Forum Energy Metals (TSXV: FMC) is seeking to raise $75,000 through a non-brokered private placement of up 1,250,000 flow-through common shares to explore the Love Lake mafic-ultramafic complex.
The project is located along Highway 905 to the Rabbit Lake/McClean Lake mine sites, approximately 60 kilometres northeast of Forum’s Janice Lake/Rio Tinto copper joint venture in northeastern Saskatchewan.
Prior to the announcement and later on, in response to it, Forum’s stock saw an 8.33% jump in just five days
According to Forum, studies by the Saskatchewan Geological Survey suggest that the Ni-Cu-PGM occurrences on Love Lake 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.
“Forum has now staked a 30 kilometre by 15 kilometre area of historic copper- nickel- platinum group metal showings which returned up to 0.31% Cu over 5.2 metres in a trench, with visible sulphides occurring in outcrop along a 1.5 kilometres east-west trend of ‘reef type’ layered intrusive that was not properly tested by historical drilling,” the miner said in a press release.
Grab samples in Trench #4 in the Korvin Lake area returned 0.33% Cu, 1.33% Ni, 2,735 ppb platinum, 2,685 ppb palladium, 70 ppb gold; and 0.43% Cu, 0.23% Ni, 3,580 ppb platinum, 4,275 ppb palladium, 200 ppb gold.
The Vancouver-based company said that to date, only five holes have been drilled on the property targeting structurally controlled mineralization, but did not test for a stratiform ‘reef type’ layered mineralization or Lac des Iles style mineralization.
