Forum Energy Metals Corp. [FMC-TSXV; FDCFF-OTC; F3E-FSE] reported the final set of assay results from Rio Tinto Exploration Canada’s (RTEC) summer drill program at the Rafuse target on Forum’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: “Rio 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.”
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.