Vancouver, British Columbia--(Newsfile Corp. - February 15, 2018) - Forum Uranium Corp. (TSXV: FDC) ("Forum") and Transition Metals Corp. (TSXV: XTM) ("Transition"), collectively ("the Parties") are pleased to announce that the Parties have successfully staked an additional 15,331 hectares of claims to cover over 30 km of the prospective copper trend in the Janice Lake area located 55 km southeast of the Key Lake uranium processing facility. The property now consists of 18 mining claims for a total of 19,289 hectares (Figure 1). Numerous surface copper showings were discovered by historical prospecting over a 10 km trend and the remaining 20 km trend remains under prospected or covered by thin overburden.
Rick Mazur, President & CEO of Forum stated, "The style of mineralization at Janice Lake is similar to other large sedimentary hosted copper deposits around the world. The new staking of this copper belt for over 30km adds a district scale dimension to the project."
In 1993, 20 of 35 holes totaling 5,500m drilled by Noranda intersected near surface chalcocite copper mineralization. The best result at the JS showing near Janice Lake intersected 0.77% Cu over 33.0 m including 1.6% Cu over 6 m, within 35 m of surface. In 2003, Phelps Dodge reprocessed the magnetic and induced polarization (IP) geophysical data and completed 6 diamond drill holes to target mineralization under cover. By targeting modelled IP/Resistivity anomalies, Phelps Dodge discovered new copper mineralization 2 kilometers to the south of JS, named the Phelps-Jansem zone. Two holes drilled 100 m apart returned 0.72% Cu over 20.8m, including 1.3% Cu over 4.8m (JL-03-38) and 0.49% Cu over 19m, including 0.91% Cu over 6m (JL-03-41).
Transition acquired the property in 2012 and completed 700 line km of VTEM airborne magnetic/electromagnetic survey, field mapping and rock/soil sampling. Forum is currently reviewing all historical data to prepare for a summer prospecting, geological, geochemical and geophysical program to identify targets for drilling.
The Janice Lake copper occurrences are comparable to the Rock Creek and Montanore deposits in the Proterozoic Revett Formation in Montana, now in the final stages of permitting. Hecla Mining reports that the Rock Creek and Montanore deposits contain 2.8 billion pounds copper and 331.5 million ounces of silver with a potential mine life of 20 to 30 years. Hecla reports a 43-101 compliant Inferred Resources of 112 million tonnes grading 0.7% copper, 1.6 oz/t silver for its Montanore deposit and 97.6 million tonnes grading 0.7% copper and 1.5 oz/t silver for its Rock Creek deposit in Montana (as reported in the Corporate Update dated December 2017 on the Hecla website).
A video prepared by Transition Metals highlighting the opportunity at Janice Lake can be viewed at: https://www.youtube.com/watch?v=RLDNeIPlQQc
The Parties also announce that the initial cash and share payments have been made as per the definitive agreement whereby Forum optioned a 100% interest in the Janice Lake Sedimentary Copper Property in north-central Saskatchewan from Transition. (For further details see news release dated February 6,, 2018 at https://forumuranium.com/news/2018/forum-options-100-interest-in-the-janice-lake-sedimentary-copper-project-saskatchewan-from-transition-metals/
Figure 1: Janice Lake Copper Project, Claim Map
To view an enhanced version of Figure 1, please visit:
Qualified Person / Quality Control Procedures
This press release has been reviewed by Richard Mazur, P.Geo., President & CEO of Forum Uranium, a Qualified Person under the National Instrument 43-101 guidelines.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based mineral exploration company with a focus on the acquisition, exploration and development of Canadian uranium and energy metal 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 Exploration, NexGen and Uracan. In addition, Forum has entered into an option agreement with Transition Metals Corp. to explore the Janice Lake sedimentary copper deposit in Saskatchewan.
About Transition Metals Corp.
Transition Metals Corp (TSXV: XTM) is a Canadian-based, multi-commodity project generator that specializes in converting new exploration ideas into Canadian discoveries. The award-winning team of geoscientists has extensive exploration experience in established, emerging and historic mining camps, and actively develops and tests new ideas for discovering mineralization in places that others have not looked, which often allows the company to acquire properties inexpensively. The team is rigorous in its fieldwork and combines traditional techniques with newer ones to help unearth compelling prospects and drill targets. Transition uses the project generator business model to acquire and advance multiple exploration projects simultaneously, thereby maximizing shareholder exposure to discovery and capital gain. Joint venture partners earn an interest in the projects by funding a portion of higher-risk drilling and exploration, allowing Transition to conserve capital and minimize shareholder's equity dilution. The company, which went public in 2011, has an expanding portfolio that currently includes 25 gold, copper, nickel and platinum projects primarily in Ontario, Nunavut and Saskatchewan.
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, President & CEO
Craig Christy, VP Corporate Development