Forum Energy Metals reports encouraging Fir Island uranium, will expand Canada operation (FMC)

Vancouver’s Forum Energy Metals (TSX.V:FMC) has reported encouraging drill results from its Fir Island project in Canada.

Forum is exploring its 100%-owned property in the western state of Saskatchewan, on the northern border of the United States.

Forum said it had confirmed signs of uranium mineralisation across six holes totalling 1,819m, just 1km south of five previous drilled holes at Fir Island.

The exploration is within trucking distance of the McLean Lake uranium mill.

These positive results mean Forum will now engage in a much larger drilling programme in winter 2021, supported by its funding partner Orano Canada.

This year’s drilling scheme is the first to be funded by Orano, backed by an option agreement which allows Forum to earn a 70% interest in Fir Island. Under the terms of the deal Forum will spend $6m on exploration by 2023.

Orano Canada is a leading uranium producer and has been operating in Canada for 55 years. It operates the McClean Lake uranium mill and is a major partner in the Cigar Lake, McArthur River and Key Lake operations.

In 2018 it processed 18 million pounds of the element, which is used for fuel in nuclear power stations worldwide. It is a subsidiary of energy giant Orano Group, which is majority-owned by the French government.

The world supply of uranium has been hammered by the Covid-19 pandemic, as we reported in detail here. These issues have given uranium producers a huge leg up as spot markets soar.

Forum said its drilling programme at the East Channel Fault revealed potential for uranium mineralisation with similar rock structures to its 2015 drilling scheme.

These include elevated geochemistry with uranium up to 283ppm, boron up to 2,160pp, copper at 314ppm and nickel at 2,140ppm in two drill holes that intersect the East Channel Fault.

Regional magnetic and gravity surveys suggest that the structure continues for 8km to the southwest and 2km to the north, all on Forum’s property, the company said in a release.

Author: Mark Sheridan

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

Forum Energy launches Orano-funded uranium exploration work at Fir Island (FMC)

Forum Energy Metals (TSX.VFMC) has launched an exploration project funded by Orano Canada at its major uranium opportunity in Saskatchewan, Canada.

Eight to ten holes are planned at the Fir Island project, where a resistivity survey in November last year identified a number of attributes strongly indicative of nearby uranium mineralisation. The $1 million budget for the latest round of work will be covered by Orano as part of its option agreement to earn up to a 70% interest in Fir Island by spending up to $6 million on the property by December 2023.

Last year's work at Fir Island outlined an area of low resistivity “potentially linked with alterations or structural disruption” towards the north end of the property. Forum identified a series of gravity lows, that it interpreted as alteration, with associated boron soil anomalies of up to 3,350 parts per million. Prior to this, five holes completed in 2015 demonstrated strong quartz dissolution and remobilisation, tectonisation, and sudoite clays in both sandstone and basement rocks.

Forum's efforts at Fir Island complement the work being completed at its Janice Lake copper and silver project – also in Saskatchewan – alongside major miner Rio Tinto.

Janice Lake, which is based in Saskatchewan’s Wollaston Domain, boasts a 52km-strike length containing significant concentrations of sediment-hosted copper showings. Drill core logging and petrographic studies have suggested that copper is hosted by mafic-rich stratigraphy within more felsic units at the asset. This suggests multiple layers of copper mineralisation could be present.

Rio Tinto, which has entered a seven-year, $30 million option to earn 80% of Janice Lake, is currently building a winter access road to the project's camp site. Meanwhile, preparations are underway to mobilise an 80-person exploration camp, three core drill rigs, a rotary air blast drill, fueld, and supplies. The major miner plans to use this infrastructure to complete surface mapping, prospecting, geophysical & geochemical surveys, and drilling from June.

As of the end of February, Rio Tinto and Forum were finalising details of the 2020 exploration programme and would “continue to provide updates as details are finalised” In an update, Forum added that Rio Tinto had met its initial $3 million exploration commitment within eight months, well in advance of the 18 months set out in the option agreement.

To read our recent report on Janice Lake, which explores the project's upside potential in detail, PLEASE CLICK HERE.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for its content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

 

REPORT: Forum Energy Metals- Hunting for Canada’s next major copper deposit with Rio Tinto (FMC)

Since opting to extend its focus beyond uranium in 2018, Forum Energy Metals (TSX-V: FMC) has  come a long way. Following a successful drilling campaign at its Janice Lake sedimentary copper project– its first foray into the energy metals space – the firm attracted the attention of major miner Rio Tinto. A $30 million exploration deal signed between the two in May 2019 now provides the necessary firepower to support the discovery of a “very large corridor of near-surface copper mineralisation” at the Saskatchewan-based property.

The firm subsequently staked another Saskatchewan property called Love Lake in June 2019, prospective not only for copper but also nickel, palladium, and platinum – three more critical energy metals.

Alongside this, the company retains a portfolio of promising drill-ready uranium opportunities in Saskatchewan’s prolific Athabasca Basin, home to the richest uranium deposits in the world. One of these projects, Fir Island, was recently optioned to Orano Canada in a $6 million option deal and will be drilled in early 2020.

In our exclusive report, we focus on the work undertaken at both Janice Lake and Love Lake in detail, highlighting the potential value that both could ultimately yield for Forum and its investors.

To download and read our report, please click here

Forum Energy reveals completion of Rio Tinto-led exploration campaign at Janice Lake (FMC)

Tuesday saw Forum Energy Metals (TSX.V:FMC) announce the completion of a Rio Tinto-led exploration campaign on its Janice Lake sedimentary copper project in Canada.

Forum revealed it had received final assay results from the remaining 12 drill holes completed by Rio Tinto Exploration Canada, who undertook the work as part of a seven-year $30m option to earn 80% of Janice Lake. In combination with previous assays, the work has successfully confirmed and extended copper mineralisation at the asset’s Jansem and Janice targets.

At Jansem, nine holes in total have delineated copper mineralisation for 650m long by 200m wide by thicknesses of up to 66m. The target also remains open to the southwest and northeast and at depth. Highlight intersections from the latest round of work at Jansem include hole JANL0016, which intersected 51.8m grading 0.57% Cu and 1.50 g/t Ag. This includes 9.1m of 1.09% Cu and 1.39 g/t Ag and 5.0m grading 1.32% Cu and 3.42 g/t Ag.

Meanwhile, nine holes have delineated copper mineralisation for 1.2km long by 400m wide by thicknesses of up to 57m at the Janice target. Like Jansem, the target remains open to the southwest and northeast and at depth. Highlights from the latest round of drilling include hole JANL0007, which intersected 22m grading 0.37% Cu and 2.82 g/t Ag.

Elsewhere, Rio Tinto also drilled several holes at a Janice Lake target called Kaz. Hole JANL0011 was drilled to a depth of 274 metres and intersected mostly psammo-pelitic to pelitic gneisses and meta-conglomerates that contained minor remobilised native copper and rare chalcocite.   A significant fault was noted at 188m, and the remainder of the hole was in the lower Janice Lake Fm. meta-conglomerates.

The holes were located around 400-500 to the south of a historical copper showing at Kaz made by Noranda, who followed up a series of copper-bearing boulders with a hole that intersected 0.32% copper over 15m. Forum said that further drilling on the target would have to be located closer to the original holes to gain a greater understanding of this showing’s control and orientation.

Forum and Rio Tinto’s technical teams are now reviewing the latest round of drill data, and more thorough analysis and interpretation of results will be ‘forthcoming’.

Rick Mazur, Forum’s president and CEO, said Rio Tinto’s drilling programme had intersected thick zones of flat-lying, stratabound chalcocite and native copper mineralisation with excellent continuity and near-surface grades.

‘Deeper drilling has demonstrated that multiple horizons of copper mineralisation are present. We are gaining confidence that Janice Lake is a strongly mineralised system, as new data generated by this program helps us to understand the full potential of this 52km long sedimentary copper basin,’

Janice Lake, which is based in Saskatchewan’s Wollaston Domain, boasts a 52km-strike length containing significant concentrations of sediment-hosted copper showings. Drill core logging and petrographic studies have suggested that copper is hosted by mafic-rich stratigraphy within more felsic units at the asset, suggesting multiple layers of copper mineralisation could be present.

As well as developing targets for future drill programmes, Forum and Rio Tinto hope to determine the dip and attitude of copper mineralisation at Janice Lake while also locating its multiple strata-bound copper-bearing horizons.

Location of the target areas on the Janice Lake project (Source: Forum Energy Metals)

Tuesday’s update follows the news last month that Forum has launched a critical survey on its Fir Island uranium project in Canada to generate targets for a drill programme early next year.

The business has contracted Patterson Geophysics to complete a ground IP-resistivity survey at the asset, which is based on the north rim of Saskatchewan’s Athabasca Basin. This will consist of nine lines for approximately 32km targeting the East Channel structure- a significant lineament parallel to and associated with the Snowbird Tectonic Zone. This area is a major structural corridor that hosts Cameco’s Centennial deposit near the Athabasca Basin’s southern rim.

The latest survey is expected to complete by mid-December and aims to highlight areas of maximum alternation and tectonization associated with uranium mineralisation along the formation. It is expected to be followed by a diamond drill program next year and will be funded entirely by Orano Canada as part of its option agreement to earn up to a 70pc stake in Fir Island. As announced by Forum earlier in November, Orano can spend up to $6m in exploration by December 2023 to earn this position.

The north end of the East Channel was previously investigation by Forum in 2015 when five holes provided several excellent indicators for the discovery of nearby uranium mineralisation. That year also saw Forum complete five holes on the Snowbird Tectonic Zone, with one returning up to 63.8m at 0.48pc cobalt.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for its content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

Forum Energy and Orano launch key Fir Island survey ahead of drilling programme (FMC)

Forum Energy Metals (TSX.V-FMC) has launched a key survey on its Fir Island uranium project in Canada to generate targets for a drill programme early next year.

The business has contracted Patterson Geophysics to complete a ground IP-resistivity survey at the asset, which is based on the north rim of Saskatchewan’s Athabasca Basin. This will consist of nine lines for approximately 32km targeting the East Channel structure- a major lineament parallel to and associated with the Snowbird Tectonic Zone. This area is a major structural corridor that hosts Cameco’s Centennial deposit near the Athabasca Basin’s southern rim.

The latest survey is expected to complete by mid-December and aims to highlight areas of maximum alternation and tectonization associated with uranium mineralisation along the formation. It is expected to be followed by a diamond drill program next year and will be funded entirely by Orano Canada as part of its option agreement to earn up to a 70pc stake in Fir Island. As announced by Forum earlier this month, Orano can spend up to $6m in exploration by December 2023 to earn this position.

The north end of the East Channel was previously investigation by Forum in 2015 when five holes provided several excellent indicators for the discovery of nearby uranium mineralisation. That year also saw Forum complete five holes on the Snowbird Tectonic Zone, with one returning up to 63.8m at 0.48pc cobalt.

The image below shows the location of Forum’s claims, structural corridors and drill holes at Fir Island, as well as the area of its resistivity study.

Forum’s deal with Orano – one of the world’s largest uranium miners – is its second with a major player in 2019. Earlier this year, the firm revealed that Rio Tinto Exploration had entered a seven-year, $30m option to earn 80pc of its Janice Lake project. 

Janice Lake, which is based in Saskatchewan’s Wollaston Domain, boasts a 52km-strike length containing significant concentrations of sediment-hosted copper showings. Drill core logging and petrographic studies have suggested that copper is hosted by mafic-rich stratigraphy within more felsic units at the asset, suggesting multiple layers of copper mineralisation could be present.

Rio Tinto Exploration is planning to spend $3m (CDN) on Janice Lake in 2019 and has already completed a 21-hole (5,209m) drill program as well as a detailed airborne magnetic survey. As well as developing targets for future drill programmes, the business hopes to determine the dip and attitude of copper mineralisation at Janice Lake while also locating its multiple strata-bound copper-bearing horizons.

Rio Tinto has already delivered many highly promising assay results from its work, significantly building up the project’s strike length and width. A detailed description of the most up-to-date results from this work can be found here.

To watch a recent video from Visual News Services, in which Forum’s director Burns Singh Tennent Bhohi discusses the Fir Island deal and providing an in-depth review of the project’s potential, please click here.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for its content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.