Forum granted Rio Tinto Canada a four year option to acquire a 51% interest in the Janice Lake Project by spending $10 million in exploration, making $490,000 in cash payments to Forum, and paying the remaining $200,000 in underlying third party cash payments. Rio can earn a further 29% interest (total 80%) by spending an additional $20 million in exploration over three years (total $30 million) and making further cash payments of $150,000 to Forum (total $640,000).
By November 2021, Rio Tinto had spent $14 million in exploration expenditures, which exceeds the $10 million in exploration expenditures required to earn a 51% interest. A $100,000 cash payment to Forum is due by May 2022 to complete the 51% earn-in obligation.
Highly prospective with over 20 copper occurrences. Most have not been drill tested. Limited historic drilling initially by Noranda in 1993 and Phelps Dodge in 2003.
A first pass drill 4 hole 447m shallow drill program completed by Forum in August 2018 encountered copper mineralization in all four holes at the Janice and Jansem targets within 80m of surface. Hole FEM-01 intersected 18.5 m (59.0 to 77.5m downhole depth) grading 0.94% Cu and 6.7 g/t Ag including 5.2 m grading 2.22% Cu and 16.5 g/t Ag. The true thickness of the mineralization is 18.0m. Rio Tinto has since drilled 39 holes totalling 10,033m on four drill targets: Janice, Jansem, Kaz , and Rafuse. Rio Tinto has not proposed a budget for 2022.
|Size:||39,943 ha, encompassing the entire 52 km Wollaston Copperbelt District.|
|Located in north-central Saskatchewan within the Wollaston Domain, a northeasterly-trending belt of metamorphosed lower Proterozoic supracrustal rocks deposited upon Archean granitoid basement. A major power transmission corridor runs to the northeast of Janice Lake. In 2020, Rio Tinto completed a 100km winter access road and constructed an 80 person base camp nearby at Burbidge Lake.|
|The Janice Lake area contains significant concentrations of sediment-hosted copper showings. Logging of the drill core and petrographic studies suggest that mineralization is hosted by mafic-rich stratigraphy within more felsic units, opening the possibility for multiple layers of copper mineralization. Located 55 km southeast of the Key Lake uranium processing facility in close proximity to several of Forum’s core uranium exploration properties enables this project to be effectively integrated into Forum’s operations.|
|Significant Comparable Deposits||The age and depositional environment at Janice are similar to the giant Udokan Deposits of the Lake Baikal region in Siberia, and the Revette deposits of Montana USA. Baikal Mining Company LTD reports JORC compliant Measured and Indicated resources of 1.822 billion tonnes grading 1.01% copper, 14.3 grams per tonne silver for the Udokan deposits. (Baikal Mining Company Ltd. press release presenting published estimate prepared by SRK Consulting, dated April 9, 2014). Hecla Mining reports 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. (Hecla Mining Company: published reserves and resources statement, December 31, 2016).|
Rio Tinto drilled 39 holes on the property totalling 10,033m on four targets: Janice and Jansem (22 drill holes), Kaz (3 drill holes), and Rafuse (14 drill holes). In addition, extensive geophysical, geochemical, and geological surveys have been completed over the 52km extent of the copperbelt, identifying new areas for potential copper mineralization. Juno, a mineralized trend running parallel to Jansem, and Robert, 4km on strike to the north of Janice were discovered last summer and have yet to be drill tested.
At the Janice and Jansem targets, copper mineralization has been significantly expanded along strike and down dip from the initial drilling success by Forum. At Janice, the copper mineralized strike length is now 1.2 km long by 400m wide by thicknesses up to 57m. The Janice target remains open to the southwest and northeast, and at depth. At Jansem, copper mineralization has been extended to 650m long by 200m wide by thicknesses up to 66m. Jansem remains open to the southwest, northeast, and at depth. Drilling results at Kaz and Rafuse did not extend significant mineralization to the northwest. New areas for potentail copper mineralization have been identified southwest of the Janice and Jansem targets where boulders discovered by prospecting assayed as high as 3.8% Cu and 3.7g/t Ag.
Janice Lake claims map, showing drill targets to 2021. Most of project’s copper occurrences across the 52 km district wide property have not been drilled.
Winter 2021 Drill Program
Rio Tinto completed nine holes for a total of 2,330m on the Rafuse target, a 2.6 kilometre long priority target of surface copper mineralization located northeast of the primary Janice and Jansem discovery targets. The holes were drilled to an average depth of 259m to test the down-dip extent of the surface mineralization, not tested by previous historical drilling.
Thick intervals of copper mineralization with higher grades greater than 1% copper were intersected from surface to a depth of 260m, and have further extended the copper mineralized strike length to 670m. Hole JANL0028 assayed 0.89% copper and 8.02 g/t silver over 14m (246m to 260m), including 6m of 1.67% copper and 13.6 g/t silver (254.1 to 260.1m). Rio Tinto plans to continue drilling along the remaining 1.5 km of strike potential at Rafuse this summer.
Assay Results from the 2021 Drill Program (Rafuse target)
Rafuse drill target area - Background is from the airborne magnetic survey, with red colours indicating magnetic highs.
Rafuse Cross Section of holes JANL-28 and 29 with interpreted geology.
Although planned work was delayed or deferred by the onset of COVID, Rio Tinto managed to complete a 110km winter access road to site and construct an 80 person base camp for continued exploration. A follow-up summer exploration program included mapping, sampling over the entire 52km extent of the property, Rotary Air Blast drilling (RAB) on 7 copper targets identified beneath glacial; till, and experimental geophysics over known mineralization to gain an understanding of the basin architecture. Two new targets: (1) Juno, a mineralized trend running parallel to Jansem; and (2) Robert, 4km on strike to the northeast of Janice were identified.
The 2.6 km long Rafuse target area has been prioritized for drilling in 2021 to test multiple copper targets.
Rio Tinto met its first year exploration commitment 10 months ahead of schedule by completing a $3.7 million summer - fall drill program, comprising 21 drill holes totaling 5,209m within the multiple drill targets (Janice, Jansem, Kaz) shown in the map below. The program successfully extended copper mineralization at Janice to 1.2 km and high grade results at Jansem included 1.09% Cu over 9.1m and 1.32% Cu over 5m within 51.8m grading 0.57% Cu (Hole JANL-0016).
A table summarizing all drill results by Forum and Rio Tinto to the completion of this program can be found in the link below.
Forum completed a four hole 447m first pass summer drill program, which confirmed the presence of high grade copper in all four holes, and the continuity of mineralization along strike and at shallow depth. Hole FEM-01, which intersected 18.5m (59.0 to 77.5m downhole depth) grading 0.94% Cu and 6.7 g/t Ag including 5.2m grading 2.22% Cu and 16.5 g/t Ag; the true thickness of the mineralization is 18m.