Vancouver, British Columbia–(Newsfile Corp. – July 16, 2019) – Forum Energy Metals Corp. (TSXV: FMC) (“Forum”) is pleased to announce that its partner Rio Tinto Exploration Canada Inc (RTEC) has initiated an airborne magnetic survey over the Janice Lake sedimentary copper project located in northern Saskatchewan’s Wollaston Copperbelt, prior to mobilizing two drills for a 7,000 metre drill program starting in late July. RTEC is planning to spend approximately $3 million dollars (CDN) on the project this year as part of a seven year, $30 million option to earn 80% of the project.
The geophysical contractor, CGG, will cover 430 square kilometres (4,300 line km) at a 100m line spacing with a helicopter-borne magnetometer stinger survey for high-resolution information that will aid in targeting the sedimentary layers hosting copper. Investigations completed in the 2018 drill program by Forum suggests that the higher grades of copper are associated with magnetite and mafic-rich layers in the strata. The airborne survey will return high-resolution magnetic signature imagery of the rocks over the entire 52 km length of the copper-bearing sedimentary basin (Figure 1). The interpretation of the magnetic data will be utilized to identify new drill targets.
Copper is hosted in multiple, shallow-dipping layers of stratabound chalcocite mineralization with late stage native copper mineralization as determined by earlier drilling and petrographic work completed by Forum. In addition, mapping by the Saskatchewan Geological Survey has determined that the copper bearing strata have been repeated by faulting, adding to the potential of the property. These positive geological attributes confirm the exploration potential for finding a large tonnage open pit deposit.
Details of the exploration agreement with Rio Tinto can be read in the Forum news release of May 9, 2019.
Ken Wheatley, P.Geo. and Forum’s VP, Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
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
Figure 1: Outline of the Airborne Magnetic Survey over Claim Map. The red dashed line shows the area of the survey. The yellow area has already been covered by a recent electromagnetic/magnetic survey and is the only part of the project that has been drilled in the past. The remainder of the project has not been drill tested.
To view an enhanced version of Figure 1, please visit:
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, P.Geo., President & CEO
Burns Singh Tennent-Bhohi, Director
Ken Wheatley, P.Geo., VP Exploration
Craig Christy, VP Corporate Development
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46296