Forum Energy Metals (TSXV: FMC) this morning reported further assay results from its inaugural drill program conducted at its Thelon Basin uranium project, which is found west of Baker Lake, Nunavut.
Highlights from the results released this morning include:
- TAT23-004: 6.2 metres of 1.01% U3O8, from 161.0 metres depth, including 1.3 metres of 4.36% U3O8
The assays released come from drilling conducted at the Tatiggaq zone, which is found five kilometres to the west of Orano’s Andrew Lake and End uranium deposits which boast 93 million pounds of U3O8. Four holes under a recently completed five hole drill program focused on Tatiggaq, with prior results including:
- TAT23-002: 11.1 metres of 2.25% U3O8 from 148.5 metres, including 3.1 metres of 3.32% U3O8
- TAT23-003: 12.8 metres of 0.40% U3O8 from 136.0 metres
The Tatiggaq deposit is said to consist of two zones, the Main and West Zones, which are found at depths between 80 metres and 180 metres. The Main zone is said to have a strike length of at least 60 metres, while the West zone has a strike of at least 150 metres, both of which remain open. The deposit overall is part of a 0.7 km by 1.5 km gravity anomaly.
“Our interpretation from this summer’s drill program at Tatiggaq is that each hole intersected near vertical, high grade lenses of uranium ranging from 18 metres to 24 metres in width over a length of 250 metres. In total, this near surface, structurally controlled deposit is a minimum of 50 metres wide and we have over one kilometre of the anomaly to drill test,” commented Rebecca Hunter, VP of Exploration for Forum.
The company has indicated it intends to further drill test the target in 2024 following the results of the 2023 program.
Forum Energy Metals last traded at $0.14 on the TSX Venture.
Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
