Forum Energy drills 68.5 metres grading 0.24% nickel at Fir Island, Saskatchewan

Forum Energy Metals Corp. [FMC-TSXV; FDCFF-OTC; F3E-FSE] reported geochemical results compiled over three drill programs on the 100%-owned Fir Island uranium project in the Athabasca basin, Saskatchewan. Boron, uranium, offset of the unconformity, and size of the resistivity low all increase to the north along the Cathy Fault. A 100-metre interval of interpreted ultramafic rock with elevated nickel was intersected in basement rocks in FI-24. This same lithology with 0.24% nickel over a 68.5-metre interval has been identified in FI-03, located 1.1km west of FI-24. Forum has requested the lab to assay these nickel zones for palladium, platinum, and gold.

Drill targets planned for 2021 along a 4km electromagnetic conductor marking the Cathy Fault to the north of Fir Island could not be drilled this year due to poor ice conditions. Future plans are to follow the Cathy Fault to the north to the intersection with the Black Lake Fault, then continue northward along the structure, testing any resistivity and gravity lows.

This program is operated by Forum and funded by Orano Canada Inc. (formerly AREVA Resources Canada) under terms of an option agreement to earn up to a 70% interest by spending up to $6 million on exploration. Ten holes were drilled on Fir Island for 3,051 metres; a total of 361 core samples were assayed with the following results:

Hole FI-17, targeting a small resistivity low further to the south of the main zone, intersected 132ppm uranium immediately beneath the unconformity at a depth of 249.8 metres, followed by 10 metres of 450ppm copper from 270 to 280 metres in a zone with visible sulphides.

Holes FI-23 to 26 at the north end of Fir Island all show elevated boron values (greater than 100ppm) while the holes further to the south do not have these values. This suggests that the Cathy Fault / resistivity low to the north of the island is increasing in potential. Also, a historic EM survey has identified a conductor along this trend which continues 4km north to the intersection of the Cathy Fault with the major Black Lake Fault, one of the targets for the 2021 drilling that was delayed due to the poor ice conditions. This target also displays several large gravity lows, possibly due to alteration.

FI-24, located within the resistivity low associated with the Cathy Fault, returned anomalous nickel in an interpreted ultramafic unit from 211 metres to the end of hole at 311 metres. Values of 0.36% boron and 0.42% nickel were intersected over 5 metres in basement rocks at 219.5 to 224.7 metres and 0.21% nickel over 10.3 metres from 241.7 to 252 metres. The hole ended in this ultramafic unit assaying 0.1% nickel and 275ppm copper over 3 metres from 308 metres to 311 metres.