3.51% U3O8 over 7.6 Metres Including 13.8% U3O8 over 1.2 Metres Historical Drill Result Confirms Potential for Extension at Tatiggaq, Thelon Basin Uranium Project

7 November 2023

Vancouver, B.C., November 7, 2023 – Forum Energy Metals Corp. (TSX.V: FMC; OTCQB: FDCFF) (“Forum” or the “Company”) announces historical assay results 25 metres to the east-northeast of the 2023 summer drilling on its Thelon Basin uranium project located 100 km west 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*. Interpretation of historic uranium assay results from drilling in 2010 and 2011 on trend from Forum’s drilling on the Tatiggaq deposit this summer confirms the potential to extend mineralization for up to 1.25 kilometres. The Tatiggaq deposit is located five kilometres west of Orano’s 93 million pound Andrew Lake and End uranium deposits (Figure1).

HIGHLIGHTS

  • Intersection of uranium mineralization shows continuity and consistency of high-grade mineralization 25 m east-northeast of TAT23-002 drilled this summer. The historical intercepts are as follows:
  • TUR-021 intersected 3.51% U3O8 over 7.6 m (from 148.1 – 155.7 m) including:
    • 13.8% U3O8 over 1.2 m (153.3 – 154.5 m)
  • TUR-026 intersected 1.0% U3O8 over 14.9 m (from 177.6 – 192.5 m) including:
    • 2.21% U3O8 over 4.6 m (184.0 – 188.6 m)
  • TUR-040 intersected 1.14% U3O8 over 9.0 m (from 159.1 – 168.1 m) including:
    • 4.09% U3O8 over 0.5 m (159.6 – 160.1 m)
    • 2.81% U3O8 over 2.5 m (162.5 – 165.0 m)

Dr. Rebecca Hunter, Forum’s VP, Exploration stated, “The historical drilling within Forum’s Tatiggaq deposit area demonstrates the high-grade mineralization potential of Tatiggaq. These grades are exceptional and are only rivaled by the highest-grade basement-hosted deposits in the Athabasca Basin. The continuity of this mineralization has been demonstrated over a 250 metre strike length in concert with the 2023 drilling, thus far. The vertical depth of uranium mineralization to date is less than 180 metres, within limits of cost-effective open pit mining. The mineralized trend is open for over 1 kilometre to the northeast and the width and depth extent has not been fully delineated. A second drill has been delivered to Baker Lake for the 2024 drill campaign.”

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