- Forum Energy Metals (FMC) has announced the final set of assay results from the summer drill program at its Janice Lake copper-silver project
- The program was completed by Rio Tinto Exploration Canada, who is working to earn a 51 per cent interest in the Janice Lake property
- Highlights from recent drilling at the Rafuse target include 0.86 per cent copper and 8.02 g/t silver over 14 metres
- Forum Energy Metals is a Canadian-based mineral resource company focused on the acquisition, exploration, and development of energy metals
- Shares in Forum Energy Metals (FMC) are down 11.11 per cent, trading at $0.24 per share
Forum Energy Metals (FMC) has announced the final set of assay results from the summer drill program at its Janice Lake copper-silver project in Saskatchewan.
The program was completed by Rio Tinto Exploration Canada, which focused this stage of its drilling on the Rafuse target of Janice Lake.
Rio Tinto has drilled 39 holes on the property, totalling 10,033 metres across four targets: Janem, Janice, Kaz, and Rafuse.
One hole in particular (JANL0037) at Rafuse intersected a 42.25-metre section containing 0.15 per cent copper, 0.41 per cent lead, and 1.63 g/t silver.
Another hole, JANL0028, intersected 0.86 per cent copper and 8.02 g/t silver over 14 metres, revealing structurally controlled mineralization that is oxidized at depth.
To date, Rio Tinto has made $14 million in exploration expenditures at Janice Lake, which exceeds the $10 million required for the company to earn a 51 per cent interest in the project. To complete its earn-in obligation, Rio Tinto must make a $100,000 payment to Forum on or before May 2022.
Rick Mazur, president and CEO of Forum Energy Metals, commented on Rio Tinto’s investment in the property.
“Rio Tinto’s $14 million in drilling and regional exploration has added tremendous value to the Janice Lake project,” he said.
“Forum’s diversified energy metals portfolio will focus on our extensive uranium property portfolio in Q1 2022,” added Mr. Mazur, “including plans to begin drilling at our 100% owned Wollaston uranium property nearby the Orano and Cameco uranium mills in the eastern Athabasca Basin.”
Rio Tinto has not planned an exploration program for the 2022 budget year.
Forum Energy Metals is a Canadian-based mineral resource company focused on the acquisition, exploration, and development of energy metals.
Shares in Forum Energy Metals (FMC) are down 11.11 per cent, trading at $0.24 per share as of 10:46 am EST.