Forum Begins Airborne Geophysical Survey of Wollaston Uranium Project

Rebecca Hunter, PhD., P.Geo

Rebecca has 15 years of experience as a uranium exploration geologist in Saskatchewan and Nunavut. Dr. Hunter worked for Cameco as a project geologist from 2005 to 2016. Rebecca led Cameco’s Turqavik-Aberdeen exploration project, which discovered the high-grade Tatiggaq and Qavvik uranium deposits adjacent to the Orano’s (formerly AREVA) Kiggavik project in Nunavut. Dr. Hunter has completed her Ph.D. at Laurentian University, which focused on the lithogeochemistry, structural geology and uranium mineralization systems of the Tatiggaq-Qavvik uranium corridor in the northeastern Thelon Basin. Mr. Hunter is currently Senior Minerals Geologist with the British Columbia Geological Survey.

Denise Lockett

Denise (Lockett Consultation Services Inc.) has worked in communications, permits and sustainability for over 25 years, primarily in the Northwest Territories and Nunavut. It ensures that the flow of communications goes both to/from affected communities, and to/from regulators and government officials regarding the proposed exploration or development project. Denise focuses on solutions to socio-economic problems and environmental management and mitigation. She is an active member of the Northwest Territories and Nunavut Chamber of Mines as a strong supporter of consultation with affected communities.

Leon Davis

Leon has worked in the exploration industry since 2000 when he began to dive into the trades. What started as exploration support has evolved into full-time remote camp management and logistics coordination since 2012. Leon has focused his expertise in Nunavut and Saskatchewan on all facets of camp operations, from design to implementation and operations. Leon is currently with SSR Mining Inc. where he works with their exploration camps.

Project update

Since announcing the acquisition of land formerly owned by Cameco (see press release dated February 1, 2022), Forum has staked four more claims bringing its total new stakes to 60,230 hectares (Figure 1). Permit applications are being finalized and will be submitted shortly. Initial contact with Baker Lake elders has been made and community engagement will begin.

The intention of the Forum in 2022 is to:

Review the 135 holes drilled by Cameco from 2008 to 2012 that led to the discovery of the Tatiggaq and Qavvik deposits and the Ayra showing.
Perform airborne and ground geophysical surveys.
Mobilize drills, camp and supplies to Baker Lake during the summer barge season in preparation for a 10,000 meter drill program in 2023.

Cameco drilled 135 holes for a total of 36,000 meters from 2008 to 2012, which discovered the Tatiggaq deposit (approximately 5 km west of Orano’s Andrew Lake deposit), the Qavvik deposit and the Ayra showing and tested three other targets identified by geophysical surveys.

The Tatiggaq discovery consists of two zones, the Main and West zones which have an average thickness of 30 meters between 80 and 100 meters depth with strike lengths between 60 and 80 meters, respectively. Some important interceptions are:

TUR-026 – 1.0% U3O8 over 14.9 meters (m) from 177.6 to 192.5 m
TUR-040 – 0.92% U3O8 over 11.3 m from 159.1 to 170.4 m
TUR-042 – 2.69% U3O8 over 7.9m from 200.2m to 208.1m, including 24.8% U3O8 over 0.4 m from 202.9m to 203.3m
TUR-052B – 0.43% U3O8 over 54.2m from 115.4m to 169.6m
TUR-056 – 0.93% U3O8 over 9m from 126m to 135m
TUR-058 – 1.17% U3O8 over 6.1m from 88.2m to 94.3m

Tatiggaq lies within a large area of clay weathering measuring 0.8 km wide by 1.5 km long. (Figure 2). The potential exists for considerably increase the size of this deposit which will be the subject of the drilling program proposed by Forum in 2023, in addition to monitoring Qavvik, Ayra and other targets on the property.

*Source: Various Cameco reports filed with the Nunavut Mining Recorder, Cameco presentations at the Nunavut Mining Symposium and Saskatchewan Mining Open House from 2009 to 2013, and PhD thesis by Rebecca Corrine Hunter, Laurentian University, Sudbury, Ontario, Canada dated 2021 .

THELON BASIN – AN ANALOG OF THE ATHABASCA BASIN

There are many Proterozoic basins around the world, but only two are economic; the Athabasca Basin in Saskatchewan, Canada and the McArthur Basin in the Northern Territory, Australia. The third promising Proterozoic basin for economic uranium deposits is the Thelon Basin in Nunavut, Canada, which so far has three deposits proposed for development (Figure 3). The Kiggavik uranium project is 66.2% owned by Orano Canada, 16.9% by Denison Mines and 16.9% by UEX Corporation. Orano (formerly Areva) submitted a development proposal in 2008 for the Kiggavik uranium project of 133 million pounds at an average head grade of 0.46% Uproduce 7.8 million pounds of uranium per year over a 17-year mine life from three deposits – the open pit Kiggavik and Andrew Lake deposits and the underground End deposit (Source: *Areva Resources Canada Inc., The Kiggavik Project, Project Proposal, November 2008 and Kiggavik Popular Summary, April 2012 submission to the Nunavut Impact Review Board).

Orano conducted six years of engineering, environmental and community engagement studies from 2008 to 2014 and submitted a final environmental impact statement to the Nunavut Impact Review Board (NIRB) on October 2, 2014. Despite compliance with all the conditions of the CNER project review, Orano may not commit to a firm project start date, due to the economic conditions of the uranium market at the ‘era. CNER recommended on May 8, 2015 that the project not proceed if a definitive development schedule could not be established. The project is currently in the care and maintenance phase.

Mineral Exploration and Development in Nunavut

The Territory of Nunavut was formed in 1999 under the Nunavut Land Claims Agreement Act (“NLCA”) between the indigenous Inuit people and the federal government of Canada. Under the NLCA, certain areas of the territory have been designated as surface and underground Inuit Owned Lands, which gives Inuit certain mining rights. Nunavut is a jurisdiction that has proven that mining is an important activity for the benefit of all Nunavummiut (residents of Nunavut), as demonstrated by existing mining operations at Meadowbank, Meliadine and Hope Bay gold mines. Agnico and Baffinland’s Mary River iron ore mine.

Rick Mazur, P.Geo., President and Chief Executive Officer of Forum and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this press release.

Figure 1: Forum claims, Orano/Denison/UEX Kiggavik deposits and Cameco Discoveries are now 100% owned by Forum.

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Figure 2: The Tatiggaq deposit is located within a large gravity anomaly that remains open at depth and laterally for 1.5 kilometres. Drill fences northeast of the West and Main deposits are proposed for 2023.

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Figure 3: Location of Athabasca Basin, Saskatchewan and Thelon Basin, Nunavut. These two geological areas of the Canadian Shield are home to the richest uranium deposits in the world.

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About Forum Energy Metals

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metals company with uranium, copper, nickel and cobalt projects in Saskatchewan, Canada’s number one mining province for exploration and development, a strategic position of uranium lands in Nunavut and a strategic cobalt land position in the Idaho cobalt belt. For more information: www.forumenergymetals.com

This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in these statements.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. These factors include, but are not limited to: historical data uncertainties, work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic or financial market conditions; changes in commodity prices, litigation, legislative, environmental and other legal, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain the permits required to maintain or advance its exploration projects.

ON BEHALF OF THE BOARD OF DIRECTORS

Richard J. Mazur, geo.
President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, contact:

Rick Mazur, P.Geo., President and CEO
mazur@forumenergymetals.com
Tel: 604-630-1585

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117604