VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/10/13 -- Forum Uranium Corp. (TSX VENTURE: FDC) is pleased to announce the completion of 17 holes totaling 3,449 metres on three near surface targets on the NW Athabasca Joint Venture project located in the Athabasca Basin, Saskatchewan. Uranium mineralization was intersected in 8 of 17 holes.
-- Zone A- 4.5 metres of radioactivity with 1.2 metres of "Off Scale".-- Otis- 40 metres of radioactivity with 0.1 metres of "Off Scale".-- Barney- Strong alteration zone extended.
Three targets were drilled in the vicinity of the Maurice Bay deposit(i) (historical resource of 1.5 million pounds of uranium grading 0.6% U3O8).
1. Six holes totaling 1,352 metres were drilled at Barney and Barney South to follow-up on uranium mineralization encountered over significant widths at shallow depths in four holes within a strong alteration envelope in basement rocks (see News Release dated January 9, 2013).2. Nine holes totaling 1,751 metres were drilled at Otis West, a gravity anomaly south of the Maurice Bay Deposit previously untested by Forum. Historic drill holes were typically stopped at the unconformity.3. Two holes totaling 346 metres were drilled at Zone A on the north side of the Maurice Bay deposit.
Basement-style uranium mineralization was intersected in historical drill hole MAU-543 over 6 metres grading 5.6% U3O8 from 113 metres to 119 metres. Forum drillholes intersected uranium mineralization up-dip from this historical drillhole as follows:
-- Hole NWA-65 intersected a 7.5 metre zone from 78.5 metres to 86 metres with radioactivity greater than 500 counts per second (cps)(ii) with a peak of 3,700 cps over 0.1 metres at 83.3 metres. This hole intersected the zone five metres west of the original intersection-- Hole NWA-66 intersected a 4.5 metre zone from 87.5 metres to 92 metres with radioactivity ranging from 100 cps to 9,000 cps, including a 1.2 metre interval of off scale radioactivity (greater than 9,999 cps). This hole intersected the zone two metres north of the original intersection. Both holes were drilled in close proximity to MAU-543 to determine the orientation and dip of the mineralization.
Uranium has now been intersected over a 40 metre vertical extent and further drilling is recommended along strike and down-dip from these intersections (see drill plan and sections at www.forumuranium.com for further details).
Of the two gravity anomalies located immediately south of the Maurice Bay deposit (Figure 1), only the western anomaly was tested due to positive results (Otis West). Holes NWA-56 to 64 were drilled on the south side of the gravity low along a major offset/fault striking east-west, with five of the holes on the western side hitting radioactivity exceeding 1,000cps. The mineralized zone (over 1,000cps) has a minimum strike length of 50 metres and a vertical extent of up to 75 metres and a thickness of up to 28m.
Hole NWA-63 intersected 40 metres of anomalous radioactivity from 131 metres to 171 metres with an off-scale peak (greater than 9,999 cps) over 0.1 metres at 143.3 metres. This zone was intersected up-dip by NWA-56 and down-dip by NWA-64, showing a vertical extent of anomalous radioactivity of at least 120 metres. Further drilling is strongly recommended for both the Otis West and East targets.