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Be the first with the news that moves the market- Forum Energy Metals Corp (TSXV:FMC) has announced exploration plans for the Janice Lake copper and silver project in Saskatchewan
- A 2,000-metre drill program will evaluate the copper and silver potential at the site’s sedimentary basin, in preparation for an extensive summer and winter drill campaign next year
- The Janice Lake property is currently a joint venture between Forum Energy Metals and Rio Tinto Canada
- Rio Tinto Canada can earn up to 80 per cent of the project through a combination of exploration costs, cast amounts and debt servicing
- Forum Energy Metals Corp (FMC) is in the grey and is trading at C$0.085 per share
Forum Energy Metals Corp (TSXV:FMCC) has announced exploration plans for its Janice Lake copper and silver project in Saskatchewan.
The initial plans are for a 2,000-metre drill program at the site, which will test targets previously identified through geological mapping work.
The exploration program will evaluate the copper and silver potential at the site’s sedimentary basin, in preparation for an extensive summer and winter drill campaign next year.
The property is located 55 kilometres south east of the Key Lake Uranium processing facility in northern Saskatchewan.
The Janice Lake property is a joint venture between Forum Energy Metals and Rio Tinto Canada.
Rio Tinto Canada can earn up to 80 per cent of the project if it meets certain conditions in the option agreement.
To earn 51 per cent, Rio must spend C$10 million on exploration at the site, along with servicing $200,000 in debt and providing a further $490,000 in cash.
To acquire the remaining 29 per cent, Rio Tinto must spend a further $20 million in exploration fees and pay Forum a further $150,000 in cash.
In 2019, the first year of the agreement, Rio Tinto spent $3 million on exploration.
CEO of Forum Energy Metals, Rick Mazur is excited for work to begin at the site and said Rio Tinto intends to recommence operations as soon as possible.
“I am particularly looking forward to the regional focus of copper mineralization at Janice which has never been undertaken before on this property,” he said.
Forum Energy Metals Corp (FMC) is in the grey and is trading at $0.085 per share at 10:39 pm EDT.
