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Vancouver, B.C., May 24, 2018 - Forum Energy Metals Corp. (TSX.V: FMC) (“Forum”) is pleased to announce that it plans to commence a diamond drill program in July on its Janice Lake sedimentary copper project located in northern Saskatchewan’s Wollaston Copperbelt. The property, which comprises 18 mining claims totaling 19,289 hectares (Figure 1), is located in an area described by the Saskatchewan Geological Survey as “the most significant concentration of sediment-hosted copper showings yet known in the Wollaston Domain.”1 Forum holds an option to acquire a 100% interest in the property from Transition Metals Corp. (see news release of February 6, 2018).
A helicopter-supported diamond drill program totaling ~700 metres in 4 or 5 drill holes will target areas of historical drilling completed by previous operators Noranda and Phelps Dodge to confirm and extend the known strike of the copper mineralization. Numerous drill intersections of copper mineralization occur over four kilometres with the best result at the JS showing of 0.77% Cu over 33.0 m including 1.6% Cu over 6 m, within 35 m of surface.
Also planned for this summer are prospecting, mapping and sampling of outcrops along lesser explored portions of the known 30 km long copper mineralized trend in areas exposed by recent forest fires. A portable XRF machine will be used to help identify the predominantly chalcocite mineralized trend in the field which has traditionally been hard to distinguish visually.
Janice Lake: History and Previous Results
In 1993, 20 of 35 holes totaling 5,500m drilled by Noranda intersected near surface chalcocite copper mineralization. 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 with two drill holes 100m apart 2 kilometers to the south of the JS showing. Some of the better results are shown below. Forum is using this historical data to better target zones of mineralization within open pit limits.
|
Noranda |
PL-93-11 |
33.0 metres @ 0.77% Cu |
incl. 1.6% Cu over 6.0m |
35m depth |
|
Phelps Dodge |
JL-03-38 |
20.8 metres @ 0.72% Cu |
incl. 1.3% Cu and 5.5g/t Ag over 5.8m |
41m depth |
|
Phelps Dodge |
JL-03-41 |
19.0 metres @ 0.49% Cu |
Incl. 0.91% Cu and 3.2 g/t Ag over 6.0m |
42m depth |
The Janice Lake copper occurrences are classed as sedimentary copper type similar to the Central African Copperbelt in Zambia and the DRC, the Revett Belt in Montana and is closely comparable in age and geological setting to the Udokan copper deposit in Russia. Udokan is one of the supergiants with a measured, indicated and inferred resource of 2.754 billion tonnes grading 0.97% copper and 11.9 g/t silver for a contained resource of 54 billion pounds of copper and 196 million ounces of silver (Source: Baikal Mining Company, JORC Compliant Reserve and Resource Summary published 2013).
Figure 1: Janice Lake Sedimentary Copper Project Location in the Wollaston Copperbelt
1Geological Setting of Sediment-hosted Copper Mineralization in the Janice Lake Area, Wollaston Domain by G. Delaney et al., 1995
Ken Wheatley, P.Geo. and Forum’s VP, Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
About Forum Energy Metals
Forum Energy Metals Corp (TSX.V: FMC) explores for energy metals, most notably copper and uranium in Saskatchewan, Canada’s Number 1 mining province, and is evaluating other energy metals opportunities in North America. Forum has prioritized exploration of its Janice Lake Sedimentary Copper Project whereby Forum can earn a 100% interest under option from Transition Metals Corp.
In addition, Forum is well positioned for when the uranium market rebounds with interests in 7 drill ready projects in the Athabasca Basin, all assembled by a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada.
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
mazur@forumenergymetals.com
Tel: 604-630-1585
Craig Christy, VP Corporate Development
cchristy@forumenergymetals.com
Tel: 250-863-0561
