Base Metals

Forum Energy Metals Corp. announces the final set of assay results from Rio Tinto Exploration Canada's summer drill program at the Rafuse target on Forum's 100% owned Janice Lake coppersilver project in Saskatchewan . RTEC reports that it has spent $14 million in exploration expenditures to date, which exceeds the $10 million required to earn a 51% interest in the Janice Lake project. Rio Tinto does not plan an ...

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "Company") announces the final set of assay results from Rio Tinto Exploration Canada's ("Rio Tinto" or "RTEC") summer drill program at the Rafuse target on Forum's 100% owned Janice Lake coppersilver project in Saskatchewan (Figure 1).

RTEC reports that it has spent $14 million in exploration expenditures to date, which exceeds the $10 million required to earn a 51% interest in the Janice Lake project. Rio Tinto does not plan an exploration program for the 2022 budget year. A $100,000 cash payment to Forum is due on or before May, 2022 to complete its 51% earn-in obligation.

Rick Mazur, President & CEO reports, "Rio Tinto's $14 million in drilling and regional exploration has added tremendous value to the Janice Lake project, most notably at the Janice and Jansem targets where drilling has significantly expanded high grade copper mineralization. Forum's diversified energy metals portfolio will focus on our extensive uranium property portfolio in Q1 2022, including plans to begin drilling at our 100% owned Wollaston uranium property nearby the Orano and Cameco uranium mills in the eastern Athabasca Basin."

Exploration Summary

To date, RTEC has drilled thirty-nine holes on the property totalling 10,033 metres on four targets- Jansem, Janice, Kaz and Rafuse. Drill results on the Rafuse target are shown in Table 1 and Table 2. In addition, extensive geophysical, geochemical and geological surveys over the 52 km extent of the Wollaston Sedimentary Copperbelt has identified new areas for potential copper mineralization. Prospecting has identified copper boulders as high as 3.8% copper and 3.7 g/t silver, 25 to 30 kilometres to the southwest of the Janice and Jansem targets (Figure 2).

Results from the last five holes on the Rafuse target are:

  • JANL0035 - Nil
  • JANL0036 - Nil
  • JANL0037 -0.15% Cu and 1.63 g/t Ag and 0.41% Pb over 42.25 metres from 221.25m to 263.5m, including 0.19% Cu and 1.94 g/t Ag and 0.51% Pb over 30.9 metres from 232.6m to 263.5m.
  • JANL0038 - 0.16% Cu and 2.77 g/t Ag and 0.18% Pb over 15.4 metres from 95.6m to 111m, including 0.25% Cu and 4.93 g/t Ag and 0.34% Pb over 7.5m from 95.6m to 103.1m, 0.19% Pb over 1.37 metres from 134.8m to 135.75m, 1.09 g/t Ag and 0.43% Pb over 1.2 metres from 157.8m to 159m
  • JANL0039 - 1.28 g/t Ag and 0.14% Pb over 2.6 metres from 154.2m to 156.8m

Hole JANL0028 drilled in the winter program intersected 0.86% copper and 8.02 g/t silver over 14 metres from 246m to 260m, including 6m of 1.67% copper and 13.6 g/t silver from 254.1 to 260.1m (see news release dated June 9, 2021). Hole JANL0028, JANL0032 and JANL0037 have intersected structurally controlled mineralization that is oxidized at depth.



Figure 1: Plan Map of the Rafuse Target. Background is from the airborne magnetic survey, with red colours indicating magnetic highs. Holes JANL0022 to 0030 were drilled by RTEC during the winter of 2021 and Holes JANL0031 to 0039 were drilled in the summer of 2021. See News Releases dated May 25, 2021, June 9, 2021 and October 28, 2021

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4908/105201_3fbd4c5304e62ad1_003full.jpg

Table 1: Diamond Drill Hole Statistics for 2021.

Hole ID Easting Northing Dip Azimuth Length (m)
JANL0022 502173 6306311 -70 305 221
JANL0023 502334 6306210 -75 130 264
JANL0024 502239 6306273 -70 125 306
JANL0025 502411 6306146 -70 130 171
JANL0026 502433 6306392 -65 135 234
JANL0027 502580 6306281 -65 315 258
JANL0028 502553 6306540 -72 122 294
JANL0029 502441 6306613 -65 125 300
JANL0030 501987 6306125 -60 130 282
JANL0031 502601 6306505 -60 130 300
JANL0032 502573 6306648 -60 125 330
JANL0033 503042 6307066 -60 130 273
JANL0034 502962 6307177 -60 120 213
JANL0035 501759 6305487 -60 135 249
JANL0036 501673 6305637 -60 130 267
JANL0037 502709 6306574 -60 310 321
JANL0038 502778 6306811 -60 115 321
JANL0039 501901 6305834 -60 125 273

 

Table 2: Assay Results from 2021 Rafuse Winter and Summer Drill Programs

Hole ID Easting Northing Length Dip/Azimuth From (m) To (m) Thickness Cu (%) Ag (g/t) Pb (%) Zn (%)
JANL0023 502334 6306210 264 -75/130 19.00 67.00 48.00 0.32 2.04 - -
        including 19.00 36.15 17.15 0.59 3.96 - -
        including 33.00 36.15 3.15 1.78 9.25 - -
          53.00 69.00 16.00 0.29 1.47 - -
JANL0024 502239 6306273 306 -70/125 71.50 148.00 76.50 0.28 2.00 - -
          188.00 206.00 18.00 0.20 1.58 - -
          297.00 306.00 9.00 0.07 0.84 0.05 0.14
JANL0025 502411 6306146 171 -70/130 21.00 29.00 8.00 0.16 1.75 - -
JANL0026 502433 6306392 234 -65/135 39.66 52.00 12.34 0.25 2.05 - -
JANL0027 502580 6306281 258 -65/315 208.00 210.00 2.00 0.25 2.85 - -
          224.00 226.33 2.33 0.17 1.74 - -
JANL0028 502553 6306540 294 -72/122 40.09 41.23 1.14 0.33 2.12 - -
          210.00 229.00 19.00 - - 0.13 0.19
        including 223.00 229.00 6.00 0.03 0.71 0.29 0.22
          246.05 260.06 14.01 0.86 8.02 1.76 0.16
        including 254.09 260.06 5.97 1.67 13.62 1.93 0.14
JANL0029 502441 6306613 300 -65/125 3.00 46.00 43.00 0.06 0.83 - -
          294.00 300.00 6.00 0.03 0.47 0.24 0.06
JANL0030 501987 6306125 282 -60/130 155.00 157.59 2.59 0.11 1.10 - -
          172.00 211.00 39.00 0.27 3.08 - -
JANL0031 502601 6306505 300 -60/130 10.16 12.15 1.99 0.12 1.36 - -
          271.90 273.00 1.10 - 2.96 - -
JANL0032 502573 6306648 330 -60/125 89.89 131.00 41.11 0.04 1.03 0.07 -
        including 89.89 115.00 25.11 0.07 1.57 0.10 -
        including 89.89 97.43 7.54 0.19 4.04 0.11 -
          92.00 109.41 17.41 0.06 1.62 0.12 -
          217.56 277.55 59.99 - - - 0.13
          235.00 279.00 44.00 0.23 1.62 0.35 0.14
        including 235.00 257.00 22.00 0.08 0.60 0.16 0.09
        including 265.00 279.00 14.00 0.59 4.04 0.83 0.23
        including 235.00 243.00 8.00 0.06 0.66 0.30 0.15
        including 247.00 257.00 10.00 0.13 0.67 0.02 0.06
        including 273.00 279.00 6.00 1.21 7.59 0.89 0.18
JANL0033 503042 6307066 273 -60/130 42.20 49.00 6.80 0.29 3.01 - -
JANL0034 502962 6307177 213 -60/120 19.30 27.44 8.14 0.09 1.22 - -
          74.90 93.70 18.80 0.14 2.12 0.20 0.18
        including 74.90 86.00 11.10 0.19 2.68 0.25 0.26
        including 88.00 93.70 5.70 0.08 1.73 0.16 -
          173.90 180.40 6.50 0.10 1.01 - -
JANL0035 501759 6305487 249 -60/135 86.10 88.30 2.20 - - - 0.13
JANL0037 502709 6306574 321 -60/310 18.00 30.00 12.00 - - 0.11 -
          221.25 263.50 42.25 0.15 1.63 0.41 -
        including 232.60 263.50 30.90 0.19 1.94 0.51 -
        including 232.60 246.00 13.40 0.10 2.72 1.14 -
        including 247.70 258.00 10.30 0.40 2.01 - -
JANL0038 502778 6306811 321 -60/115 95.60 111.00 15.40 0.16 2.77 0.18 -
        including 95.60 103.10 7.50 0.25 4.93 0.34 -
          134.38 135.75 1.37 - - 0.19 -
          157.80 159.00 1.20 0.05 1.09 0.43 -
JANL0039 501901 6305834 273 -60/125 154.20 156.80 2.60 0.04 1.28 0.14 -

 



Figure 2: Prospecting and mapping Program 2021- Concentrated in an area 25km southwest of the drilling area where a 3.8% copper boulder was found by prospecting in 2020.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4908/105201_3fbd4c5304e62ad1_006full.jpg

Quality Control/ Quality Assurance

Core samples were sawed in half, keeping the half with the reference line for orientated core in the box. Samples averaged 2 metres in length through the mineralized zone, 4 metres in length in the unmineralized zone, however these lengths varied depending on stratigraphy, alteration or mineralization. Standards were introduced after every 20th sample, using a high grade, low grade or unmineralized, depending on the surrounding core. Duplicates were also introduced on every 20th sample, quartering the core. Blanks were used for the first sample of the hole and at the beginning and end of a mineralized interval, using certified rose quartz. A 4-acid digestion was used on the samples at ALS lab in Vancouver, followed by analysis by ICP-MS (the ME-MS61L package).

Ken Wheatley, P.Geo., Forum's VP, Exploration and Qualified Person under National Instrument 43-101, has verified the data as per NI43-101 Clause 3.2 and has reviewed and approved the contents of this news release.

About Forum Energy Metals

Forum Energy Metals Corp. (TSXV: FMC) has three 100% owned energy metal projects that were drilled in 2021 by the Company and its major mining company partners Rio Tinto and Orano for copper/silver, uranium and nickel/platinum/palladium in Saskatchewan, Canada's Number One Rated mining province for exploration and development. Forum is well funded and plans an aggressive drilling campaign in 2022. In addition, Forum has a portfolio of seven drill ready uranium projects and a strategic land position in the Idaho Cobalt Belt. 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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105201

News Provided by Newsfile via QuoteMedia

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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