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Be the first with the news that moves the market- Forum Energy Metals (TSXV:FMC) has released drill results from the Fir Island Uranium project
- The six-hole drill program totalled 1,819 metres and focused on areas of low resistivity at the site
- The company found elevated geochemistry with uranium up to 283 parts per million
- Forum also intersected boron at 2,160 parts per million, copper at 314 parts per million, and nickel at 2140 parts per million
- Forum Energy Metals (FMC) is in the grey and is trading at C$0.085 per share, with a market cap of $9.6 million
Forum Energy Metals (TSXV:FMC) has released the drill results from the Fir Island Uranium project in Saskatchewan.
Forum has just completed a six-hole drill program at the project. The program totalled 1,819 metres and focused on areas of low resistivity.
The site is located within trucking distance to the McClean Lake uranium processing facility.
Forum has an earn-in deal with funding partner Orano Canada, regarding property. Orano has the option to earn up to 70 per cent of the rights to the property by spending C$6 million on exploration at the site before 2023.
The winter of 2020 was the first year that agreement was in place, and the first year Orano has completed exploration work on the site.
Recent drilling confirmed uranium mineralization one kilometre to the south of the previous exploration on the property.
The sixth hole intersected an area of low resistivity, which contained a series of gravity lows and associated boron soil anomalies. Results from the hole went as high as 3,350 parts per million at the north end of Fir Island.
The company also found elevated geochemistry with uranium up to 283 parts per million. Forum also intersected boron at 2,160 parts per million, plus copper at 314 parts per million, and nickel at 2140 parts per million.
Orano has proposed further drilling on an enhanced scale during next winter.
Ken Wheatley, Forum’s Vice President of Exploration, is eager to see results from the follow-up program.
“I am looking forward to following up on this drill program next winter as we have a much better handle on the East Channel structure that has all the characteristics of hosting a major uranium deposit,” he said.
Forum Energy Metals (FMC) is in the grey and is trading at $0.085 per share at 12:06pm EDT.
