VANCOUVER — It’s not shaping up to be a particularly active year for the exploration community, but Forum Uranium (TSXV: FDC; US-OTC: FDCFF) is bucking the trend with a pair of drill programs it hopes will lead to another major uranium discovery in Saskatchewan’s prolific Athabasca Basin. The company enjoys the major advantage of a promising joint venture with Rio Tinto (NYSE: RIO; LON: RIO), but it has also succeeded in raising capital to fund solo exploration initiatives across an extensive collection of regional properties.
Forum holds 40% in the 7-km2 Henday claims, which border French multinational Areva’s McClean Lake uranium mine. Rio operates the project with a 60% stake and retains the right to earn another 10% by sole funding $20 million in exploration or delivering a feasibility study. Last year’s work consisted of versatile time domain electromagnetic (VTEM) surveys and historic data compilation, but it looks like the project could hit high gear in 2016.
On Jan. 11 Forum announced that Rio has identified drill targets from a 1,204 line km airborne magnetic and electromagnetic survey, and it is mobilizing two diamond drills to site. Previous drill work on the property has identified anomalous radioactivity within basement lithologies, as well as alteration and associated radioactivity common around unconformity deposits in the region.
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