Global Uranium Corp. / CA37962L1013
30.01.2025 - 14:00:09Global Uranium and Forum Energy Metals Announce Exploration Update on Drill Targeting, Northwest Athabasca Project, Saskatchewan
Global Uranium Corp. / Key word(s): Miscellaneous 30.01.2025 / 14:00 CET/CEST The issuer is solely responsible for the content of this announcement. Reprocessing of historical electromagnetic data has added greater targeting certainty and will help augment a planned winter 2025 drill program on the Northwest Athabasca Project in Saskatchewan’s Athabasca Basin January 30, 2025 Calgary, Alberta — Global Uranium Corp. (CSE: GURN | OTC: GURFF | FRA: Q3J) (the “Company”) and Forum Energy Metals Corp. (TSX.V: FMC; OTCQB: FDCFF) (“Forum”) are pleased to announce the completion of data compilation and reprocessing of historical electromagnetic (EM) geophysical surveys to optimize the upcoming drill program on the Northwest Athabasca (NWA) Project, located on the northwest shore of Lake Athabasca in Saskatchewan, Canada (Figure 1). Diamond drilling and geophysical surveys are planned this winter, pending the completion of ongoing community engagement and final government approvals. Forum Energy Metals is the Operator of the Northwest Athabasca Project. "The integration of historical geophysical datasets and legacy drill results gives us an advantage in identifying areas of high potential," stated Ungad Chadda, CEO of Global Uranium. "We are pleased that the Forum exploration team’s knowledge and experience in Saskatchewan unconformity-style uranium deposits will shape the refined targeting strategy at the NWA Project, positioning us to unlock the site’s full value potential." Rick Mazur, CEO of Forum Energy Metals stated, “Forum’s logistics team is working with local services and contractors to implement the drill program this winter. We are excited to get back to drilling on the project again with Global as our earn-in partner. This is a prolific part of the Athabasca Basin and our last drill campaign in 2013 intersected significant uranium mineralization.” 2025 Data Compilation and Drill Targeting The Northwest Athabasca Project has undergone exploration since the 1970s so there is an enormous database of geological work that has been completed historically (ground sampling, geophysical surveys and diamond drilling). Forum has been compiling all the historical data into its database including Forum’s past exploration from 2010 to 2014. The main targets planned for drilling in 2025 include the Andy, Zone 2A, Opie, Gomer and Spring Bay areas (Figure 2). Drill targets are selected using a combination of following up known uranium showings, ground and airborne EM conductors, magnetic signatures and gravity anomalies. The Maurice Bay uranium showing, which is within the Northwest Athabasca Project is associated with east-southeast-trending faults with significant normal fault displacement. Forum Energy Metals is working with Convolutions Geoscience based out of Vancouver, British Columbia to investigate and reprocess the historical ground HLEM (Horizontal Loop Electromagnetic) and airborne VTEM (Versatile Time Domain Electromagnetic) data that were originally collected by Cameco Corporation in 2005 and 2006. In the Griffith’s Creek area (Andy, Zone 2A, Opie target areas), several HLEM and VTEM conductors were identified. Convolutions Geoscience has re-analyzed the historical data and provided recommendations on the orientation and strength of the conductors to help augment the targeting of the potential conductive zones (Figure 3). The Northwest Athabasca Project The Northwest Athabasca Project is located along the northwest shore of Lake Athabasca on the margin of the Athabasca Basin 1,000 km north-northwest of Saskatoon. The western margin of the property is situated along the Alberta – Saskatchewan provincial border and the closest community is Uranium City, which is 75 km west of the project. The project consists of 11 continuous mineral claims covering 13,876 ha. Exploration began on the Northwest Athabasca Project in the 1970s after the discovery of uraniferous boulders of Athabasca Group sandstone near Fiddler Point. Diamond drilling at the inferred apex of one of the boulder fans led to the discovery of unconformity uranium mineralization near Maurice Bay in 1976 by Uranerz Exploration and Mining Ltd. A non-43-101 historical resource estimate was documented at 1.5 million lbs at 0.6% U3O8 for the Maurice Bay Showing1. The historical resource estimate, however, was not prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). While the Company believes the historical estimate to be relevant given the extensive exploration work completed by Uranerz, a qualified person has not completed sufficient work to verify and classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral. As such, the historical estimate should not be relied upon. Uranium mineralization is hosted in 3 zones, (Main, A, and B) and the Main Zone mineralization is associated with an east-southeast-trending fault system with approximately 30 m of normal-fault offset (south side down). The A and B zones are situated north of the main zone within the basement rocks along reactivated normal faults and cross-cutting northeast-trending faults. Numerous showings hosting modest to significant uranium mineralization have been identified on the project including the Zone 2A area, which intersected basement-hosted mineralization grading 5.69% over 8.5 m from drill hole Z2A-12 (Uranerz). Other areas of interest include Opie (0.14% U3O8 over 7.6 m), Maurice Creek Showing (5 to 30 ppm U in sandstone), F-Subcropping (270 ppm U in sandstone), Ness Bay (100 to 2000 ppm U), Barney (2.33% U3O8 over 0.1 m), Otis West (up to 6,250 ppm U), and Spring Bay (untraced uraniferous boulder field; 0.05% U3O8 over 3 m in sandstone – drill hole NWA-001). 1Lehnert-Thiel, K., and Kretschmar, W., 1979, The discovery of the Maurice Bay uranium deposit and exploration case history (abs.): Canadian Institute of Mining and Metallurgy District 4, Fourth Annual Meeting, Winnipeg, 1979, unpublished manuscript, 3 p. 30.01.2025 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
Language: | English |
Company: | Global Uranium Corp. |
1309 7th Street SW | |
T2R 1A5 Calgary | |
Germany | |
Internet: | globaluranium.com |
ISIN: | CA37962L1013 |
EQS News ID: | 2077385 |
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