6 September 2023
Vancouver, B.C., September 6, 2023 – Forum Energy Metals Corp. (TSX.V: FMC; OTCQB: FDCFF) (“Forum” or the “Company”) announces that it has completed its inaugural drill program on its Thelon Basin uranium project located 100 km west of the Hamlet of Baker Lake, Nunavut. Forum holds a 100% interest in 95,500 hectares of ground adjacent to Orano’s 133 million pound Kiggavik uranium project (Figure1). Five holes were completed on two uranium targets, Tatiggaq and Ned for a total of 991 metres. Assay results are expected in September/October.
Dr. Rebecca Hunter, Forum’s VP, Exploration stated, “Forum’s drill program successfully infilled and extended uranium mineralization at the near surface Tatiggaq deposit located five kilometres west of Orano’s Andrew Lake and End deposits, which together contain a total of 93 million pounds of uranium at its Kiggavik uranium project. This drill program was successful in confirming our understanding of the controls of mineralization, which will focus our targeting in Forum’s next drill program to extend the deposit at depth and along strike. Only 200 metres of this 1.5 kilometre long anomaly has been drill tested. The drilling at Ned shows that the area is fertile for unconformity-type uranium mineralization processes due to the intersection of clay alteration in the sandstone.”
Tatiggaq
Mineralization at the Tatiggaq zone occurs in two zones - the Main and West Zones and is located at depths between 80 and 180 m. The entire 0.7 km wide by 1.5 km long Tatiggaq gravity anomaly remains open for additional uranium mineralization both along strike of the known zones but also along numerous sub-parallel fault zones to the north and south. Forum drilled two holes in the Tatiggaq Main zone and two holes in the Tatiggaq West zone for a total of 826 metres (Figure 2). The drill core from the mineralized sections has been delivered to the Saskatchewan Research Council laboratory in Saskatoon, Saskatchewan.
Ned
One hole was drilled on the large Ned gravity target (Figure 1), one of over 20 high-priority targets on the property with potential to host large unconformity-style uranium deposits. Ned is a completely untested 1.3 km by 1.5 km gravity anomaly target located 10 km west of Orano’s 40 million pound Kiggavik deposit. The drill hole at Ned was collared in Thelon sandstone and was targeting the sandstone-basement unconformity along the Thelon Fault zone. The hole was lost at 165 metres in clay-altered Thelon sandstone, a typical alteration feature of large uranium deposits in the Athabasca Basin. This anomaly will be the focus of additional drill testing during Forum’s planned 2024 drill program.