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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