Vancouver, British Columbia--(Newsfile Corp. - June 26, 2019) - Forum Energy Metals Corp. (TSXV: FMC) is pleased to announce that after further geological and geophysical compilation, it has expanded (by staking) its Love Lake copper-nickel-PGM project. The property now comprises 10 claims totaling 27,896 ha and covers mafic-intrusive rocks of the Peter Lake Domain with historic occurrences of copper, nickel, platinum, palladium and gold. The project is located along Highway 905 to the Rabbit Lake/McClean Lake mine sites, approximately 60 km northeast of Forum's Janice Lake/Rio Tinto copper joint venture in north-eastern Saskatchewan.
Rick Mazur, Forum's President & CEO commented, "Sentiment towards palladium remains positive amid tight supplies and growing demand. A recent Bloomberg article noted that Morgan Stanley strategists see prices averaging US$1,575 an ounce in the second half of 2019, so we're excited to add this PGM prospect to our exploration portfolio."
Summer exploration plans will focus on re-locating historic trenches and four drill holes, mapping and sampling the extent of a 1.5km long sulphide-bearing mineralized horizon discovered by the Saskatchewan Geological Survey, and prospecting for similar mineralized horizons.
LOVE LAKE NICKEL-COPPER-PLATINUM-PALLADIUM-GOLD PROJECT
Studies by the Saskatchewan Geological Survey (SGS) 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.
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. Forum has now staked a 30 km by 15 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, 2735 ppb platinum, 2685 ppb palladium, 70 ppb gold and 0.43%Cu, 0.23% Ni, 3580 ppb platinum, 4275 ppb 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).
Figure 1: Simplified Geology Map. The PGM showings on the Love Lake project have the easiest access to the Swan Lake Complex, host to four separate PGM showings over a 150km trend. Forum added three more claims for a total of 6,024 hectares to cover further prospective ground.
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 205,000 common shares exercisable on or before June 26, 2024 at a price of $0.10 per share.
About Forum Energy Metals
Forum Energy Metals Corp (TSX.V: FMC) explores for energy metals, including copper, nickel, platinum, palladium and uranium in Saskatchewan, Canada's Number One mining province. In addition, Forum has established a strategic land position in the Idaho Cobalt Belt. 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
Craig Christy, VP Corporate Development
Burns Singh Tennent-Bhohi, Director