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  • Forum Energy ups the ante in Saskatchewan with accelerated 100% Janice Lake ownership (FMC)

    This week saw Forum Energy Metals (TSX.V:FMC)up the ante in Saskatchewan by taking full ownership of the highly prospective Janice Lake copper project.

    On Monday, the Canadian explorer revealed that it had reached an agreement with the property’s former owner Transition Metals to accelerate its option to acquire a 100% position. The move comes two years ahead of schedule and waves $150,000 of scheduled option payments.

    Janice Lake has become an increasingly exciting opportunity over the past year and a half thanks to millions of dollars’ worth of drilling and exploration by Rio Tinto.Rio first entered a US$30 million option to take an 80% stake in the project in May 2019 after a successful first-pass drilling campaign by Forumencountered strong copper grades along a 6km trend.

    At the end of September, the major miner completed its summer exploration program at Janice Lake. This included 25 holes for 818 metres on seven targets located on historical copper showings and structural and geophysical targets identified on the property. Meanwhile, mapping and sampling crews took 525 outcrop samples over the full 52-kilometre extent of Janice Lake as well as completing some 30 kilometres of surveying across two targets called Jansem and Rafuse.

    Rio is now interpreting its work through ongoing assaying and geochemical analysis with results expected to help refine future drill targets for a planned drilling program in 2021.

    The age and depositional environment at Janice is similar to the giant Udokan Deposits of the Lake Baikal region in Siberia, and the Revette deposits of Montana. Baikal Mining Company reports JORC-compliant Measured and Indicated resources of 1.822 billion tonnes grading 1.01% copper, 14.3 grams per tonne silver for the Udokan deposits.

    “Immediate 100% ownership by Forum is an important step forward for the advancement of the Janice Lake project as Rio Tinto explores the property under its option,” said Forum’spresident and CEO Rick Mazur on Monday.

    Janice Lake isn’t Forum’sonly quality project in Saskatchewan.

    It also owns the Fir Island property in the region, where drilling earlier this year confirmed the continuity of a target structure showing signs of uranium mineralization. The work was funded by Orano Canada, which has entered an option to acquire 70% of the project in exchange US$6 million of exploration spend. Forumhas now proposed a much more extensive drilling campaign at Fir Island to build on its exciting results.

    Meanwhile, the company also owns the Love Lake project in north-east Saskatchewan, where work recently identified two target areas prospective for magmatic nickel-copper-palladium-platinum deposits.

    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, owns 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 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

  • Rio Tinto kicks off airborne survey at Forum Energy's Janice Lake copper project

    Tuesday saw Canadian exploration business Forum Energy Metals (TSX.V:FMC) reveal that an airborne geophysical survey has kicked off over its highly prospective Janice Lake copper project.

    The work was initiated by Rio Tinto Exploration Canada (RTEC), Forum’s partner on the northern Saskatchewan-based asset, and it will be completed by geophysical contractor CGG. It also precedes the mobilisation of two rigs for a 7,000m drill program that is expected to start later this month.

    Copper at Janice Lake is hosted in multiple, shallow-dipping layers of stratabound chalcocite mineralisation with late-stage native copper mineralisation, as determined by earlier work undertaken by Forum. Also, mapping by the Saskatchewan Geological Survey has determined that the copper-bearing strata have been repeated by faulting, adding to the asset’s potential.  In Tuesday’s update, Forum reiterated that these geological attributes confirm the exploration potential for finding a large tonnage open pit deposit at Janice Lake.

    To build on this potential, CGG will cover 430km2at a 100m line spacing with a helicopter-borne magnetometer stringer survey. According to Forum, this technology can provide high-resolution information that will aid in locating drill targets in the sedimentary layers hosting copper at Janice Lake.

    Investigations completed by the company in a drilling programme last year suggested that the higher grades of copper are associated with magnetite and mafic-rich layers in the strata. Indeed, all four of the company’s drill holes intersected shallow chalcocite, bornite, and native copper mineralisation above 80m in depth.  Among the highlights was Hole FEM-01, which intersected 18.5m (59.0 to 77.5m downhole depth) grading 0.94pc copper and 6.7 g/t silver including 5.2m grading 2.22pc copper and 16.5 g/t silver

    RTEC is planning to spend around CDN$3m on Janice Lake in 2019 as part of a seven-year, $30m option to earn an 80pc position in the project, the terms of which Forum revealed to the market in May. At the time of announcing the major opportunity, Forum’s president and chief executive Rick Mazur said:

    ‘We are pleased to partner with Rio Tinto, a Tier One metals and mining company which has long been recognised for its industry-leading track record for exploration discoveries. Their expertise and proprietary technology will add significant value to potentially making an economic copper discovery at Janice Lake for our shareholders.”

    To read our feature interview with Mazur and Forum’s VP exploration Ken Wheatley, in which they discuss Janice Lake, their decision to enter the copper sector, and progress across the firm’s other assets, 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.

    The Author has been paid to produce this piece by the company or companies mentioned above

    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services 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 Catalyst Information Services Ltd are not responsible for its content or accuracy. 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.