- Forum Energy Metals (FMC, FDCFF) announced it has started a gravity survey on its Wollaston Uranium Project in Saskatchewan
- The project is located along the margin of the Athabasca sandstone basin and has access to both roads and power
- Target mineralization is a shallow, basement hosted uranium similar to the Eagle Point deposit located within the Rabbit Lake mine
- The company inherited the rights to the project in 2020
- Shares of Forum Energy were down 6.33 per cent to C$0.37 as of 3:54 p.m. EDT
Forum Energy Metals, a Vancouver-based mineral resource company, announced it has started a gravity survey on its Wollaston Uranium Project in Saskatchewan.
The project — which is located roughly 10 kilometres south of uranium giant, Cameco's (CCO), Rabbit Lake mill and east of Orano's McClean Lake uranium processing plant —is a new addition to Forum Energy's portfolio.
"The gravity survey is designed to detect areas of alteration within north-south bends along a number of electromagnetic (EM) conductors on the project," Ken Wheatley, vice president of exploration at Forum Energy, said in a release.
Wheatley added that alteration halos might be formed during the creation of the uranium deposits along EM conductors.
The Wollaston Uranium Project is within close proximity to the historic Athabasca sandstone basin.
Additionally, roughly 2,000 readings — spaced out at 100 metres by 100 metres on two priority grids —will be taken.
Forum Energy Metals has a robust portfolio, which includes three 100 per cent owned projects gearing up for drilling in 2021 through partnerships it has with major mining companies Rio Tinto (RIO) and Orano Canada.
The company's resource projects include those in copper, silver, uranium, nickel, platinum and palladium — all in Saskatchewan.
Forum Energy also has several drill-ready uranium projects and a strategic land position in the Idaho Cobalt Belt.
Shares of Forum Energy were down 6.33 per cent to C$0.37 as of 3:54 p.m. EDT.