Forum and Mega Commence Drill Program on the Northwest Athabasca Property, Saskatchewan
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2012) - Forum Uranium Corp. (TSX VENTURE:FDC) and Mega Uranium Ltd. (TSX:MGA) are pleased to announce the commencement of a 1,300 metre drill program on the NW Athabasca property. The program is designed to test three high priority targets.
1. Zone 2A - with an historical drill intercept of 5.68% U3O8 over 8.5m, at
a vertical depth of 30 metres.
2. Barney - follow-up drilling of a hole that intersected intense
alteration and extensive brecciation, as well as anomalous pathfinder
elements (e.g. boron)
3. Maurice Creek South - an untested, strong, 400 x 600 metre gravity
A winter drill program is also being planned for the first quarter 2013 as a follow-up to the current program as well as to drill additional untested targets. These plans include further drilling at the newly discovered Opie zone, which is not accessible in the fall 2012 program.
The NW Athabasca property hosts the Maurice Bay deposit (historical resource(i) of 1.5 million pounds uranium at a grade of 0.6% U3O8). The positive results returned from the drill program completed in March 2012, including the discovery of the Opie Zone (0.142% U3O8 over 7.6 metres), has encouraged Forum and Mega to step up exploration of the property. All targets are similar to Cameco's Millennium deposit and Rio Tinto's Roughrider deposit and at much shallower depths (less than 100 metres).
Forum and Mega Option with Cameco
The NW Athabasca project is 87.5% owned by Cameco and 12.5% owned by AREVA. Forum and Mega have formed a 50/50 joint venture, with Forum as Operator, to earn a 60% interest from Cameco on the NW Athabasca project by completing $4 million in exploration over four years and making cash payments of $400,000 over three years of which $140,000 has been paid. It is anticipated that Forum and Mega will vest their joint 60% interest in the property upon completion of the current program.
To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/1025FDC.pdf
Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum's Vice President, Exploration is the Qualified Person that has reviewed the contents of this news release.
(i) Historical resource for the Maurice Bay deposit, as reported by Saskatchewan Industry and Resources, Miscellaneous Report 2003-7, has not been calculated or classified under the specifications of National Instrument 43-101 and should not be relied upon.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium and rare earth projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut by exploring on its 100% owned properties and through strategic partnerships and joint ventures. The Company is also evaluating North American rare earth prospects in Quebec and Nunavut.
ON BEHALF OF THE BOARD
Richard J. Mazur, P.Geo., President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Forum Uranium Corp.
President & CEO
Forum Uranium Corp.
Director, Corporate Affairs