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Feb. 16, 2017 01:48PM PST
Vancouver, British Columbia–(Newsfile Corp. – February 16, 2017) – Forum Uranium Corp. (TSXV:FDC) and Uracan Resources Ltd. (TSXV: URC) (“Uracan”) announce the intersection of 4.34% zinc and 0.3% lead over 6.5 metres from 259.5m to 266.0m in hole CW-16 on Forum’s Clearwater Project.
Vancouver, British Columbia–(Newsfile Corp. – February 16, 2017) – Forum Uranium Corp. (TSXV:FDC) and Uracan Resources Ltd. (TSXV: URC) (“Uracan”) announce the intersection of 4.34% zinc and 0.3% lead over 6.5 metres from 259.5m to 266.0m in hole CW-16 on Forum’s Clearwater Project. The sample was reanalysed at SRC Geoanalytical Laboratories and returned 4.54% zinc and 0.275% lead. This interval occurs within a 30.2m zone (241.8 – 272.0m) of anomalous zinc mineralization with assays ranging between 114ppm to 43400 ppm. CW-16 was one of five holes drilled on the Mongo target on trend from Fission Uranium’s Triple R deposit and Nexgen Energy’s Arrow Deposit in the Athabasca Basin, Saskatchewan (Figure 1).
These samples were collected as ‘chip’ samples as the core was not radioactive. Chip samples consist of systematically collecting similar sized small fragments of the core at a regular spacing of approximately one metre across zones of similar lithology and alteration. These individual chips from discrete lithological intervals are combined into a single sample that is submitted for analysis. True widths of this interval are not known at this time. The reader is cautioned that the assays may not be representative of the interval sampled. These results indicate that additional follow up work is needed to determine the nature and potential for base metal mineralization in addition to evaluating the uranium potential of untested targets on the property.
25% Interest Earned by Uracan in the Clearwater Project
Uracan has earned its initial 25% interest in the property by incurring $1.5 million of cumulative expenditures on the property by Uracan as per the earn-in agreement with Forum. Forum holds the remaining 75% interest in the property. Uracan can earn a 51% interest by spending an additional $1.5 million in exploration by August 2017 and up to a 70% interest by funding cumulative expenditures of $6 million by August 2019. Forum will be the Project operator until Uracan earns its 51% interest, after which Uracan may elect to become the operator.
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Figure 1: The Mongo Trend appears to be the extension of the Patterson Lake Corridor, host to the Triple R and Arrow uranium deposits. Forum drilled four holes on the Key Trend, part of the Forrest Lake Corridor and five holes on the Mongo Trend for the 2016 drill program. (Figure modified from Fission Uranium)
Quality Assurance/Quality Control
The chip sampled intervals were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon, Saskatchewan for geochemical analysis. The samples were analyzed using ICP-MS for trace elements for both partial and total digestions, ICP-OES for major and minor elements on a total digestion, and fusion solution of boron by ICP-OES.
SRC has a rigorous QA/QC program as part of their assay program with regular insertion of standard reference material, blank material and duplicate samples in the sample stream.
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.
Read the full company profile.
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
Connect with Forum Uranium Corp. (TSXV:FDC) to receive an Investor Presentation.
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Investor Insight
Generation Uranium offers investors high-leverage exposure to a potential major discovery in Canada’s underexplored and resource-rich Thelon Basin, led by a management team with a proven track record of securing high-value exits.
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.
- Low-Cost, Rapid Exploration Strategy: By leveraging modern geophysics and extensive historical data, the company aims for a "short road to discovery," de-risking projects quickly to maximize shareholder value.
- Bullish Market Fundamentals: Generation Uranium is well-positioned to meet the growing global demand for carbon-free nuclear power, supported by a projected supply deficit and increased interest from major tech companies seeking clean energy.
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
Monty Sutton brings over 35 years of experience in public markets and corporate governance. He previously served as CFO for Nuclear Fuels from its IPO through its acquisition.
