Forum Energy Metals

Exploring for Energy Metals In North America

This profile is part of a paid investor education campaign.*


Forum Energy Metals Corp. (TSXV:FMC) is a Canadian mineral resource company exploring for energy metals, most notably copper and uranium in Saskatchewan, and cobalt in the Idaho Cobalt Belt.

There has been an increased demand for copper and cobalt in recent years that is being driven by the renewable energy sector and electric vehicle (EV) growth. Analysts are predicting that there will be 3.6 times more copper in an EV compared to an internal combustion vehicle. As a result, the industry is expecting a supply gap of five million tons per year by 2025.

Forum has prioritized the exploration of the Janice Lake sedimentary copper project, which has seen limited drilling by previous operators who identified significant copper mineralization within 35 meters of the surface. An initial drill program was completed on the property and Forum was able to confirm and expand historical mineralization. Highlights from the program include 19 meters grading one percent copper and 6.5g/t silver and 1.02 percent zinc and five meters grading 0.39 percent copper and 4.3 g/t silver, 1.09 percent lead and 0.62 percent zinc.

Forum is also well positioned for when the uranium market rebounds with interests in seven drill ready projects, all located within prominent areas of the Athabasca Basin. The company has acquired the Quartz Gulch cobalt property, which is located in the Idaho Cobalt Belt. The property is approximately five kilometers away from eCobalt Solutions’ (TSX:ECS) Idaho cobalt project, which is the only permitted cobalt mine under development in North America.

Institutional shareholders hold 20 percent of the company’s shares, while Transition Metals Corp. and Holystone Energy own a combined total of approximately 20 percent. In addition, Forum’s management team has 107 years of combined experience in the mining industry, with strong expertise in uranium and base metal exploration.

Company Highlights:

  • Forum has a micro market cap of under $5  million.
  • Well positioned in the mining friendly jurisdiction of Saskatchewan.
  • Underexplored, district-wide, sedimentary copper exploration project in Saskatchewan’s Wollaston Copperbelt with significant shallow mineralized results from limited historical drilling.
  • Open pit potential coupled with highly prospective unexplored surrounding ground suggests significant blue-sky potential for multiple mineralized areas.
  • Acquired the prospective Quartz Gulch cobalt property, located nearby eCobalt Solutions permitted cobalt project in the Idaho Cobalt Belt.
  • Seven drill-ready uranium projects in Saskatchewan’s Athabasca Basin, home to the world’s richest uranium deposits.
  • Institutional shareholders hold 20 percent of the company shares.
  • Strong management and technical team with a track record for success.

Janice Lake Sedimentary Copper Project

Janice Lake is a relatively unknown and underexplored sedimentary copper project with a district-wide presence and significant exploration potential. Located in Saskatchewan’s Wollaston copper belt, the geology compares favorably with other worldwide sedimentary copper giants including the Udokan in Russia, the Central African copper belt in Zambia and the DRC and Hecla Mining’s Rock Creek deposit in Montana. The property is comprised of 18 mining claims that total 19,289 hectares.

Historic Exploration

In 1993, Noranda completed 5,500 meters of drilling which intersected a near surface chalcocite copper mineralization. In 2003, Phelps Dodge reprocessed magnetic and induced polarization geophysical data and completed a six-hole drill program which identified new copper mineralization two kilometers south of the JS showing. Historical drill results from the property include the following:

With no drilling undertaken since 2003, Janice Lake is considered to be underexplored.

Ongoing Exploration

Forum has been analyzing the existing historical data and follow-up geophysical work completed by Transition Metals.  A four-hole drill program to confirm and expand on historical results was recently completed. Highlights from the program include 19 meters grading one percent copper and 6.5 g/t silver and five meters grading 0.39 percent copper, 4.3 g/t silver, 1.09 percent lead and 0.62 percent zinc.

Quartz Gulch Cobalt Property

Forum recently acquired a 100 percent interest in the Quartz Gulch cobalt property located in the Idaho Cobalt Belt from Lumina Cobalt Corp. The property comprises 127 claims totaling 10.65 square-kilometers and is located approximately five kilometers southeast from eCobalt Solutions’ Idaho cobalt project, which is the only permitted cobalt mine under development in North America.

The Idaho Cobalt Belt region has highly developed infrastructure and the property is easily accessed from the main road to the past-producing Blackbird mine. A regional geological and stream sediment sampling study was completed by Noranda, the previous operator in the late 1970’s/early 1980’s establishing the Quartz Gulch property as prospective for stratabound cobalt mineralization and cobalt hosted in quartz-tourmaline breccias. However, the property was never drilled. Forum is planning an initial exploration program this fall.

In addition to acquiring the Quartz Gulch property, Forum acquired from Lumina a 100 percent interest in the Juneau-Standard (JS) cobalt claim block in Grant County, Oregon. The JS property consists of 155 claims totaling 9.43 square-kilometers. The property surrounds the historical Quartzburg mining camp which is known for its high-grade gold, silver, copper and cobalt veins.

Lumina Gold (TSXV:LUM) geologists prospected the property and sampled historic mine dumps which resulted in gold grades ranging from 0.125 to 548 g/t gold. Similar vein systems on the JS claim block will be examined this fall in Forum’s initial exploration program.

Athabasca Basin Uranium Projects

Forum has several 100 percent owned projects available for joint venture (JV), while others have been partnered with companies including Cameco (TSX:CCO), Orano (formerly AREVA), NexGen (TSX:NXE), Rio Tinto (LSE:RIO) and Uracan (TSXV:VEC). The company’s exploration model is based on near-surface uranium mineralization. A total of seven projects are drill-ready and available for joint venture.

Fir Island

Fir Island is a highly prospective drill ready project that is wholly-owned by Forum, The property comprises approximately14,000 hectares and is located approximately five kilometers northeast of Black Lake, on the northeastern edge of the Athabasca Basin.  Ground gravity, electromagnetic and geochemical surveys with one round of drilling has identified a strong structure with exceptional potential for a major uranium deposit over 18 kilometers.


Henday is jointly owned by Forum (40 percent) and Rio Tinto (60 percent). The 7,204-hectare Henday property is located in the northeastern margin of the Athabasca Basin near the past-producing McClean Lake projects. The JV has identified several high potential drill-targets.

Key Lake Road

The Key Lake Road project is comprised of three properties: Highrock, Costco, and Costigan. The properties are immediately south of Cameco’s Key Lake deposits. All properties are drill ready by Forum and are wholly-owned by the company, with the exception of the Costigan property, which is 35 percent held by a private company. Forum has identified a number of zones of uranium mineralization on these properties that require follow-up drilling.


Clearwater is jointly owned by Forum (75 percent) and Uracan Resources (25 percent). The 9,912-hectare property is located on the southwestern edge of the Athabasca Basin on trend to the southwest of NexGen’s Arrow deposit and Fission Uranium’s Triple R deposit.

In November 2016, a nine-hole drill program was carried out which identified areas for further follow-up drilling.

Northwest Athabasca Joint Venture

The Northwest Athabasca JV property is owned by Forum (39.25 percent), NexGen  (28.25 percent), Cameco  (20 percent) and AREVA (12.5 percent). The property is located in the Maurice Bay area of Lake Athabasca, 75 kilometers west of Uranium City, and includes the Maurice Bay deposit, which contains a historical resource estimate of 1.5 million pounds grading 0.6 percent U3O8 to a depth of 50 meters*. Forum has identified a number of zones of uranium mineralization on the property that requires follow-up drilling.

*The Maurice Bay historical resource estimate was completed prior to the implementation of National Instrument 43-101. Given the extensive exploration work completed by experienced mineral resource companies, and the quality of the historical work completed, the company believes the historical estimate to be relevant and reliable. However, a qualified person has not completed sufficient work to verify and classify the historical estimate as a current mineral resource, and the company is not treating the historical estimate as a current mineral resource. It should be noted that mineral resources, which are not mineral reserves, do not have demonstrated economic viability.

Maurice Point

Forum wholly-owns Maurice Point project, located to the east of the Northwest Athabasca JV.

A ground gravity survey was completed on the property which identified multiple gravity lows. In 2017, Forum conducted a soil sampling survey down-ice from the gravity lows which focused exploration on an east-west corridor trending from the Northwest Athabasca JV on to the Maurice Point property and outlined a number of drill worthy targets.


Richard Mazur, P.Geo., MBA President, CEO and Director

Mr. Mazur is a geoscientist who has held positions in the international exploration and mining industry for over 35 years as a project geologist, financial analyst and senior executive on uranium, gold, base metals, coal and industrial minerals projects. Mr. Mazur worked over a 10-year period (1974-1984) as a uranium exploration geologist in Saskatchewan, Nunavut, Yukon, Ontario, Quebec and the Maritime provinces for Pan Ocean Oil Ltd. Currently, he is also a Director of Alto Ventures Ltd, Impact Silver Corp. and Midnight Sun Mining Corp.

Mr. Mazur graduated with a B.Sc. in Geology from the University of Toronto in 1975 and obtained an MBA from Queen’s University in 1985.

Ken Wheatley, P.Geo. VP of Exploration

Mr. Wheatley joined Forum Uranium as VP, Exploration in 2007. Ken is a Professional Geoscientist (P. Geo.) with the Association of Professional Engineers and Geoscientists in Saskatchewan, Alberta and Northwest Territories/Nunavut. He has 37 continuous years of uranium exploration experience in Canada, most recently with AREVA Resources Canada Inc., one of the world’s largest uranium exploration and production companies and Uranerz Exploration and Mining Limited. Mr. Wheatley has a record of mineral discoveries, including eight uranium deposits, four of which became producing mines in the Athabasca Basin, Saskatchewan. Ken also managed the Kiggavik/Sissons project for AREVA, a project that contains a 133-million-pound uranium deposit located in the Thelon Basin, Nunavut Territory.

Dr. Boen Tan, Ph.D. Chief Geologist

Dr. Tan is a member of the Association of Professional Engineers and Geoscientists of Saskatchewan and possesses over thirty-five years of uranium exploration experience. Dr. Tan joined Uranerz, a private German company, in 1969 and after a number of years as a field geologist in Germany and Australia, moved to Canada in 1973 as a senior geologist and Project Manager for Uranerz Exploration & Mining Ltd. (UEM), conducting uranium exploration in the Athabasca Basin.

Dr. Tan was instrumental in the discovery of the Key Lake uranium deposit and the development of the Key Lake Mine which produced approximately 200 million pounds of U3O8 at a grade of 2.5 percent over a 15-year mine life from 1983 to 1997. After the development of the Key Lake Mine, Dr. Tan continued to supervise UEM’s uranium exploration and drilling programs in the Athabasca Basin, including regional exploration in the greater Key Lake area. Dr. Tan monitored the exploration and diamond drilling of UEM’s joint ventures with Cameco until 1998. For the next seven years, Dr. Tan acted as a consultant to a number of companies and joined Forum as a Chief Geologist in 2005. In 2007 he received the 2007 Outstanding Achievement Award from the Association of Professional Engineers and Geoscientists of Saskatchewan.

Jeannine Webb, CPA, CGA CFO

Jeannine Webb has over 25 years of extensive financial experience in the resource industry. Through her company, Venturex Consulting, she has acted as CFO and provided financial management services to junior public resource issuers since 2008, as well as serving as Corporate Secretary and Director for various other companies. Until 2007, Webb was a partner of Badger & Co. Management Corp., a private company which provided a full range of financial, corporate and geological management services to junior private and public mineral exploration companies. During this time, Webb served as CFO and Corporate Secretary for companies under management with Badger & Co., as well as Director for various companies.

Jacqueline Collins – Corporate Secretary

Ms. Collins is a securities/corporate finance paralegal with over 25 years of experience as a legal administrator, corporate secretary and paralegal with several law firms and public resource companies. She also serves as Corporate Secretary for Alto Ventures Ltd., BCGold Corp and Minecorp Energy Ltd.

Craig Christy, BES, MA Vice President of Corporate Development

Craig has over 15 years executive corporate consulting experience, in addition to additional 15 years as a senior investment advisor, with firms including First Marathon Correspondent Network. Craig served as Corporate Secretary, Corporate Development and IR Consultant to Strathmore Minerals Corp. (2002-2013), which was acquired by Energy Fuels Corp. in August 2013. He was also a consultant to Strathmore’s spin-out company, Fission Energy Corp., which was acquired by Denison Mines in 2013, and a Director of the former Contrarian Resource Fund Limited Partnership.

Jim Atkinson P.Geo., MSc. Consulting Geologist

Jim Atkinson has over 45 years of North American and international experience on a variety of base and precious metal deposits and mines. He has worked as a Project Manager, Exploration Manager and VP of Exploration for both major and junior companies.

Anthony Balme Director

Mr. Balme is an active participant in a number of overseas resource ventures, both public and private. Mr. Balme is the Managing Director of Carter Capital Ltd. and A.M.C. Limited, two private UK investment funds. He identifies early stage opportunities in the resource sector and arranges financings to advance projects to the public market. Mr. Balme is also a Director of Ortac Resources plc, which has an option to earn a 100% interest in the Kremnica Gold project in Slovakia.

Dr. Howard Haugom Director

Dr. Haugom is a partner at Burkehill Capital Corp, a Vancouver based private equity firm, co-owner of Quilts Etc., a national linen retail chain, and serves as an independent board member of other public companies. He has taught extensively at Simon Fraser University, worked in both the private (Canadian Pacific) and public sectors (BC Treasury Board) as an Economist, and has been a consultant to the gold resource sector. Dr. Haugom holds Economic degrees specializing in international trade and finance and resource economics from the University of Victoria – BA and MA (1984) and a Ph.D. (1991) from Simon Fraser University.

David Cowan Director

David Cowan is associate counsel with the law firm of Lang Michener LLP in Vancouver and has practiced in the area of securities and corporate finance for over 20 years. He represents numerous public and private companies in the mining and technology sectors and is also a director of Alto Ventures Ltd.

Larry Okada Director

Larry Okada is a member of both the Canadian Institute of Chartered Accountants and the Washington State Certified Public Accountants Association with over 32 years of experience providing financial management services to publicly traded companies, with emphasis on junior mineral exploration companies. He holds a B.A. in Economics and was in public practice with his own firm of Staley, Okada and Partners and PricewaterhouseCoopers LLP. Okada is the Chairman of Forum’s Audit Committee.

Michael A. Steeves, CFA Director

Michael Steeves has been involved in the mining industry for over 40 years. He is the past-President and Chief Operating Officer of Zazu Metals Corporation, which is developing a large zinc-lead-silver deposit near the Red Dog mine in Northern Alaska. Prior to joining Zazu Metals, he was Vice President of Investor Relations for Glamis Gold, and also served as Director of Investor Relations for Coeur D’Alene Mines, Homestake Mining and Pegasus Gold. Steeves also worked as a mining analyst for many years with a number of Canadian Investment firms and as a geologist for senior mining companies in Canada and the United States. He has a Bachelor of Science Degree in Geology and a Master of Science Degree in Earth Sciences from the University of Manitoba in Winnipeg and is also a Chartered Financial Analyst.

*Disclaimer: The profile provides information which was sourced and approved by Forum Energy Metals in order to help investors learn more about the company. Forum Energy Metals is a client of the Investing News Network (INN). The company’s campaign fees pay for INN to create and update this profile page, to which links are placed on and channel newsletters.
The company description, investment highlights and catalysts were sourced by INN and approved by the company. INN does not guarantee the accuracy or thoroughness of the information contained on this page.
INN does not provide investment advice and the information on profile should not be considered a recommendation to buy or sell any security.
INN does not endorse or recommend the business, products, services or securities of any company profiled.
Readers should conduct their own research for all information publicly available concerning the company.