Shares of Forum Uranium (TSXV:FDC) were up 10 percent on Wednesday following news that Rio Tinto Exploration (RTX) had discovered new zones of uranium mineralization at the Henday property.
The Henday property is owned 40 percent by Forum and 60 percent by RTX, a subsidiary of Rio Tinto (NYSE:RIO,LSE:RIO). It is located in Saskatchewan’s Athabasca Basin, northeast of Rio Tinto’s Roughrider deposit.
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RTX recently completed a 15 hole 5,340 meter drill program on three target areas at the property, Five out of six holes drilled at the Hollow Lake target intersected significant alteration, with one hole intersecting anomalous uranium mineralization at two discrete 0.3 meter uranium-bearing fractures. Results of exploration work have made the Hollow Lake area a priority target for follow up work. Follow up drilling at the Epitaph and Elephant target areas was also recommended.
“The size and strength of the alteration intersected at the Hollow Lake target suggest that uranium bearing fluids have migrated through significant structures in the area. Further work is required to determine the control of uranium mineralization and the potential areas for where it may have been deposited,” said Forum VP of Exploration, Ken Wheatley, in Wednesday’s release. “We are very pleased with the positive results and quality of work from this first pass drill campaign by our partner on this project.”
See more detailed drill results and cross sections in Forum’s press release here.
Shares of Forum have gained 135 percent so far this year and 175 percent in the past year.
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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Forum Uranium is a client of the Investing News Network.
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