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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Uranium

Forum Energy Metals mobilizes for extensive drill program in Nunavut’s Thelon Basin

The company’s Aberdeen uranium project is adjacent to the major Orano’s Kiggavik deposit in Canada’s north

Forum Energy Metals kicks off extensive drill program in Nunavut's Thelon Basin
Forum representatives attend the annual PDAC conference in Toronto earlier this month. Photo credit: Forum Energy Metals

Canada’s prospector Forum Energy Metals Corp. (TSX-V: FMC) mobilized personnel and equipment for a 10,000-metre drill program at Nunavut’s Aberdeen uranium project this week. Full-scale drilling will commence in June.

The company says this year’s program will build on successful results from last year’s. Forum reported intercepting 2.25 per cent yellowcake uranium (U3O8) over 11 metres at the site’s Tatiggaq deposit in 2023, a decent grade.

The site, adjacent to the major Orano’s Kiggavik deposit in the Thelon Basin, is comprised of 40 claims spanning over 95,000 hectares. Forum says significant uranium mineralization was discovered there by Cameco Corporation (TSX: CCO) between 2008 and 2012. The major producer drilled 135 holes totalling 36,000 metres, which led to the discovery of the Tatiggaq and Qavvik uranium deposits.

“We are excited to commence our 2024 exploration program in Nunavut starting with the large task of moving our drill camp, second drill and consumables overland from Baker Lake to our new Aberdeen camp,” Vice President of Exploration Rebecca Hunter said in a news release.

The Thelon Basin is arguably the world’s second-best uranium mining jurisdiction. The Athabasca Basin in northern Saskatchewan and Alberta is number one.

Read more: ATHA Energy expands into new Canadian territory with 2024 exploration program

Read more: ATHA Energy closes acquisition of Latitude Uranium, obtains Nunavut and Labrador properties

Other Canadian operators set sights on Nunavut

ATHA Energy Corp. (TSX-V: SASK) (FRA: X5U) (OTCQB: SASKF), a company formerly focused solely on the Athabasca Basin, recently acquired Nunavut’s Angilak project. This was completed through its acquisition of Latitude Uranium earlier this month.

The Canadian explorer will begin a 10,000-metre drill program at its new northern site starting in June as well. Angilak’s Lac 50 deposit holds an estimated 43.3 million pounds of U3O8 at an average grade of 0.69 per cent.

Drill results reported at Angilak last year by Latitude yielded grades as high as 7.5 per cent U3O8.

Other companies actively mining uranium in the territory’s Thelon Basin include Rock Edge Resources Ltd. (CSE: REDG) and Lexston Mining Corporation (CSE: LEXT) (OTC: LEXTF).

Vancouver’s Association for Mineral Exploration described Nunavut as being “the next Saskatchewan” 10 years ago.

In addition to uranium, Nunavut is known for producing diamonds, rare earths, gold, tungsten, zinc and iron.

 

ATHA Energy is a sponsor of Mugglehead news coverage 

 

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