Rio Tinto Exploration Canada (RTEC) has completed its summer exploration program at the Lake Sedimentary copper-silver project in northern Saskatchewan, project owner Forum Energy Metals (TSXV: FMC) announced Tuesday.
The program first began in June with the construction of a 50-person camp on the property at Burbidge Lake, allowing the exploration team to begin mapping and prospecting over the 52 km length of Janice Lake. This was followed up with rotary air blast (RAB) drilling earlier this month to investigate the historical and newly mapped regional copper showings.
A total of 25 holes for 818 metres on seven targets were completed, all located on historical copper showings, structural and geophysical targets identified on the property.
According to Forum Energy, the purpose of RAB drilling was to drill short intersections of bedrock sample beneath glacial till covered areas to help delineate the extent of the sedimentary-hosted copper-silver mineralization, which currently extends for approximately 8 km along strike. Assay results are expected in four to six weeks.
Rio Tinto currently has the option to earn up to an 80% interest in the project by spending $30 million on exploration over six years.
“Rio Tinto is compiling all of the data collected from this summer’s program for the planning of a potential drill program in 2021. Results from this summer’s work are expected to help refine drill targets, including the 2.8 km long Rafuse target, located 3 km north of Janice, which has seen limited historic drilling,” said Forum Energy CEO Rick Mazur in a media release.
“Further details are expected by the end of October,” he added.
By the end of the exploration program, an 80-person camp was completed at Burbidge Lake to serve as the base of operations for future exploration.
Shares of Forum Energy Metals advanced 4.1% at Tuesday’s open, giving the Rio Tinto partner a market capitalization of approximately C$14 million.