Forum Energy Metals (TSXV: FMC) announced on Tuesday that Rio Tinto Exploration Canada (RTEC) has begun drilling at the company’s Janice Lake sedimentary copper-silver project in northern Saskatchewan. Rio Tinto currently has the option to earn up to an 80% interest in the project.
A rotary air blast (RAB) drill has arrived on site to investigate historical and newly mapped regional copper showings, as well as recently developed geophysical targets buried by overburden to help delineate the extent of the sedimentary-hosted copper-silver mineralization over the 52 km length of the Janice Lake property.
Copper-silver mineralization currently extends for approximately 8 km in outcrop and in drill holes along strike of the Janice Lake basin.
According to Forum Energy, RAB drilling is a quick, cost-effective and efficient method of testing the numerous showings on the project that have not had any previous drilling. This will also aid in the development of a diamond drill program for the winter of 2021.
The exploration program announced earlier in June is also making substantial progress, the company said.
Construction continues at the Burbidge Lake camp and is nearing completion. Geology crews continue to map and sample outcrop, soils and vegetation, and the geophysical crew has completed its IP resistivity survey over the Jansem deposit.
The Burbidge Lake camp will be used for the 2021 exploration program, starting with a significant drill program to build off the success of last year’s drill program, test areas that are difficult to access during the summer (bogs and lakes) and areas of structural complexity that may host higher grades of mineralization.
The Janice Lake area contains significant concentrations of sediment-hosted copper showings, as confirmed by previous drilling. 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.
The property is located 55 km southeast of the Key Lake uranium processing facility and in close proximity to several of Forum Energy’s core uranium exploration properties.
Shares of Forum Energy Metals soared 10.3% by 12:20 p.m. EDT, capping the Vancouver-based miner at a market value of approximately C$17.9 million.