Base Metals

Forum Energy Metals Corp. is pleased to announce that it has signed a binding Letter of Intent to option the drill-ready Highrock Uranium Project to Sassy Resources Corporation . Forum's 100% owned Highrock property is one of eight high quality, near surface uranium projects that were drilled by Forum and partners from 2005 to 2017 . Cameco's former producing Key Lake mine, which extracted over 200 million pounds of ...

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") is pleased to announce that it has signed a binding Letter of Intent (the "LOI") to option the drill-ready Highrock Uranium Project to Sassy Resources Corporation ("Sassy"). Forum's 100% owned Highrock property is one of eight high quality, near surface uranium projects that were drilled by Forum and partners from 2005 to 2017 (Figure 1). Cameco's former producing Key Lake mine, which extracted over 200 million pounds of uranium by open-pit methods at an average grade of 2.3% U3O8 from 1983 to 1997, is located immediately to the north of the Highrock claim boundary.

Rick Mazur, President & CEO commented, "With the renewed interest in uranium as a carbon-free source of energy, Forum plans to advance its uranium portfolio by drilling some of its 100% owned projects, such as Wollaston and seeking partners for its other projects, as demonstrated by the option/joint venture with Orano on our Fir Island project and this agreement with Sassy."

Ken Wheatley, Forum's Vice President, Exploration stated, "The proximity to the Key Lake mine, the strength of the conductive trend which we interpret to be the same basal graphitic unit that hosted the 200 million pound Key Lake uranium deposit and the quality of the gravity lows make this a high priority, near surface target for exploration."

Highrock Highlights:

  • Highrock is situated just outside the Athabasca Basin along the same interpreted conductive lithological unit that hosts the Key Lake deposits. The property consists of two claims covering 20 sq. km;
  • The exploration target at Highrock is a basement-hosted deposit similar in style to NexGen Energy's Arrow deposit and Fission Uranium's Triple R deposit;
  • Gravity surveys at Highrock have identified numerous gravity lows, some associated with zones of alteration, along a strong multi-km-long EM defined graphite conductor;
  • Initial drilling by Forum in 2016 defined zones of chloritization, bleaching, elevated boron and other pathfinder elements (some associated with the gravity lows), which are in need of follow-up drilling (see Forum News Release dated June 1, 2016);
  • Cameco Corporation adjoins Highrock to the east, the upper northwest and along strike to the south. Fission 3.0 has property immediately southeast of Highrock;
  • A 10 to 12-hole drill program totaling approximately 3,000 meters is proposed to test the Highrock target areas in Q1/2022. Permitting, community engagement and procurement processes are underway.

The Deal:

  • Sassy paid Forum $50,000 cash upon signing of the binding LOI. The LOI between Sassy and Forum describes a staged earn-in under which Sassy will initially acquire a 20% interest in Highrock by paying Forum $50,000 cash, 250,000 Sassy shares (on February 2, 2022, post-Gander Gold date of record for share distribution) and completing $1,000,000 in exploration expenditures during 2022;
  • Sassy can earn an additional 31% interest (51% total) by paying $50,000 cash and 250,000 shares on or about January 2, 2023, and by providing $1,000,000 in exploration funding for 2023;
  • Sassy can earn an additional 19% interest (70% total) by paying $50,000 cash, 250,000 shares on or about January 2, 2024 and providing $1,500,000 in exploration funding for 2024;
  • The final 30% interest in the Property (100% total) may be acquired by Sassy by paying Forum $150,000 in cash and 3,000,000 shares on or before December 31, 2025;
  • In total, to acquire 100% of Highrock, Sassy will pay $350,000 in cash, issue 3,750,000 shares and provide up to $3,500,000 in exploration funding over four years between January 3, 2022, and December 31, 2025. Should the project advance to this stage, Sassy will pay Forum $1,000,000 on delivery of a Feasibility Study and a further $3,000,000 on commencement of commercial production. Forum maintains a 1% NSR on Highrock, half of which (0.5%) can be purchased by Sassy prior to the commencement of commercial production for the sum of $1,000,000. A 1% NSR on the north claim (S-113362) is shared by third parties, half of which (0.5%) may be purchased by Sassy for the sum of $1,000,000. A 2% NSR on the south claim (MC00013262) is held by a third party and at present is not subject to a repurchase clause;
  • Forum Energy Metals will act as project operator for 2022 and 2023 and may do so at Sassy's option in 2024. Permitting and procurement processes are well underway to facilitate 2022 drilling starting as early as February. The parties have agreed to complete a Definitive Option Agreement by January 31, 2022. This Definitive Agreement is subject to customary Board, Exchange and regulatory approvals, as required.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4908/109200_dc244c5684184907_003.jpg

Figure 1 Location of Forum's portfolio of drill ready uranium projects in the Athabasca Basin, Saskatchewan.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4908/109200_dc244c5684184907_003full.jpg

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4908/109200_dc244c5684184907_004.jpg

Figure 2 The Highrock project is located just south of the Key Lake uranium deposit along the graphitic conductor trend that hosts Key Lake.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4908/109200_dc244c5684184907_004full.jpg

Ken Wheatley, P.Geo., Forum's Vice President, 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 a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development and a strategic cobalt land position in the Idaho Cobalt Belt. For further information: 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/109200

News Provided by Newsfile via QuoteMedia

FMC:CA
Forum Energy Metals

Forum Energy Metals

Overview

Saskatchewan ranks first in Canada for mining investment attractiveness. The province is resource-rich and maintains a consistent favorable regulatory environment that offers highly attractive mineral investment opportunities. In 2019, C$7.4 billion in mineral sales were generated.

Saskatchewan is known for the world’s richest high-grade uranium deposits, but remains underexplored for energy metals, thereby offering unparalleled investment opportunities.

Forum Energy Metals (TSXV:FMC,OTCQB:FDCFF) is an exploration and discovery company focused on developing its diverse portfolio of exciting energy metal exploration projects in Saskatchewan. With strong local geological expertise, Forum was early in acquiring attractive properties in the energy metals space, and has leveraged this expertise to attract significant leading industry partners to help position the company for potential significant discoveries.

Key Saskatchewan Projects

  • Janice Lake Copper – Rio Tinto C$30 million Option
  • Fir Island Uranium – Orano C$6 million Option
  • Love Lake Copper-Nickel-Palladium (100 percent)
  • Seven Athabasca Basin uranium projects with advanced exploration targets available for partnering

Janice Lake Sedimentary Copper Project

Forum granted Rio Tinto Canada a four-year option to acquire up to an 80 percent interest in the 52 km long district scale (39,943 Ha) Janice Lake sedimentary copper project by spending C$30 million.

In February 2021 Rio Tinto commenced a drill program with two drills to test multiple copper/silver targets.

Project Highlights:

  • Potential for discovery of significant copper open pit resource within 300 meters from surface
  • 2019 drilling: 1.09 percent copper over 9.1 meters and 1.32 percent copper over 5 meters within a 51.8 meter interval grading 0.57 percent copper.
  • Access via the completion of a 110 kilometer winter road and an 80 person work camp at Burbidge Lake. Power readily available.
  • 2020 Summer Rotary Air Blast drill program added multiple new near-surface mineralized copper/silver targets northeast of primary Janice and Jansem targets.

Fir Island Uranium Project

Forum granted the French owned uranium miner and exploration subsidiary Orano Canada (formerly Areva) a four-year option to acquire up to a 70 percent interest in the Fir Island uranium property located on the northeast fringe of the Athabasca Basin by spending $6 million in exploration.

In February 2021 a drill program with two drills commenced to test prioritized targets.

Project Highlights

  • 20,463 hectare property is highly prospective for shallow unconformity type uranium deposits.
  • Shallow near surface to 250 meter targets offsetting major fault structures.
  • All weather road access to the provincial highway system and is within driving distance to the Orano operated McClean Lake mill.

Love Lake Nickel-Copper-Platinum-Palladium Project

Forum’s 100 percent owned Love Lake project is located along Highway 905 approximately 60 kilometers north of the Janice Lake project. The property consists of 13 claims totaling 32,075 hectares and is strategically positioned near Forum’s Janice Lake copper project.

Project Highlights

  • Underexplored district wide nickel-copper-PGM prospect under the direction of PGM expert Dr. Larry Hulbert; very limited historic exploration.
  • Geochemical analysis demonstrates nickel and copper depletion at surface and high sulphide content.
  • Three feeder zones and two prospective sulphide targets identified.
  • Inaugural drill program totaling 3000 meters planned for summer 2021.

Forum is targeting magmatic nickel/copper/platinum/palladium deposits similar to Voisey’s Bay in Canada, as well as to the Nova-Bollinger project and the Julimar project, both in Australia.

Athabasca Basin Uranium Project Profile

Forum holds 7 additional uranium properties within the Athabasca Basin based on a shallow open pit discovery mode

  • Northwest Athabasca: Forum 39.5 percent, Cameco 29 percent, Nexgen 20 percent, Orano 12.5 percent
  • Maurice Point: 100 percent
  • Henday: Rio Tinto 60 percent Forum 40 percent
  • Wollaston: 100 percent
  • Key Lake Road Properties
  • Highrock: 100 percent
  • Costigan: 65 percent
  • Clearwater: Forum 75 percent, Vanadian 25 percent

Forum Energy Metals’ Management Team

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

Richard J. Mazur is an executive and geoscientist with over 45 years of Canadian and international experience in the exploration and mining industry as a project geologist, financial analyst and senior executive on uranium, gold, diamonds, base metals and industrial minerals projects. Mazur founded Forum in 2004. He is also currently a director of Big Ridge Gold , Empress Royalty, Impact Silver, and Midnight Sun Mining. 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, M.Sc — VP of Exploration

Ken Wheatley is a professional geoscientist with the Association of Professional Engineers and Geoscientists in Saskatchewan. He has 40 continuous years of uranium exploration experience in Canada, including AREVA Resources Canada (now Orano), one of the world’s largest uranium exploration and production companies and Uranerz Exploration and Mining Limited. His established track record of mineral discoveries includes eight uranium deposits, four of which became producing mines in the Athabasca Basin, Saskatchewan. Wheatley graduated with an H.B.Sc. from Laurentian University in 1980 and an M.Sc. from the University of Saskatchewan in 1985.

Jacqueline Collins — Corporate Secretary

Jacqueline Collins is a securities/corporate finance paralegal with over 25 years of experience as a legal administrator, corporate secretary and paralegal at independent and national law firms and public resource companies. She specializes in preparing and filing all securities documents with Canadian and US securities regulators, including all continuous disclosure documents.

Dan O’Brien, CPA, CA — CFO

Dan O’Brien is a member of the Institute of Chartered Professional Accountants of British Columbia and has over 15 years of experience working with public companies in the resource industry. Mr. O’Brien is the CFO for several publicly listed exploration companies trading on the TSX and TSXV exchanges and was previously a senior manager at a leading Canadian accounting firm where he specialized in the audit of public companies in the mining and resource sector.

Janet Meiklejohn, CPA (CA), MBA - Director

Ms. Meiklejohn is the principal of Emerald Capital, a consulting company providing CFO, strategic, valuation, corporate governance and marketing services to high growth companies. She was formerly VP Institutional Equity Sales focused on the mining sector with numerous Canadian investment banks including Desjardins Securities, National Bank, Salman Partners and Macquarie Capital from 1997 to 2015. Janet grew up in Saskatchewan and has a close personal interest in the development of the uranium industry in the province. Ms. Meiklejohn is currently the Vice President Finance and Investor Relations with the Very Good Food Company, a leading plant-based food technology company, listed on the TSX-V.

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