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Highlights
- New discovery of basement-hosted uranium mineralization intersected in seven holes at the Opie Zone, grading up to 0.142% U3O8 over 7.6 metres, including 0.458% over 0.7 metres.
- Mineralization is shallow (at 45 to 100 metres), only 50 X 75 metre area investigated within a 400 metre x 300 metre gravity anomaly; further drilling required.
- 15 more gravity targets are untested by drilling.
VANCOUVER, BRITISH COLUMBIA--(May 9, 2012) - Forum Uranium Corp. (TSX VENTURE:FDC) and Mega Uranium Ltd. (TSX:MGA) are pleased to announce the discovery of a new uranium mineralized zone on the Opie target on the NW Athabasca Property. The Opie zone is located approximately 1.5km northwest of the Maurice Bay Deposit (historical resource* of 1.5 million pounds uranium at 0.6% U3O8) and 1km south of Zone 2A (one historical drill intercept of 5.68% U3O8 over 8.5m). A total of 22 holes for 3,011 metres were completed on 5 targets: Opie, Zone 2A and three gravity targets.
Ken Wheatley, Vice President of Exploration stated, "Historic work concentrated exploration on mineralization with a surface expression. We focused exploration on the highly prospective basement-hosted targets like Cameco's Millennium and Rio Tinto's Roughrider deposit. The discovery of the Opie Zone in our first drill season is a great start to our work on the NW Athabasca property. The zone remains open along strike and down dip, so the potential for more mineralization remains high within the zone."
Opie Zone
Seven out of nine holes drilled on the Opie zone encountered varying grades of uranium mineralization at shallow depths (45 to 100 metres true depth) within a zone of strong red (hematite) hydrothermal alteration (2 to 30m true width) in basement rocks (Figure 1). Interpretation of drill intercepts indicate that the mineralized zone strikes approximately east-west and dips 60� to the south. It remains open to the east, west and down dip and lies within a much larger white (clay) alteration zone which is spatially coincident with the gravity anomaly.
| Table 1: Significant assay results from the Opie Drill holes. |
| (Assays by ICP-MS at the Saskatchewan Research Council) |
| |
| Hole Number |
From |
To |
Width** |
Grade |
| |
(Metres) |
(Metres) |
(Metres) |
(% U3O8) |
| |
|
|
|
|
| NWA-23 |
53.5 |
69.4 |
15.9 |
0.013% |
| |
|
|
|
|
| NWA-24 |
71.9 |
79.5 |
7.6 |
0.142% |
| includes |
73.3 |
74.0 |
0.7 |
0.458% |
| |
|
|
|
|
| NWA-25 |
96.0 |
99.0 |
3.0 |
0.040% |
| |
|
|
|
|
| NWA-26 |
75.0 |
81.5 |
6.5 |
0.046% |
| Includes |
80.7 |
81.0 |
0.3 |
0.250% |
Three other holes- NWA 27, 28 and 29 also intersected mineralization in the Opie zone, but with lower grade intercepts (0.5m @ 0.183% U3O8, 0.2m @ 0.047% U3O8 and 0.4m @ 0.013% U3O8 respectively). Further drilling is required within this gravity anomaly to determine the true extent of the mineralization.
Other Exploration
Zone 2A was investigated by two drill holes which returned weak mineralization, and the area north of Zone 2A was covered by eight drill holes which consistently intersected zones of bleaching, hydrothermal hematite and faulting. Further work is required to determine the controls on the high grade mineralization intersected by historical drilling.
Two gravity anomalies, Barney and Maurice Bay South were tested with one hole each that returned positive results with intense bleaching, alteration, extensive fault zones and breccias up to 45m in downhole thickness.
A ground gravity survey that was started in 2011 was continued in 2012. The coverage of the northern two thirds of the project is now complete and fifteen gravity anomalies remain untested by any drilling (Figure 2).
As part of the exploration strategy, the targets are amenable to open pit mining methods since the NW Athabasca project is located at the edge of the Athabasca Basin.
Western Athabasca Uranium Deposits
The project is located in the western Athabasca Basin where other significant uranium deposits have been discovered and mined. UEX Corporation is continuing exploration of its Shea Creek deposit with a current indicated resource of 1,872,600 tonnes grading 1.54% U3O8 for 63,572,000 pounds uranium and an inferred resource of 1,068,900 tonnes grading 1.041% U3O8 for 24,525,000 pounds uranium (Source: UEX Corporation Website). The decommissioned Cluff Lake uranium mine produced 62.5 million pounds of uranium during its mine life (Source: Cameco Website). The Western Athabasca has not seen the same intensity of exploration as the Eastern Athabasca. It is regarded as underexplored with high quality basement and unconformity targets at relatively shallow depths.
Forum and Mega Option with Cameco
Forum and Mega Uranium have entered into a 50/50 Joint Venture Agreement to manage the exploration program during the earn-in period with Forum as initial Operator. Forum and Mega can earn a 60% interest in the NW Athabasca project, a joint venture between Cameco Corporation and Areva Resources Canada by completing $4 million in exploration over four years and making cash payments of $400,000 over three years of which $140,000 has been paid. This property is surrounded by Forum's 100% owned Maurice Point project which has identified drill targets adjacent to the NW Athabasca property.
Figure 1: Pitchblende (black mineral) and gummite (yellow staining) in hole NWA-24.
Figure 2: NW Athabasca Project Gravity Survey. Numerous gravity lows have been identified on the project, with 15 of them untested by previous drilling (white outlines). 2012 work areas are outlined in black.
Quality Assurance and Quality Control
Core samples were collected and shipped in sealed containers to the Saskatchewan Research Council, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory for geochemical analysis using the Uranium ICP Package. This package is the preferred analytical technique for detecting uranium and pathfinder elements in the alteration halos of unconformity-type uranium deposits in the Athabasca Basin. Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum's Vice President, Exploration is the Qualified Person that has reviewed the contents of this news release.
*Historical resource for the Maurice Bay deposit, as reported by Saskatchewan Industry and Resources, Miscellaneous Report 2003-7, has not been calculated or classified under the specifications of National Instrument 43-101 and should not be relied upon.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium and rare earth projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut by exploring on its 100% owned properties and through strategic partnerships and joint ventures. The Company is also evaluating North American rare earth prospects in Quebec and Nunavut.
ON BEHALF OF THE BOARD
Richard J. Mazur, P.Geo., President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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