Forum Uranium Corp. (TSX VENTURE:FDC) announces that it has acquired a 100% interest in the 1,381 hectare Highrock South property located 15 km south of the Cameco/AREVA Key Lake Uranium Processing facility on the eastern side of Saskatchewan’s Athabasca Basin. The property is a continuation of the prospective Key Lake / Black Forest conductive trend that hosts Cameco’s Key Lake uranium deposits (historic Key Lake open pit uranium mine produced 209 million lbs U3O8 and the GAX, PV and P Patch basement hosted uranium deposits). In addition, the geological setting at Highrock South compares favourably to the recent Patterson Lake South discovery on the south edge of the Athabasca Basin.
This acquisition is strategic to Forum’s other properties in the Key Lake Area, and significantly expands Forum’s Highrock claims. Highrock and Highrock South were the subject of limited historical exploration, conducted in the late 1970’s, which included overburden drilling. Anomalous uranium values were encountered in several overburden drill holes, which will require follow-up work.
Forum will acquire a 100% right, title and interest in and to the Highrock South property by paying $2,500 in cash and issuing 25,000 Forum common shares at a deemed value of $0.30 per share, in addition to granting a 2% NSR to the Vendor. The transaction is subject to approval by the TSX Venture Exchange.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut by exploring on its 100% owned properties and through strategic partnerships and joint ventures.