Forum and Uracan Commence Drilling on Clearwater Property in Patterson Lake South Area
VANCOUVER, September 29, 2016 - Forum Uranium Corp. (TSXV: FDC) ("Forum") and Uracan Resources Ltd. (TSXV: URC) ("Uracan") announce the commencement of a 3,000 metre drill program on Forum's 100% owned Clearwater Project, on trend from Fission Uranium's Triple R deposit and Nexgen Energy's Arrow Deposit in the Athabasca Basin, Saskatchewan (Figure 1). The Patterson Lake Corridor continues to yield significant uranium mineralization 840 metres to the southwest of the original discovery in the direction of the Clearwater Project. A total of eleven drill holes totalling 2,836 metres have been completed to date on the property. This previous drilling defined a number of target areas with altered and reactivated graphite bearing structures with elevated boron and nickel geochemistry and anomalous uranium values. Forum and Uracan plan to drill ten to twelve drill holes to follow-up these structures along the Mongo and Key trends and to test new targets that have not yet been drill tested.
In addition, a 12 line kilometre ground electromagnetic survey is currently underway on the Clearwater Project to better target the planned drilling.
Uracan Option Agreement
Uracan can earn a 25% interest in the Clearwater property by spending $1.5 million (approximately $500,000 spent to date), a 51% interest in the Clearwater property by spending $3 million in exploration over three years and up to a 70% interest by spending $6 million over five years. The Clearwater Project covers a total of 9,912 hectares adjoining Fission Uranium's Patterson Lake South claims to the southwest. Forum will be the Project operator until Uracan earns its 51% interest, after which Uracan may elect to become the operator.
Image: https://www.accesswire.com/uploads/22776_a1475091680999_42resize.jpg
Figure 1: The Mongo Trend is the extension of the Patterson Lake Corridor, host to the Triple R and Arrow uranium deposits. The Key Trend has demonstrated potential for uranium deposition from previous drill programs by Forum and Uracan.
To view an enhanced version of Figure 1, please visit: http://www.accesswire.com/uploads/22776_a1475091680999_42.jpg
Ken Wheatley, P.Geo. and Forum's VP, Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits in the Athabasca Basin, Saskatchewan by exploring on its 100% owned properties and through strategic partnerships and joint ventures with Cameco, AREVA, RTX, NexGen and Uracan.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, President & CEO
Tel: 604-630-1585
Matt Terriss, Director, Corporate Affairs
Tel: 604-689-2599
SOURCE: Forum Uranium Corp.