Vancouver, British Columbia–(Newsfile Corp. – August 21, 2019) – Forum Energy Metals Corp. (TSXV: FMC) is pleased to announce a non-brokered private placement of up 1,250,000 flow through common shares at a price of $0.06 per flow through share for total proceeds of $75,000.
The private placement is subject to TSX Venture Exchange approval and all shares are subject to a four month hold period. Finder’s fees will be payable in connection with the private placement, all in accordance with the policies of the TSX Venture Exchange.
The proceeds from this financing will be used for geological mapping, prospecting and sampling of the Love Lake mafic-ultramafic complex. The project is located along Highway 905 to the Rabbit Lake/McClean Lake mine sites, approximately 60 km northeast of Forum’s Janice Lake/Rio Tinto copper joint venture in north-eastern Saskatchewan.
LOVE LAKE NICKEL-COPPER-PLATINUM-PALLADIUM-GOLD PROJECT
Studies by the Saskatchewan Geological Survey (SGS) suggest that the Ni-Cu-PGM occurrences on the Love Lake project share many compositional and textural similarities to the Lac des Iles pluton in Ontario and with layered stratiform deposits such as the Bushveld Complex in South Africa and the Stillwater Complex in Montana.
The Ni-Cu-PGM occurrences are associated with the 2.5 billion year old Swan River mafic complex and the Love Lake felsic pluton in the Peter Lake Domain. Forum has now staked a 30 km by 15 km area of historic copper- nickel- platinum group metal showings which returned up to 0.31% Cu over 5.2m in a trench, with visible sulphides occurring in outcrop along a 1.5km east-west trend of “reef type” layered intrusive that was not properly tested by historical drilling. Grab samples in Trench #4 in the Korvin Lake area returned 0.33% Cu, 1.33% Ni, 2735 ppb platinum, 2685 ppb palladium, 70 ppb gold and 0.43%Cu, 0.23% Ni, 3580 ppb platinum, 4275 ppb palladium, 200 ppb gold. To date only five holes have been drilled on Forum’s property targeting structurally controlled mineralization, but did not test for a stratiform ‘reef type’ layered mineralization or Lac des Iles style mineralization.
About Forum Energy Metals
Forum Energy Metals Corp (TSXV: FMC) explores for energy metals, including copper, nickel, platinum, palladium and uranium in Saskatchewan, Canada’s Number One mining province. In addition, Forum has established a strategic land position in the Idaho Cobalt Belt. For further information: www.forumenergymetals.com
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, President & CEO
Craig Christy, VP Corporate Development
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