Forum Energy Metals and Global Uranium Commence Exploration at the Northwest Athabasca Project, Saskatchewan
Forum Energy Metals and Global Uranium have initiated exploration at the Northwest Athabasca Project in Saskatchewan's Athabasca Basin. The project, located along Lake Athabasca's northwest shore, will commence diamond drilling by March, targeting 2,000 to 3,000 meters at various sites including Andy, Zone 2A, and Opie.
Global Uranium has entered an option agreement with Forum to acquire up to 75% interest by investing $20 million in exploration. The project involves a joint venture with Forum, Cameco , and Orano Canada Inc. The project area spans 11 contiguous mineral claims covering 13,876 ha, with historical exploration dating back to the 1970s. A historical resource estimate at Maurice Bay Showing documented 1.5 million lbs at 0.6% U3O8, though this estimate isn't compliant with current NI 43-101 standards.
Forum Energy Metals e Global Uranium hanno avviato un'esplorazione al Northwest Athabasca Project nell'Athabasca Basin del Saskatchewan. Il progetto, situato lungo la riva nord-ovest del Lago Athabasca, inizierà con la perforazione a diamante entro marzo, puntando a 2.000-3.000 metri in vari siti tra cui Andy, Zona 2A e Opie.
Global Uranium ha stipulato un accordo di opzione con Forum per acquisire fino al 75% di interesse investendo 20 milioni di dollari nell'esplorazione. Il progetto coinvolge una joint venture con Forum, Cameco e Orano Canada Inc. L'area del progetto comprende 11 permessi minerari contigui che coprono 13.876 ha, con esplorazioni storiche risalenti agli anni '70. Una stima storica delle risorse presso Maurice Bay Showing documenta 1,5 milioni di libbre a 0,6% di U3O8, sebbene questa stima non sia conforme agli attuali standard NI 43-101.
Forum Energy Metals y Global Uranium han iniciado la exploración en el Proyecto Northwest Athabasca en la Cuenca de Athabasca de Saskatchewan. El proyecto, ubicado a lo largo de la costa noroeste del Lago Athabasca, comenzará con perforaciones diamantinas para marzo, apuntando a 2,000 a 3,000 metros en varios sitios, incluidos Andy, Zona 2A y Opie.
Global Uranium ha entrado en un acuerdo de opción con Forum para adquirir hasta el 75% de participación invirtiendo 20 millones de dólares en exploración. El proyecto involucra una sociedad conjunta con Forum, Cameco y Orano Canada Inc. El área del proyecto abarca 11 reclamaciones minerales contiguas que cubren 13,876 ha, con exploraciones históricas que datan de la década de 1970. Una estimación histórica de recursos en Maurice Bay Showing documenta 1.5 millones de libras a 0.6% de U3O8, aunque esta estimación no cumple con los actuales estándares NI 43-101.
Forum Energy Metals과 Global Uranium이 사스카치완 주 애타바스카 분지의 Northwest Athabasca 프로젝트 탐사를 시작했습니다. 이 프로젝트는 애타바스카 호수의 북서쪽 해안에 위치하고 있으며, 3월까지 다이아몬드 드릴링을 시작할 예정이며, Andy, Zone 2A, Opie를 포함한 여러 사이트에서 2,000에서 3,000미터를 목표로 하고 있습니다.
Global Uranium은 Forum과 옵션 계약을 체결하고 탐사에 2천만 달러를 투자하여 최대 75%의 지분을 취득할 수 있습니다. 이 프로젝트는 Forum, Cameco 및 Orano Canada Inc.와 공동 투자 형태로 진행됩니다. 프로젝트 지역은 13,876헥타르를 차지하는 11개의 연속 광물 청구권을 포함하며, 1970년대부터의 역사적 탐사 기록이 있습니다. Maurice Bay Showing에서의 역사적 자원 추정치는 1.5백만 파운드, 0.6% U3O8로 문서화되어 있지만, 이 추정치는 현재의 NI 43-101 기준에 부합하지 않습니다.
Forum Energy Metals et Global Uranium ont lancé des explorations au Northwest Athabasca Project dans le bassin d'Athabasca en Saskatchewan. Le projet, situé le long de la côte nord-ouest du lac Athabasca, débutera les forages au diamant d'ici mars, ciblant 2.000 à 3.000 mètres à divers sites, y compris Andy, Zone 2A et Opie.
Global Uranium a conclu un accord d'option avec Forum pour acquérir jusqu'à 75 % d'intérêt en investissant 20 millions de dollars dans l'exploration. Le projet implique un partenariat avec Forum, Cameco et Orano Canada Inc. La zone du projet s'étend sur 11 concessions minières contiguës couvrant 13.876 ha, avec des explorations historiques remontant aux années 1970. Une estimation historique des ressources à Maurice Bay Showing a documenté 1,5 million de livres à 0,6 % U3O8, bien que cette estimation ne soit pas conforme aux normes actuelles NI 43-101.
Forum Energy Metals und Global Uranium haben mit der Erkundung des Northwest Athabasca Projekts im Athabasca Basin in Saskatchewan begonnen. Das Projekt, das sich entlang der nordwestlichen Küste des Athabasca-Sees befindet, wird bis März mit Diamantbohrungen beginnen und zielt auf 2.000 bis 3.000 Meter an verschiedenen Standorten, darunter Andy, Zone 2A und Opie.
Global Uranium hat eine Optionsvereinbarung mit Forum unterzeichnet, um bis zu 75% Interesse zu erwerben, indem es 20 Millionen US-Dollar in die Erkundung investiert. Das Projekt beinhaltet ein Joint Venture mit Forum, Cameco und Orano Canada Inc. Das Projektgebiet umfasst 11 zusammenhängende Mineralansprüche, die 13.876 ha abdecken, mit historischen Erkundungen, die bis in die 1970er Jahre zurückreichen. Eine historische Ressourcenschätzung am Maurice Bay Showing dokumentierte 1,5 Millionen Pfund bei 0,6% U3O8, obwohl diese Schätzung nicht den aktuellen NI 43-101 Standards entspricht.
- Option agreement secured with potential $20 million investment from Global Uranium
- Historical uranium mineralization discovered with 5.69% over 8.5m at Zone 2A
- Extensive project area covering 13,876 hectares
- Partnership with major uranium companies Cameco and Orano
- Historical resource estimate not compliant with current NI 43-101 standards
- Project requires significant infrastructure development including ice road construction
Mobilization underway for a drill program on the Northwest Athabasca Project in Saskatchewan's Athabasca Basin
Vancouver, British Columbia--(Newsfile Corp. - February 4, 2025) - Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) (the "Company" or "Forum") and Global Uranium Corp. (CSE: GURN) (OTCQB: GURFF) (FSE: Q3J) ("Global") are pleased to announce that the exploration permit has been received and exploration is underway on the Northwest Athabasca (NWA) Project, located along the northwest shore of Lake Athabasca in Saskatchewan, Canada (Figure 1). Global entered into an option agreement with Forum, acquiring the right to purchase up to
Rick Mazur, CEO of Forum Energy Metals stated, "Forum acknowledges the collaboration with the local communities of Stony Rapids, Fond du Lac, Uranium City, Camsell Portage and Fort Chipewyan for their review of the project on their traditional territory. We look forward to continually building our relationships with these communities as we more forward with our exploration program."
"We are pleased that we can get underway with a drill program this winter on this highly prospective project," stated Ungad Chadda, CEO of Global Uranium. "We look forward to advancing our exploration work in partnership with Forum Energy Metals and are confident that this project will contribute to the long-term growth and success of Global Uranium."
Camp Construction, Mobilization and Diamond Drilling
Camp construction and the building of an ice road from Uranium City to the project site will begin in early February. Fixed wing aircraft will bring the camp construction crew and some preliminary camp materials to site to initiate construction. The ice road will bring additional camp gear and supplies, as well as the diamond drill, fuel, and supplies to the project area. Diamond drilling with Team Drilling is anticipated to commence by March and the objective is to drill 2,000 to 3,000 m focusing at Andy, Zone 2A, and Opie and if time allows testing additional high-priority targets at Gomer and Spring Bay (Figure 2). Additional geophysical surveys such as gravity, resistivity and detailed magnetics will be initiated once the camp is in place.
The Northwest Athabasca Project
The Northwest Athabasca Project is located along the northwest shore of Lake Athabasca on the margin of the Athabasca Basin 1,000 km north-northwest of Saskatoon along the Alberta - Saskatchewan provincial border. Numerous showings that host modest-to-significant uranium mineralization have been identified on the project, including the Zone 2A area, which intersected basement-hosted mineralization grading
1Lehnert-Thiel, K., and Kretschmar, W., 1979, The discovery of the Maurice Bay uranium deposit and exploration case history (abs.): Canadian Institute of Mining and Metallurgy District 4, Fourth Annual Meeting, Winnipeg, 1979, unpublished manuscript, 3 p.
2The historical resource estimate, however, was not prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). While the Company believes the historical estimate to be relevant given the extensive exploration work completed by Uranerz, a qualified person has not completed sufficient work to verify and classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral resource. As such, the historical estimate should not be relied upon.
Qualified Person
Rebecca Hunter, Ph.D., P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Quality Assurance and Quality Control
For a discussion of the QA/QC and data verification processes and procedures at the NWA Project, please see its technical report entitled "NI 43-101 on the Northwest Athabasca Project Northern Saskatchewan Centered at: Latitude 59°24'00" N, Longitude 109°54'00" W", with an effective date of June 27, 2024, which is available under the Global Uranium's profile at www.sedarplus.ca.
About Global Uranium Corp.
Global Uranium Corp. focuses on exploring and developing uranium assets primarily in North America. The Company currently holds key uranium projects: the Wing Lake Property in the Mudjatik Domain of northern Saskatchewan, Canada; the Northwest Athabasca Joint Venture with Forum Energy Metals Corp./NexGen Energy Ltd./Cameco Corporation/Orano Canada Inc. in the Northwest Athabasca region of Saskatchewan, Canada; and the Great Divide Basin District Projects, the Gas Hills District Projects, and the Copper Mountain District Projects in Wyoming, USA.
About Forum Energy Metals
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. For further information: https://www.forumenergymetals.com.
Figure 1 Location of the Northwest Athabasca Project along Lake Athabasca in northwestern Saskatchewan. The closest communities are Uranium City, Fond du Lac and Fort Chipewyan. The western margin of the property is located along the Alberta - Saskatchewan Border.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/239528_dcf71c4044694b74_003full.jpg
Figure 2 The main uranium showings and drill target areas on the Northwest Athabasca Project. The residual gravity and EM conductors are shown as the background.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/239528_dcf71c4044694b74_004full.jpg
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & 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 further information contact:
Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239528
FAQ
What is the size of the planned drilling program for FDCFF at Northwest Athabasca in 2025?
How much can Global Uranium earn in the Northwest Athabasca Project from FDCFF?
What was the historical uranium grade discovered at Zone 2A for FDCFF?
How large is FDCFF's Northwest Athabasca Project area?
What is the historical resource estimate at Maurice Bay for FDCFF's project?
