- Forum Energy (FMC) options drill-ready Highrock uranium project to Sassy Resources
- Highrock is one of eight high quality, near surface uranium projects that were drilled by Forum Energy and partners from 2005 to 2007
- To acquire 100% of Highrock, Sassy Resources will have to pay C$350.000 in cash, issue 3,750,000 shares, and provide up to C$3.500.000 in exploration funding over 4 years
- Forum Energy will act as project operator for the next 2 years and at Sassy Resource’s request in 2024
- Forum Energy (FMC) is unchanged at C$0.235 per share at 1:32 PM EST
Forum Energy (FMC) has optioned its drill-ready Highrock uranium project to Sassy Resources.
Highrock is one of eight high-quality, near surface uranium projects that were drilled by Forum Energy and partners from 2005 to 2017.
Located to the north of Highrock, lies the former producing Key Lake mine which extracted over 200 million pounds of uranium by open-pit methods.
President and CEO of Forum Energy, Rick Mazur, comments.
“With the renewed interest in uranium as a carbon-free source of energy, Forum [Energy] plans to advance its uranium portfolio by drilling some of its 100% owned projects, such as Wollaston and seeking partners for its other projects, as demonstrated by the option/joint venture with Orano on our Fir Island project and this agreement with Sassy [Resources].”
To acquire 100 percent of Highrock, Sassy Resources will have to pay C$350.000 in cash, issue 3,750,000 shares, and provide up to C$3.500.000 in exploration funding over four years.
When Highrock advances to that stage, Sassy Resources will pay Forum Energy C$1.000.000 on delivery of a Feasibility Study and C$3.000.000 on commencement of commercial production.
Forum Energy will act as the project operator for the next two years and may do so based on Sassy Resources’ request in 2024.
Drilling may start in February and the definitive option agreement will be completed by January 31, 2022.
Forum Energy is an energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan and Idaho.
Forum Energy (FMC) is unchanged at C$0.235 per share at 1:32 PM EST.