Forum Announces Drill Results from Qavvik: 296 Metres of Uranium Mineralization; 8.2% U3O8 over 0.5 Metres and Multiple Intercepts Greater than 1%

Forum Announces Drill Results from Qavvik: 296 Metres of Uranium Mineralization; 8.2% U3O8 over 0.5 Metres and Multiple Intercepts Greater than 1%

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces drill results for the Qavvik anomaly, its second basement hosted deposit located within Forum's 100% owned Aberdeen Project. This highly successful program intersected a 296-metre-wide zone of uranium mineralization with grades up to 8.2% U3O8 in a newly identified lense and resulted in more than 20 assays with grades greater than 1% U3O8. Mineralization is open to the northeast and southwest, and the shallow depths along with the thick overall uranium intercepts demonstrates the open pit potential of this deposit. With multiple drill targets on the property, the Aberdeen project has the potential to unfold into a generational uranium district. (Figure 1).

HIGHLIGHTS

  • QAV24-001 intersected a 296 m wide zone of uranium mineralization consisting of numerous discreet lenses from 36 m to 332 m, and QAV24-002 intersected over 190 m of discreet mineralized lenses from 192 m to 384 m. On the Qavvik Grid, uranium mineralization has been intersected over a 150 metre northeast-southwest trend and is open for extension of the deposit.
  • The highest mineralization intervals from QAV24-001 are as follows:
    • 1.49% U3O8 over 3.30 m (171.9 - 175.2 m)
      • Max. of 8.17% U3O8 over 0.5 m at 172.0 m
    • 1.99% U3O8 over 0.3 m (205.3 - 205.6 m)
    • 0.82% U3O8 over 4.9 m (291.4 - 296.3 m)
      • Max. grade of 7.92% U3O8 over 0.1 m at 292.3 m
    • 0.64% U3O8 over 2.7 m (317.1 - 319.8 m)
      • Including 1.22% U3O8 over 1.4 m at 318.1 m
      • Max. grade of 6.3% U3O8 over 0.2 m at 318.8 m
  • The highest mineralization intervals from QAV24-002 are as follows:
    • 0.40% U3O8 over 3.5 m from 192.9 to 196.4 m including:
      • 1.69% U3O8 over 0.6 m at 195.9 m
      • Max. grade of 2.44% U3O8 over 0.2 m at 196.2 m
    • 0.66% U3O8 over 1.7 m from 197.0 to 198.7 m including:
      • Max. grade of 3.08% U3O8 over 0.2 m at 197.4 m

Rick Mazur, CEO, commented, "These exceptional results from our Qavvik deposit are in line with what we believe to exist in the Thelon Basin - basement and unconformity contact type deposits with the same size potential as the Athabasca Basin. With Tatiggaq only 5 km from Orano's 127 million pound Kiggavik uranium deposit and Qavvik demonstrating the potential for an economic resource, we believe that we are building a new tier one uranium district. The unconformity style alteration of the Thelon sandstone and basement rocks that has been observed at our Ned, Ayra and Loki drill targets provides even more growth potential for the project."

Dr. Rebecca Hunter, Forum's VP, Exploration, stated, "Going into 2024, it was our first opportunity as a company to showcase the size and grade potential of the Qavvik deposit. Our objective to drill at a shallower angle in order to intersect multiple lenses was highly successful both in terms of grade and size. The thick intersection in our first drill hole of several hundred metres of uranium mineralization is quite prolific. In addition, the high grades demonstrate tremendous potential for increasing the resource at Qavvik. We are very encouraged by these results and look forward to conducting more infill and expansion drilling at Qavvik."

QAVVIK DRILL PROGRAM - INFILL AND EXPANSION

The Qavvik anomaly, hosts Forum's second deposit on the Aberdeen Project. The Aberdeen Project land package consists of approximately 95,000 ha or 950 square kilometres (365 square miles) of mineral claims in the Thelon Basin, located approximately 100 km west of Baker Lake. Qavvik is an 800mx800m gravity low 15 km west of the Tatiggaq deposit, which is adjacent to the 127 million pound Kiggavik project held by Orano/Denison/UEC*. The mineralization is hosted in steep-dipping structures as well as along flat-lying foliation planes within the host rock. The area has been tested by 28 historical holes by Cameco from 2009 to 2012. These holes were largely drilled on 25 to 50 m centres at an orientation of -85 degrees to the southeast. Another nine short holes drilled in the late 70's, early 80's by Marline Oil and Anaconda intersected alteration but no uranium.

Forum completed two drill holes into the Qavvik anomaly in 2024 totaling 835 m (Table 1). The objective of QAV24-001 was to drill at a shallower angle in a more optimal direction to crosscut multiple lenses rather than the historical holes that drilled steeply along the mineralized lenses. The objective of QAV24-002 was to intersect and extend the main lower lense intersected in historical drilling. Both these tests were successful and will guide the expansion targeting in 2025. The structural setting of Qavvik is still being interpreted but the main controls on mineralization appear to be east-northeast subsidiary faults, and potentially a northeast fault that transects the area. The mineralization is open throughout the anomaly but in particular, to the northeast and southwest along these fertile east-northeast trending fault zones.

QAV24-001 intersected mineralization over 296 m and the heart of this intercept includes over 0.12% U3O8 over 162.4 m from 170.0 to 332.4 m. Over 20 intercepts with greater than 1% U3O8 were identified in the drill hole and show the grade and size potential of this mineralized area. High-grade intercepts of 8.17% U3O8 over 0.5 m at 172.0 m, 7.92% U3O8 over 0.1 m at 292.3 m and 6.30% U3O8 over 0.2 m at 318.8 m are the highest grade intercepts intersected at Qavvik to date from all the historical drilling. Table 2 outlines the mineralized intercepts intersected in QAV24-001 and QAV24-002. Figure 2 is a plan map showing the 2024 drill holes and the gravity anomaly that is being tested. Figure 3 is a simplified cross section of QAV24-001 showing the extent of mineralization and the main geological units. Figure 4 is a core photograph of the high-grade lense intersected in QAV24-001.

Hole IDTargetEastingNorthingElev.DepthOrient.Comment
QAV24-001Qavvik5335587135661141377-70° / 013°Mineralized - High Grade
QAV24-002Qavvik5335617135730140458-85° / 054°Mineralized - High Grade

Table 1 2024 Drill Hole Data for Qavvik Zone drill holes. UTM datum WGS84 Zone 14N.

Hole IDFrom_mTo_mInterval_mU3O8_%
QAV24-001
Upper Lenses

44.344.70.40.23

45.846.20.40.21

58.458.90.50.49
including58.758.80.11.22

119.5119.70.20.11

167.4167.60.20.15
Main Interval

170.0332.4162.40.12
Subdivided into Lenses

170.0170.90.90.49
including170.6170.90.31.14

171.9175.23.31.49
Max. Grade172.0172.50.58.17

200.8202.01.20.30

201.9202.00.12.30

202.7202.80.11.32

205.3207.82.50.28
including205.3205.60.31.99

209.3210.10.80.14

219.0219.10.10.27

236.1238.22.10.12

267.9268.50.60.15

278.2283.35.10.15
including281.0282.81.80.25

291.4296.34.90.82
including292.0294.02.01.15
including293.7294.00.31.69
including295.2295.60.42.60
Max. Grade292.3292.40.17.92

298.9301.42.50.33

301.9305.63.70.35
including304.3304.70.41.34

308.2313.14.90.24
including311.1311.30.22.96

314.0316.62.60.22
including314.0314.10.12.78

317.1319.82.70.64
including318.1319.51.41.22
Max. Grade318.8319.00.26.30

322.3323.00.70.36

327.2327.90.70.34

330.8332.41.60.29
including331.4331.50.13.59
QAV24-002

192.9196.43.50.40
including194.9195.00.11.70
including195.9196.40.51.69

197.0198.71.70.66
Max. Grade197.4197.60.23.08

216.6222.86.20.10
including216.6217.91.30.20
including219.3220.31.00.17

239.0239.40.40.12

301.9302.91.00.12

335.4335.50.10.14

337.6338.00.40.11

Table 2 U3O8 assay results for QAV24-001 and QAV24-002 (0.01% cutoff).

Cannot view this image? Visit: https://images.newsfilecorp.com/files/4908/237915_50ca35b254ec68d5_003.jpg

Figure 1 Property map with the locations of the 2024 diamond drilling program on the Aberdeen Project. The drilling reported is within the Qavvik area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/237915_50ca35b254ec68d5_003full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/4908/237915_50ca35b254ec68d5_004.jpg

Figure 2 The location of the 2024 Qavvik drilling on the gravity anomaly, the faint dots are the historical holes drilled by Cameco. The main faults are outlined in the dashed lines and the preliminary outline of the known mineralization is in pink.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/237915_50ca35b254ec68d5_004full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/4908/237915_50ca35b254ec68d5_005.jpg

Figure 3 QAV24-001 cross-section showing the main lithologies and the uranium assay intercepts.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/237915_50ca35b254ec68d5_005full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/4908/237915_50ca35b254ec68d5_006.jpg

Figure 4 Core photo of the 0.5 m mineralized lense that intersected 8.2% U3O8 at 172.0 to 172.5 m.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/237915_50ca35b254ec68d5_006full.jpg

QUALITY ASSURANCE AND QUALITY CONTROL (QA/QC)

Forum implemented a robust QA/QC program for its 2024 drill program, expanding upon the program used in 2023. This sampling program was used in the resampling program as well. The 2024 QA/QC program utilized control samples comprising certified reference materials (CRMs), duplicates, and blank samples. CRMs were used to monitor laboratory accuracy in the analysis of mineralized and non-mineralized samples, duplicate samples were used to monitor analytical precision and repeatability at the preparation and analytical stages, and blank samples were used to monitor for cross contamination during preparation and analytical stages.

Control samples were inserted every 10th sample, alternating between blank, duplicate, and uranium CRM. Duplicate samples alternated between field, coarse, and pulp duplicates. Three low grade uranium CRMs were alternated between: BL-4a (0.1248% U), DH-1a (0.2629% U), and BL-2a (0.426% U). A high-grade uranium CRM (BL-5; 7.09% U) was inserted into the sample sequence when counts exceeded 10,000 cps. Blanks and duplicates were inserted at a rate of 1-in-20 in non-mineralized holes. For mineralized holes, blanks, duplicates, and uranium CRMs were inserted at a rate of 1-in-30.

In addition to Forum's QA/QC program, SRC Geoanalytical Laboratories (SRC) conducted an independent QA/QC program, and its laboratory repeats, non-radioactive laboratory standards (BSL18, BSM, BSH, DCB01), and radioactive lab standards (BL2A, BL4A, BL5, and SRCU02) were monitored and tracked by Forum staff.

For the resampling program the original sample intervals were identified from markers that still were present on the core boxes and quarter split samples were obtained from the remaining half split core that remained in the core boxes. The core was weathered and broken down in places due to the strong clay content in much of the mineralized intervals but it did not appear that any core was missing and it was in otherwise good condition.

ASSAYING AND ANALYTICAL PROCEDURES

Composite, Spot, and Assay samples were shipped to the ISO/IEC 17025: 2005 accredited SRC Geoanalytical Laboratories in Saskatoon for sample preparation and analysis.

Non-mineralized systematic and spot samples are dried, crushed, and pulverized for analysis by the ICP-MS Exploration Package for sandstone and basement (codes ICP-MS1 and ICP-MS2 respectively). This analytical package consists of three separate analyses of inductively coupled plasma - mass spectrometry (ICP-MS) and inductively coupled plasma - optical emission spectrometry (ICP-OES) on the partial and total digestions of an aliquot of sample pulp material. Partial digestion is completed via nitric and hydrochloric acids and total digestion is completed via hydrofluoric, nitric, and perchloric acids. The SRC implements several instrumental and analytical quality control procedures for this analytical package. Instrumental checks comprise two calibration checks and two calibration standards. Analytical quality control consists of one blank, two reference materials, and one pulp replicate (duplicate) in each group of 40 samples.

Samples with radioactivity over 500 CPS and indicated as assay samples were analysed using the ICP-MS Exploration Package (ICP-MS), ICP-OES (ICP1), and U3O8 Assay (U3O8 wt% Assay). The sample preparation procedures for ICP-MS and ICP1 are the same, and the U3O8 wt% assay uses an aliquot of sample pulp digested in hydrochloric and nitric acid followed by ICP-OES finish. This method is capable of detecting as low as 0.001 weight percent (wt%) U3O8. All Assay samples were also analysed for gold by fire assay using aqua regia with ICP-OES finish.

Boron analysis was conducted on all sample types and is completed by fusing an aliquot of sample pulp in a mixture of Na2O2 and NaCO3, followed by ICP-OES. The SRC inserts a blank, an in-house reference material, and a replicate sample with each batch for analytical quality control and uses a 1000 ppm B commercial certified solution for equipment calibration.

DOWNHOLE RADIOMETRIC PROBING METHOD

Of the 30 holes completed in 2024,18 were successfully radiometrically logged using a 2GHF-1000 Triple Gamma downhole probe sourced from Terraplus in Ontario, Canada. The probe measures natural gamma radiation every 10 cm along the length of the drill hole. The total count NaI, which reports in count per second, may not be directly or uniformly related to uranium grades and are only an indication of the presence of radioactive minerals.

*Source: The Kiggavik deposit is held by Orano (66.2%), Denison (16.9%) and Uranium Energy Corp. (16.9%). Kiggavik mineral resources are 127.3 million pounds Indicated mineral resource grading 0.55% U3O8 and 5.4 million pounds Inferred mineral resource grading 0.33% U3O8 as reported on the Denison Mines Ltd. Corporate Presentation dated November 2024, p. 23 on their website and the Orano 2023 Activities Report converted from tonnes U to pounds U3O8 and from %U to %U3O8. Cut-off grades and other assumptions, parameters and methods used to estimate resources are unknown. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the issuer is not treating the historical estimate as current mineral resources or mineral reserves.

Rebecca Hunter, Ph.D., P.Geo., Forum's Vice President of Exploration and 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) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. In addition, Forum holds a diversified energy metal portfolio of copper, nickel, and cobalt projects in Saskatchewan and Idaho. For further information: https://www.forumenergymetals.com.

This press release contains forward-looking statements. Forward-Looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.

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, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237915

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President & CEO, Corey C. Ruttan commented:

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Corporate Presentation

Alvopetro's updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .

Social   Media

Follow Alvopetro on our social media channels at the following links:
Twitter - https://twitter.com/AlvopetroEnergy
Instagram - https://www.instagram.com/alvopetro/
LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd
YouTube - https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w

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 news release.

All amounts contained in this new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.

Abbreviations:

boepd

=

barrels of oil equivalent ("boe") per day

bopd

=

barrels of oil and/or natural gas liquids (condensate) per day

C$

=

Canadian dollar

e 3 m 3 /d

=

thousand cubic metre per day

m 3

=

cubic metre

m 3 /d

=

cubic metre per day

Mcf

=

thousand cubic feet

Mcfpd

=

thousand cubic feet per day

MMcfpd

=

million cubic feet per day

NGLs

=

natural gas liquids

BOE Disclosure . The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

Contracted firm volumes .   The 2025 contracted daily firm natural gas volumes of 400 e 3 m 3 /d (before any provisions for take or pay allowances) represents contracted volumes based on contract referenced natural gas heating value. Note that Alvopetro's reported natural gas sales volumes are prior to any adjustments for heating value of Alvopetro natural gas. Alvopetro's natural gas is approximately 7.8%   higher than the contract reference heating value. Therefore, to satisfy the contractual firm deliveries Alvopetro would be required to deliver approximately 371e 3 m 3 /d (13.1MMcfpd).

Forward-Looking Statements and Cautionary Language. This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of   the words "will", "expect", "intend" and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking information concerning future production and sales volumes, the expected natural gas price and expected sales volumes under the Company's long-term gas sales agreement, and future capital plans and potential development opportunities associated with the WCSB farmin.   Current and forecasted natural gas nominations are subject to change on a daily basis and such changes may be material.   Forward   -looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to,   expectations and assumptions concerning   forecasted demand for oil and natural gas,   the success of future drilling, completion, testing, recompletion and development activities and the timing of such activities, the performance of producing wells and reservoirs, well development and operating performance, expectations regarding Alvopetro's working interest and the outcome of any redeterminations, the outcome of any disputes, the timing of regulatory licenses and approvals, equipment availability, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, foreign exchange rates, general economic and business conditions, the impact of global pandemics, weather and access to drilling locations, the availability and cost of labour and services, the regulatory and legal environment and other risks associated with oil and gas operations   .   The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed on Alvopetro's SEDAR+ profile at www.sedarplus.ca . The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

www.alvopetro.com
TSX-V: ALV, OTCQX: ALVOF

SOURCE Alvopetro Energy Ltd.

Cision View original content: http://www.newswire.ca/en/releases/archive/February2025/05/c0962.html

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CSE:NF
OTCQX:NFUNF

Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) ("Nuclear Fuels" or the "Company") announced today the discovery of two new zones of roll front-hosted uranium mineralization at the Kaycee In-Situ Recovery ("ISR") Uranium Project (the "Project") in Wyoming's Powder River Basin ("PRB"). Drill testing of regional targets on the Project encountered mineralization at the newly discovered Outpost and Trail Dust Zones, including 0.082% eU 3 O 8 (uranium) over 6.5 feet for a total hole Grade Thickness ("GT") of 0.532. In the PRB, potentially ISR-recoverable uranium mineralization with a GT of greater than 0.20 is considered suitable for inclusion in a potential wellfield. Follow up delineation drilling of these two new zones is planned for May 2025 . In addition, Nuclear Fuels announces the Company has been added to the Sprott Junior Uranium Miners ETF.

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