Forum Uranium Corp. (TSXV:FDC) announced that Rio Tinto Canada Uranium Corporation has commenced a drill program with two diamond drill rigs at its 40% owned Henday property.
As quoted in the press release:
Henday is strategically located north-east of the Denison/AREVA Midwest Lake deposit and RTCUC’s Roughrider deposit and bordering AREVA/Denison’s McClean Lake uranium mine and mill (see Figure 1). RTCUC is drilling prospective structural, geophysical and geochemical targets identified from work carried out on the Elephant and Epitaph target areas as planned below.
Elephant and Epitaph Target Areas
From historical drilling, depth to the unconformity in the Elephant area is expected to be about 130m. One rig is currently testing the Elephant area with approximately 15 holes planned to be drilled to a depth of 450m. From historical drilling, depth to the unconformity in the Epitaph area is expected to be about 150m. One rig is currently testing the Epitaph area with approximately 5 holes planned to be drilled to a depth of 450m.
RTCUC has earned a 60% interest in Henday and Forum holds a 40% interest. RTCUC has the right to acquire an additional 10% interest in and to Henday by sole funding $20 million in exploration or delivering a Feasibility Study on the Henday property, whichever occurs first. The current drill program is a step towards RTCUC earning their further interest in the project.
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