Forum Energy Metals – Qavvik Drill Assays Return 296 Metres of Uranium Mineralization With Intercepts Up To 8.2% U3O8
Dr. Rebecca Hunter, VP of Exploration at Forum Energy Metals (TSX.V:FMC – OTCQB:FDCFF), joins me to unpack the key takeaways from next batch of 2 drill holes released from the 2024 exploration program to the market on January 21st. These holes expand the mineralization at the Qavvik anomaly; Forum’s second basement-hosted deposit, located within their 100% owned Aberdeen Project in Nunavut, Canada.
These 2 holes compliment the more than 2 dozen historic holes that were drilled by Cameco into the Qavvik deposit, and had the highest grade results to date. This successful exploration program intersected a 296-metre-wide zone of uranium mineralization with grades up to 8.2% U3O8 in a newly identified lens and resulted in more than 20 assays with grades greater than 1% U3O8. Mineralization is open to the northeast and southwest, and the shallow depths along with the thick overall uranium intercepts demonstrate the open pit potential of this deposit.
These 2 Qavvik drill holes expanded that basement-hosted deposit, much like the previously released 19 holes drilled into the Tatiggaq area also expanded that basement-hosted deposit. Rebecca outlined how the 2 prior year’s drill results will likely be combined with relogging of historic drill holes completed by Cameco, to work towards the delineation of a Maiden Resource Estimate at Tatiggaq and Qavvik deposits in the future. This mineralization in the basement-hosted rock is similar in nature to the nearby 133 million pound Kiggavik uranium project held by Orano/Denison/UEC, located about five kilometers to the west of the Tatiggaq deposit.
Wrapping up we look ahead to the upcoming drill hole assays still to release from last year’s exploration program from highly prospective regional targets. There are still holes to release from the Ned, Ayra, and Loki targets, with the goal of testing and exploring for the higher-grade unconformity style of deposits; similar to what is found in the Athabasca Basin.
If you have any follow up questions for Rebecca or the team at Forum Energy Metals, then please email them into me at Shad@kereport.com.
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If you are talking about Forum Energy Metals you are sadly mistaken, this stock has been anything but volatile for over 10 years. Maybe you should get off the toilet seat and have a look around. LOL! DT
Just looked at the last month not interested in 10 years ago
Hi guys. Interesting thread with regards to the volatility in Forum’s price chart.
I’d submit that almost all junior stocks are by nature very volatile, and one could consider FMC volatile in how it pops or drops in relation to the 50-day exponential moving average. It does whipsaw back and forth regularly, but that is not unique to FMC.
>> I won’t go back 10 years, but likewise won’t just look at the last month. Here’s a 5 year chart.
What is interesting is that they’ve learned so much more about both their flagship Aberdeen Project in the Thelon Basin and their multiple projects in the Athabasca Basin, with far more drilling data, since their high in 2021 at $0.55, but now they are trading down 88% to $.065.
However, that was the big uranium run from 2020 into 2021 that sent many uranium exploration stocks up multiple-fold. It has been a more difficult market for the uranium explorers since that heydey in the U308 stocks, but I’m optimistic for how things are setting up for 2025 in the U-stocks.
I’m surprised that Forum (FMC) is still around. I bought some about 25 years ago, for a jr. exploration company they have been around for a very long time. They were uranium explorers even back then and haven’t re-invented themselves. Their endurance is pretty remarkable, most companies would have gone bankrupt a long time ago. DT
Volatile, goes up and down like a toilet aeat.