Base Metals

Forum Energy Metals Corp. is pleased to update shareholders with a review of the Company's exploration plans on its uranium, copper, nickel and palladium projects in Saskatchewan and its cobalt project in Idaho .URANIUM PROJECTS Forum has submitted permit applications for drilling on five of its nine drill-ready uranium projects in the prolific Athabasca Basin, Saskatchewan - Wollaston Highrock Costigan Clearwater ...

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") is pleased to update shareholders with a review of the Company's exploration plans on its uranium, copper, nickel and palladium projects in Saskatchewan and its cobalt project in Idaho (Figure 1).

URANIUM PROJECTS

Forum has submitted permit applications for drilling on five of its nine drill-ready uranium projects in the prolific Athabasca Basin, Saskatchewan - Wollaston (100% Forum), Highrock (100% Forum), Costigan (65% Forum; 35% Trafigura), Clearwater (75% Forum; 25% Vanadian) and Northwest Athabasca Joint Venture (39.5% Forum; 28% NexGen; 20% Cameco; 12.5% Orano).

Arrangements for a 3,000 metre drill program on the Wollaston project located within 10km of Cameco's Rabbit Lake uranium mill and within 30km of Orano/Denison's McClean Lake uranium mill are well underway for a mid-January, 2022 startup (Figure 2). Permitting and preliminary planning are underway at the Clearwater, Costigan and Highrock projects due to option and joint venture interest from third parties in these projects.

Forum will start organizing the mobilization of camp and equipment in the New Year for a winter 2023 drilling campaign at the Northwest Athabasca Basin Joint Venture project, host to the historical 1.5 million pound Maurice Bay uranium deposit*, based on 600,000 tonnes grading 0.6% U3O8 to a depth of 50 metres in the Western Athabasca Basin (Source: Saskatchewan Industry and Resources, Miscellaneous Report 2003-7). A drill is currently located on the property.

Forum's Fir Island project is under option to Orano who can earn a 70% interest in the property by spending $6 million in exploration. To date $2.5 million has been spent by Orano on two drill campaigns and Orano is reviewing Forum's contract tenders for a resistivity survey to be conducted in March, 2022.

ENERGY METAL PROJECTS

In reference to the News Release dated November 26, 2021, Forum wishes to disclose that, contrary to certain reports in the media, Forum continues to hold a 100% interest in the Janice Lake copper/silver project in Saskatchewan as Rio Tinto Exploration Canada has not yet elected to vest a 51% interest in the project in accordance with the terms of the May, 2019 option agreement between the parties.

Forum completed eleven drill holes at its 100% owned Love Lake Nickel/Copper/PGM project totalling 2,844 metres on three targets identified over the Love Lake mafic/ultramafic complex (see News Release dated September 20, 2021). Results are expected in late December or early January. Similarly, the Company is awaiting results from a prospecting, mapping and sampling program completed in early October (see News Release dated October 13, 2021) at the Quartz Gulch, Idaho Cobalt/Copper property. The Quartz Gulch property is strategically located on trend from the past producing Blackbird cobalt mine and Jervois Global Limited Idaho Cobalt Operation, the only permitted cobalt mine under construction in North America.

Rick Mazur, P.Geo., Forum's President & CEO and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.

*The Maurice Bay historical resource estimate was completed prior to the implementation of National Instrument 43-101. Given the extensive exploration work completed by experienced mineral resource companies, and the quality of the historical work completed, the Company believes the historical estimate to be relevant and reliable. However, 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. Hence, the estimate should not be relied upon. It should be noted that mineral resources, which are not mineral reserves, do not have demonstrated economic viability.



Figure 1: Location of Forum's Copper, Nickel/PGM and Uranium Projects (blue areas), processing facilities (red squares) and roads in the Athabasca Basin, Saskatchewan, Canada

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4908/105806_72160274540fb899_003full.jpg



Figure 2: Wollaston project is located on Highway 905, 10km south of Cameco's Rabbit Lake Uranium Mill and 30km south of Orano/Denison's McClean Lake Uranium Mill in the northeastern Athabasca Basin. Uranium mineral deposits are outlined in red.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4908/105806_72160274540fb899_004full.jpg

About Forum Energy Metals

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, cobalt and palladium projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development and a strategic 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/105806

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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