Forum Provides Update on Nunavut Uranium Project

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) (“Forum” or “the Company”) is pleased to announce the commencement of a ground gravity survey and the completion of a baseline archaeological study on its uranium from Nunavut, located 100 km west of the community of Baker Lake, Nunavut, in the Thelon Basin.

Rick Mazur, President and CEO said: “Thelon Basin is a major unconformity-type uranium district that represents the world’s closest geological analogue to the prolific Athabasca Basin. We believe that our soil hosts significant uranium deposits at high grade with potential and grades similar to Athabasca. Forum is developing plans to aggressively explore this project in 2023.”

Forum has staked 65,558 hectares of claims over the high-grade and not fully delineated Tatiggaq and Qavvik uranium deposits, as well as numerous highly prospective target areas formerly held by Cameco Corporation west of the Kiggavik (see press release of February 1, 2022). The Kiggavik* uranium deposit is home to 133 million pounds of uranium at an average grade of 0.46% uranium and is 66.2% owned by Orano Canada, 16.9% Denision Mines and 16.9% UEX Corporation.

2022 exploration activities

Forum’s technical team (see press release of March 22, 2022) visited the project in June 2022 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.
Conduct reconnaissance for a camp location for the proposed 2023 drill program.
Conduct community engagement with the Hamlet of Baker Lake.

Forum received a Screening Decision Report from the Nunavut Impact Review Board and its Land Use Permit from Crown-Indigenous Relations and Northern Affairs Canada in August.

MWH Geo-Surveys currently has a team of 3 people conducting ground gravity surveys on four grids in the project area (Figure 1). Approximately 1,200 gravity stations will be collected largely at 100 m spacing, along lines 400 m apart. Survey results will be available later in the fall and will help set additional targets for the project. WSP Golder completed a baseline archaeological survey of the project. A 2-person team visited the new camp location, as well as numerous high-priority drill target areas to document all archaeological sites. WSP Golder is preparing its final report and no significant sites have been documented.

Project history

There are many Proterozoic basins around the world, but only two have high-grade unconformity-type uranium deposits that have come into production; the Athabasca Basin in Saskatchewan, Canada and the McArthur Basin in the Northern Territory, Australia. The third Proterozoic basin with the greatest potential for economic high-grade uranium deposits is the Thelon Basin in Nunavut, Canada (Figure 2). To date, three deposits have been proposed for development – the Kiggavik, Andrew Lake and End deposits at Orano/Denison/UEX Kiggavik uranium mine development project of 133 million pounds* at an average grade of 0.46% U. The project is currently in the care and maintenance phase.

Cameco drilled 135 holes for a total of 36,000 meters of drilling from 2008 to 2012, which discovered the Tatiggaq deposit (approximately 5 km west of Orano’s Andrew Lake deposit), the Qavvik deposit, 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 3). 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: Kiggavik Popular Summary, April 2012, Submission to the Nunavut Impact Review Board.
**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.

Figure 1: Location of the Kiggavik, End and Andrew Lake uranium deposits on the Orano/Denison/UEX mining lease, the Tattigaq, Qavvik and Ayra uranium showings, the location of the Forum camp and the gravity surveys on the claims Forum miners.

To see an improved version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4908/136014_ab1acf4ac45e28f2_003full.jpg

Figure 2: 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.

To see an improved version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4908/136014_ab1acf4ac45e28f2_004full.jpg

Figure 3: 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.

To view an improved version of Figure 3, please visit:
https://images.newsfilecorp.com/files/4908/136014_ab1acf4ac45e28f2_005full.jpg

Richard 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.

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: https://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 differ materially 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/136014