Forum Uranium Identifies Drill Targets at the Hobo Zone, Key Lake Road Project, Northern Saskatchewan
VANCOUVER, BRITISH COLUMBIA, Feb 8, 2007 (CCNMatthews via COMTEX News Network) --
Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce that more than 28 line kilometres of electromagnetic conductors have been delineated by an airborne survey on the 111,564 hectare Key Lake Road uranium property in the Athabasca Basin, northern Saskatchewan. During the 2006 summer exploration program, Forum discovered uranium mineralization on surface grading up to 1.82% U3O8 in grab samples at the Hobo Zone in graphitic rocks. The Hobo Zone is exceptionally well located 2km west of Provincial Highway 914 which services the Cameco/AREVA Key Lake uranium mill located 85km north.
Unconformity-style uranium ore bodies are commonly associated with graphitic rocks that may allow for the creation of the favourable geological and structural settings necessary for the formation of this type of deposit. Such graphitic metasediments and graphitic fault zone rocks within the eastern Athabasca area are commonly expressed geophysically as electromagnetic ("EM") conductors.
The Key Lake Road claims cover the same basement geological setting as the high-grade, eastern Athabasca area ore bodies that are responsible for approximately one-third of the world's annual mine production of uranium. Exploration targets on the Key Lake Road property are shallow, basement-hosted deposits similar to the Millennium and Eagle Point unconformity-style uranium deposits.
On the Key Lake Road property, the recently completed AeroQuest Limited "AeroTEM III" airborne, magnetic/EM survey over the Hobo Zone has identified a 9km by 4km feature that is interpreted as a synform of Wollaston metasediments overlying Archean basement rocks. Two concentric electromagnetic trends have been outlined. A 5km long zone along one of the EM conductors is anomalous in surface uranium mineralization and lake sediment geochemistry. A program of follow-up ground geophysics is nearing completion. Seven of nine drill holes have been completed at Orchid Lake and commencement of drilling at the Hobo Zone is expected mid-February.
Dr. Boen Tan, P. Geo. (Saskatchewan), Forum's Chief Geologist and Qualified Person, is supervising the exploration program on the Haultain River Project. Phil Robertshaw, P.Geo. (Saskatchewan), Forum's Geophysical Consultant, is supervising the geophysical interpretation of the airborne data.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of uranium projects. The Company has a 100% interest in over 160,000 hectares of uranium exploration properties nearby Cameco and AREVA's Key Lake uranium mill and the Maurice Bay deposit, a 65% operating interest in the Costigan Lake Joint Venture with NVI Mining (Breakwater) and a 50% operating interest in the Haultain River Joint Venture with Hathor Exploration located in the prolific Athabasca Basin, Saskatchewan. Forum also has a 50% operating interest in the North Thelon Joint Venture with Superior Diamonds in over 100,000 hectares of prospective ground nearby AREVA's Kiggavik uranium deposit in the Thelon Basin, Nunavut Territory.
ON BEHALF OF THE BOARD
Richard J. Mazur, P.Geo., President & CEO
SOURCE: Forum Uranium Corp.
Forum Uranium Corp. Timea Carlsen Manager of Corporate Communications (604) 638-3949 (604) 689-3609 (FAX) Email: [email protected] Website: www.forumuranium.com
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