InvestmentPitch Media Video Discusses Forum Energy Metals Raising of $3 Million in Flow-Through PP and Preparation for Drilling Uranium Project at Thelon Basin, Nunavut
VANCOUVER, British Columbia, June 23, 2023 (GLOBE NEWSWIRE) -- Forum Energy Metals Corp. (TSXV:FMC) (OTCQB:FDCFF) has closed its previously announced flow-through, non-brokered private placement. Forum is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt.
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The company raised gross proceeds of $2,999,923 from the placement of 22,221,649 flow through shares priced at $0.135 per share. Proceeds will be used to incur exploration expenses on its uranium and critical mineral properties in Nunavut and Saskatchewan, with any expenditures incurred in the Province of Saskatchewan also qualifying for the Saskatchewan mineral exploration tax credit.
In the Thelon Basin, Forum holds a 100% interest in 95,000 hectares of ground that Cameco Corporation extensively drilled from 2008 to 2012, adjacent to Orano's 133 million pound Kiggavik uranium deposit. The company has budgeted $4 million for its 2023 program, including a 2,000 metre drill program with 4 holes planned for Tatiggaq where the company is focused on finding a resource similar to Andrew Lake.
The company also plans to drill one hole each at Ned and Bjorn. Ned, a 2km x 2km anomaly, located west of Orano’s Granite showing, has never been drilled. Bjorn, a 3 km anomaly, has had only 1 drill hole.
The company is also preparing to mobilize equipment and supplies to Baker Lake later this year for storage, prior to building a camp in April/May of next year, with plans for a 12,000 metre drill program in 2024 to define a NI 43-101 resource and test for large tonnage.
Dr. Rebecca Hunter, VP Exploration, stated: "Forum's Nunavut Uranium Project in the Thelon Basin is a geologic analogue to the prolific Athabasca Basin for high grade, unconformity style uranium deposits. Our ground includes two uranium deposits, in addition to over 20 highly prospective targets. I am excited for the opportunity to continue delineating these deposits and explore for new discoveries on our 100% owned property."
The shares are currently trading at $0.085. For more information on the company and its many other properties, please visit the company’s website at , contact Rick Mazur, P.Geo., President & CEO, at 604-630-1585 or by email at .
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