Forum Intersects 2.25% U3O8 Over 11.1 Metres On The Thelon Basin Uranium Project

12 September 2023

Vancouver, B.C., September 12, 2023 – Forum Energy Metals Corp. (TSX.V: FMC; OTCQB: FDCFF) (“Forum” or the “Company”) announces assay results from its inaugural 2023 summer drill program on the  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*. Forum has received results from the first two drill holes on the Tatiggaq zone, located five kilometres west of Orano’s 93 million pound Andrew Lake and End uranium deposits (Figure1).

HIGHLIGHTS

  • TAT23-002 (Main Zone) intersected 2.25% U3O8 over 11.1 m (from 148.5 - 159.6 m) including:

    1.35% U3O8 over 1.7 m (148.5 - 150.2 m)
    3.32% U3O8 over 3.1 m (152.2 - 155.3 m)
    7.27% U3O8 over 1.5 m (156.9 - 158.4 m)
  • TAT23-001 (Main Zone)– poor recovery in the mineralized zone did not yield material for assay. The downhole radiometric probe logged elevated radioactivity from 156 metres to 168 metres with a high-grade zone from 163 metres to 166 metres (up to 36,000 cps).
  • Assay results from TAT23-003 and TAT23-004 into the Tatiggaq West zone are pending. Uranium mineralization occurs over 24 metres and 18 metres respectively. Geochemical results are pending for the NED23-001 target, a 2 x 2 kilometre gravity anomaly in Thelon sandstone overlying basement rocks- a classic unconformity contact target.

Dr. Rebecca Hunter, Forum’s VP, Exploration stated, “Forum’s drill program successfully shows the potential of the Tatiggaq deposit to be a sizeable new discovery in the Thelon Basin.  The grades and widths intersected at the Main and West zones exceeded our expectations in both grade and extent.  Based on the new drilling, the high-grade zone at Tatiggaq Main is not cut off and is open along strike. Tatiggaq West has shown that the mineralized zone is over 20 m thick so far andneeds to be further drilled along strike and to the north and south to delineate further high-grade lenses. Our drilling has demonstrated that this project is a fertile area to host major, yet to be discovered, unconformity-related uranium deposits.”

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