You are welcome to join Forum Energy Metals (TSXV: FMC) at Booth # 3029 in the Investor Exchange at the 2022 PDAC, being held at the Metro Toronto Convention Centre, Monday June 13th through Wednesday June 15th.
Technical meetings with management and partnering inquiries on Forum's portfolio of uranium, copper, nickel and cobalt projects in Saskatchewan, Nunavut and Idaho can be arranged with Ken Wheatley, Vice President, Exploration and the Forum team at our booth, or contact: Rick Mazur, President & CEO, mazur@forumenergymetals.com; 604-630-1585.
On Monday, June 13th at 11:00 AM, Forum will be hosting a presentation and discussion at its booth # 3029 with John Feneck of John Feneck Consulting LLC. A Market Strategist and former portfolio manager with Merrill Lynch Funds (now Blackrock) and JP Morgan Chase Funds, John was also a member of the precious metals team at Sprott. Over the years he has developed a compelling record with a focus on the metals and mining sector. John will present his current thoughts on the junior resource market, which will include his views on Forum Energy Metals Corp. For more information about John Feneck: go to www.feneckconsulting.com.
On Tuesday, June 14th at 11:20 AM, President & CEO Rick Mazur will be a guest panelist at the Exploring for Critical Minerals in Canada's North session at the INVEST CANADA NORTH FORUM being held at the Intercontinental Toronto Centre Hotel Ballroom "A". To register: https://www.eventbrite.ca/e/pdac-2022-invest-canada-north-forum-tickets-356664893297
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Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt 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.
Rick Mazur, P.Geo., President & CEO mazur@forumenergymetals.com Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127035
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Forum focuses its mineral exploration efforts in Canada’s resource-rich Province of Saskatchewan and Nunavut Territory. Saskatchewan ranks among the very top global jurisdictions for mining investment attractiveness. For decades, Saskatchewan. has maintained a consistent favorable regulatory environment that encourages mineral exploration and development.
Saskatchewan is the world’s second largest producer of uranium and hosts the richest uranium deposits found anywhere on the planet. The province also remains underexplored for energy metals, thereby offering considerable large-scale mineral exploration and development investment opportunities.
Nunavut is a large northern Territory in Canada with vast natural resource potential. There are currently three operating gold mines and one iron ore mine in Nunavut. Several other uranium, gold and base metals deposits have been discovered.
The Thelon Basin is, perhaps, the most prospective region in the world for discovering new high-grade unconformity style uranium deposits outside Saskatchewan’s Athabasca Basin.
Forum’s newly acquired claims cover the east-west and northeast-southwest structural trends hosting the Kiggavik deposits, in addition to Cameco’s discoveries made during the period 2008-2012. When combined with Forum’s legacy claims, the Company’s total land position in the area increases to 97,433 ha.2. Wollaston Uranium Project in the eastern Athabasca Basin to begin a 3,000m drill program in February 2022. The property is located within 10km of Cameco’s Rabbit Lake uranium mill and within 30km of Orano/Denison’s McClean Lake uranium mill.
3. Highrock Uranium Project optioned to Sassy Resources Corporation for $3.5 million in exploration, $350,000 in staged cash payments to Forum, and staged issuance of 3.75 million common shares of Sassy to Forum. A drill program planned for February 2022
High Rock is on-trend With Cameco’s past producing Key Lake Mine, which produced over 200 million lbs. of uranium between 1983 and 1997.
Mr. Richard Mazur is an Executive and geoscientist with over 40 years of Canadian and international experience in the exploration and mining industry as a project geologist, financial analyst and senior executive on uranium, gold, diamonds, base metals, and industrial minerals projects. Mr. Mazur founded Forum in 2004. He is also a Director of Big Ridge Gold Corp., Impact Silver Corp, and Midnight Sun Mining Corp.
Mr. Mazur graduated with a B.Sc. in Geology from the University of Toronto in 1975 and obtained an MBA from Queen’s University in 1985.
Ken Wheatley is a professional geoscientist with the Association of Professional Engineers and Geoscientists in Saskatchewan. He has 40 continuous years of uranium exploration experience in Canada, including AREVA Resources Canada (now Orano), one of the world’s largest uranium exploration and production companies and Uranerz Exploration and Mining Limited. His established track record of mineral discoveries includes eight uranium deposits, four of which became producing mines in the Athabasca Basin, Saskatchewan. Wheatley graduated with a BSc. from Laurentian University in 1980 and an MSc. from the University of Saskatchewan in 1985.
Dr. Tan is a member of the Association of Professional Engineers and Geoscientists of Saskatchewan and possesses over thirty-five years of uranium exploration experience. Dr. Tan joined Uranerz, a private German company, in 1969 and after several years as a field geologist in Germany and Australia, moved to Canada in 1973 as a senior geologist and Project Manager for Uranerz Exploration & Mining Ltd. (UEM), conducting uranium exploration in the Athabasca Basin.
Dr. Tan was instrumental in the discovery of the Key Lake uranium deposit and the development of the Key Lake Mine which produced approximately 200 million pounds of U3O8 at a grade of 2.5% over a fifteen-year mine life from 1983 to 1997. After the development of the Key Lake Mine, Dr. Tan continued to supervise UEM’s uranium exploration and drilling programs in the Athabasca Basin, including regional exploration in the greater Key Lake area. Dr. Tan monitored the exploration and diamond drilling of UEM’s joint ventures with Cameco until 1998. For the next seven years, Dr. Tan acted as a consultant to several companies and joined Forum as a Chief Geologist in 2005. In 2007 he received the 2007 Outstanding Achievement Award from the Association of Professional Engineers and Geoscientists of Saskatchewan.
Aleta Brooke has over nine years of experience in Community/Stakeholder Engagement, Human Resource Management, and Mining/Energy Operations. Her extensive work experience includes significant time in the high arctic, with a progressive focus on bridging the gap between industry and communities/indigenous groups. Born and raised in a NE Saskatchewan mining family, Aleta’s background also spans several diversified industries, including renewable and nuclear energy.
Mr. Balme is an active participant in both public and private overseas resource ventures. He is the Managing Director of Carter Capital Ltd., A.M.C. Limited, and two private UK investment funds that have been successful in identifying early-stage opportunities in the resource sector and arranging financings to advance projects to the public market. Mr. Balme is also a Director of Ortac Resources plc, which has an option to earn a 100% interest in the Kremnica Gold project in Slovakia.
Paul Dennison has over 35 years executive experience with three of the world’s leading investment banks: Credit Suisse, Merrill Lynch & Deutsche Bank. His operational expertise has served at the highest level in the investment banking industry covering key areas such as transaction origination, equity and debt securities underwriting, syndication, structured products, bank supplementary capital, and portfolio management. Presently, Paul is based in Zurich and Singapore as Managing Director with his firm, Investments Asia Swiss GmbH, an introducing broker specializing in sourcing and securing international investment capital for clients.
Ms. Meiklejohn is the principal of Emerald Capital, a consulting company providing CFO, strategic, valuation, corporate governance, and marketing services to high growth companies. She was formerly VP Institutional Equity Sales focused on the mining sector with numerous Canadian investment banks including Desjardins Securities, National Bank, Salman Partners and Macquarie Capital from 1997 to 2015. Janet grew up in Saskatchewan and has a close personal interest in the development of the uranium industry in the province. Ms. Meiklejohn is currently the Vice President Finance and Investor Relations with the Very Good Food Company, a leading plant-based food technology company, listed on the TSX-V.
Forum Energy Metals Corp. (TSXV: FMC) ("Forum" or "Company") is pleased to announce that an extensive resistivity survey has commenced on the Fir Island Uranium project under option to Orano Canada Inc. Orano is funding this $495,000 survey as part of its option to earn up to 70% of the Fir Island project by spending up to $6 million. Orano has funded two drill programs with Forum as Operator and upon completion of this program, Orano will have spent $3 million on the project to earn a 51% interest.
Drilling by Forum in 2020 and 2021 identified the 'Cathy Fault' that exhibits strong alteration, elevated geochemical indicators, and an abundance of dravite; a boron-rich clay that is present around most uranium deposits on the eastern side of the Athabasca Basin. A resistivity survey was completed on the project in 2019 and has proven to be an excellent tool for defining areas of alteration in the sandstone and basement lithologies. Resistivity lows typically indicate alteration and has worked well on the Fir Island project locating the strong alteration associated with the Cathy Fault. The current survey follows the northern strike extension of the Cathy Fault, locally defined by an EM conductor and a series of gravity lows (Figure 1). The gravity lows and conductor continue to the mainland where they intersect the major Black Lake Fault and a series of related large gravity lows. This survey should define a number of excellent drill targets for future programs.
Ken Wheatley, VP Exploration, stated, "The results from this survey should give Forum and Orano excellent drill targets in an area of the project with the most potential for a uranium deposit. These targets will be located right on the edge of the Athabasca sandstone basin, with sandstone cover ranging from 100m to 0m. The intersection of the Cathy Fault and the Black Lake Fault should provide some interesting drill targets, especially as the Black Lake Fault hosts the mined out Nisto showing, a small uranium deposit that was mined in 1959 and taken to Uranium City for processing."
Approximately 25 lines, spaced 200m apart, will be completed for the survey by Patterson Geophysics of La Ronge, SK. The program should take 4 to 6 weeks to complete.
Ken Wheatley, P.Geo., Forum's VP, Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt. For further information: www.forumenergymetals.com
Figure 1: Resistivity Survey Outline. The 2022 resistivity survey is shown in yellow shading, extending the historic survey to the north. The blue area on the historic survey is the strong zone of alteration detected by the historic surveys.
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/4908/122459_89829b4f44cd794e_003full.jpg
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.
Rick Mazur, P.Geo., President & CEO mazur@forumenergymetals.com Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122459
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Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") is pleased to announce that it has completed drilling eight holes for 2,062 metres on its 100% owned Wollaston Uranium Project, located 10km southeast of Cameco's Rabbit Lake mill and 30km southeast of OranoDenison's McClean Lake mill (Figure 1).
Ken Wheatley, Vice President, Exploration, stated "This is a tremendous start on this project in an area of the Athabasca Basin that is prolific with several uranium deposits in close proximity to two uranium mills. To intersect uranium mineralization in an area of very strong alteration in the first pass drill program confirms that this property has much potential for a near surface, basement hosted unconformity deposit with rich grades of uranium."
The drill program tested 3 zones of gravity lows, two of them in combination with EM conductors. The first gravity low (Gizmo) measuring 300 metres long and 200 metres wide was tested by 5 holes and returned very strong alteration of the rocks immediately beneath the overburden at 40m and continuing to about 150m depth (Figure 2). Weak uranium mineralization was seen in core with associated bleaching, secondary hematite and minor uranium oxides in several of the holes (Figure 3). A downhole radiometric probe* detected anomalous radioactivity in 4 out of the 5 holes:
* a Mount Sopris down-hole logging system (5MXA-1000 matrix, 4MXA-1000 winch and 2PGA-1000 gamma probe) was used for the radiometric probing.
Further drilling is recommended on this target in areas that could not be reached this winter, testing an EM conductor that crosses the northwest part of the gravity low (see Figure 2).
Second and Third Targets - Mugger and Stripe
The sixth hole tested a weak gravity anomaly (Mugger) that returned relatively fresh calc-silicates and has been eliminated. The final two holes tested a third gravity anomaly (Stripe), also with an associated EM conductor that intersected a series of faulted units with associated gouges and local alteration. These holes have been heavily sampled and sent for assay.
Forum sent 393 samples of the drill core to the Saskatchewan Research Council for geochemical analysis and results are expected in a month. The Company is reviewing its plans for further exploration of the property, including drilling of the Gizmo target. Figure 4 illustrates areas that have had gravity surveys completed this past year. Excellent targets remain on the west side close to the highway, which will be investigated first before moving to the eastern targets. Further airborne and ground geophysical surveys are being considered to fully test the regional potential of the property.
Figure 1: Location of Forum's Wollaston Uranium Project. The project is located on Highway 905, 10km south of Cameco's Rabbit Lake Uranium Mill and 30km south of Orano/Denison's McClean Lake Uranium Mill (yellow squares). Uranium mineral deposits are outlined in red. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/4908/120820_a45a3b16d414a97a_003full.jpg
Figure 2: Drill Hole Locations on Gravity Background. The dashed lines are the traces of the EM conductors. Further drilling will investigate this area. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/4908/120820_a45a3b16d414a97a_004full.jpg
Figure 3: Uranium mineralization on core returned from WO-2 and WO-4. A total of 393 core samples have been sent to the Saskatchewan Research Council geochemical laboratories for analysis. Uranium can be seen as yellow oxides or as black spots with white reaction rims. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/4908/120820_a45a3b16d414a97a_005full.jpg
Figure 4: Gravity surveys completed over structural zones and EM conductors. Of the three target areas circled in red above, only the northern circle was investigated by the 2022 drill program. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/4908/120820_a45a3b16d414a97a_006full.jpg
Ken Wheatley, P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province and Number Two in the world for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt. For further information: www.forumenergymetals.com
This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
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.
Rick Mazur, P.Geo., President & CEO mazur@forumenergymetals.com Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120820
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Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is pleased to announce drill results at its 100% owned Love Lake Nickel-Copper-Palladium project in north-eastern Saskatchewan. The Love Lake layered mafic complex is located approximately 100 kilometre east of Cameco's Key lake uranium mill along Highway 905 to the Rabbit Lake McClean Lake uranium mills (Figure 1). Forum completed twelve holes for a total of 2,844 metres on three targets - Korvin Lake, Korvin Creek and What Lake.
Larry Hulbert, Cu-Ni-PGE Consultant to the Love Lake Project, stated, "The unusually high Copper/Nickel ratios associated with the magnesium-rich mafic to ultramafic host lithologies at Korvin Creek and their extreme PGE-depletion are incompatible and could suggest an unrecognized earlier sulphide-PGE segregation event. The anomalous Platinum and Palladium association at What Lake needs further investigation."
Over 2000 samples of core were taken to examine the geochemistry of this large layered system to determine the geological controls of the nickel, copper, platinum and palladium mineralization encountered at Love Lake. Detailed chemostratigraphic analyses through all the drill holes clearly indicate that these intersections reflect lithologies that are the products of an intrusive complex that has experienced a high degree of differentiation. Such differentiation is a fundamental requirement of intrusions that host Platinum Group Element (PGE) mineralization.
Drill holes 3 to 12 display classic textural examples of layered intrusion features and magmatic sulphides over wide intervals. However, anomalous concentrations of PGE only occurred in holes 3 and 4 at What Lake in lithologies that appear to be no different than that seen in holes 5 to 12 at Korvin Lake (Figure 2).
Results from this initial drill program by Forum are shown in Table 1.
The Peter Lake Domain in northern Saskatchewan is the largest mafic/ultramafic complex in North America second only to the Duluth Complex which is centered in the heart of the Midcontinent Rift System in Minnesota and Ontario and is host to numerous magmatic copper/nickel and platinum/palladium deposits. For over 250 km of the Peter Lake Domain numerous copper/nickel and platinum/palladium showings have been uncovered over the past fifty years that have received only sporadic exploration.
Forum staked 32,075 hectares over the 20km by 5km Love Lake Complex in 2019, a 2.56 billion year old, palladium enriched layered gabbroic intrusive. A 4,412 line kilometre Heli-GT magnetic/gradiometric survey was completed for Forum by SHA Geophysics in 2020, two field programs of geological mapping, geochemical sampling and prospecting were completed by Forum in 2019 and 2020 and a 588 line kilometre HeliSam Time Domain airborne EM survey was completed in 2021.
Larry Hulbert, P.Geo., Forum's Copper-Nickel-PGE Consultant and a Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Figure 1: Location of the Love Lake Cu-Ni-PGM Project along Highway 905. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/4908/119600_6ebc63dfd4cae991_003full.jpg
Figure 2 Hole LL-08 at 28 metres showing classic magmatic silicate-sulphide textures. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/4908/119600_6ebc63dfd4cae991_004full.jpg
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt 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.
Rick Mazur, P.Geo., President & CEO mazur@forumenergymetals.com Phone - 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119600
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Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") is pleased to announce that it has engaged former Cameco Project Geologist, Rebecca Hunter, former Cameco Logistics Manager, Leon Davis and Denise Lockett, Permitting and Engagement as consultants to Forum's Nunavut Uranium Project.
Rick Mazur, President & CEO, stated, "Rebecca was instrumental in the exciting early days of the Tatiggaq and Qavvik discoveries and brings a wealth of geological knowledge to Forum. Leon lived and worked in Nunavut for eight years and understands the unique operating conditions of the project. Denise has been working with Nunavut regulators and communities for over twenty five years. Our Team is committed to the successful discovery of a Tier One uranium deposit next door to Orano's Kiggavik Development Project."
Rebecca Hunter, PhD., P.Geo
Rebecca has 15 years' experience as a uranium exploration geologist in Saskatchewan and Nunavut. Dr. Hunter worked for Cameco as a project geologist from 2005 to 2016. Rebecca led Cameco's Turqavik-Aberdeen exploration project, which discovered the high-grade Tatiggaq and Qavvik uranium deposits adjacent to Orano's (formally AREVA) Kiggavik Project in Nunavut. Dr. Hunter completed her Ph.D. degree at Laurentian University, which focused on the lithogeochemistry, structural geology and uranium mineralization systems of the Tatiggaq-Qavvik uranium trend in the northeast Thelon Basin. Dr. Hunter is currently a Senior Minerals Geologist with the British Columbia Geological Survey.
Denise (Lockett Consultation Services Inc.) has been working in the communications, permitting and sustainability field for over 25 years, primarily in the NWT and Nunavut. She ensures that the flow of communications is both to/from the impacted communities, and to/from regulators and government officials regarding the proposed exploration or development project. Denise is focused on solutions of socio-economic issues and environmental management and mitigation. She is an active member of the NWT and Nunavut Chamber of Mines as a strong advocate of consultation with impacted communities.
Leon has been working in the Exploration Industry since 2000 where he began delving into the Trades. What started as Exploration Support has turned into full time Remote Camp Management and Logistics Coordination since 2012. Leon has been focussing his expertise in Nunavut and Saskatchewan with all facets of camp operations from design to implementation and operations. Leon is currently with SSR Mining Inc. where he works with their exploration camps.
Since first announcing the acquisition of ground formerly held by Cameco (see News Release dated February 1, 2022), Forum has staked a further four claims bringing its total of new staking to 60,230 hectares (Figure 1). Applications for permits are nearing completion and will be filed shortly. Initial contact with the Baker Lake Elders has been made and Community Engagement will commence.
It is Forum's intention in 2022 to:
Cameco drilled 135 holes for a total of 36,000 metres of drilling from 2008 to 2012 resulting in the discovery of the Tatiggaq deposit (approximately 5km west of Orano's Andrew Lake deposit), the Qavvik deposit and the Ayra showing and tested three other targets identified by geophysical surveys.
The Tatiggaq discovery consists of two zones, the Main and West zones that average 30 metres in thickness between 80 and 100 metres in depth with strike lengths between 60 and 80 metres, respectively. Some significant intercepts are:
Tatiggaq occurs within a large clay alteration zone measuring 0.8km in width by 1.5km in length. (Figure 2). Potential exists to significantly increase the size of this deposit which will be the focus of Forum's proposed drill program in 2023, in addition to following up on Qavvik, Ayra and other targets on the property.
*Source: Various Cameco reports filed with the Nunavut Mining Recorder, presentations by Cameco at the Nunavut Mining Symposium and Saskatchewan Mining Open House from 2009 to 2013 and Rebecca Corrine Hunter PhD Thesis, Laurentian University, Sudbury, Ontario, Canada dated 2021.
THELON BASIN- AN ATHABASCA BASIN ANALOGUE
There are many Proterozoic basins worldwide, but only two are economic; the Athabasca Basin in Saskatchewan, Canada and the McArthur Basin in the Northern Territory, Australia. The third promising Proterozoic basin for economic uranium deposits is the Thelon Basin in Nunavut, Canada, which thus far has three deposits that have been proposed for development (Figure 3). The Kiggavik Uranium Project is held 66.2% by Orano Canada, 16.9% by Denison Mines and 16.9% by UEX Corporation. Orano (formerly Areva) submitted a development proposal in 2008 for the 133 million pound Kiggavik Uranium Project at an average head grade of 0.46% Uto produce 7.8 million pounds of uranium per year over a 17 year mine life from three deposits - the Kiggavik and Andrew Lake open pit deposits and the End underground deposit (Source: *Areva Resources Canada Inc., The Kiggavik Project, Project Proposal, November 2008 and Kiggavik Popular Summary, April, 2012 submission to the Nunavut Impact Review Board).
Orano conducted six years of engineering, environmental and community engagement studies from 2008 to 2014 and submitted a Final Environmental Impact Study to the Nunavut Impact Review Board (NIRB) on October 2, 2014. Despite meeting all conditions of the NIRB project review, Orano could not commit to a firm project start date, due to economic conditions in the uranium market at the time. NIRB recommended on May 8, 2015 that the project not proceed if a definitive development timetable could not be made. The project is currently on care and maintenance.
Mineral Exploration and Development in Nunavut
Nunavut Territory was formed in 1999 under the Nunavut Land Claims Agreement Act ("NLCA") between the Indigenous Inuit people and the Federal Government of Canada. As part of the NLCA, certain areas of the Territory have been designated as Inuit-owned surface and subsurface lands which gives the Inuit certain rights to mineral development. Nunavut is a jurisdiction that has proven that mining is an important activity for the benefit of all Nunavummiut (residents of Nunavut) as shown by existing mining operations at Agnico's Meadowbank, Meliadine and Hope Bay gold mines and Baffinland's Mary River iron ore mine.
Rick Mazur, P.Geo., Forum's President & CEO and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Figure 1: Forum's Claims, Orano/Denison/UEX's Kiggavik deposits and Cameco Discoveries now 100% owned by Forum. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/4908/117604_d3e5323864f87b6b_003full.jpg
Figure 2: The Tatiggaq deposit is within a large gravity anomaly that remains open at depth and along strike for 1.5 kilometres. Drill fences to the northeast of the West and Main deposits are proposed for 2023. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/4908/117604_d3e5323864f87b6b_004full.jpg
Figure 3: Location of the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. These two geological areas of the Canadian Shield host the world's richest uranium deposits. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/4908/117604_d3e5323864f87b6b_005full.jpg
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt. For further information: www.forumenergymetals.com
This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
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.
Rick Mazur, P.Geo., President & CEO mazur@forumenergymetals.com Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117604
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Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") is pleased to announce that it has commenced drilling on its 100% owned Wollaston Uranium Project, located 10km southeast of Cameco's Rabbit Lake mill and 30km southeast of OranoDenison's McClean Lake mill (Figure 1).
Ken Wheatley, Forum's Vice President, Exploration, stated, "The northeastern area of the Athabasca Basin is the home to numerous uranium deposits. Since the original discovery of the Rabbit Lake mine in 1968, the McClean, Sue, Collins Bay and Eagle Point deposits have been mined, and the Midwest, Midwest A and Roughrider deposits are waiting for future development. The presence of two uranium processing mills within driving distance of the project adds immensely to the value of the project."
Mr. Wheatley continued, "Historic drilling tested the conductive units to a shallow depth, and in areas where there were radioactive boulders noted at surface. The ground gravity survey recently completed by MWH Geo-surveys International has developed a series of drill targets that were never before identified, being located at zones of structural disruption along the EM conductors."
Plans are to drill approximately 3,000 metres in 10 to 12 drill holes on the targets developed on the western side of the project, most within 3km of Highway 905.
The Wollaston project is located just outside the margin of the overlying Athabasca sandstone and is prospective for basement-hosted unconformity style uranium deposits such as Cameco's Eagle Point mine and NexGen's Arrow deposit (Figure 2). Gravity crews have completed surveys on the main target areas to be drill tested (Figure 3). These surveys detect alteration halos surrounding potential uranium deposits associated with structures outlined by electromagnetic (EM) conductors.
Figure 1: Location of Forum's Wollaston Uranium Project. Processing facilities (red squares) and roads in the Athabasca Basin, Saskatchewan, Canada To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/4908/115438_433a1949c44b2a58_004full.jpg
Figure 2: The Wollaston Project Area Map. The project is located on Highway 905, 10km south of Cameco's Rabbit Lake Uranium Mill and 30km south of Orano/Denison's McClean Lake Uranium Mill (yellow squares). Uranium mineral deposits are outlined in red. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/4908/115438_433a1949c44b2a58_005full.jpg
Figure 3: Gravity surveys completed over structural zones and EM conductors. The target areas cover a combination of gravity lows and structurally-induced bends in the conductors. These areas have received little or no historic drilling and are prospective targets for basement-hosted uranium mineralization. Proposed 2022 drill areas are circled in red. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/4908/115438_433a1949c44b2a58_006full.jpg
Ken Wheatley, P.Geo., Forum's Vice president of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Forum Energy Metals Corp. (TSX.V: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt. For further information: www.forumenergymetals.com
This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
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.
Rick Mazur, P.Geo., President & CEO mazur@forumenergymetals.com Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/115438
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Baselode Energy Corp. (" Baselode " or the " Company ") (TSXV: FIND) is pleased to announce that it will be featured at Ore Day which will be broadcast today June 10 th at 9 am ET at www.Oreday.com
Ore Day is a conference hosted by the Ore Group of Companies who focus on gold, copper, nickel, and uranium development projects.
Ore Day will also feature keynote talks and interview with industry experts, including:
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's expectations regarding future operations and other forward-looking information. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the application of the proceeds of the Offering as anticipated by management and the inability to obtain the necessary TSX Venture Exchange approval to complete the Offering. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to close the Offering, that the Company's financial condition and development plans do not change as a result of unforeseen events, and that the Company will receive all required regulatory approvals, TSX Venture Exchange approval, for the Offering.
Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The Company does not assume any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com
Neither 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.
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Two Drills to Operate on Multiple Targets
Initial Focus on High-Grade Uranium Intersections at 42 Zone
Additional New Targets Identified With Latest Geophysical Program
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce its mobilization of drill crews and equipment as part of the approved $5 million 2022 program on the West McArthur uranium project in the eastern Athabasca Basin. The project is operated by CanAlaska. CanAlaska holds a 76.51% ownership in the project and will fully fund the exploration in 2022 to increase its interest in the Joint Venture.
Figure 1 – West McArthur Property Location Map
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/2864/127026_6a287e41846f7b85_002full.jpg
The West McArthur project 42 Zone mineralization is located 12 kilometres west of Cameco and Orano's McArthur River uranium mine, within the Grid 5 survey area. Drilling to date has discovered a large sandstone alteration halo above high-grade uranium mineralization located at the unconformity. The 42 Zone controlling structure is part of the C10 fault corridor. The C10 fault corridor hosts the nearby Fox Lake uranium deposit to the northeast (68 M pounds U3O8 @ 7.99%), discovered by Cameco and Orano (Figure 1). During the 2021 drilling program, the Company successfully extended the 42 Zone mineralization, which now has a length of 120 metres and is open in at least three directions.
Figure 2 – 42 Zone and Extension Drill Targets
To view an enhanced version of Figure 2, please visit: https://orders.newsfilecorp.com/files/2864/127026_6a287e41846f7b85_005full.jpg
The primary goal of the 2022 drill program is continued expansion of the 42 Zone, both to the northeast and southwest of the defined footprint (Figure 2). During the 2021 drilling program, the Company identified a new high-grade intersection of 1.62% eU3O8 over 2.6 metres (m) from 796.1 m within a 10 metre wide interval averaging 0.76% eU3O8(See Press Releases Dated April 14th, 2022). Unfortunately, within the highest grade section of the mineralized zone in WMA063-1, strong clay alteration and faulting resulted in very poor core recovery and only 5% of the core was recovered over a 5.0 metre sub-interval from 767.4 - 772.4 m. It is important to note that a 10 cm interval of core taken from within the poor recovery zone returned an assay value of 3.01% U3O8. In addition, a large uranium and associated pathfinder metal elements halo in the sandstone, typical of the 42 Zone area was reported approximately 19 metres west of WMA063-1, in WMA065-1.
A second objective for the 2022 drill program is focused exploration of the 1.8 km 42 Zone Extension target area to test the strong alteration, structure, and uranium geochemistry identified in the 2021 drilling program (Figure 2). During the 2021 program, the Company identified anomalous uranium and copper values associated with a large alteration halo and fault zone in the basal sandstone of WMA062 and WMA062-1. The main fault zone, which is 51 metres wide at the unconformity in WMA062-1, is characterized by strongly disrupted sandstone with re-activated sandy-clay gouge, structurally-controlled quartz dissolution, grey sooty pyrite alteration, and pervasive strong bedding- and fracture-controlled quartz dissolution causing very poor recovery (0 - 30%). The basal sandstone associated with the fault zone contains anomalous uranium (> 0.5 ppm uranium partial) up to 8.6 ppm, copper (>1.0 ppm copper partial) up to 24.4 ppm, and boron (> 100 ppm boron total) up to 2,350 ppm that reach approximately 180 metres vertically above the unconformity. Below the unconformity and within the basement along this drill fence, the targeted fault zone is strongly altered with hematite, chlorite, clay replacement, and bleaching associated with re-activated chloritic clay gouges hosting angular clasts of wall rock and ductile shear fabrics. Hydrothermal alteration extends over 50 metres into the basement of both WMA062 and WMA062-1.
Figure 3 – 2022 TDEM Results Along C10 Conductive Corridor
To view an enhanced version of Figure 3, please visit: https://orders.newsfilecorp.com/files/2864/127026_6a287e41846f7b85_006full.jpg
The third objective of this drill program is the testing of multiple new targets generated during the Time Domain Electromagnetic (TDEM) survey completed in the winter of 2022 (Figure 3). The TDEM survey confirmed the C10 conductive corridor extends over 7 km to the southwest of the 42 Zone with multiple conductive responses interpreted to be associated with targeted graphitic units in the basement rocks below the unconformity. The survey, coupled with historical geophysical data, has revealed an interpreted folded package that incorporates compressional and extensional faulting along northwest-southeast cross structures. Similarly oriented cross-cutting fault features have been mapped elsewhere along the trend, specifically associated with the 42 Zone mineralization. In addition, cross-cutting faults have been inferred along the C10 trend around the Fox Lake uranium deposit. Historical drill testing in the priority target areas did not test the ideal location where the strongest geophysical anomalies intersect the unconformity surface.
CanAlaska CEO, Cory Belyk, comments, "In addition to the continued discovery of high-grade uranium mineralization at the unconformity at 42 Zone and the recognition of several new priority target areas immediately to the southwest of 42 Zone in 2021, the 2022 winter work has now defined several additional and exciting new target areas along trend that were previously unknown. This new information has significantly increased the West McArthur target inventory providing additional discovery opportunity for our shareholders. With uranium market fundamentals continuing to strengthen on a global scale and the urgent need for increased clean energy production, continued advancement of the 42 Zone and these new targets is warranted for CanAlaska shareholders. The 2022 summer program is shaping up to be very significant for the company."
The Company will be participating in the Prospectors and Developers Association of Canada (PDAC) convention from June 13th - 15th, 2022. Please visit booth 2145 to speak with CanAlaska representatives about our exciting project portfolio and opportunities for Joint Venture development.
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.
On behalf of the Board of Directors "Peter Dasler" Peter Dasler, M.Sc., P.Geo. President CanAlaska Uranium Ltd.
Cory Belyk, Executive VP and CEO Tel: +1.604.688.3211 x 306 Email: cbelyk@canalaska.com
Peter Dasler, President Tel: +1.604.688.3211 x 138 Email: info@canalaska.com
Neither 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.
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127026
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Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced the commencement of an airborne gravitymagnetic survey over their Russell South Uranium Project which lies on the south-central edge of the Athabasca Basin, Saskatchewan Canada.
"The Russell Lake project is within a favourable geologic area since it's close to the southern edge of the Athabasca Basin that has relatively shallow drill targets and nearby uranium deposition including the historic Key Lake Mine (22 km WSW) and the Baseload / 92 Energy discoveries (28 km NE)" said Scott Frostad, VP Exploration at Purepoint. "The regional airborne gravity results suggest our claims cover important geologic contacts and our current gravity survey results will allow us to define specific targets for follow-up ground geophysics and drilling."
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/3218/127065_eeaaf20aa45acad6_002full.jpg
The 100% owned Russell Lake Project is located near the south-central edge of the Athabasca Basin covering an area of 13,320 hectares. The project adjoins the Moore Lake Project, owned by Skyharbour Resources Ltd., with their high-grade Maverick Zone that returned 6.0% U3O8 over 5.9 metres from hole ML-199 (Skyharbour PR, Feb. 27, 2017). Also located near the southern edge of the Athabasca Basin is the Key Lake Mine, 22 km WSW, that produced over 200 million pounds of uranium at a grade averaging 2.3% U3O8 between 1983 and 1997.
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds ten, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
For more information, please contact:
Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca
For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127065
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Successful Initial Results from Generation 3 Well Design
Southern Energy Corp. ("Southern" or the "Company") (TSX.V:SOU)(AIM:SOUC) is excited to announce successful early flowback results from the first well of the three-well horizontal padsite located in the Gwinville Field
The GH 19-3 #2 well was opened to flowback following the stimulation operation. After approximately one week of clean-up, the well is flowing at 7.7 MMcf/d (1,280 boe/d) at a highly restricted flowing pressure of 1,100 psig. Production from the well is flowing directly to sales creating significant additional cash flow for the Company. The well continues to produce over 2,000 bbl/d of load fluid, with approximately 24% recovered to date. Throughout the first week of production, as more load fluid is recovered, the well's gas rate has consistently increased day over day.
Southern's Generation 3 completion design increased the stage count by over 275% and the proppant concentration by over 40% as compared to the most recent Selma Chalk horizontal wells completed in Mississippi between 2013 - 2015, and initial flowback performance suggests that the increased completion intensity is having a very positive result.
With the additional volumes from the new well, Southern's current WI sales production has increased approximately 60% to 3,175 boe/d (96% gas). The additional natural gas production from the new well is unhedged and being sold at current NYMEX gas prices.
Stimulation operations on the GH 19-3 #3 and #4 wells have also been completed, and both wells will begin flowback/clean-up shortly.
Ian Atkinson, President and CEO of Southern, commented:
"This is a transformational moment for our company; not only are we adding material production, reserves, and cash flow at a time when gas prices are near 14-year highs, but we are solidifying and executing our operational strategy to deliver multi-year redevelopment from our assets and highlighting the significant opportunity and optionality we have in providing equity growth for shareholders.
"We are extremely excited by these initial results from our Generation 3 completion design on these Gwinville Selma Chalk horizontal wells. The flowback results from the GH 19-3 #2 well are evidence of how our team has successfully used modern technology to revitalize these significantly under-developed conventional assets in the Gulf Coast area.
"While still premature to make accurate type curve predictions for these and future Gwinville wells, we can say at this point, that the early flowback performance is far superior to any of the previous Selma Chalk wells in the area. Our operations team has done an excellent job of safely managing the stimulations on the three-well pad, and we expect costs to come in-line with AFE estimates."
As at June 7, 2022, the Company is pleased to announce that 5.3 million warrants issued on April 22, 2021 ("2021 Warrants"), representing approximately 31% of outstanding 2021 Warrants, have been exercised for total proceeds of CAD$1.7 million to the Company. There are 11.8 million remaining 2021 Warrants outstanding that expire on April 30, 2023 for total proceeds of CAD$3.8 million to the Company. In addition, as of June 7, 2022, there have been 2,923 conversions of the outstanding 8% convertible unsecured subordinated debentures issued on June 14, 2019 and January 15, 2021 (the "Convertible Debentures") for 3.6 million new common shares, representing approximately 35% of the 8,389 Convertible Debentures issued.
It is noted that the above exercises include additional conversions since the time of the Company's previous total voting rights update on June 1, 2022, amounting to the issue of a further 468,750 new common shares since that time. These new common shares have been admitted to trading on AIM under the block admission announced on May 6, 2022. As of June 7, 2022, following the aforementioned share issues, the Company had a total of 86,903,733 common shares in issue. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.
For further information about Southern, please visit our website at www.southernenergycorp.com or contact:
Ian Atkinson (President and CEO)
Calvin Yau (VP Finance and CFO)
Strand Hanson Limited - Nominated & Financial Adviser
Hannam & Partners - Joint Broker
Canaccord Genuity - Joint Broker
Henry Fitzgerald-O'Connor / James Asensio
James Crothers, Hugo Liddy, Billy Clegg
Southern Energy Corp. is a natural gas exploration and production company. Southern has a primary focus on acquiring and developing conventional natural gas and light oil resources in the southeast Gulf States of Mississippi, Louisiana, and East Texas. Our management team has a long and successful history working together and have created significant shareholder value through accretive acquisitions, optimization of existing oil and natural gas fields and the utilization of re-development strategies utilizing horizontal drilling and multi-staged fracture completion techniques.
Gary McMurren, Vice President Engineering, who has over 22 years of relevant experience in the oil industry and has approved the technical information contained in this announcement. Mr. McMurren is registered as a Profession Engineer with the Association of Professional Engineers and Geoscientists of Alberta and received a Bachelor of Science degree in Chemical Engineering (with distinction) from the University of Alberta.
MCFE Disclosure. Natural gas liquids volumes are recorded in barrels of oil (bbl) and are converted to a thousand cubic feet equivalent (Mcfe) using a ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Natural gas volumes recorded in thousand cubic feet (Mcf) are converted to barrels of oil equivalent (boe) using the ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Mcfe and boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl or a Mcfe conversion ratio of 1 bbl:6 Mcf is based in an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf:1 bbl or a Mcfe conversion ratio of 1 bbl:6 Mcf may be misleading as an indication of value.
Throughout this press release, "crude oil" or "oil" refers to light and medium crude oil product types as defined by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). References to "NGLs" throughout this press release comprise pentane, butane, propane, and ethane, being all NGLs as defined by NI 51-101. References to "natural gas" throughout this press release refers to conventional natural gas as defined by NI 51-101.
References in this press release to production test rates, initial test production rates, and other short‐term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Southern. A pressure transient analysis or well‐test interpretation has not been carried out in respect of all wells. Accordingly, the Company cautions that the test results should be considered to be preliminary.
Abbreviations. Please see below for a list of abbreviations used in this press release.
bbl barrels bbl/d barrels per day boe barrels of oil boe/d barrels of oil per day Mcf thousand cubic feet Mcf/d thousand cubic feet per day Mcfe thousand cubic feet equivalent Mcfe/d thousand cubic feet equivalent per day MMBtu million British thermal units MMBtu/d million British thermal units per day
Forward Looking Statements. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, statements concerning the Company's asset base including the development of the Company's assets, future commodities pricing, expectations regarding the Company's hedging strategy, expectations regarding production from the Company's drilling operations in Gwinville and the timing thereof, ability to achieve production estimates set out herein, future production levels and planned capital expenditures.
The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Southern, including the timing of and success of future drilling, development and completion activities, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Southern's properties, the characteristics of the Company's assets, the successful application of drilling, completion and seismic technology, Southern's ability to secure financing on acceptable terms, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, commodity prices, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the Company's ability to obtain all requisite permits and licences, the availability of capital, labour and services, the creditworthiness of industry partners and the Company's ability to source and complete asset acquisitions.
Although Southern believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Southern can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, regulatory risks, and health, safety and environmental risks), constraint in the availability of services, negative effects of the current COVID-19 pandemic, commodity price and exchange rate fluctuations, geo-political risks, political and economic instability abroad, wars (including Russia's military actions in Ukraine), hostilities, civil insurrections, inflationary risks including potential increases to operating and capital costs, changes in legislation impacting the oil and gas industry, adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Ongoing military actions between Russia and the Ukraine have the potential to threaten the supply of oil and gas from the region. The long-term impacts of the actions between these nations remains uncertain. These and other risks are set out in more detail in Southern's most recent management's discussion and analysis and annual information form.
The forward-looking information contained in this press release is made as of the date hereof and Southern undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
Future Oriented Financial Information. Any financial outlook or future oriented financial information in this press release, as defined by applicable securities legislation, has been approved by management of Southern. Readers are cautioned that any such future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future activities or results.
Neither 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.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.
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TSX Venture Exchange: BSK Frankfurt Stock Exchange: MAL2 OTCQB Venture Market (OTC): BKUCF
Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF) "Blue Sky" or the "Company") announces that due to high investor demand, the Company has increased the private placement amount announced on May 24, 2022 from $1,050,000 to $2,100,000 consisting of 14 million units (the " Units ") at $0.15 per Unit.
Each Unit will consist of one common share and one transferrable common share purchase warrant (a " Warrant "). Each Warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at $0.25 per share for three (3) years from the date of issue.
This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. Directors, officers and employees of the Company may participate in a portion of the financing. A commission may be paid on a portion of the financing. The proceeds of the financing will be used for exploration programs on the Company's projects in Argentina and for general working capital.
About Blue Sky Uranium Corp.
Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina . The Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky has the exclusive right to of properties in two provinces in Argentina . The Company's flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
______________________________________ Nikolaos Cacos , President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company's plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.
SOURCE Blue Sky Uranium Corp.
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Targets Focused Within Shadow of Past-Producing Mine
Meet Management at Prospectors and Developers Association of Canada Convention June 13 - 15
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce that its partner, Metal Energy, has started a phase two 10,000 metre drill program on the Manibridge high-grade nickel project in the Thompson Nickel Belt, Manitoba (Figure 1). Drilling will be focused within the shadow of the past-producing Manibridge Nickel Mine that produced 1.3 million tonnes at an average grade of 2.55% nickel and 0.27% copper from 1971 to 1977.
Figure 1 – Manibridge Property Location To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/2864/126849_0a2cb9844438eb1f_001full.jpg
Thirty-three drill holes, for a total of 10,000 metres, are planned within 600 metres of the past-producing Manibridge high-grade nickel mine. The program will consist of a series of drill fans along 50-metre spaced drill setups designed to characterize the nickel-copper sulphide mineralization and geology of the mineral system.
The planned program will follow up on the results of a recently completed six drillhole program operated by CanAlaska in the spring of 2022 where disseminated and remobilized nickel-copper sulphide mineralization was intersected in all six drillholes. Occurrences of massive and net-textured sulphides were documented in several holes and intense serpentinization alteration of the sulphide-bearing ultramafic host rocks was also noted. A handheld portable Niton XRF confirms the presence of nickel and copper within the sulphide-bearing intervals and assays are pending.
The summer 2022 drilling program is being solely funded by the current operator, Metal Energy Corp., as part of a staged earn-in option agreement. CanAlaska currently holds a 51% interest in the project.
CanAlaska CEO, Cory Belyk, comments, "The phase one drilling program completed this past winter had a 100% success rate intersecting nickel mineralization highlighting the potential of the Manibridge area to host additional significant high-grade nickel. The phase two program is designed to continue to build on this initial success and take this project to the next level of understanding. This work is well-timed in a nickel market that continues to strengthen and build momentum. The Thompson Nickel Belt is a great place to find high-grade sulphide nickel deposits and CanAlaska's shareholders are starting to benefit from our project generator activity in Manitoba. We look forward to the next results from Metal Energy's summer program."
Manibridge encompasses 4,368 hectares and is within the world-class Thompson Nickel Belt. The Project is 20 kilometers southwest of Wabowden, Manitoba, which has significant infrastructure and capacity that has supported previous exploration programs, including year-round highway access via Highway 6.
The Company will be participating in the Prospectors and Developers Association of Canada (PDAC) convention from June 13th - 15th, 2022. Please visit booth 2145 to speak with CanAlaska representatives about our exciting project portfolio and opportunities for Joint Venture development.
CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.
On behalf of the Board of Directors "Peter Dasler" Peter Dasler, M.Sc., P.Geo. President CanAlaska Uranium Ltd.
Cory Belyk, Executive VP and CEO Tel: +1.604.688.3211 x 306 Email: cbelyk@canalaska.com
Peter Dasler, President Tel: +1.604.688.3211 x 138 Email: info@canalaska.com
Neither 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.
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126849
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