Vancouver, British Columbia--(Newsfile Corp. - February 15, 2018) - Forum Uranium Corp. (TSXV: FDC) ("Forum") and Transition Metals Corp. (TSXV: XTM) ("Transition"), collectively ("the Parties") are pleased to announce that the Parties have successfully staked an additional 15,331 hectares of claims to cover over 30 km of the prospective copper trend in the Janice Lake area located 55 km southeast of the Key Lake uranium processing facility. The property now consists of 18 mining claims for a total of 19,289 hectares (Figure 1). Numerous surface copper showings were discovered by historical prospecting over a 10 km trend and the remaining 20 km trend remains under prospected or covered by thin overburden.
Rick Mazur, President & CEO of Forum stated, "The style of mineralization at Janice Lake is similar to other large sedimentary hosted copper deposits around the world. The new staking of this copper belt for over 30km adds a district scale dimension to the project."
In 1993, 20 of 35 holes totaling 5,500m drilled by Noranda intersected near surface chalcocite copper mineralization. The best result at the JS showing near Janice Lake intersected 0.77% Cu over 33.0 m including 1.6% Cu over 6 m, within 35 m of surface. In 2003, Phelps Dodge reprocessed the magnetic and induced polarization (IP) geophysical data and completed 6 diamond drill holes to target mineralization under cover. By targeting modelled IP/Resistivity anomalies, Phelps Dodge discovered new copper mineralization 2 kilometers to the south of JS, named the Phelps-Jansem zone. Two holes drilled 100 m apart returned 0.72% Cu over 20.8m, including 1.3% Cu over 4.8m (JL-03-38) and 0.49% Cu over 19m, including 0.91% Cu over 6m (JL-03-41).
Transition acquired the property in 2012 and completed 700 line km of VTEM airborne magnetic/electromagnetic survey, field mapping and rock/soil sampling. Forum is currently reviewing all historical data to prepare for a summer prospecting, geological, geochemical and geophysical program to identify targets for drilling.
The Janice Lake copper occurrences are comparable to the Rock Creek and Montanore deposits in the Proterozoic Revett Formation in Montana, now in the final stages of permitting. Hecla Mining reports that the Rock Creek and Montanore deposits contain 2.8 billion pounds copper and 331.5 million ounces of silver with a potential mine life of 20 to 30 years. Hecla reports a 43-101 compliant Inferred Resources of 112 million tonnes grading 0.7% copper, 1.6 oz/t silver for its Montanore deposit and 97.6 million tonnes grading 0.7% copper and 1.5 oz/t silver for its Rock Creek deposit in Montana (as reported in the Corporate Update dated December 2017 on the Hecla website).
A video prepared by Transition Metals highlighting the opportunity at Janice Lake can be viewed at: https://www.youtube.com/watch?v=RLDNeIPlQQc
The Parties also announce that the initial cash and share payments have been made as per the definitive agreement whereby Forum optioned a 100% interest in the Janice Lake Sedimentary Copper Property in north-central Saskatchewan from Transition. (For further details see news release dated February 6,, 2018 at https://forumuranium.com/news/2018/forum-options-100-interest-in-the-janice-lake-sedimentary-copper-project-saskatchewan-from-transition-metals/