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VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 1, 2012) – Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce results from its 2011 prospecting and sampling program this past autumn on its Kipawa West project under option from Aurizon Mines Ltd., which adjoins Matamec’s Kipawa Rare Earth Deposit near Val D’Or, Quebec. Matamec recently announced a positive Preliminary Economic Assessment for average annual production of over 5,000 tonnes of a mixed Total Rare Earth Oxide (TREO) concentrate.
Forum focused its exploration over a 1.8 kilometre by 3.5 kilometre area to follow-up on rare earth mineralized boulders ranging in grade from 1.3% to 16.7% TREO and Heavy Rare Earth Oxide (HREO) to TREO ratios ranging from 0.8% to 57% (see Forum News Release dated July 14, 2011). Forum’s prospecting, rock geochemical and soil geochemical program confirmed the high heavy rare earth values previously reported on the property and isolated a target area of 1 km by 1 km for further investigation. Forum is currently conducting mineralogical studies of the prospecting samples and is making application for permitting of a summer surface exploration and drilling program.
Forum’s area of investigation is located along the northwest extension of the Kipawa Alkalic Complex in Forum’s West Block of claims optioned from Aurizon Mines Ltd. (see Figure 1: http://media3.marketwire.com/docs/fdc-0201-fig1.pdf). The Kipawa Complex occurs at the contact between the basement rocks of Archean age to the northeast and the rocks of Proterozoic age to the southwest. Outcrops of the Kipawa Complex have been mapped along the road at the western end of the prospected area.
Thin glacial till from 0 to 5 m thick, covers most of the area, except in the south where sand of probable lacustrine origin is present. A total of 352 soil samples were collected at 50 m intervals along lines 200 m apart perpendicular to the southwest trending glacial direction. The distribution of rare earth elements, yttrium and zirconium generally replicates the underlying bedrock as identified by mapping. The soils in the west part of the study area reflect higher values of total rare earth elements (TREE) in the Kipawa Alkalic Complex.
The rock samples show a similar pattern for TREE, yttrium and zirconium as the soil samples, with higher values in the west and northwest of the study area, within the area mapped as Kipawa Alkalic Complex. Figure 2 (http://media3.marketwire.com/docs/fdc-0201-fig2.pdf) shows the location of rock samples in boulders and outcrop analyzed for TREE from Aurizon’s 2010 prospecting program and Forum’s 2011 prospecting and sampling program. Table 1 (http://media3.marketwire.com/docs/fdc-0201-table1.jpg) shows boulder rock sample results from Forum’s program. Several anomalous soil samples collected up-ice from these three boulder rock samples are highly anomalous in rare earth elements, yttrium and zirconium as well. It is interpreted that a 1km by 1km area that is up ice from this boulder cluster is the likely source of heavy rare earth mineralization on Forum’s property.
Daniel Beauchamp, P.Geol., géo., is the qualified person who has reviewed and approved the contents of this news release.
Option Agreement with Aurizon Mines Ltd.
Forum can earn a 50% interest by completing $200,000 in exploration as a firm commitment within 12 months and a further $150,000 in exploration, including a minimum of 1,000 metres of drilling, within 24 months of the date of the agreement. Forum has the option to earn a further 15% interest, totaling a 65% interest in the project by establishing an NI 43-101 resource estimate on the property within four years of the agreement date. Forum is Operator during the earn-in period. Upon completion of its earn-in, Forum and Aurizon will form a Joint Venture with Forum as Operator.
About Matamec’s Kipawa Rare Earth Deposit
Matamec reports an NI 43-101 compliant resource of 15,161,000 indicated tonnes grading 0.434% TREO and 3,843,000 inferred tonnes grading 0.403% TREO at a cut-off of $72.24 per tonne. Rare earth minerals in this deposit include eudialyte, mosandrite, and britholite. The Kipawa deposit is a good source of heavy rare earth oxide through the production of a mixed TREO concentrate grading 1.11% TREO. Matamec reported its Preliminary Economic Assessment in a news release dated January 30, 2012.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium and rare earth projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries and proactive community consultation. The Company has a strategy to discover near surface mineral deposits nearby existing infrastructure by exploring on its 100% owned properties and through strategic partnerships and joint ventures.
ON BEHALF OF THE BOARD
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.
Comments
Joe
A clear indication of how greed corupts government and other officials who have no regard on the health and welfare of it’s citizens. These rare earth mines will destroy the Kipawa land, lakes and people and no one gives a damn because there is too much money to be made by the greedy coperate world.