Forum Energy Metals stakes 53,402 hectares of former Cameco claims in Nunavut
Forum Energy Metals Corp. [FMC-TSXV; FDCFF-OTCQB; F3E-FSE] has acquired by staking 40 claims totalling 53,402 hectares of ground formerly held by Cameco Corp. [CCO-TSX; CCJ-NYSE] on trend with the 133-million-pound Kiggavik uranium deposit (66.2% Orano, 16.9% Denison and 16.9% UEX), one of the largest undeveloped uranium deposits in the world.
From 2008 to 2012, Cameco drilled 135 holes for over 36,000 metres of drilling to the west of Kiggavik and discovered two uranium deposits – Tatiggaq and Qavvik – and identified the Ayra showing which are now owned 100% by Forum.
The Kiggavik deposit and the Cameco discoveries in the northeastern Thelon Basin, Nunavut share many common features as the prolific Athabasca Basin in Saskatchewan. With Forum’s legacy claims in the area, Forum holds 97,433 hectares of prime exploration ground approximately 100km west of the Hamlet of Baker Lake, Kivalliq region in Nunavut.
Rick Mazur, President and CEO, stated, “There is no better place in the world to explore for high grade unconformity style uranium deposits outside the Athabasca than the Thelon in Nunavut. We have been keeping an eye on this uranium district since Forum actively explored in the region from 2006 to 2012. Cameco’s work has given Forum a head start on building a significant resource on our 100%-owned property.”
Mazur further explained, “Forum’s goal is to supplement the already established mineable reserve at Kiggavik and establish a production centre in Nunavut to fulfill the demand for the carbon-free energy future.”
The Tatiggaq discovery consists of two zones, the Main and West Zones that average 30 metres in thickness between 80 and 100 metres in depth with strike lengths of 80 and 60 metres respectively. The discovery hole TUR-014A in June, 2010 intersected 0.85% U3O8 over 13.7 metres and 4.03% over 0.5 metres. Grades of up to 24% U3O8 over 10 to 30 cm widths with average grades of approximately 1% U3O8 are reported over these two mineralized zones. The deposits remain open along strike and to depth within a large gravity anomaly (0.8 x 1.5 km) that is not fully tested. Some significant intercepts are: DDH TUR-042 with 2.69% U3O8 over 7.9 metres from 200.2 to 208.1 metres, including 24.8% U3O8 over 0.4 metres from 202.9 to 203.3 metres. DDH TUR-052B returned 0.43% U3O8 over 54.2 metres from 115.4 to 169.6 metres. DDH TUR-056 returned 0.93% U3O8 over 9 metres from 126 to 135 metres. DDH TUR-058 returned 1.17% U3O8 over 6.1 metres from 88.2 to 94.3 metres.
The Qavvik discovery was found in 2009 and consists of four steeply-dipping lenses with strike lengths of 250 metres and widths of 5 to 20 metres to a depth of 350 metres. DDH SAN-002 intersected four discreet mineralization intervals grading 0.92% U3O8 over 2.5 metres (253.9 to 256.4m), 1.18% U3O8 over 4.3 metres (259.0 to 263.3m), 0.57% U3O8 over 1.6 metres (273.7m to 275.3m), and 0.62% U3O8 over 2.2 metres (277.5m to 279.7m). The highest grade mineralization intersected to date is 5.69% U3O8 over 0.3 metres. Further work is needed to determine the extent of mineralization in the area.
The Ayra showing has all the hallmarks of a classic unconformity deposit with uranium enrichment (67 to 610ppm uranium) near the unconformity along steeply dipping faults that are clearly reactivated fault zones which offset the 10 to 60-metre thick overlying Thelon sandstone. The host rocks to the Ayra showing consists of lamprophyre, syenite, and gneiss unconformably overlain by strongly altered and uranium enriched (2 to 11ppm uranium) Thelon sandstone. Further drilling is required as only 15 widely spaced holes have tested this prospect.