November 27, 2024

Forum Energy Metals – First Set Of Drill Results Released Expanding Mineralization At The Tatiggaq Deposit – Exploration Results Anticipated From The Qavvik, Ned, Ayra, and Loki Targets

23 minutes

Dr. Rebecca Hunter, VP of Exploration at Forum Energy Metals (TSX.V:FMC – OTCQB:FDCFF), joins me to review the first set of 11 drill hole results that were just released from the Tatiggaq deposit from this year’s 6,962 meter diamond drilling program, at their 100% owned Aberdeen Uranium Project, in the Thelon Basin, Nunavut. There are 8 more holes to still release next at the Tatiggaq area, stepping out from the known mineralization. Then there are 11 additional drill holes to report on that tested other highly prospective regional areas, like the Qavvik, Ned, Ayra, and Loki targets. This leaves 19 out of the 30 holes still to release to them market over the next couple months.

Tatiggaq Main highlights:

TAT24-012 intersected 1.15% U3O8 over 2.4 m from 169.1 to 171.5 m including:

3.33% U3O8 over 0.3 m (169.7 - 170.0 m)

2.77% U3O8 over 0.5 m (170.4 - 170.9 m)

TAT24-014 intersected 1.31% U3O8 over 7.6 m from 164.0 to 171.6 m including:

4.56% U3O8 over 0.2 m (166.4 - 166.6 m)

4.30% U3O8 over 0.5 m (169.1 - 169.6 m)

4.81% U3O8 over 0.4 m (171.2 - 171.6 m)

Including a maximum grade of 8.15% U3O8 over 0.2 m (171.4 - 171.6)

Entire mineralized interval at TAT24-014 is 0.62% U3O8 over 17.9 m from 157.9 to 175.8 m

Tatiggaq West highlight:

TAT24-011 intersected 35.3m grading 0.11% U3O8 from 144.2 to 179.5 m including 0.68% U3O8 over 1.6 m (170.9 to 172.5 m) including:

1.24% U3O8 over 0.4 m (171.2 - 171.6 m)

1.12% U3O8 over 0.3 m (172.0 - 172.3 m)

Uranium mineralization at the Main zone has been encountered over a thickness of ~35 metres in 2024.

Drilling at Tatiggaq West intersected thick intervals of continuous uranium mineralization for another 40 m to the west.

We discuss what was learned in last year’s more limited drill program, after their uranium discovery reported on hole TAT23-002 that intersected 2.25% U3O8 over 11.1 m (from 148.5 – 159.6 m). Rebecca points out that this year’s program has found another mineralized lens at Tatiggaq Main, and has a better understanding of the wide levels of uranium mineralization at Tatiggaq West. We also discuss how this mineralization in the basement hosted rock is similar in nature to the 133 million pound Kiggavik uranium project held by Orano/Denison/UEC, located about five kilometers to the west of the Tatiggaq deposit.

We wrap up discussing some of the other regional targets like the basement-hosted Qavvik deposit, where a couple of holes expanded the knowledge of this area, and how there is potential at the Ned, Ayra, and Loki targets to explore for the higher-grade unconformity style of deposits; similar to what is found in the Athabasca Basin. Those drill results are all still pending from the lab but should be released over the next couple months.

If you have any follow up questions for Rebecca or the team at Forum Energy Metals, then please email them into me at [email protected].

In full disclosure, Shad is a shareholder of Forum Energy Metals at the time of this recording

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