Forum Commences Drilling on Costigan Lake Uranium Joint Venture, Athabasca Basin, Saskatchewan.VANCOUVER, British Columbia -- Forum Development Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:FDC FDC - Floppy Disk Controller ) and its joint venture partner NVI NVI Negative Volume Index NVI Neovascularization of the Iris NVI Near Vertical Incidence NVI Naval Virtual Intranet NVI New Voice Infrastructure NVI Not Very Interesting NVI Night Vision Instrument NVI Naval Virtual Internet Mining Ltd. ("NVI"), a wholly-owned subsidiary of Breakwater Resources Ltd. (TSX:BWR n. 1. a boiling water reactor; a type of nuclear reactor that uses water as a coolant and moderator; - the steam produced can drive a steam turbine and produce electrical power. Noun 1. ) are pleased to announce that drilling has commenced on the Costigan Lake Uranium Joint Venture, located 14 kilometres (km) southwest of the Cameco/COGEMA Key Lake Mine and Mill complex in the Athabasca Basin, northern Saskatchewan. Forum as operator, owns a 65% interest and NVI owns a 35% interest. The six-hole, 1,000 metre (m) drill program will focus on uranium mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. encountered from earlier drilling on the northern portion of the property in the late 1970's and geophysical targets considered highly prospective for basement-hosted unconformity-type uranium mineralization. The property flanks the western margin of the Archean-age Key Lake Dome. The conductive trends within the Costigan Lake property have been interpreted as the southern extension of the graphitic metapelites which host the Key Lake uranium deposits which produced 195 million pounds of uranium grading 2.45% U3O8 from 1983 to 1997. Forum's geophysical crew has recently completed a MaxMin Horizontal Loop EM ("HLEM HLEM Horizontal-Loop Electromagnetic (system) HLEM High Level Event Manager ") survey at 200 m line spacings in the north half of the property where drilling is planned. The geophysical crew continues to survey the entire 743 hectare mineral lease to redefine conductive trends identified during previous exploration. A reinterpretation of the airborne magnetic and geological data suggests that a major ENE structure intersects the graphitic horizons identified by the HLEM survey. This ENE structure is sub-parallel to the Key Lake Mine structure. HLEM targets within this structural zone will be drill tested. Previous drilling encountered uranium mineralization grading 0.088% over 4.0 m (including 0.43% U3O8 over 0.36 m) in DDH CS 79-03 at a depth of 112 m within an altered graphitic pelitic gneiss gneiss (nīs), coarse-grained, imperfectly foliated, or layered, metamorphic rock. Gneiss is characterized by alternating light and dark bands differing in mineral composition and having coarser grains than those of schist. . A strongly altered (chlorite-hematite-clay) graphitic pelitic gneiss was intersected over a 40 m interval in DDH CS 79-04 located 150 m southeast of CS 79-03. The area between these two holes will also be drill tested. Dr. Boen Tan, P. Geo. (Saskatchewan), Forum's Chief Geological Consultant, is the Qualified Person supervising the Costigan Lake drill program. Forum Development Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of energy projects. The Company has a 100% interest in over 165,000 hectares of uranium exploration properties and a 65% interest in the Costigan Lake Joint Venture, located in the prolific Athabasca Basin, Saskatchewan. Forum is also evaluating a Coalbed Methane (CBM) project in the Merritt Coalfield in southern British Columbia. For further information about Forum, visit our website at www.forumdevelopmentcorp.com. ON BEHALF OF THE BOARD Richard J. Mazur, P.Geo., President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for the ad equacy or accuracy of this release. Forum Development Corp. (TSX VENTURE:FDC) |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion