The Conversation (0)
Jun. 18, 2019 05:55AM PST
Forum Energy Metals Corp. (TSXV: FMC) is pleased to announce that Rio Tinto Exploration Canada Inc. (“RTEC”) plans to commence drilling and an airborne geophysical survey in July on Forum’s Janice Lake sedimentary copper project in Saskatchewan.
Forum Energy Metals Corp. (TSXV: FMC) is pleased to announce that Rio Tinto Exploration Canada Inc. (“RTEC”) plans to commence drilling and an airborne geophysical survey in July on Forum’s Janice Lake sedimentary copper project in Saskatchewan, as part of its $3 million commitment to exploration under the option to joint venture agreement announced May 9, 2019.
A comprehensive compilation of all exploration data has been completed, exploration permit applications have been submitted to the Government of Saskatchewan and helicopter/drill contracts have been signed. A helicopter-borne, high-resolution magnetometer survey should commence in early July. The low level survey will be flown on 100 metre line spacings over the entire 5km width and 52km length of the property to define other targets for drilling. Two drills will be mobilized to the property in July for a planned 20-30 hole drill program totalling up to 7,000 metres.
Initial drill targets continue to be defined with several high priority areas identified:
- Jansem – one of four holes drilled by Forum intersected 18.5 metres (true thickness of 18 metres) grading 0.94% copper and 6.7 g/t silver including 5.2 metres grading 2.22% copper and 16.5 g/t silver.
- Janice- Noranda drill hole PL-93-11 intersected 33 metres grading 0.77% copper.
- Kaz – Noranda drill hole PL-93-05 intersected 15.1 metres grading 0.32% copper.
- Genie- Forum reports 0.76% Cu across 10m of channel sampling.
Rick Mazur, Forum’s President & CEO stated, “The compilation work done to date by Rio Tinto has been exceptional and a lot of thought has been put into defining targets for this initial phase of drilling. We look forward to the first drill results this summer.”
About the Janice Lake Sedimentary Copper/Silver Project, Saskatchewan
- Limited historical drilling by Noranda and Phelps Dodge intersected copper mineralization for 6 km on the Janice Trend (see Figure 1);
- In September 2018, Forum completed a highly successful first pass drill program in the Jansem area. All 4 drill holes intersected shallow chalcocite, bornite and native copper mineralization above 80m in depth, including Hole FEM-01, which intersected 18.5 m (59.0 to 77.5m downhole depth) grading 0.94% Cu and 6.7 g/t Ag including 5.2 metres grading 2.22% Cu and 16.5 g/t Ag; the true thickness of the mineralization is 18.0m. This grade is a recalculation of the values reported in a news release dated October 10, 2018. The revised drill intersection has been calculated using a 0 ppm value for 1.3 metres of missing core from 69.7 to 71m, in the middle of the mineralized zone.
- Logging of the drill core and petrographic studies suggest that mineralization is hosted by mafic-rich stratigraphy within more felsic units, opening the possibility for multiple layers of copper mineralization.
- In addition, a second mineralized trend, named the Genie Trend, parallels the Janice Trend. It appears to be a repeated section by faulting of the prospective stratigraphy, significantly expanding the potential for further copper mineralization;
- The full extent of the 52 km trend of the Wollaston Copper belt acquired by recent staking remains to be explored. (see Figure 1)
Ken Wheatley, P.Geo. and Forum’s VP, Exploration and a Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
About Forum Energy Metals
Forum Energy Metals Corp (TSXV: FMC) explores for energy metals, including copper, nickel, platinum, palladium and uranium in Saskatchewan, Canada’s Number One mining province and cobalt in Idaho and Oregon. Forum is well positioned for when the uranium market rebounds with interests in 7 drill ready projects in the Athabasca Basin, all assembled by a highly experienced team of exploration professionals with a track record of uranium mine discoveries in Canada. For further information: www.forumenergymetals.com
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:
NORTH AMERICA
Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 778-772-3100
Ken Wheatley, P.Geo., VP Exploration
wheats@forumenergymetals.com
Tel: 250-507-1818
Craig Christy, VP Corporate Development
cchristy@forumenergymetals.com
Tel: 250-863-0561
UNITED KINGDOM
Burns Singh Tennent-Bhohi, Director
burnsstb@forumenergymetals.com
Tel: 074-0316-3185
Source: www.newsfilecorp.com
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Overview
Generation Uranium (CSE:GEN, OTCQB:GENR, FRA:W85) is a Canadian exploration company focused on wealth creation through discovery within the uranium sector. The company’s primary strategy is to build a high-caliber exploration team that can rapidly test and drill high-potential targets, de-risking projects for potential takeover by larger producers. Currently centered in the prolific Thelon and Angikuni Basins of Nunavut, the company is also actively evaluating additional project acquisitions in the Athabasca Basin to expand its portfolio.
The company is led by a veteran management team with nearly 30 years of experience in mineral development. CEO Michael Collins has a significant track record of building and exiting public companies, including the co-founding of Bluerock Resources, a conventional uranium producer during the 2000-2008 cycle. This expertise is paired with a focused business model that leverages modern geophysical targeting to accelerate exploration timelines and reduce costs, ensuring the company can deliver results quickly in a bullish uranium market.
Company Highlights
- Strategic Location in a Premier Uranium District: The flagship Yath Project is located in Nunavut’s Thelon Basin, contiguous to ATHA Energy’s Angilak Project, which hosts the high-grade Lac 50 deposit.
- High-Grade Discovery Potential: Historical surface sampling at the Yath Project has yielded exceptional uranium grades, including boulders testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
- Expert Management with Exit Experience: Led by CEO Michael Collins, the team has decades of experience in mineral exploration and a history of co-founding companies that were later acquired, such as Prime Mining and Nuclear Fuels.
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Key Project
Yath Project - Nunavut, Canada
The Yath Project is Generation Uranium’s flagship project. This 100 percent owned property covers about 120 square kilometers within the underexplored Thelon Basin in Nunavut, Canada. The project is located where the Yathkyed and Angikuni sub-basins meet, which is a region known globally for high-grade uranium potential. It sits directly along the same trend as the Angilak Project owned by ATHA Energy (TSXV:SASK, OTCQB:SASFK, FWB:XSU.F), which contains the Lac 50 deposit, one of the highest-grade uranium resources found outside of the Athabasca Basin with a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69 percent U3O8.
The Yath Project is contiguous to the Lac 50 trend and is crossed by several regional faults and basin boundaries. Past exploration work has already identified high priority targets, while surface sampling in the area has produced uranium grades from boulders, with some testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
The company has commenced its initial field program at the site, set to define and rank drill targets. Historic showings will be combined with new anomalies from the MMT geophysics survey, preparing the project for an anticipated drill permit.
Management Team
Michael Collins - CEO & Director
Michael Collins is a professional geoscientist with nearly 30 years of experience in mineral exploration. He has co-founded several public companies, including Exploits Discovery, Prime Mining (acquired in 2025), and Nuclear Fuels (merged with Premier American Uranium in 2025). He is also currently a director of First Atlantic Nickel.
Christoph Bruening - Director
Christoph Bruening is the founder and managing partner of Value Relations GmbH, a full-service investor relations and public relations agency in Frankfurt with over 25 years of excellence, focusing on mining, exploration, biotech and health care. In addition, he has listed over 600 companies on the Frankfurt Stock Exchange and is a speaker and author of several publications, including on rare earths and uranium.
Dallas Miller - Director
Dallas Miller has been working within the international mining industry for over 15 years, working with BHP and Santos Ltd. He has experience on the ground from an operational standpoint, as well as being an integral part of raising millions of dollars in capital funding for both private and public companies in recent years.
Roger Leschuk - VP Corporate Development
Roger Leschuk has been in corporate management for over two decades, with the past 15 years dedicated to corporate development and investor relations. He has experience participating in and assisting with mergers and acquisitions, and was an investment advisor for various services such as stocks, mutual funds and tax-sheltered investments. He is a Chartered Investment Manager and a Fellow of the Canadian Securities Institute.
Monty Sutton - CFO
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