Forum Uranium Corp. (TSXV:FDC) is focused on Canadian uranium projects in the Patterson Lake uranium prospect in Saskatchewan and the Thelon Basin in Nunavut. With a highly experienced team that has a track record of mine discoveries for unconformity-style uranium deposits in Canada, Forum is currently exploring and developing the 100% owned Clearwater Project and the NW Athabasca Joint Venture.
The Company has 5 drill-ready projects, with current focus on the Clearwater Project which is on-trend and adjacent to Fission Uranium’s Patterson Lake South discovery. The recently completed gravity survey on Clearwater showed four gravity lows and identified several structures.
- Low Market Cap, tight share structure and cash in the bank.
- Raised $6.4 million from common and flow-through equity share financing in difficult resource market.
- 11 drill targets to be drilled in February, 2014 on the northernmost part of the Clearwater Claim which is on trend from Fission Uranium’s Patterson Lake South (PLS) discovery
- Clearwater is 100% owned and is on trend from the Patterson Lake South Discovery in the Athabasca Basin; multiple drill targets have been identified
- Compelling portfolio with 5 drill-ready projects
- Forum’s management and team has discovered over 300 million pounds of uranium valued at over $10 billion at today’s price
Exploration In the Athabasca Basin
The Athabasca Basin in Saskatchewan, Canada holds “unconformity” type deposits and supplies over 30% of all the uranium produced from mines annually.
The Forum portfolio of exploration properties have been carefully evaluated based on their proximity to known uranium deposits and with an exploration model based on at or near-surface uranium mineralization.
The northernmost claim is immediately southwest of PLS, and is on strike with the conductive trend that hosts the high-grade uranium mineralization at PLS.
In November 2013, Forum completed a lake sediment survey in the southern part of the property. Eleven samples were taken, with strong values ranging from 12 to 18ppm uranium found in a small lake bordering a magnetic high interpreted to be part of the Clearwater intrusive complex. These results are significant as they are nine times higher than background values of 1 to 2ppm uranium in the area along the interpreted fertile Patterson Lake South Conductor.
In December 2013, Forum completed a ground gravity survey and generated approximately 11 drill targets. A follow-up ground EM survey and drill program is scheduled to begin in February 2014.
This property continues to be Forum’s focus.
Northwest Athabasca Joint Venture
The NW Athabasca project is a joint venture project between Cameco (23.5%) and AREVA (12.5%); Forum and NexGen have a joint 64% on the project, with Forum acting as Operator.
The NW Athabasca property hosts the Maurice Bay deposit, which has a historical resource of 1.5 million pounds uranium at a grade of 0.6% U3O8 (Source: Saskatchewan Industry and Resources, Miscellaneous Report 2003-7).
Drill results demonstrate the potential for further high grade deposits, including a 3 metre intercept grading 1.34% U3O8 at a shallow depth at Zone A, which remains open along strike to the northwest and southeast. The uranium mineralization has been traced for 50m along strike and remains open to the east.
Forum and NexGen have increased their joint interest to 64% in the joint venture and further work plans will be determined after consultation with the Company’s JV partners.
Richard Mazur, Mba – President, Ceo & Director
Geoscientist (P.Geo.) and businessman with 35+ years international mining experience as a project geologist, financial analyst and senior executive on uranium, gold, base metals, diamonds and other minerals. Responsible for acquiring Forum’s initial Athabasca Basin uranium properties in 2004.
Anthony Balme – Non-Executive Chairman
International Financial Specialist: Managing Director of Carter Capital Ltd. and AMC Limited, two private UK investment funds.
Michael Steeves, Cfa -Director
Mining Executive with 40+ years as a geologist, mining analyst and senior manager, including expertise in mergers and acquisitions.
James Hutton, Mba – Advisor
Corporate Executive & Resource Finance Specialist. Former CEO of Terra Ventures, which merged with Hathor, and later acquired by Rio Tinto for over C$600 million. Founder and President of Canada Dominion Resources, one of Canada’s largest flow through fund managers, subsequently acquired by the Dundee/Dynamic mutual fund group.
Ken Wheatley – Vice President, Exploration
Professional Geoscientist (P.Geo.) with 33+ years uranium exploration experience with AREVA Resources Canada Inc. & Uranerz Exploration & Mining Ltd (UEM). Team member responsible for the discovery of 132 million pounds of uranium in eight deposits in the Athabasca Basin, four of which have been mined. He also managed AREVA’s Kiggavik exploration program in the Thelon Basin. Ken joined Forum as VP, Exploration in 2007.
Dr. Boen Tan – Chief Geologist
Professional Geoscientist (P.Geo.) with 40+ years uranium exploration experience. Discovered the 200 million pound Key Lake Uranium deposit. Subsequently, he continued to supervise UEM’s uranium exploration and drilling programs in the Athabasca Basin. Recipient of the 2007 Outstanding Achievement Award from the Association of Professional Engineers and Geoscientists (Saskatchewan) for his role in the discovery of the Key Lake Uranium deposit. Dr. Tan joined Forum as Chief Geologist in 2005.