Vancouver, British Columbia--(Newsfile Corp. - June 5, 2019) - Forum Energy Metals Corp. (TSXV: FMC) is pleased to announce that it has acquired by staking, the Love Lake Ni-Cu-PGM project located approximately 60 km northeast of Forum's Janice Lake/Rio Tinto copper joint venture in north-eastern Saskatchewan along Highway 905 to the Rabbit Lake Mine. The project consists of 7 claims for 21,872 ha and covers mafic-intrusive rocks of the Peter Lake Domain with historic occurrences of nickel, copper, zinc, platinum, palladium and gold.
Studies by the Saskatchewan Geological Survey suggest that the Ni-Cu-PGM occurrences on the Love Lake project share many compositional and textural similarities to the Lac des Iles pluton in Ontario and with layered stratiform deposits such as the Bushveld Complex in South Africa and the Stillwater Complex in Montana. From 1998 to 2017, North American Palladium's Lac des Iles deposit has produced 3.59 million ounces palladium, 277,300 ounces platinum, 252,700 ounces gold, 70.8 million pounds copper and 37.4 million pounds nickel from 56.8 million tonnes of ore milled (Source: Feasibility Study for Lac des Iles Mine Incorporating Underground Mining of the Roby Zone dated October 2, 2018 https://www.nap.com/corp-home/default.aspx )
Rick Mazur, Forum's President & CEO, stated, "We are pleased to acquire another underexplored project with excellent new discovery potential and easy access in a stable province like Saskatchewan. Forum plans to develop the economic potential of the Love Lake project while our partner, Rio Tinto drills our nearby Janice Lake project this summer."
LOVE LAKE NICKEL-COPPER-PLATINUM-PALLADIUM-GOLD PROJECT
The Ni-Cu-PGM occurrences are associated with the 2.5 billion year old Swan River mafic complex and the Love Lake felsic pluton in the Peter Lake Domain (Figure 1). Forum staked a 20 km by 12 km area of historic copper- nickel platinum group metal showings which returned up to 0.31% Cu over 5.2m in a trench, with visible sulphides occurring in outcrop along a 1.5km east-west trend of "reef type" layered intrusive that was not properly tested by historical drilling. Grab samples in Trench #4 in the Korvin Lake area returned 0.33% Cu, 1.33% Ni, 2.73 g/t platinum, 2.68 g/t palladium, 70 ppb gold and 0.43%Cu, 0.23% Ni, 3.58 g/t platinum, 4.27 g/t palladium, 200 ppb gold. Historic diamond drilling targeted structurally controlled mineralization, but did not test for a stratiform 'reef type' layer; the holes are interpreted to have been drilled too far to the south of the mineralized trenches (Saskatchewan Geological Survey - Maxeiner and Rayner, 2005).
Forum plans to conduct an airborne magnetic/electromagnetic survey over the entire property, a mapping and sampling program of the known occurrences and a prospecting program in search for further mineralization.
Figure 1: Simplified Geology Map. The Love Lake Pluton is part of the Swan Lake Complex, which hosts 4 separate PGE showings over a 150km trend. Forum has staked all known showings in the Love Lake area. The road to the Rabbit Lake/McClean Lake mine and mills runs through the project, allowing for easy access.
To view an enhanced version of Figure 1, please visit:
Ken Wheatley, P.Geo. and Forum's VP, Exploration and a Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
In accordance with the Company's Stock Option Plan, it has granted to certain directors, officers, employees and consultants incentive stock options to purchase up to an aggregate of 5 million common shares exercisable on or before June 5, 2024 at a price of $0.10 per share.
About Forum Energy Metals
Forum Energy Metals Corp (TSXV: FMC) explores for energy metals, including copper and uranium in Saskatchewan, Canada's Number One mining province and cobalt in Idaho and Oregon. Forum is well positioned for when the uranium market rebounds with interests in 7 drill ready projects in the Athabasca Basin, all assembled by a highly experienced team of exploration professionals with a track record of uranium mine discoveries in Canada. For further information: www.forumenergymetals.com
ON BEHALF OF THE BOARD OF DIRECTORS
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.
For further information contact:
Rick Mazur, P.Geo., President & CEO
Ken Wheatley, P.Geo., VP Exploration
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45315