SASKATCHEWAN – Rio Tinto has started exploration at Forum’s Janice Lake sedimentary copper-silver project in northern Saskatchewan.
The major is earning up to an 80% interest in the project from Forum Energy Metals, which has optioned the property from Transition Metals.
Crews have begun construction of the 50-person camp on the property at Burbidge Lake.
Copper showings, structural, geophysical, geochemical and boulder train targets developed by the mapping and prospecting program will be drilled using a rotary air blast (RAB) drill rig.
An eight-person prospecting and mapping team has started systematic traverses on 2-km wide spacings on a 52-km portion of the property.
“We have barely scratched the surface on exploring this sedimentary basin which stretches for over 50 kilometres,” Rick Mazur, Forum Energy CEO said in a release. “Rio Tinto’s focus will not only be on finding higher grade and thicker open pit strata-bound horizons, but also high grade structurally controlled mineralization.”
Last year’s program at the sedimentary copper-silver project, located 55 km southeast of Key Lake, included 21 drill holes totaling 5,209 metres.
Highlights included a hole at Jansem target that cut 5 metres of 1.32% copper and 3.42 g/t silver within a longer 51.8-metre interval grading 0.57% copper and 1.5 g/t silver (starting at 116 metres depth).
Midday Tuesday, Forum Energy’s stock was down 11% on the TSX Venture. The company has a C$9-million market capitalization.
This story originally appeared on www.Mining.com.