Resource World Magazine

Resource World - Apr-May 2016 - Vol 14 Iss 3

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36 A P R I L / M A Y 2 0 1 6 Forum uranium [FDC-TSXV] has focused its exploration activi- ties on near surface uranium deposits in the Athabasca Basin, northern Saskatchewan. Towards that end, it has assembled an impressive land package of projects based on their proximity to known uranium deposits. Most recently the company has began drilling its 100%-owned Highrock property which is part of the Key Lake Road Project about 15 km south of the Cameco's Key Lake Mine and mill site. The company is drilling eight holes totaling 1,500 metres to test several shallow, basement-hosted uranium targets that were outlined by earlier gravity survey results. These results identified a number of gravity lows, which may be indicative of zones of alteration, clay development and uranium mineralization. These gravity lows also are coincident with very strong electromagnetic conductors on the property. This combination has proven to be a very successful exploration technique on Forum's Northwest Athabasca Joint Venture and in the discovery of the Arrow deposit by nexGen energy Ltd. [NXE-TSXV; NXGEF-OTCQX]. "This strong conductive trend, which we interpret to be the same basal graphitic unit that hosted the 200 million pound Key Lake uranium deposit, coupled with the quality of the gravity lows, make this area a high priority, near surface exploration tar- get," said Ken Wheatley, Forum's Vice President, Exploration. The company is also excited about its Henday Project which is a joint-venture with Rio tinto Canada uranium (Rio Tinto 60%). Rio Tinto has an option to earn an additional 10% interest by spending $20 million on exploration. Over the past year, Rio Tinto flew Geotech VTEM magnetic and electromagnetic surveys over the property and completed a program of data compilation and selective logging and sampling of available drill core. Two high priority target areas were identi- fied which the company intends to drill this spring. At the company's Clearwater Project, adjacent to Fission Uranium's Triple R deposit, two drill holes intersected strong alteration and elevated uranium and boron values last year. uracan Resources [URC-TSXV; URCFF-OTC] is earning a 51% interest in the Clearwater Project by spending $3 million in explo- ration over three years. Further drilling is recommended this year. Forum has numerous other projects in the Athabasca Basin and is seeking partners to help fund exploration. The company states that it will continue to evaluate opportunities for potential acqui- sition, consolidation or divestiture. In Nunavut, Forum has varied interests in the North Thelon Project, 50 km west of Baker Lake, consisting of three project areas. The Kiggavik North and South areas are 100% owned by Forum. The North Thelon Project is adjacent to Areva's Kiggavik uranium mine development project (148M lbs U 3 O 8 ) and Cameco's Aberdeen and Turqavik projects. n uRANIuM Forum Uranium testing prospective targets

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