PRLog - Feb. 1, 2012 - VANCOUVER, British Columbia -- 2012-02-01 07:30 ET - News Release
FUC with symbol
Also News Release (C-ARZ) Aurizon Mines Ltd
Mr. Richard Mazur of Forum reports
FORUM IDENTIFIES HEAVY RARE EARTH POTENTIAL ON THE KIPAWA WEST PROJECT
Forum Uranium Corp. has released the results from its 2011 prospecting and sampling program this past fall on its Kipawa West project under option from Aurizon Mines Ltd., which adjoins Matamec's Kipawa rare earth deposit near Val d'Or, Que. Matamec recently announced a positive preliminary economic assessment for average annual production of over 5,000 tonnes of a mixed total rare earth oxide (TREO) concentrate.
Forum focused its exploration over a 1.8-kilometre by 3.5-kilometre area to follow up on rare earth mineralized boulders ranging in grade from 1.3 per cent to 16.7 per cent TREO and heavy rare earth oxide (HREO) to TREO ratios ranging from 0.8 per cent to 57 per cent (see Forum news release dated July 14, 2011). Forum's prospecting, rock geochemical and soil geochemical program confirmed the high heavy rare earth values previously reported on the property and isolated a target area of one km by one km for further investigation. Forum is currently conducting mineralogical studies of the prospecting samples and is making application for permitting of a summer surface exploration and drilling program.
Forum's area of investigation is located along the northwest extension of the Kipawa Alkalic complex in Forum's West block of claims optioned from Aurizon Mines Ltd. The Kipawa complex occurs at the contact between the basement rocks of Archean age to the northeast and the rocks of Proterozoic age to the southwest. Outcrops of the Kipawa complex have been mapped along the road at the western end of the prospected area.
Thin glacial till from zero to five metres thick, covers most of the area, except in the south where sand of probable lacustrine origin is present. A total of 352 soil samples were collected at 50 m intervals along lines 200 m apart perpendicular to the southwest-trending glacial direction. The distribution of rare earth elements, yttrium and zirconium generally replicates the underlying bedrock as identified by mapping. The soils in the west part of the study area reflect higher values of total rare earth elements (TREE) in the Kipawa Alkalic complex.
The rock samples show a similar pattern for TREE, yttrium and zirconium as the soil samples, with higher values in the west and northwest of the study area, within the area mapped as Kipawa Alkalic complex.
Daniel Beauchamp, PGeol, Geo, is the qualified person who has reviewed and approved the contents of this news release.
Option agreement with Aurizon Mines Ltd.
Forum can earn a 50-per-cent interest by completing $200,000 in exploration as a firm commitment within 12 months and a further $150,000 in exploration, including a minimum of 1,000 metres of drilling, within 24 months of the date of the agreement. Forum has the option to earn a further 15-per-cent interest, totalling a 65-per-cent interest in the project, by establishing an NI 43-101 resource estimate on the property within four years of the agreement date. Forum is operator during the earn-in period. Upon completion of its earn-in, Forum and Aurizon will form a joint venture with Forum as operator.
About Matamec's Kipawa rare earth deposit
Matamec reports an NI 43-101-compliant resource of 15,161,000 indicated tonnes grading 0.434 per cent TREO and 3,843,000 inferred tonnes grading 0.403 per cent TREO at a cut-off of $72.24 per tonne. Rare earth minerals in this deposit include eudialyte, mosandrite and britholite. The Kipawa deposit is a good source of heavy rare earth oxide through the production of a mixed TREO concentrate grading 1.11 per cent TREO. Matamec reported its preliminary economic assessment in a news release dated Jan. 30, 2012.