Uranium Project 176 and Uranium Project ITZA in Nunavut

The Company entered into an Option Agreement dated November 27, 2023 (the “Agreement”) with three optionors (the “Optionors”) to acquire 100% interest in the uranium mineral property, generally known as “Project 176” (claim 103470) and “Project Itza” (claim numbers 103463, 103478 and 103465) located in the Thelon Basin in Nunavut and occupying a total area of 5661.93 hectares (the “Property”).

Project 176: 1708Ha/17km2 – The Opportunity

The significant deposits currently being discovered by Forum Energy Metals are located at the junction of reactivated faults and favourable geology.

The combination of historically defined anomalies and modern exploration techniques provides prime ingredients for discovering a high-grade uranium deposit within the project area.

  • Re-process geophysical data and evaluate with the new geological theory proposed by Jefferson et al (2013).
  • Complete high-resolution VTEM to add resolution to the basement conductors and anomalies identified in 2012.
  •  Extremely high-grade boulders have been discovered on the property, with assays up to 38% U3O8.

Project Itza: 3955ha/39.6 km2 – The Opportunity

Project Itza is located in the Northeastern portion of the Thelon Basin. Itza was identified before the staking rush took place and is within the most prospective region of the Thelon Basin that contains the high-grade U3O8 samples.
  • A 1.27% U3O8 boulder sits within the project and planned drilling in 2007 was never completed.
  • At least three radioactive boulder trains are located, and the source is yet to be tested.
  • Sits at the mapped unconformity between the Thelon Formation and the underlying Amer Lake metasediments.
The intersection of reactivated faults and unconformities is highly prospective for uranium deposits. e.g. Cigar Lake, Key Lake.

Dory Property

The Company entered into the Dory Property Option Agreement dated January 18, 2023 (the “Option Agreement”) with Nicholas Rodway (the “Optionor”) to acquire up to 100% interest in the mineral property, generally known as the “Dory Property” consisting of four (4) mineral claims #1098125, #1098126, #1098127 and #1098419 located 25 km west of Port Alberni in British Columbia. The size of the Dory Property is approximately 1,348 hectares. The Dory Property has potential for copper, zinc and gold.

On June 2, 2023 the Company filed the “NI 43-101 Technical Report on The Dory Property Port Alberni British Columbia Canada” dated March 13, 2023 authored by Derrick Strickland, P. Geo (the “Report”).