2021-04-07 10:52 ET – News Release
Forum Energy Metals Corp. has started a gravity survey on its Wollaston uranium project, located 10 kilometres south of Cameco’s Rabbit Lake uranium mill and immediately east of the all-weather road to Orano’s McClean Lake uranium processing plant.
“The gravity survey is designed to detect areas of alteration within north-south bends along a number of electromagnetic (EM) conductors on the project,” stated Ken Wheatley, Forum’s vice-president, exploration. “Alteration halos may be formed during the creation of uranium deposits along EM conductors. The Wollaston project lies immediately outside the Athabasca sandstone basin so the alteration halos will be limited to the basement lithologies, creating a much tighter target for drilling. Approximately 2,000 readings at 100-metre-by-100-metre spacings on two priority grids will be taken.”
The Wollaston uranium project is located along the margin of the Athabasca sandstone basin and boasts both road and power access, along with its proximity to two uranium mills and 10 mines/deposits within 35 kilometres of the property. The target mineralization is a shallow, basement-hosted uranium such as the Eagle Point deposit (140 million pounds uranium) found at the Rabbit Lake mine site 25 kilometres to the north.
Forum staked the current claims less than a year ago based on 40-plus years of uranium exploration experience in the selective identification of the highest-potential conductive trends that remain untested or underexplored. A compilation of historic drilling, geophysics and prospecting on the project have outlined over 30 kilometres of prospective conductive trends, several unexplained uranium boulder trains on surface and a number of untested drill targets.
Mr. Wheatley, PGeo, Forum’s vice-president, 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 being 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.
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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