Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits nearby existing infrastructure by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
Forum Uranium acquires Highrock Lake Claim, Athabasca Basin, Saskatchewan
Forum Uranium Corp. (FDC: TSX.V), added to its solid portfolio of uranium interests today after announcing that it had finalized an agreement with Seagrove Capital Corporation to acquire the Highrock Lake Claim, located 15 kilometres south of the Cameco/AREVA Key Lake Mine facility in northern Saskatchewan.
The Highrock property is located along a geological continuation of the formation hosting the 195 million pound Key Lake uranium deposits. A limited program of overburden drilling was conducted in the early 1980's and the property has not received a serious drilling campaign during the current uranium cycle, the company said.
“The Highrock property has exceptional potential to host a basement-style uranium deposit similar to Cameco's 50 million pound Millennium uranium deposit and Hathor's Roughrider Zone further to the north. A recent Aeroquest AeroTEM III magnetic/electromagnetic survey has identified several targets that are often associated with uranium mineralization. “
Forum will acquire the Highrock Lake Claim by issuing 100,000 shares at a price per share of $0.33 and a cash deficiency payment to Saskatchewan Industry and Resources that will be returned to the company upon completion of a work program totalling $37,404.
Seagrove will also retain a 1% Net Smelter Royalty (NSR) and Forum shall have the option to buyback 0.5% of the NSR for $1 million.
Other Forum Uranium articles
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09/05/08 Forum Uranium: on the hunt in the Athabasca and Thelon basins
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23/04/08 Rick Mazur of Forum Uranium talks to Proactiveinvestors
Other Forum Uranium news
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08/07/08 Forum Uranium acquires 100% interest in North Thelon Joint Venture in Nunavut
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18/06/08 Forum Uranium to commence gravity surveys at North Thelon Joint Venture
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09/06/08 Forum Uranium announces CDN 3 million private placement
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28/05/08 Forum Uranium completes airborne survey over Tanqueray property
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22/04/08 Forum Uranium intersects large and re-activated basement fault system at Maurice Point
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03/03/08 Forum Uranium makes deal with Agnico Eagle
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21/02/08 Forum Uranium starts drilling in Athabasca Basin
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