Vancouver, B.C., January 9, 2013 - Forum Uranium Corp. (FDC: TSX-V) and NexGen Energy Ltd are pleased to announce assay results from its new discovery on the Northwest Athabasca property which is under option from Cameco Corporation. Uranium mineralization was encountered over significant widths in four holes within a strong alteration zone delineated in the basement rocks at shallow depths drilled on the Barney gravity target. The alteration zone remains open to the north, west and south. These indications of a robust uranium mineralized system are very encouraging at this early stage in the program. Plans are to immediately follow-up this discovery in the next drilling campaign planned for February and March.
As reported in the previous news release dated November 26, 2012 regarding the fall drilling program, uranium mineralization was intersected in several holes on the Barney gravity target approximately 1.5 km west of the Maurice Bay deposit*. Assay results have been received for the mineralized zones intercepted in four holes NWA-42, 44, 45 and 49, all from the Barney gravity target as shown in Table 1.
This mineralization lies on the northeast side of a gravity low (Figure 1) within a large alteration zone associated with hydrothermal hematite, strongly elevated boron and, to a lesser extent, copper and nickel. The mineralization is trending nearly east-west and remains open to the west (Figure 2).
To date, uranium mineralization has been intersected at the historical Zone 2A (2.48% U3O8 over 1.5 metres) and on two gravity targets (Opie and Barney) out of five targets investigated. Gravity surveys have been shown to work very well on this project by indicating the probable presence of an alteration envelope. There still remain 12 untested targets to investigate, with one of the targets immediately south of the Maurice Bay deposit (Otis) requiring further work.
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. 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. 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.
Forum and NexGen Option with Cameco
The NW Athabasca project is 87.5% owned by Cameco and 12.5% owned by AREVA. Forum and NexGen have formed a 50/50 joint venture, with Forum as Operator, to earn a 60% interest from Cameco on the NW Athabasca project by completing $4 million in exploration over four years and making cash payments of $400,000 over three years of which $140,000 has been paid. Forum and NexGen will earn their joint 60% interest in the property upon completion of further cash payments under the option agreement.
Figure 1: NW Athabasca Project Gravity Survey. The blue colours represent gravity “lows” indicating potential alteration envelopes. The 2012 fall work areas are circled in black.
* A 1.5 million pound historical uranium resource grading 0.6% UO8 for the Maurice Bay deposit, as reported by Saskatchewan Industry and Resources, Miscellaneous Report 2003-7has not been calculated or classified under the specifications of National Instrument 43-101 and should not be relied upon.
Figure 2: Drilling in Barney Zone. NWA-11 was drilled in January, 2012 and returned strong alteration and exceptional boron values (up to 4.9m of 6160ppm B). The remaining holes were drilled in the fall as follow-up. Holes NWA-039, 40 and 41 were drilled to the NE before enough structural information was gathered to change the hole direction to the north, perpendicular to the mineralization. Hole NWA-11 overshot the mineralization, while NWA-41 undershot it. Holes NWA- 42, 44, 45 and 49 intersected the mineralized zone as reported above.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium and rare earth 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. The Company is also evaluating North American rare earth prospects in Quebec and Nunavut.
About NexGen Energy
NexGen is a private British Columbia corporation established by Tigers Realm Group, an Australian based privately owned resources group, as a special purpose Canadian uranium exploration company. It has an option to earn an initial 70% interest in the Radio Project in the Athabasca Basin, Saskatchewan, Canada, and the option to subsequently acquire the remaining 30%, in exchange for a combination of cash and common shares of NexGen. On December 18, 2012 NexGen acquired the uranium exploration projects of Mega Uranium Ltd in the Athabasca Basin, Saskatchewan and Thelon Basin, Nunavut, Canada. Senior Management includes Leigh Curyer, CEO, and Andrew Browne, Vice President – Exploration and Development.
ON BEHALF OF THE BOARD
Richard J. Mazur, P.Geo.
President & CEO
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For further information contact:
Rick Mazur, President & CEO
Or Matt Terriss, Director, Corporate Affairs
Robin Cook, Senior Account Manager
CHF Investor Relations
Tel: 416-868-1079 x 228