Forum Energy Metals Corp. [FMC-TSXV; FDCFF-OTC; F3E-FSE] reported the final set of assay results from Rio Tinto Exploration Canadaâ€™s (RTEC) summer drill program at the Rafuse target on Forumâ€™s 100%-owned Janice Lake copper/silver project in Saskatchewan.
RTEC reports that it has spent $14-million in exploration expenditures to date, which exceeds the $10-million required to earn a 51% interest in the e project. Rio Tinto does not plan an exploration program for the 2022 budget year. A $100,000 cash payment to Forum is due by May, 2022, to complete its 51% earn-in obligation.
Rick Mazur, president and CEO, reports: â€œRio Tinto’s $14-million in drilling and regional exploration has added tremendous value to the Janice Lake project, most notably at the Janice and Jansem targets where drilling has significantly expanded high-grade copper mineralization. Forum’s diversified energy metals portfolio will focus on our extensive uranium property portfolio in Q1 2022, including plans to begin drilling at our 100%-owned Wollaston uranium property nearby the Orano and Cameco uranium mills in the eastern Athabasca basin.â€
To date, RTEC has drilled 39 holes on the property totalling 10,033 metres on four targets: Jansem, Janice, Kaz and Rafuse. In addition, extensive geophysical, geochemical and geological surveys over the 52-km extent of the Wollaston sedimentary copper belt have identified new areas for potential copper mineralization. Prospecting has identified copper boulders as high as 3.8% copper and 3.7 g/t silver, 25 to 30 km southwest of the Janice and Jansem targets.
Results from the last five holes on the Rafuse target included drill hole JANL0035 – Nil; JANL0036 – Nil; JANL0037 – 0.15% copper and 1.63 g/t silver and 0.41% lead over 42.25 metres from 221.25 to 263.5 metres, including 0.19% copper and 1.94 g/t silver and 0.51% lead over 30.9 metres from 232.6 to 263.5 metres.
Hole JANL0038 returned 0.16% copper and 2.77 g/t silver and 0.18% lead over 15.4 metres from 95.6 to 111 metres, including 0.25% copper and 4.93 g/t silver and 0.34% lead over 7.5 metres from 95.6 to 103. 1 metres, 0.19% lead over 1.37 metres from 134.8 to 135.75 metres, 1.09 g/t silver and 0.43% lead over 1.2 metres from 157.8 to 159 metres.
Hole JANL0039 returned 1.28 g/t silver and 0.14% lead over 2.6 metres from 154.2 to 156.8 metres.
Hole JANL0028 drilled in the winter program intersected 0.86% copper and 8.02 g/t silver over 14 metres from 246 to 260 metres, including 6 metres of 1.67% copper and 13.6 g/t silver from 254.1 to 260.1 metres. Holes JANL0028, JANL0032 and JANL0037 have intersected structurally controlled mineralization that is oxidized at depth.