EXPLORING SASKATCHEWAN’S WOLLASTON COPPERBELT
Janice Lake Sedimentary Copper Project (Rio Tinto Canada Option)
In May 2019, Forum entered into a $30 million option agreement with Rio Tinto Canada to explore the Janice Lake Sedimentary Copper Property in north-central Saskatchewan. The Forum/Rio Tinto partnership controls the entire 52 km Wollaston Copperbelt District.
For further details of this agreement, please see the Company’s May 9, 2019 press release, which can be accessed by clicking on the following link: https://forumenergymetals.com/site/assets/files/3792/2019-05-09_nr_rev_fmc_pqndi24wv.pdf
As of April 2021, Forum and Rio Tinto have completed three phases of drilling totaling 7,986m in 34 holes. Thick intervals of copper mineralization have now been intersected by drilling for over 5 kilometres on the property on four different targets: Janice, Jansem, Kaz and Rafuse.
Twenty two drill holes have been completed on the primary Janice and Jansem targets, three at Kaz, and nine at Rafuse. 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.
Copper mineralization has been significantly expanded along strike and down dip from the initial drilling success by Forum on the Jansem and Janice targets. 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.
At the Rafuse target, a 2.6 kilometre long priority target of surface copper mineralization located northeast of the primary Janice and Jansem target, thick intervals of copper mineralization with a higher grade section of greater than 1% copper were intersected from surface to a depth of 260m.
In July, Rio Tinto continued drilling at the 2.6 km Rafuse target, following up on the nine hole drill program completed this past winter. Drilling will continue through the summer. Field crews have also been mapping and sampling new showings in an area where boulders discovered in 2020 assayed as high as 3.8% Copper.
A table summarizing all drill results completed by Forum and Rio Tinto to 2019 can be found in the link below:
EXPLORING FOR URANIUM IN SASKATCHEWAN’S ATHABASCA BASIN
Forum is a uranium explorer searching for high-grade deposits in Saskatchewan’s Athabasca Basin, the most valuable uranium real estate in the world. The richest and highest grade uranium mines are found here. Saskatchewan supplies over 20% of all annual uranium mine production.
Forum’s exploration properties are located at or near the edge of the Basin boundary where they can search for near-surface uranium mineralization. Properties have been selected based on their proximity to known uranium deposits or occurrences and are associated with major structures and conductive zones located within the project. Forum maintains an extensive portfolio of uranium projects with advanced exploration targets.
In 2019 Forum entered into a $6 million option agreement with Orano Canada to explore its Fir Island Uranium Property, located on the northeast edge of the Basin. 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.
Northwest Athabasca (NWA)
Forum is the Operator of the NWA project, which is partnered with Cameco, Orano and NexGen. Drilling campaigns completed by Forum’s team 2012, 2013 and 2014 identified shallow zones of uranium mineralization grading up to 5.7% uranium over 8.5m. Over twenty drill targets have been identified for further exploration. Forum is proposing a winter 2022 exploration drill program for consideration by its joint venture partners.
Forum is partnered with Rio Tinto at Henday.
Forum recently staked its 100% owned Wollaston project, located immediately south of the Rabbit Lake project near McClean Lake and Rabbit Lake mills. A partially completed gravity survey undertaken earlier this year to identify areas of alteration associated with uranium mineralization will be completed this fall.
Other Uranium Projects
Forum has drill ready targets at the 100% owned Highrock, 75% owned Clearwater and 65% owned Costigan projects.
EVALUATING THE NI-CU-PGM POTENTIAL AT LOVE LAKE, SASKATCHEWAN
Love Lake Project
Forum staked 12 claims covering 32,135 ha to evaluate the potential for palladium and other PGM, gold, copper and nickel. In 2020, a detailed airborne magnetometer survey identified three main areas of possible feeder pipes, in addition to several small pipes.
A 3000m diamond drill program is planned to begin in August.
EXPLORING IDAHO’S COBALT BELT
Quartz Gulch Cobalt Project, Idaho, USA
Forum acquired the Quartz Gulch claim block which comprises 127 claims totaling 10.65 sq. kms. located approximately 5 kms to the southeast of Jervois Mining’s Idaho Cobalt Project, the only permitted cobalt mine development in North America. The Idaho Cobalt Belt has highly developed infrastructure and the Quartz Gulch property is easily accessed via the road to the past producing Blackbird mine. The Yellowjacket Formation, host to cobalt deposits in the area, trends onto the property.
A prospecting, mapping, sampling program is planned for this fall.