Rio Tinto Canada Uranium Corporation Plans Winter Drill Program on Forum's 40% Owned Henday Property, Athabasca Basin
VANCOUVER, BC --(Marketwired - January 11, 2016) - (TSX VENTURE: FDC) - Forum Uranium Corp. ("Forum") announces that Rio Tinto Canada Uranium Corporation ("RTCUC") is currently mobilizing two diamond drills to its 40% owned Henday property. RTCUC has identified a number of drill targets from a 1,204 line kilometer airborne magnetic and electromagnetic survey completed this past summer. Henday is strategically located north-east of the Denison/AREVA Midwest Lake deposit and RTCUC's Roughrider deposit and bordering AREVA/Denison's McClean Lake uranium mine and mill.
The Geotech survey was flown in two directions over the property with lines oriented N040⁰ at 100 metre line spacing and with lines oriented N135⁰ at 200 metre line spacing. The survey was flown with an instrumentation clearance of 55 metres above ground. These parameters have resulted in a high resolution of data to be used for drill target selection. Coupled with a compilation of all geological, geophysical, geochemical and drill data in assessment files plus selective logging and sampling of available drill core, two high priority areas have been identified on the property for drilling this winter.
RTCUC has earned a 60% interest in Henday and Forum holds a 40% interest. RTCUC has the right to acquire an additional 10% interest in and to Henday by sole funding $20 million in exploration or delivering a Feasibility Study on the Henday property, whichever occurs first.
About the Henday Property
The Henday Project consists of 3 claims covering 7,204 ha at the north-eastern margin of the Athabasca Basin, Saskatchewan. The Henday Project is strategically located north-east of the Denison/AREVA Midwest Lake project and RTCUC's Roughrider project, north of Cameco/AREVA's Dawn Lake project and borders AREVA/Denison's McClean Lake uranium mine and mill.
A total of 53 drill holes were drilled on the Henday property by previous operators from 1978 to 2005. Forum Uranium acquired the project in 2007 and completed a series of ground gravity surveys, airborne EM surveys, a resistivity survey and diamond drill programs in 2008, 2010 and 2011 for a total of 56 holes and 12,754 metres. Several large alteration zones were delineated with associated elevated uranium geochemistry and further targets remain to be drill tested.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium 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 by exploring on its 100% owned properties and through strategic partnerships and joint ventures with Cameco, AREVA, Rio Tinto Canada Uranium, NexGen and Uracan.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
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For further information contact:
President & CEO
Director, Corporate Affairs