Forum Announces Drill Results from Qavvik: 296 Metres of Uranium Mineralization
22 January 2025
Vancouver, B.C., January 21, 2025 – Forum Energy Metals Corp. (TSX.V: FMC; OTCQB: FDCFF) (“Forum” or the “Company”) announces drill results for the Qavvik anomaly, its second basement hosted deposit located within Forum’s 100% owned Aberdeen Project. This highly successful program intersected a 296-metre-wide zone of uranium mineralization with grades up to 8.2% U3O8 in a newly identified lense and resulted in more than 20 assays with grades greater than 1% U3O8. Mineralization is open to the northeast and southwest, and the shallow depths along with the thick overall uranium intercepts demonstrates the open pit potential of this deposit. With multiple drill targets on the property, the Aberdeen project has the potential to unfold into a generational uranium district. (Figure 1).
HIGHLIGHTS
- QAV24-001 intersected a 296 m wide zone of uranium mineralization consisting of numerous discreet lenses from 36 m to 332 m, and QAV24-002 intersected over 190 m of discreet mineralized lenses from 192 m to 384 m. On the Qavvik Grid, uranium mineralization has been intersected over a 150 metre northeast-southwest trend and is open for extension of the deposit.
- The highest mineralization intervals from QAV24-001 are as follows:
- 1.49% U3O8 over 3.30 m (171.9 – 175.2 m)
- Max. of 8.17% U3O8 over 0.5 m at 172.0 m
- 1.99% U3O8 over 0.3 m (205.3 – 205.6 m)
- 0.82% U3O8 over 4.9 m (291.4 – 296.3 m)
- Max. grade of 7.92% U3O8 over 0.1 m at 292.3 m
- Including 1.22% U3O8 over 1.4 m at 318.1 m
- Max. grade of 6.3% U3O8 over 0.2 m at 318.8 m
- 0.64% U3O8 over 2.7 m (317.1 – 319.8 m)
- 1.49% U3O8 over 3.30 m (171.9 – 175.2 m)
- The highest mineralization intervals from QAV24-002 are as follows:
- 0.40% U3O8 over 3.5 m from 192.9 to 196.4 m including:
- 1.69% U3O8 over 0.6 m at 195.9 m
- Max. grade of 2.44% U3O8 over 0.2 m at 196.2 m
- 0.66% U3O8 over 1.7 m from 197.0 to 198.7 m including:
- Max. grade of 3.08% U3O8 over 0.2 m at 197.4 m
- 0.40% U3O8 over 3.5 m from 192.9 to 196.4 m including:
Rick Mazur, CEO commented, “These exceptional results from our Qavvik deposit are in line with what we believe to exist in the Thelon Basin - basement and unconformity contact type deposits with the same size potential as the Athabasca Basin. With Tatiggaq only 5 km from Orano’s 127 million pound Kiggavik uranium deposit and Qavvik demonstrating the potential for an economic resource, we believe that we are building a new tier one uranium district. The unconformity style alteration of the Thelon sandstone and basement rocks that has been observed at our Ned, Ayra and Loki drill targets provides even more growth potential for the project.”
Dr. Rebecca Hunter, Forum’s VP, Exploration stated, “Going into 2024, it was our first opportunity as a company to showcase the size and grade potential of the Qavvik deposit. Our objective to drill at a shallower angle in order to intersect multiple lenses was highly successful both in terms of grade and size. The thick intersection in our first drill hole of several hundred metres of uranium mineralization is quite prolific. In addition, the high grades demonstrate tremendous potential for increasing the resource at Qavvik. We are very encouraged by these results and look forward to conducting more infill and expansion drilling at Qavvik.”
QAVVIK DRILL PROGRAM – INFILL AND EXPANSION
The Qavvik anomaly, hosts Forum’s second deposit on the Aberdeen Project. The Aberdeen Project land package consists of approximately 95,000 ha or 950 square kilometres (365 square miles) of mineral claims in the Thelon Basin, located approximately 100 km west of Baker Lake. Qavvik is an 800mx800m gravity low 15 km west of the Tatiggaq deposit, which is adjacent to the 127 million pound Kiggavik project held by Orano/Denison/UEC*. The mineralization is hosted in steep-dipping structures as well as along flat-lying foliation planes within the host rock. The area has been tested by 28 historical holes by Cameco from 2009 to 2012. These holes were largely drilled on 25 to 50 m centres at an orientation of -85 degrees to the southeast. Another nine short holes drilled in the late 70’s, early 80’s by Marline Oil and Anaconda intersected alteration but no uranium.
Forum completed two drill holes into the Qavvik anomaly in 2024 totaling 835 m (Table 1). The objective of QAV24-001 was to drill at a shallower angle in a more optimal direction to crosscut multiple lenses rather than the historical holes that drilled steeply along the mineralized lenses. The objective of QAV24-002 was to intersect and extend the main lower lense intersected in historical drilling. Both these tests were successful and will guide the expansion targeting in 2025. The structural setting of Qavvik is still being interpreted but the main controls on mineralization appear to be east-northeast subsidiary faults, and potentially a northeast fault that transects the area. The mineralization is open throughout the anomaly but in particular, to the northeast and southwest along these fertile east-northeast trending fault zones.