Mr. Richard Mazur reports
FORUM COMMENCES DRILLING ON NORTH THELON URANIUM PROJECT, NUNAVUT
Forum Uranium Corp. has commenced exploration on its 100-per-cent-owned and optioned land at its North Thelon project, Nunavut. Drilling will focus on the Tarzan property, just to the south and on strike from Areva's deposits, containing a resource of 127 million pounds uranium at a grade of 0.55 per cent U3O8 (source, Areva, 2011). It is also immediately south of one of Cameco's discoveries announced this past April, Tatiggaq, located five kilometres west of Areva's Andrew and End deposits, and only two km north of the Tarzan property boundary. Reported grades from Tatiggaq range from 12.4 metres at 0.21 per cent U3O8 to 10.0 m at 3.52 per cent U3O8 at depths ranging from 114 m to 182 m, and the deposit remains open in all directions.
The Tattiggaq discovery, along with Areva's Andrew and End deposits, are strongly influenced by the regional-scale N070-trending Andrew Lake fault. Forum recently acquired Inuit-owned land parcel BL-32 from Nunavut Tunngavik Inc. which is on the westerly strike extension of the Andrew Lake fault. Another Cameco discovery along this trend is Qavvik located approximately seven km to the east of Forum's Inuit-owned land parcel BL-32. Grades at Qavvik range from 1.4 m at 1.5 per cent U3O8 to 19.9 m at 0.52 per cent U3O8 at depths ranging from 145 m to 356 m, and the deposit remains open in all directions. Forum will complete a gravity survey on BL-32 in preparation for a future drill program.
The Andrew, End and Cameco discoveries all have very similar geophysical characteristics: they lie within a magnetic low, a resistivity low and a gravity low along a major structure or one of its offshoots. Gravity surveys are designed to identify zones of lower density hydrothermal alteration, which are typically in spatial association with uranium deposits.
Forum's Tarzan property has at least eight similar targets, five of them remain untested by Forum's limited drill program in 2008. Of the three targets tested by shallow drilling, all of them showed moderate to extreme alteration and structure, similar to the Areva deposits and Cameco discoveries. Drill hole TZ-04 on the Tarzan property returned 22 parts per million U3O8 and anomalous pathfinder elements over 79.5 metres and was terminated prematurely due to difficult drilling conditions.
Ken Wheatley, PGeo (Saskatchewan and Nunavut), Forum's vice-president of exploration and qualified person, has reviewed the contents of this news release.
About the North Thelon project
Forum acquired a large (greater than 400,000 acres), strategic land position surrounding the Areva/Japan Canada Uranium (JCU)/Daewoo world-class Kiggavik mine development project in Nunavut starting in 2006. Forum owns 100-per-cent interests in mineral claims, subject to a 2-per-cent net smelter return on the Tarzan and Nutaaq claims, acquired the rights to earn 100-per-cent interest in Inuit-owned land parcels BL-21 and BL-32, and acquired the rights to earn a 55-per-cent interest in claims held by Agnico-Eagle Mines Ltd. An initial feasibility study of the 127-million-pound Kiggavik uranium project has been completed and an environmental assessment study is to be filed by the end of the year. The Kiggavik project description filed with the Nunavut Impact Review Board as part of the permitting process envisages approximately eight million pounds of uranium production per year. Cameco has been actively exploring its property to the west of Areva since 2005 and recently reported two discoveries. Both Cameco and Areva are currently proceeding with aggressive drill campaigns this summer in this newly emerging mining cam