pound historical uranium resource grading 0.6% U3O8 for the Maurice Bay deposit, as reported by Saskatchewan Industry and Resources, Miscellaneous Report 2003-7 has not been calculated or classified under the specifications of National Instrument 43-101 and should not be relied upon.
**Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand-held Exploranium GR-110G total count gamma ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials. The degree of radioactivity within the mineralized intervals is highly variable and associated with visible pitchblende mineralization. All intersections are down-hole core interval measurements and true thicknesses are yet to be determined.
NW Athabasca Joint Venture
The NW Athabasca project is a joint venture held 60% jointly by Forum and NexGen Energy Ltd., a private British Columbia corporation established by Tigers Realm Group, an Australian based privately owned resources group. Forum is Operator of the joint venture with 27.5% partner Cameco Corporation and 12.5% partner AREVA Resources Canada Inc.
Quality Assurance and Quality Control
Core samples are collected and shipped in sealed containers to the Saskatchewan Research Council, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory for geochemical analysis using the Uranium ICP Package and fire assay for gold. This package is the preferred analytical technique for detecting uranium and pathfinder elements in the alteration halos of unconformity-type uranium deposits in the Athabasca Basin. Assay results will be reported once received. Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum’s Vice President, Exploration is the Qualified Person that has reviewed and approved the contents of this news release.
Figure 1 Gravity Map showing the Barney, Otis and Zone A targets, surrounding the Maurice Bay deposit (black dots represent historic drill holes). Blue colours represent gravity lows. Yellow stars are Forum holes from 2013. Green and red lines are EM conductors.
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
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
Matt Terriss, Director, Corporate Affairs
Robin Cook, Senior Account Manager
CHF Investor Relations
Tel: 416-868-1079 x 228