Forum and Mega Option the Maurice Bay Uranium Deposit From Cameco
Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce that the Company has entered into an option agreement with Cameco Corporation whereby Forum and Mega Uranium Ltd. may jointly earn a 60% interest in the 98 square kilometer North West Athabasca project, including the historical 1.5 million pound Maurice Bay uranium deposit in the Western Athabasca Basin.
Maurice Bay Project Highlights
- The Maurice Bay deposit contains a historical resource of 1.5 million pounds uranium grading 0.6% U3O8 to a depth of 50 metres*. (Saskatchewan Industry and Resources, Miscellaneous Report 2003-7)
- Limited drilling at Zone 2A, with grades of up to 5.68% over 8.5 metres, demonstrates the potential for further high grade deposits.
- Numerous targets for basement and sandstone-hosted unconformity style mineralization are under-explored or untested.
- Geophysics and drilling are planned this year.
- Shallow (0 – 200m) open pit mining potential.
Forum/Mega plan to test and expand the potential of the known mineralization and to locate new deposits using the latest in exploration techniques on a project that has seen most of its work in the late 70's and early 80's. Initially, five areas have been selected to be covered by a ground gravity survey starting in mid-March. Gravity surveys of this type are designed to identify zones of lower density hydrothermal alteration, which are typically in spatial association with uranium deposits in the Athabasca Basin. Drilling is scheduled for later this year on Zone 2A, plus other targets, including those generated from the gravity survey.
"Maurice Bay is a known deposit of uranium with untested high grade drill intercepts. The property has tremendous exploration potential and enhances our efforts in the Western Athabasca Basin, where Forum has been exploring since 2005," said President & CEO of Forum, Richard Mazur.
Option Agreement Terms
Cameco owns an 87.5% participating interest and Areva a 12.5% participating interest in the NW Athabasca project. Forum and Mega may jointly earn a 60% interest in the property by committing to $750,000 in exploration within 15 months of the closing date, and incurring additional optional expenditures of $250,000 by the second anniversary of the agreement and a further $3 million on or before the fourth anniversary of the agreement for a total expenditure of $4 million. In addition, Forum and Mega must make option payments of $60,000 upon closing, $80,000 by the first anniversary, $110,000 by the second anniversary and $150,000 by the third anniversary for a total of $400,000 in cash option payments.
Forum and Mega have entered into a 50/50 Joint Venture Agreement to manage the exploration program during the earn-in period with Forum as initial Operator.
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium and rare earth 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 and the Thelon Basin, Nunavut by exploring on its 100% owned properties and through strategic partnerships and joint ventures. The Company is also evaluating North American rare earth prospects.