Forum granted Rio Tinto Canada a four year option to acquire a 51% interest in the Janice Lake Project by spending $10 million in exploration, making $490,000 in cash payments to Forum, and paying the remaining $200,000 in underlying third party cash payments. Rio can earn a further 29% interest (total 80%) by spending an additional $20 million in exploration over three years (total $30 million) and making further cash payments of $150,000 to Forum (total $640,000).
By November 2021, Rio Tinto had spent $14 million in exploration expenditures, which exceeds the $10 million in exploration expenditures required to earn a 51% interest.
Highly prospective with over 20 copper occurrences. Most have not been drill tested. Limited historic drilling initially by Noranda in 1993 and Phelps Dodge in 2003.
A first pass drill 4 hole 447m shallow drill program completed by Forum in August 2018 encountered copper mineralization in all four holes at the Janice and Jansem targets within 80m of surface. Hole FEM-01 intersected 18.5 m (59.0 to 77.5m downhole depth) grading 0.94% Cu and 6.7 g/t Ag including 5.2 m grading 2.22% Cu and 16.5 g/t Ag. The true thickness of the mineralization is 18.0m. Rio Tinto has since drilled 39 holes totalling 10,033m on four drill targets: Janice, Jansem, Kaz , and Rafuse.
|Size:||39,943 ha, encompassing the entire 52 km Wollaston Copperbelt District.|
|Located in north-central Saskatchewan within the Wollaston Domain, a northeasterly-trending belt of metamorphosed lower Proterozoic supracrustal rocks deposited upon Archean granitoid basement. A major power transmission corridor runs to the northeast of Janice Lake. In 2020, Rio Tinto completed a 100km winter access road and constructed an 80 person base camp nearby at Burbidge Lake.|
|The Janice Lake area contains significant concentrations of sediment-hosted copper showings. Logging of the drill core and petrographic studies suggest that mineralization is hosted by mafic-rich stratigraphy within more felsic units, opening the possibility for multiple layers of copper mineralization. Located 55 km southeast of the Key Lake uranium processing facility in close proximity to several of Forum’s core uranium exploration properties enables this project to be effectively integrated into Forum’s operations.|
|Significant Comparable Deposits||The age and depositional environment at Janice are similar to the giant Udokan Deposits of the Lake Baikal region in Siberia, and the Revette deposits of Montana USA. Baikal Mining Company LTD reports JORC compliant Measured and Indicated resources of 1.822 billion tonnes grading 1.01% copper, 14.3 grams per tonne silver for the Udokan deposits. (Baikal Mining Company Ltd. press release presenting published estimate prepared by SRK Consulting, dated April 9, 2014). Hecla Mining reports 43-101 compliant Inferred resources of 112 million tonnes grading 0.7% copper, 1.6 oz/t silver for its Montanore deposit and 97.6 million tonnes grading 0.7% copper and 1.5 oz/t silver for its Rock Creek deposit in Montana. (Hecla Mining Company: published reserves and resources statement, December 31, 2016).|
Rio Tinto drilled 39 holes on the property totalling 10,033m on four targets: Janice and Jansem (22 drill holes), Kaz (3 drill holes), and Rafuse (14 drill holes). In addition, extensive geophysical, geochemical, and geological surveys have been completed over the 52km extent of the copperbelt, identifying new areas for potential copper mineralization. Juno, a mineralized trend running parallel to Jansem, and Robert, 4km on strike to the north of Janice were discovered last summer and have yet to be drill tested. New areas for potential copper mineralization have been identified southwest of the Janice and Jansem targets where boulders discovered by prospecting assayed as high as 3.8% Cu and 3.7g/t Ag.
At the Janice and Jansem targets, copper mineralization has been significantly expanded along strike and down dip from the initial drilling success by Forum. At Janice, the copper mineralized strike length is now 1.2 km long by 400m wide by thicknesses up to 57m. The Janice target remains open to the southwest and northeast, and at depth. At Jansem, copper mineralization has been extended to 650m long by 200m wide by thicknesses up to 66m. Jansem remains open to the southwest, northeast, and at depth. Drilling results at Kaz and Rafuse did not extend significant mineralization to the northwest.
A complete summary of drill assays can be reviewed by clicking the link below:
Janice Lake claims map, showing drill targets to 2021. Most of project’s copper occurrences across the 52 km district wide property have not been drilled.