Vancouver, Canada (December 10, 2014) - Forum Uranium Corp. (TSX.V:FDC) (“Forum”) and Uracan Resources Ltd. (TSX.V:URC) (“Uracan”) announce the commencement of a 600 metre drill program to follow-up on drill targets identified by an initial 2014 drill campaign on Forum’s 100% owned Clearwater project, on trend from Fission Uranium’s Patterson Lake South discovery in the Athabasca Basin, Saskatchewan.
To date, Forum has also conducted prospecting, soil and lake radon surveys, lake sediment sampling, and airborne and/or ground electromagnetic, magnetic, gravity and radiometric surveys. A nine hole, 2,310 metre drill program was completed by Forum in April 2014.
This initial 2014 drilling program defined a number of shallow targets areas with altered and reactivated graphite bearing structures with elevated boron and nickel geochemistry and anomalous radioactivity. Forum and Uracan plan to drill five to seven holes to follow-up these structures and to test new geochemical/geophysical targets that have not yet been drill tested.
Uracan can earn a 51% interest in the Clearwater property by spending $3 million in exploration over three years and up to a 70% interest by spending $6 million over five years. The Clearwater Project covers a total of 9,912 hectares adjoining Fission Uranium’s Patterson Lake South claims to the southwest. Forum will be the Project operator until Uracan earns its 51% interest, after which Uracan may elect to become the operator.
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
Matt Terriss, Director, Corporate Affairs
Robin Cook, Senior Account Manager
CHF Investor Relations
Tel: 416-868-1079 x 228