Forum Energy begins ground gravity survey at Nunavut uranium project

Forum Energy Metals (TSXV: FMC; OTC: FDCFF) has begun a ground gravity survey and completed a baseline archaeological study on its Nunavut uranium project, located 100 km west of the community of Baker Lake within the Thelon Basin.

In February, Forum expanded its landholding in the Thelon Basin by staking 65,558 hectares of claims over the Tatiggaq and Qavvik uranium deposits as well as several target areas formerly held by Cameco. The newly staked ground is on trend with the Kiggavik uranium project, which is held 66.2% by Orano Canada, 16.9% by Denision Mines and 16.9% by UEX Corporation, and contains 133 million lb. of uranium at an average grade of 0.46% uranium.

Significant uranium mineralization was discovered by Cameco to the west of Kiggavik during 2008-12. However, these claims were later abandoned due to the long period of low uranium prices from secondary supply entering the market after tidal waves damaged the Fukushima nuclear plant in Japan.

Believing that the Thelon Basin region shares many common features as the Athabasca Basin of Saskatchewan, Forum decided to firm up its land position and begin its 2022 exploration activities, which include a review the 135 drill holes drilled by Cameco that resulted in the discovery of the Tatiggaq and Qavvik deposits and the Ayra showing.

Rick Mazur, Forum's president and CEO, said, "The Thelon Basin is an important unconformity-type uranium district that represents the closest geological analogue in the world to the prolific Athabasca Basin. We believe that our ground hosts major high-grade uranium deposits with similar potential and grades as the Athabasca. Forum is formulating plans to aggressively explore this project in 2023."

The company's main focus for the 2023 drill program will be the Tatiggaq discovery, which consists of two zones that average 30 metres in thickness between 80 and 100 metres in depth, with strike lengths between 60 and 80 metres, respectively. Significant drill intercepts from the past include 2.69% uranium oxide (U₃O₈) over 7.9 metres, including 24.8% U₃O₈ over 0.4 metre.

According to Forum, there is potential to significantly increase the size of this deposit, in addition to following up on Qavvik, Ayra and other targets on the property. The current ground gravity survey is designed to delineate additional drill targets on the project.

To learn more, visit www.forumenergymetals.com.