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Forum Initiates Geophysical Program To Refine Drill Targets On Its Costco And Highrock Projects Near Key Lake In Saskatchewan's Athabasca Basin
Tuesday, March 28, 2017
Forum Initiates Geophysical Program to Refine Drill Targets on Its Costco and Highrock Projects near Key Lake in Saskatchewan's Athabasca Basin
09:10 EDT Tuesday, March 28, 2017
VANCOUVER, BC / ACCESSWIRE / March 28, 2017 / Forum Uranium Corp. (TSXV: FDC) ("Forum") announces the commencement of a geophysical program on its 100% owned Costco (formerly Key Lake Road Project) and Highrock projects. These projects cover the southern extension of the graphitic conductive unit that hosts the Key Lake deposits, where over 200 million pounds of uranium were mined by open pit methods at an average grade of 2.3% U3O8 from 1983 to 1997. Regional infrastructure to the properties is excellent with year-round road access, readily available power nearby and close proximity to Cameco's Key Lake uranium processing facility.
Ken Wheatley, Vice President, Exploration commented, "Forum is targeting basement-hosted unconformity uranium, similar to Eagle Point in the Rabbit Lake camp and Arrow in the Patterson Lake corridor, which can extend down to 900m below the unconformity. Last year, drilling at Highrock encountered elevated levels of uranium, boron, vanadium and base metals along the 10km long graphitic conductor. It is the presence of these pathfinder minerals that potentially may lead us to a similar basement-hosted uranium discovery in the vicinity."
The ground gravity program will cover several targets on the Costco trend, including a significant east-northeast structure running parallel to the Key Lake deposits and at the north end of the Highrock Property, the area that lies closest to the Key Lake deposits. The intent is to identify areas of gravity lows, possibly caused by clay-rich alteration halos that surround uranium mineralization. A follow-up ground Horizontal Loop Electro-Magnetic survey (HLEM) will target the main conductors of the Costco trend. Forum will use data obtained from these programs to further refine and prioritize potential targets for drilling next winter.