Forum Energy Metals and Global Uranium Commence Exploration at the Northwest Athabasca Project, Saskatchewan

Forum Energy Metals and Global Uranium Commence Exploration at the Northwest Athabasca Project, Saskatchewan

Mobilization underway for a drill program on the Northwest Athabasca Project in Saskatchewan's Athabasca Basin

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) (the "Company" or "Forum") and Global Uranium Corp. (CSE: GURN) (OTCQB: GURFF) (FSE: Q3J) ("Global") are pleased to announce that the exploration permit has been received and exploration is underway on the Northwest Athabasca (NWA) Project, located along the northwest shore of Lake Athabasca in Saskatchewan, Canada (Figure 1). Global entered into an option agreement with Forum, acquiring the right to purchase up to 75% of Forum's interest in the Forum NexGen Joint Venture with NexGen Energy Ltd. by spending $20 million in exploration. This joint venture is part of the Northwest Athabasca Joint Venture with Forum, Cameco Corporation, and Orano Canada Inc. to explore and develop the NWA Project. Camp construction will begin shortly and diamond drilling will commence by March. Forum Energy Metals is the Operator of the Northwest Athabasca Project.

Rick Mazur, CEO of Forum Energy Metals stated, "Forum acknowledges the collaboration with the local communities of Stony Rapids, Fond du Lac, Uranium City, Camsell Portage and Fort Chipewyan for their review of the project on their traditional territory. We look forward to continually building our relationships with these communities as we more forward with our exploration program."

"We are pleased that we can get underway with a drill program this winter on this highly prospective project," stated Ungad Chadda, CEO of Global Uranium. "We look forward to advancing our exploration work in partnership with Forum Energy Metals and are confident that this project will contribute to the long-term growth and success of Global Uranium."

Camp Construction, Mobilization and Diamond Drilling

Camp construction and the building of an ice road from Uranium City to the project site will begin in early February. Fixed wing aircraft will bring the camp construction crew and some preliminary camp materials to site to initiate construction. The ice road will bring additional camp gear and supplies, as well as the diamond drill, fuel, and supplies to the project area. Diamond drilling with Team Drilling is anticipated to commence by March and the objective is to drill 2,000 to 3,000 m focusing at Andy, Zone 2A, and Opie and if time allows testing additional high-priority targets at Gomer and Spring Bay (Figure 2). Additional geophysical surveys such as gravity, resistivity and detailed magnetics will be initiated once the camp is in place.

The Northwest Athabasca Project

The Northwest Athabasca Project is located along the northwest shore of Lake Athabasca on the margin of the Athabasca Basin 1,000 km north-northwest of Saskatoon along the Alberta - Saskatchewan provincial border. Numerous showings that host modest-to-significant uranium mineralization have been identified on the project, including the Zone 2A area, which intersected basement-hosted mineralization grading 5.69% over 8.5 m from drill hole Z2A-12 (Uranerz). Other areas of interest include Opie (0.14% U3O8 over 7.6 m), Maurice Creek Showing (5 to 30 ppm U in sandstone), F-Subcropping (270 ppm U in sandstone), Ness Bay (100 to 2000 ppm U), Barney (2.33% U3O8 over 0.1 m), Otis West (up to 6,250 ppm U), and Spring Bay (untraced uriniferous boulder field; 0.05% U3O8 over 3 m in sandstone - drill hole NWA-001).The project consists of 11 contiguous mineral claims covering 13,876 ha. Exploration began on the Northwest Athabasca Project in the 1970s after the discovery of uraniferous boulders of Athabasca Group sandstone near Fiddler Point. Diamond drilling at the inferred apex of one of the boulder fans led to the discovery of unconformity uranium mineralization near Maurice Bay in 1976 by Uranerz Exploration and Mining Ltd. A non-43-101 historical resource estimate was documented at 1.5 million lbs at 0.6% U3O8 for the Maurice Bay Showing1,2. Uranium mineralization is hosted in 3 zones (Main, A, and B), with the Main zone associated with an east-southeast-trending fault system with approximately 30 m of normal-fault offset (south side down). The A and B zones are situated north of the Main zone within the basement rocks along reactivated normal faults and cross-cutting northeast-trending faults.

1Lehnert-Thiel, K., and Kretschmar, W., 1979, The discovery of the Maurice Bay uranium deposit and exploration case history (abs.): Canadian Institute of Mining and Metallurgy District 4, Fourth Annual Meeting, Winnipeg, 1979, unpublished manuscript, 3 p.

2The historical resource estimate, however, was not prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). While the Company believes the historical estimate to be relevant given the extensive exploration work completed by Uranerz, 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. As such, ‎the historical estimate should not be relied upon.

Qualified Person

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.

Quality Assurance and Quality Control

For a discussion of the QA/QC and data verification processes and procedures at the NWA Project, please see its technical report entitled "NI 43-101 on the Northwest Athabasca Project Northern Saskatchewan Centered at: Latitude 59°24'00" N, Longitude 109°54'00" W", with an effective date of June 27, 2024, which is available under the Global Uranium's profile at www.sedarplus.ca.

About Global Uranium Corp.

Global Uranium Corp. focuses on exploring and developing uranium assets primarily in North America. The Company currently holds key uranium projects: the Wing Lake Property in the Mudjatik Domain of northern Saskatchewan, Canada; the Northwest Athabasca Joint Venture with Forum Energy Metals Corp./NexGen Energy Ltd./Cameco Corporation/Orano Canada Inc. in the Northwest Athabasca region of Saskatchewan, Canada; and the Great Divide Basin District Projects, the Gas Hills District Projects, and the Copper Mountain District Projects in Wyoming, USA.

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. For further information: https://www.forumenergymetals.com.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/4908/239528_dcf71c4044694b74_003.jpg

Figure 1 Location of the Northwest Athabasca Project along Lake Athabasca in northwestern Saskatchewan. The closest communities are Uranium City, Fond du Lac and Fort Chipewyan. The western margin of the property is located along the Alberta - Saskatchewan Border.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/239528_dcf71c4044694b74_003full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/4908/239528_dcf71c4044694b74_004.jpg

Figure 2 The main uranium showings and drill target areas on the Northwest Athabasca Project. The residual gravity and EM conductors are shown as the background.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/239528_dcf71c4044694b74_004full.jpg

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/239528

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Forum Energy Metals and Global Uranium Announce Exploration Update on Drill Targeting, Northwest Athabasca Project, Saskatchewan

Forum Energy Metals and Global Uranium Announce Exploration Update on Drill Targeting, Northwest Athabasca Project, Saskatchewan

Reprocessing of historical EM data has added greater targeting certainty and will help augment a planned winter 2025 drill program on the Northwest Athabasca Project in Saskatchewan's Athabasca Basin

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) (the "Company" or "Forum") and Global Uranium Corp. (CSE: GURN) (OTC: GURFF) (FSE: Q3J) ("Global") are pleased to announce the completion of data compilation and reprocessing of historical EM geophysical surveys to optimize the upcoming drill program on the Northwest Athabasca (NWA) Project, located on the northwest shore of Lake Athabasca in Saskatchewan, Canada (Figure 1). Global has an option to earn 51% interest in Forum's interest in the NWA Project by spending up to $9M over four years (see News Release dated May 30, 2024). Diamond drilling and geophysical surveys are planned this winter, pending the completion of ongoing community engagement and final government approvals. Forum Energy Metals is the Operator of the Northwest Athabasca Project.

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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).

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Forum Energy Metals to Present at the AMEBC Roundup

Forum Energy Metals to Present at the AMEBC Roundup

Join Forum Energy Metals (TSXV: FMC) (OTCQB: FDCFF) at the AMEBC Roundup Conference held at the Vancouver Convention Center East. Forum's exploration team will be available at booth #920 in the Core Shack to review and discuss drill core from the 2024 drilling program at the Aberdeen Uranium Project located in the Thelon Basin, Nunavut on Wednesday January 22 and Thursday January 23. Dr. Rebecca Hunter, Vice President of Exploration will also be presenting in the Critical and Base Metals Session at 3:15pm on Tuesday January 21.

To register visit https://roundup.amebc.ca/register/

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Forum Announces Increase in Financing

Forum Announces Increase in Financing

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces that, further to its news release of December 16, 2024, it has increased its non-brokered private placement to $1,350,000 from the previously $1,250,000 through the issuance of a combination of shares (the "Shares") at a price of $0.08 per Share and flow through units (the "FT Units") at a price of $0.10 per FT Unit (the "Offering"). All aspects of the Offering remain as disclosed in the December 16th news release.

The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S Securities Act.

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Forum Announces Final Assay Results from Tatiggaq; Drill Intercept Identifies Potential New Zone 300 Metres North of the Tatiggaq Deposit

Forum Announces Final Assay Results from Tatiggaq; Drill Intercept Identifies Potential New Zone 300 Metres North of the Tatiggaq Deposit

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces assay results from the remaining eight drill holes for the Tatiggaq anomaly completed as part of the 2024 exploration program on its 100% owned Aberdeen property in Nunavut, Canada. These drill holes were designed to test sub-parallel structures within the Tatiggaq gravity anomaly at significant step out intervals, demonstrating the large- scale potential of the project with the identification of a potential new zone 300 metres north of the Main Tatiggaq deposit. Drillhole TAT24-021 intersected 0.79% U3O8 over 0.1 m in a strong alteration zone with significant geochemical pathfinder elements at a depth of 221 metres.

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Alvopetro Announces January 2025 Sales Volumes, Quarterly Natural Gas Pricing, an Operational Update and a Strategic Entry into the Western Canadian Sedimentary Basin

Alvopetro Announces January 2025 Sales Volumes, Quarterly Natural Gas Pricing, an Operational Update and a Strategic Entry into the Western Canadian Sedimentary Basin

Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces January 2025 sales volumes of 2,457 boepd, including natural gas sales of 13.8 MMcfpd, associated natural gas liquids sales from condensate of 141 bopd and oil sales of 18 bopd, based on field estimates. This represents a 41% increase from Q4 2024.

Natural gas, NGLs and crude oil sales:

Quarterly Natural Gas Price Update

As announced on December 17, 2024 , our updated long-term gas sales agreement came into effect on January 1, 2025 increasing Alvopetro's contracted firm volumes starting January 1, 2025 by 33% up to 400 e 3 m 3 /d. The updated natural gas pricing model is recalculated quarterly based on Brent oil equivalent prices and Henry Hub natural gas prices resulting in quicker adjustments for commodity price and foreign exchange rate fluctuations. Effective February 1, 2025 , our natural gas price under our long-term gas sales agreement with Bahiagás has been adjusted to BRL1.95 /m 3 , a 6.5% increase from the January 2025 price of BRL1.83 and consistent with the Q4 2024 price of BRL1.94 /m 3 . All natural gas sales from February 1, 2025 to April 30, 2025 will be sold at BRL1.95 /m 3 ( $10.55 /Mcf, based on average heat content to date, the January 31, 2025 BRL/USD exchange rate of 5.83, net of expected sales taxes applicable).

Operational Update

In the fourth quarter we attempted an optimization project on our 183-B1 well on Block 183 which was originally drilled and tested in 2022. The plan included sidetracking from the existing wellbore and re-entering the Sergi Formation horizontally. Unfortunately, we encountered challenges during the project that resulted in the loss of the bottom hole assembly and the abandonment of the operation with costs totalling approximately $4.0 million .

On our Murucututu field, based off the successful recompletion of our 183-A3 well in the third quarter we plan to spud 183-D4 location this week. The 183-D4 location is targeting the Caruaçu Member approximately 110 metres up-dip of the 183-A3 location. This location also has an uphole exploratory target in the Marfin Formation. We expect to announce results from the 183-D4 well near the end of the first quarter.

Following this Murucututu well, we plan to drill and complete five development wells at our Caburé Unit as part of the agreed development plan with our partner. During the month of January, we also completed the commissioning phase of our recently installed compression system at Caburé increasing our productive capacity from the Unit.

Strategic Entry into Western Canadian Growth Opportunity

Alvopetro has been pursuing additional growth opportunities to complement our existing asset base to continue our disciplined capital allocation model where we look to reinvest approximately half our cash flow into organic growth and return the other half to stakeholders. The Western Canadian Sedimentary Basin (" WCSB ") offers high-quality assets with large resources in place with access to a high-quality service industry, and leading-edge technology deployment. With our past experiences and our headquarters in Calgary , we are well positioned to create a complementary growth platform with the opportunity to deliver attractive returns for shareholders.

Initial Focus Area - Mannville Heavy Oil Fairway

The Mannville multi-zone heavy oil fairway targets the Colony, McLaren, Waseca , Sparky, GP, Rex, Lloydminster , and Cummings formations containing a large amount of original oil in place and providing attractive economics through the application of multilateral drilling and other technologies.

Farmin – Partner with Proven Track Record

Alvopetro is partnering with Durham Creek Energy Ltd., an established operator with a proven track record. Alvopetro has agreed to fund 100% of two earning wells at an estimated total cost of C$4.5 million in exchange for a 50% working interest in 19.13 sections (12,243 acres) of land in western Saskatchewan . With success, the land position could support upwards of 100 development drilling locations.

President & CEO, Corey C. Ruttan commented:

"Alvopetro's strong financial position and cash flows from operations help position the Company to maximize shareholder returns from our combined asset base. With exposure to projects in Brazil and now also in Canada , it allows us to allocate capital across a growing inventory of high rate of return opportunities and to continue our disciplined capital allocation model."

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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Purepoint Announces Results of Foran-Funded Airborne Survey at Denare West, on Trend with McIlvenna Bay Project

Purepoint Announces Results of Foran-Funded Airborne Survey at Denare West, on Trend with McIlvenna Bay Project

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced the completion of an airborne electromagnetic survey across the Denare West Volcanogenic Massive Sulphide (VMS) project, approximately 9 kilometres southeast of Foran's McIlvenna Bay Cu-Zn-Au deposit, in the Hanson Lake area of eastern Saskatchewan. Foran Mining Corp. is the operator of the Denare West project under a 2023 Option Agreement with Purepoint.

Highlights

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Nuclear Fuels Announces the Discovery of New Mineralized Zones at the Kaycee Uranium Project

Nuclear Fuels Announces the Discovery of New Mineralized Zones at the Kaycee Uranium Project

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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