Forum Confirms First Reported Occurrence of Eudialyte Outside of Matamec's Kipawa Deposit on Its Property Option From Aurizon
- Published on Tuesday, 17 July 2012 12:40
FG_AUTHORS: Marketwire - Mining and Metals
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 17, 2012) - Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce that mineralogical and petrographic studies on Forum's property option from Aurizon Mines Ltd. by the Saskatchewan Research Council has confirmed the first reported occurrence of the heavy rare earth bearing mineral eudialyte in this region outside of Matamec's Kipawa heavy rare earth deposit in Quebec. Samples from five boulders and one subcrop taken on Forum's mineral claims located seven kilometres west of Matamec's Kipawa rare earth deposit returned high values for rare earth elements, yttrium and zirconium (Table 1). Eudialyte is the primary rare earth mineral carrying heavy rare earths and yttrium on Matamec's Kipawa rare earth development project in joint venture with Toyota Tsusho Corp.
The samples were collected by Aurizon Mines Ltd. in 2010 and their locations were confirmed by Forum in 2011 (See Forum's News Release dated February 1, 2012). Rare earth bearing minerals can be difficult to identify megascopically and in some cases in thin sections, however, eudialyte was tentatively identified in two boulders and it was estimated that a third boulder contained 5-7% eudialyte. Major element analysis has indicated that the best mineralized samples taken are alkaline intrusive rocks with alkaline indexes similar to the host rocks in the Kipawa deposit.
The presence of boulders with significant values in heavy rare earths, yttrium and zirconium and the identification of eudialyte in three boulders in the glacial deposits down ice from the basal contact of the Kipawa alkali complex are considered to be strong indications of rare earth and zirconium concentrations at the basal contact zone of this complex on Forum's Kipawa claims. Forum intends to follow up these positive results with a summer field program that will include detailed prospecting, geological mapping and soil sampling.
|Table 1. Rock descriptions, Kipawa West Project|
Daniel Beauchamp, P.Geol. (Alberta), géo (Quebec) is the Qualified Person who has reviewed and approved this news release.
Forum's 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 NI43-101 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 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 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. The Company is also evaluating North American rare earth prospects.
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.