Forum Energy Metals – Capital Raise of $1.25 Million, Tatiggaq Mineralization Is Expanding – Exploration Results Anticipated From The Qavvik, Ned, Ayra, and Loki Targets
Rick Mazur, President and CEO of Forum Energy Metals (TSX.V:FMC – OTCQB:FDCFF), joins me to review the news out to the market today which clarified and expanded upon recent Company news, regarding the capital raise announced on December 16th, 2024, and which also summarized the 2024 drill program which has had 11 holes released thus far, and with 19 more drill holes from multiple targets that are still pending, on the Aberdeen Uranium Project in the Thelon Basin, Nunavut.
The Company is raising $1,250,000 which consists of a combination of shares and flowthrough units. Common shares are being purchased by its strategic investor and insiders for general working capital purposes and for the procurement of longer lead, supplies and services for next year’s drill program. The flow-through units are being purchased by its long-term investor and supporter the Pavillion Resource Fund.
With regards to previous news assays from its 2024 summer exploration program at its Aberdeen Project, which consisted of thirty diamond drill holes covering a total of 6,962 meters; to date, Forum has received 608 geochemical results from the 11 holes at the Tatiggaq Main and West zones. The Tatiggaq Project is located 5 kilometers from Orano's Kiggavik deposit, and 7 of these 11 holes contained mineralization with grades on par with the style of basement-hosted uranium deposits in the Thelon Basin. There are 8 more holes to still release next at the Tatiggaq area, stepping out from the known mineralization.
In addition to those 8 holes still to release from Tatiggaq, there are 11 additional drill holes to report on that tested other highly prospective regional areas, like the Qavvik, Ned, Ayra, and Loki targets. Rick outlines that Qavvik, like Tatiggaq already has a discovery on it, with many historic holes drilled by Cameco, so the holes put in there are expanding on the mineralization. In contrast, the targets like Ned, Ayra, and Loki are new grassroots targets, with multiple data sets defining them as prospective to go after higher-grade unconformity-style mineralization.
We wrap up discussing the partner-funded winter drill campaign on the Northwest Athabasca Joint Venture in the Athabasca Basin, where Forum Energy Metals will be the operator and this will provide even more exploration newsflow during the winter months and into the spring. Then after that the 2025 summer drill program will commence back at the Aberdeen Project, so there will be a steady amount of newsflow next year.
If you have any follow up questions for Rick or the team at Forum Energy Metals, then please email them into me at Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Forum Energy Metals at the time of this recording
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