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Forum Uranium Corp.
Summary
| Project: | Key Lake Road | |
|---|---|---|
| Deposit: | Karpinka | |
| Location: | Canada | |
| Commodities: | Uranium-Boron-Copper-Nickel | |
| Date: | 10/18/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 18-10-2016: Forum Uranium Corp. announces an Exploration/Drilling Update report for its Karpinka deposit at the Key Lake Road project. Drilling results incl. 6.3m of 81ppm U from 146.7m. Vancouver, B.C., October 18, 2016 - FDC: TSX-V- Forum Uranium Corp. | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Ken Wheatley (Internal) | |
| ABSTRACT: | Vancouver, B.C., October 18, 2016 - FDC: TSX-V- Forum Uranium Corp. (“Forum” or the “Company”) is pleased to announce results from its summer drill program on the road accessible 100% owned Karpinka project, located along Highway 914 approximately 30 km southwest of the Key Lake mill. A widely spaced, four-hole drill program totaling 576 metres on shallow targets was based on data from existing ground gravity, ground EM, magnetic and soil gas hydrocarbon surveys conducted by Forum over the last five years. An airborne EM survey (TEMPEST) flown in 2007 identified a sequence of strongly conductive horizons associated with the Key Lake Road Shear Zone, a major structure that marks the boundary of the fertile and productive Wollaston domain and the Mudjatic domain to the west. Cameco’s Millennium deposit* (53.0 million pounds indicated, grading 2.39% U3O8 and 20.2 million pounds inferred, grading 3.19% U3O8) occurs to the north along an interpreted similar geological setting. The first three holes targeted the major graphitic EM conductor that traverses the project (Figure 1), with each hole intersecting a tectonized, altered graphitic shear zone that marks the border between two major lithological units (metasediments on the east, granitic gneisses on the west). KAR-04 targeted a strong gravity low near the south end of the property with no associated conductor and returned mainly pelitic to psammo-pelitic metasediments with strong sections of chloritization, argillization, bleaching, core loss and rubble. Hydrothermal hematite was noted on some fracture surfaces. These are very encouraging results for an initial drill campaign given the limited amount of metres. Further drilling is recommended on a number of other shallow targets (combination of gravity and EM) on this underexplored project. | |
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