|Ownership:||Forum granted Sassy Resources Corporation a four-year option to acquire a 100% interest in the Highrock uranium property by spending a total of $3.5 million in exploration, making $350,000 in staged cash payments to Forum, and issuing, in stages, 3.75 million common shares of Sassy to Forum.|
|Stage:||Highly Prospective; Drill Ready|
|Size:||2,036 ha (Highrock and Highrock South)|
|Regional infrastructure to the properties is excellent with nearby year-round road access, readily available power and close proximity to Cameco’s Key Lake uranium processing facility.|
|These projects cover the southern extension of the graphitic conductive unit that hosts the Key Lake deposits. Forum is targeting basement-hosted unconformity uranium, similar to Eagle Point in the Rabbit Lake camp and Arrow in the Patterson Lake Corridor, which can extend down to 900m below the unconformity. The P-Patch, a basement hosted uranium deposit discovered by Forum’s Ken Wheatley, while with Uranerz in 1997, is located 10km to the north of Cameco’s Key Lake project.|
Cameco’s former producing Key Lake mine, which extracted over 200 million pounds of uranium by open pit methods at an average grade of 2.3% U3O8 from 1983 to 1997, is located immediately to the north of the Highrock claim boundary.
Option Agreement Terms with Sassy Resources Corporation
- Forum has received $50,000 on signing a Letter of Intent.
- On completion of a Definitive Option Agreement (expected by January 31, 2022) and receipt of Exchange and regulatory approvals, Forum will receive a second $50,000 cash payment and 250,000 common shares of Sassy. Sassy will be required to complete $1 million in exploration expenditures in 2022 to acquire a 20% interest in Highrock.
- Sassy can increase its interest to 51% in year 2 by paying Forum $50,000 in cash and issuing a second tranche of 250,000 common shares of Sassy. Sassy will be required to complete $1 million in exploration expenditures in 2023.
- Sassy can increase its interest to 70% in year 3 by paying Forum $50,000 in cash and issuing a third tranche of 250,000 common shares of Sassy. Sassy will be required to complete $1.5 million in exploration expenditures in 2024.
- Sassy can complete its 100% acquisition of the property in year 4 by paying Forum $150,000 in cash and issuing 3,000,000 common shares of Sassy on or before December 31, 2025.
- Forum will be the project Operator during 2022-23, and can continue as Operator at Sassy’s option in 2024.
- On delivery of a Feasibility study, Sassy is further required to pay Forum $1 million in cash and an additional $3 million in cash on the commencement of commercial production.
- Forum will hold a 1% NSR on the Highrock Property, half of which (0.5%) can be purcahsed by Sassy for $1 million in cash prior to the commencement of commercial production. An existing 1% NSR on the Highrock claim is shared with other parties, half of which (0.5%) can be purchased by Sassy for $1 million. An existing 2% NSR on the Highrock South claim is held by a third party and is not subject to the repurchase clause.
Work Program for 2022
- A 10-12 hole drill program totalling approximately 3,000m is proposed to test the Highrock target areas in Q1 2022. Permitting, community engagement and procurement processes are underway.
- A narrow ground gravity survey was completed over the immediate conductor area on the project, followed by an eight hole diamond drill program in 2016. The graphitic conductor was intersected in seven of the eight holes, with the strongest tectonics and alteration located in Hole HR-07. The untested conductor continues for an additional 3km to the south of this drill hole, The presence of pathfinder minerals adds support for the discovery potential of a basement-hosted uranium deposit.
- Another ground gravity survey was completed in 2017 and identified several new areas of interest at the north end of the property, closest to the Key Lake deposits. The results of the 100m X 100m station density survey show several new gravity lows, interpreted to be caused by clay alteration systems that may be associated with uranium mineralization. An exceptionally large gravity low coupled with the significant 4 km north-south EM conductor on the north end of the property near the Cameco/Orano Key Lake property boundary remain untested.
Highrock Location Map showing graphitic conductor trend that hosts the Key Lake uranium deposit
Residual Gravity on the Highrock Project. Gravity highs are red, gravity lows are blue. The EM conductors are shown as red lines, yellow dots are Forum drill holes from earlier reconnaissance drilling completed in 2016. The large area of coverage on the north end of the project was covered by the recently completed 2017 ground gravity survey.