Forum Uranium (FDC-V) Feb 20, '14 has entered into a purchase and sale agreement with Anthem Resources Ltd. to acquire a 100-per-cent interest in Anthem's Fir Island claims totalling 14,205 hectares on the northeast margin of the Athabasca basin, Saskatchewan. Under the terms of the agreement, Forum will acquire a 100-per-cent interest for 300,000 common shares and a 1.5-per-cent net-smelter royalty with a 1-per-cent buyback provision for $1-million. Ken Wheatley, vice-president, exploration, stated: "This project fits nicely with Forum's mandate of acquiring and exploring projects with shallow sandstone cover located along major structural zones. The immediate proximity within 300 metres of the historic Nisto mine along the Black Bay fault strongly suggests that this structure is fertile for uranium mineralization. Forum will continue to use the weak uranium market to identify and acquire highly prospective properties to add value to our project portfolio."
The Fir Island claims are well located on the northern extension of the Centennial shear zone that transects the Athabasca basin and manifests itself as the Black Lake fault on the property. Faults of this style are known to frequently host unconformity-style uranium deposits in the Athabasca basin. Anthem previously completed a comprehensive series of geophysical and geochemical surveys, which have identified several shallow uranium drill targets from surface to 240-metre depth.
No drilling has been carried out on the property, and only minor expenditures are required this year to keep the property in good standing. On completion of the acquisition, Forum plans to carry out a ground gravity survey along the Black Lake shear zone to identify zones of low-density hydrothermal alteration and further refine drill targets.
Highlights of the Fir Island project:
- Highly prospective near-drill-ready project with shallow uranium targets identified by a number of geophysical and geochemical surveys conducted by Anthem;
- Shallow to no sandstone cover; road access within two kilometres;
- Property lies directly on a major structure, the Black Lake shear zone, immediately adjacent to the Nisto mine (96 tonnes mined at 1.38 per cent uranium), evidence that the BLSZ is fertile.
Richard Mazur, PGeo, Forum's president and chief executive officer, is the qualified person that has reviewed and approved the contents of this news release. |
