FDC: uranium stock smoking up .13 to .55!
Forum Uranium Corp (C-FDC) - News Release
Forum Uranium samples 1.82% uranium at Key Lake Road
2006-11-21 09:52 ET - News Release
Shares issued 45,718,190
FDC Close 2006-11-20 C$ 0.42
Mr. Richard Mazur reports
FORUM FINDS 1% URANIUM AND PRIORITY DRILL TARGET AT NEWLY DISCOVERED HOBO ZONE
Forum Uranium Corp. is releasing results from its summer exploration program on the southern half of its Key Lake Road property. This property is located 70 kilometres south of Cameco Corp.'s Key Lake mine/mill complex in the Athabasca region, Saskatchewan. Surface uranium mineralization was discovered within two kilometres of the Key Lake mine road at the newly discovered Hobo zone, grading up to 1.82 per cent U3O8. Eight drill holes, comprising 1,000 metres are planned on the Hobo zone as part of a 3,500-metre drill campaign on the Key Lake Road project this winter.
Hobo zone
During the summer of 2006, lake sediment sampling in the Hobo Lake area outlined anomalous uranium (up to 58 parts per million), nickel (up to 25 parts per million), cobalt (up to 59 parts per million) and arsenic (up to eight parts per million) four kilometres northeast of the Hobo zone area. Follow-up prospecting of conductive horizons in the vicinity of the lake sediment anomalies led to the discovery of the Hobo zone. The northeast trending graphitic EM conductor occurs within 50 to 100 metres from the main mineralized zone. Geological mapping suggests that the mineralized zone is situated in the hangingwall of this graphitic EM conductor.
The main mineralized zone occurs in a structurally complex area of Wollaston transition rocks associated with the Key Lake Road shear zone. Strong chloritization and hematization were observed in most of the uranium occurrences over a 200-metre by 200-metre area. A strongly silicified and hematized graphitic metapelite outcrop assayed 1.07 per cent U3O8 over a 20-metre strike length. Further grab samples of calc-silicate and metapelite assayed 0.15 per cent, 0.21 per cent, 0.29 per cent, 0.58 per cent and 1.82 per cent U3O8. Isolated uranium mineralization is found up to one kilometre south of the main zone that is separated by overburden and swamp cover.
Aeroquest Ltd. of Milton, Ont., is currently flying an AEROTEM magnetic and electromagnetic survey in the area. Ground electromagnetic surveys will be conducted over the coming months as the Hobo zone has become an additional priority drill target in the Key Lake project area.
Molly zone
In 2005, discontinuous uranium occurrences were discovered in the Molly zone along an eight-kilometre-long zone with values of a few hundreds parts per million uranium to 5.3 per cent U3O8 in grab samples along the Key Lake Road shear zone. An airborne VTEM electomagnetic survey conducted in 2005 outlined a continuous conductor of several kilometres in length approximately 500 metres west of the Molly zone. Geological mapping and prospecting carried out in 2006 discovered uranium occurrences within graphitic metapelite in a 100-metre-long by 10-metre-wide zone with samples ranging from 185 parts per million uraniumBoen to 0.23 per cent U3O8. The discovery of uranium mineralization in association with graphitic rocks is a significant development in the exploration of the Molly area.
Dr. Boen Tan, PGeo (Saskatchewan), Forum's chief geologist, is the qualified person |
