|Ownership:||Orano Canada Inc. option: Orano can earn a 51% interest by spending $3,000,000 on or before December 31, 2021 and can earn 70% interest by spending an additional $3,000,000 for a total of $6,000,000 on or before December 31, 2023.|
|Stage:||Highly Prospective; Active drilling|
|Fir Island is located approximately 5km northeast of the community of Black Lake, on the northeast edge of the Athabasca Basin. It is connected by an all-weather road to the provincial highway system, which also provides year-round road access to the Rabbit Lake and McClean Lake mills. The property can be accessed by truck in the winter and by boat in the summer.|
|The regionally important Black Lake fault, part of the major Snowbird Tectonic Zone, transects the entire Athabasca Basin, and is highly prospective for unconformity-type uranium deposits. Cameco’s Centennial deposit is located along this Zone near the south side of the Athabasca Basin. The sandstone cover on the Fir Island project varies from 0 to 200m above the unconformity. The possibility of uranium mineralization below the unconformity at the base of the thrust fault (similar to McArthur River) or in the hanging wall of the Cathy Fault in the basement (similar to Millennium or Eagle Point) demonstrates the highly prospective nature of the Fir Island project.|
The historic Nisto uranium mine (96 tonnes mined at 1.38% in the late 1950s) occurs in basement rocks on the northwest side of the Black Lake fault, directly adjacent to the property. The project is within driving distance of the McClean Lake mill, operated by Orano Canada Ltd.
Forum will be the exploration operator until such time as Orano has earned a 51% interest in the project.
In April 2021, Forum completed ten holes for 3,051m. Eight holes tested the Cathy Fault /resistivity anomaly, while the remaining two holes tested a smaller nearby resistivity low to the southwest. A 100m interval of interpreted ultramafic rock with elevated nickel was intersected in the basement rocks in Hole FI-24. This same lithology with 0.24% nickel over a 68.5m interval has been identified in Hole FI-3, located 1.1km west of FI-24. Forum has requested the lab to assay these nickel zones for palladium, platinum, and gold.
Drill targets planned for 2021 along a four kilometre electromagnetic conductor marking the Cathy Fault to the north of Fir Island could not be drilled this year due to poor ice conditions. Future plans are to revisit the Cathy Fault to the north where it intersects with the Black Lake Fault with follow-up drilling in the winter of 2022.
- Forum completed a 10 hole reconnaissance drill program totaling 2,435m in early 2015, the first drill holes completed on this project. Drill hole FI-03 intersected 35m of 0.3% nickel from 180m to 215m in the basement lithologies. Drill hole FI-04 intersected up to 386ppm U in clay-rich basement lithologies immediately beneath the unconformity at 140m, and then 17m of enriched boron (up to 2810ppm) from 148m to 165m depth.
- Five holes were competed on two fences 50m apart ( See Target H on Figure 3) and intersected a very interesting area of tectonization, quartz dissolution, and a 50m offset in the unconformity along a NE trending thrust fault (Cathy Fault -See Figure 3). Dravite and sudoite clays were found in both the sandstone and basement lithologies, along with locally elevated geochemistry (U, Pb, B). Hole FI-8, drilled near the East Channel Structure, returned values of 137 and 161ppm U respectively, below a section of 16m of 2750ppm B, all within pegmatites starting at depth of 202m to the unconformity.
- Ground gravity surveys over the west channel (2015) and on the island (2016) have been completed. This was followed by a soil sampling program looking for anomalous indicator elements down-ice from the gravity lows. Very anomalous boron values were returned from several of the lows (Figure 3).
- In 2019 a resistivity survey was completed over the East Channel (located on the island) and showed a strong low interpreted to be due to alteration / tectonics on the north-west side (Figure 5).
- A 6-hole diamond drill program in 2020 completed one fence approximately 1km south of the 2015 drilling. The Cathy Fault was once again intersected, along with elevated geochemistry, strong alteration and tectonics and a 40m offset in the unconformity. The program was terminated early due to the initial Covid-19 outbreak.
Figure 6: Resistivity Survey (2019) with Drill Hole Locations (2020) and Gravity Lows. Gravity lows are outlined in red, green colours represent the resistivity lows and dashed lines are interpreted faults.