Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Forum (FMC) commences drilling at Highrock Uranium Project under option to Sassy Resources, Saskatchewan
  • The property is located just south and on trend of Cameco’s Key Lake mine and mill site where over 200 million pounds of uranium was produced
  • The exploration will focus on the discovery of basement hosted mineralization similar to NexGen’s Arrow deposit
  • Eight widely spaced drillholes by Forum in 2016 tested only six kilometres of the conductor while four kilometres at the southern end of the property remain untested
  • Initial drilling will focus on the North target immediately south of Cameco’s Key Lake mine claim boundary
  • Forum Energy Metals Corp. (FMC) is up 1.89 per cent, trading at C$0.27 at 1:39 pm EST

Forum Energy Metals Corp. (FMC) has commenced drilling at the Highrock Uranium Project.

Forum is the operator of the drill program under option to and funded by Sassy Resources Corporation.

The property is located just south and on-trend of Cameco’s Key Lake mine and mill site where over 200 million pounds of uranium was produced at an average grade of 2.3 per cent U3O8 during its mine life.

The exploration will focus on the discovery of basement-hosted mineralization similar to NexGen’s Arrow deposit and Cameco’s Eagle Point mine.

Gravity surveys conducted by Forum at Highrock identified numerous gravity lows along a 10-kilometre long graphitic conductor: these may be zones of alteration associated with uranium mineral deposits.

Eight widely spaced drill holes by Forum in 2016 tested only six kilometres of the conductor while four kilometres at the southern end of the property remain untested as well as the strongest gravity low at the north end of the project.

Zones of chloritization, bleaching, elevated boron and other pathfinder elements in the north and central areas of the conductor were detected by this initial drill campaign.

Initial drilling will focus on the North target immediately south of Cameco’s Key Lake mine claim boundary.

Only one drill hole in 2016 (DDH HR-08)  tested the south end of a very strong gravity low where the main conductor trends to the northeast.

Weak alteration along a strong conductor was encountered in this hole, plus elevated uranium (8ppm), vanadium (442ppm), copper (421ppm), nickel (125ppm), lead (46ppm) and boron (116ppm).

Over one kilometre of this conductive trend and gravity anomaly to the northeast will be drilled.

Targets have also been identified in the central and south areas of the property from DDH HR-06 to HR-07 and continuing four kilometres further to the southwest border of the property.

Drill target selection will be determined as the program progresses until spring breakup or until the $1 million budget is spent under terms of the Sassy Option Agreement.

Forum Energy Metals Corp. is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada’s Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt.

Forum Energy Metals Corp. (FMC) is up 1.89 per cent, trading at C$0.27 at 1:39 pm EST.

More From The Market Herald

" ArcPacific (TSXV:ACP) locates lost gold-copper mine on LMSL Project

ArcPacific Resources Corp. (ACP) has discovered an early 1900s era gold-copper mine at its LMSL Project in British Columbia.

" CanAlaska Uranium (TSXV:CVV) begins airborne survey at Geikie Project

CanAlaska Uranium (CVV) has begun a high-resolution helicopter-borne aeromagnetics and radiometrics survey on its Geikie project.

" Osisko Development (TSXV:ODV) releases San Antonio Property mineral resource estimate

Osisko Development Corp. (ODV) has released an initial open pit resource estimate at its San Antonio Project in Sonora State, Mexico.

" Mkango (TSXV:MKA) appoints Rob Sewell as CFO

Mkango Resources (MKA) has appointed Robert Sewell as Chief Financial Officer.