Forum Energy begins drilling at Fir Island

Written By :

Category :

News Release

Posted On :

Share This :


2021-03-03 09:05 ET – News Release

Mr. Richard Mazur reports


Two diamond drill rigs have commenced drilling on Forum Energy Metals Corp.’s 100-per-cent-owned Fir Island uranium project in Northern Saskatchewan. Forum plans to complete approximately 5,000 metres in 24 holes. This program is operated by Forum and financed by Orano Canada Inc. (formerly AREVA Resources Canada) under terms of an option agreement to earn up to a 70-per-cent interest by spending up to $6-million on exploration.

Previous drilling in 2015 and 2020 identified two prospective structures transecting the project, defined by gravity, resistivity and soil sampling anomalies. The 2021 drill program will further investigate these structures that exhibit strong alteration, elevated geochemical indicators and an abundance of dravite — a boron-rich clay that is present around most uranium deposits on the eastern side of the Athabasca basin.

Depth to the unconformity on this project varies from zero metres to 250 metres and the two previous drill campaigns have identified a 30-metre to 50-metre offset of the unconformity. A series of drill fences of two to three holes each will search for shallow unconformity-style uranium mineralization.

Ken Wheatley, professional geoscientist, Forum’s vice-president of exploration and qualified person under National Instrument 43-101, has reviewed and approved the contents of this news release.

About Forum Energy Metals Corp.

Forum Energy Metals has three 100-per-cent-owned energy metal projects to be drilled in 2021 by the company and its major mining company partners, Rio Tinto and Orano Canada Inc., for copper/silver, uranium and nickel/platinum/palladium in Saskatchewan, Canada’s No. 1 rated mining province for exploration and development. In addition, Forum has a portfolio of seven drill-ready uranium projects and a strategic land position in the Idaho cobalt belt.

For investor contacts more information, please contact:
Investor Relations
647-725-3888 ext 702

Neither 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.

Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.