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Forum Energy Metals (TSXV:FMC) finishes drill program at Fir Island Uranium Project
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  • Forum Energy Metals (FMC) has announced it has finished the diamond drilling program at its Fir Island uranium project
  • 10 holes for 3.051 metres were completed, just shy of the 5 metres that were planned due to weather conditions
  • In total, 361 core samples were sent to the Saskatchewan Research Council for geochemical analysis
  • Roughly 500 samples were collected for clay analysis are and now being processed
  • Shares of Forum Energy Metals were down 2.56 per cent to C$0.38 as of 1:42 p.m. EDT

Forum Energy Metals (FMC) has announced it has finished the diamond drill program at its Fir Island uranium project in northern Saskatchewan.

Approximately 10 holes for just over 3 metres was completed just shy of the 5 metres intially planned but was reduced due to weather conditions.

The program is operated by Forum with funding from Orano Canada by way of an option agreement which Forum can earn up to a 70 per cent interest by spending roughly C$6 million on exploration.

Roughly 361 core samples were sent to the Saskatchewan Research Council for geochemical analysis with results expected by the end of April.

In total, 500 samples were collected for clay analysis and are in the middle of being processed.

Orano Canada has the option to earn a 51 per cent interest in the Fir Island project by spending $3 million before December 31, 2021 and can earn a 70 per cent interest by spending an additional $3 million by the end of 2023.

The project is located roughly 5 kilometres northeast of Black Lake on the northeast edge of the Athabasca Basin. Forum will continue acting as the project's operator until Orano has earned the 51 per cent interest in the project.

Shares of Forum Energy Metals were down 2.56 per cent to C$0.38 as of 1:42 p.m. EDT.

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