FORUM DRILLING UPDATE, ABERDEEN URANIUM PROJECT, NUNAVUT
Drilling at Forum Energy Metals Corp.’s 100-per-cent-owned Aberdeen uranium project has continued to intersect uranium mineralization, prolific structural and lithological controls and intense alteration at the Main and West deposits along the Tatiggaq fault. A recent tour of directors to the Aberdeen project and the Kiggavik core storage facility with Forum’s geological adviser, Dr. Peter Wollenberg, who discovered two of the largest deposits at Kiggavik, verified that the uranium mineralization processes on Forum’s property are identical to the Kiggavik uranium deposits. Seventeen holes have been completed, totalling 4,307 metres along the Tatiggaq fault within the 1.5-kilometre-by-0.7-kilometre Tatiggaq anomaly. A total of 685 samples have been shipped to SRC Laboratories in Saskatoon, Sask., for analysis. Results are expected by the end of September.
Rick Mazur, president and chief executive officer, stated: “We thank Orano for access to their drill core storage facility for the three deposits at the 133-million-pound Kiggavik deposit. Our visit to the Aberdeen project and the Kiggavik core storage area validates our view that we are in an emerging uranium district for unconformity-style uranium deposits akin to the prolific Athabasca basin.”
The company has entered into phase 2 of its drill program. One drill has moved to the Qavvik deposit and Forum will now focus on a number of other high-priority targets on the property for basement-hosted and sandstone-covered unconformity targets The company’s 30-person drill camp and crew have performed well over the summer. Drilling is expected to continue for another four to six weeks.
Rebecca Hunter, PhD, PGeo, Forum’s vice-president of exploration and qualified person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Marketing agreement
At the request of the TSX Venture Exchange, the company wishes to provide certain disclosure with respect to an advisory agreement it has entered into with DS Market Solutions Inc., with effect as of July 1, 2024. DS Market Solutions is an equity trading advisory and liquidity provider located in Mississauga, Ont. Pursuant to the agreement, DS Market Solutions has agreed to provide the company with liquidity services in compliance with the provisions of TSX-V Policy 3.4, with the object of enhancing market depth and increasing liquidity of the company’s common shares. The agreement is on a month-by-month basis and provides for remuneration of $5,000 per month, plus applicable taxes. The $5,000 comes from the company’s working capital and DS Market Solutions has confirmed that it uses its own funds and securities in providing the services and, other than securities used for liquidity purposes, it has no interest, directly or indirectly, in the securities of the company nor has it any right to acquire same. It has also confirmed that, to the extent needed, DS Market Solutions provides the services through Canaccord Direct DMA.
About Forum Energy Metals Corp.
Forum Energy Metals is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca basin, Saskatchewan, and the Thelon basin, Nunavut.