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Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to announce that geochemical assays have confirmed the massive Ni-sulphides intersected in the discovery holes of the Jumping Jack Ni-sulphide zone (Figure 1), diamond drill holes TED37 and TED38 (Figures 2 and 3), within the Company’s 100% owned Dusty Nickel Project (Figures 3 and 4).
HIGHLIGHTS
- Geochemical assays have confirmed massive nickel (Ni) sulphides were intersected in Jumping Jack discovery drill holes TED 37 and TED 39
- Geochemical assays confirm:
- Diamond drill hole TED37 intersected 3.45m of massive Ni-sulphide grading 1.42% Ni, 0.19% copper (Cu) and 0.76 g/t platinum (Pt) and Palladium (Pd) from 240.1m downhole including:
- 1.45m of massive Ni-sulphides grading 2.2% Ni, 0.36% Cu and 1.27 g/t Pt+Pd from 242.2m downhole
- Diamond drill hole TED38 intersected 2.44m of massive Ni-sulphide grading 1.16% Ni, 0.2% Cu and 0.77 g/t Pt+Pd from 231.65m downhole
- Diamond drill hole TED37 intersected 3.45m of massive Ni-sulphide grading 1.42% Ni, 0.19% copper (Cu) and 0.76 g/t platinum (Pt) and Palladium (Pd) from 240.1m downhole including:
- Jumping Jack is one of four (4) massive and semi-massive Ni-sulphide discoveries at Toro’s 100% owned Dusty Nickel Project, located in the Yandal Greenstone Belt, some 50km east of the world class Mt Keith Nickel Deposit
- Together the four Dusty Ni-sulphide discoveries – Jumping Jack, Dimma, Houli Dooley and Dusty – are the first Komatiite hosted massive Ni-sulphides to be discovered in the region and remain open at depth
- Follows recent exploration success that confirmed nickel sulphide mineralisation at the Dimma discovery extends to 160m down-dip and remains open at depthOnly ~4.5km of the 7.5km long Dusty Komatiite magnetic trend has been tested to date and Toro has already discovered four (4) zones of massive or semi-massive Ni-sulphide
The Dusty Nickel Project (‘the Project’) is located in the Yandal Greenstone Belt, 50km east of the world class Mt Keith Nickel Deposit (Figure 4).
Figure 1: Section of massive nickel sulphide intersected in TED37. See text for further details.
Analysis of returned geochemical assays of drill core samples from diamond drill holes TED37 and TED38, the discovery holes of the Jumping Jack Ni-sulphide zone, confirm that massive Ni-sulphides were intersected over 3.45m from 240.2m downhole in TED37 and over 2.44m from 231.6m downhole in TED38.
The average geochemical grades of the massive sulphide zones were found to be:
TED37
- 3.45m at 1.42% Ni, 0.19% Cu, 0.76 g/t Pt+Pd from 240.2m downhole inc.
- 1.45m at 2.2% Ni, 0.36% Cu, 1.27 g/t Pt+Pd from 242.2m downhole.
TED38
- 2.44m at 1.16% Ni, 0.2% Cu, 0.77 g/t Pt+Pd from 231.6m downhole.
Figure 2: East-West Cross-section (looking north) of the Jumping Jack discovery holes, diamond drill holes TED37 and TED38, along with the average geochemistry for Ni, Cu and Pt+Pd for the massive sulphide intervals. See text for further details.
The Jumping Jack massive Ni-sulphides are the third of four zones of massive to semi-massive Ni-sulphide so far discovered along the Dusty Komatiite. Semi-massive Ni-sulphides were intersected at Houli Dooley, approximately 400m to the NNW of Jumping Jack, massive Ni-sulphides were intersected at Dimma, approximately 400m to the SSE of Jumping Jack and massive Ni-sulphides were intersected at Dusty, the first discovery of massive Ni-sulphides on the Project some 400m to the NNW of Houli Dooley.
As previously announced the massive Ni-sulphide intersections at Jumping Jack are associated with the base of the Dusty Komatiite, or in this case, structurally offset slightly and located at and just beneath the base contact with the underlying footwall metasediments. This is the same stratigraphic association as the other four massive Ni-sulphide zones so far discovered along the Dusty Komatiite.
The Dusty discoveries are the first massive Ni-sulphide to be discovered in the area, proving that ultramafics in the Yandal Greenstone Belt are underexplored and a genuine Ni-sulphide exploration target. Toro have at least two airborne magnetic anomalies identified to be komatiite by drilling that have yet to be adequately tested along strike or at depth, the Dusty Komatiite and the komatiite associated with the Yandal One Prospect some 20km to the south (Figure 4). Together, these two known komatiites represent some 14km total strike length of target geology for massive Ni-sulphide. Only some 4km of the 7.5km long Dusty Komatiite has so far undergone limited drill testing and to date all four Dusty Ni-sulphide discoveries remain open at depth.
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Toro Energy
Overview
Countries worldwide are working towards decarbonization and paying more attention to clean energy sources. About 10 percent of the world's electricity is produced from 440 power reactors, and more countries like Japan, Germany, the UK and the US are revitalizing their nuclear energy capacities to reduce fossil fuel production while improving energy security.
Australia produces 12 percent of the world’s uranium, behind Canada (13 percent) and Kazakhstan (43 percent). It is also home to the Wiluna uranium project, a well-established uranium resource, which is also the flagship asset of Toro Energy (ASX:TOE), a uranium exploration and development mining company that actively seeks to uncover value from other commodities in its existing highly prospective project ground.
Toro holds JORC-compliant uranium resources of 90.9 million pounds (Mlbs) uranium oxide (U3O8), at a 200 parts per million (ppm) U3O8 cut-off, across its Western Australia uranium projects, of which 84 Mlbs are proximally located within the northern goldfields region.
The 100-percent-owned Wiluna uranium project includes four key deposits – Lake Maitland, Centipede, Millipede and Lake Way – and offers significant uranium exposure of 52 million tons (Mt) @ 548 ppm for 62.7 Mlbs U3O8, at 200 ppm cut-off (JORC 2012). It is located only 30 kilometers southwest of Wiluna in Central Western Australia.
The Wiluna uranium project has received state and federal approval (subject to required amendments) and has been granted mining leases.
Considerable research over recent years has identified processing redesign opportunities from unique geological attributes within the uranium deposits, but particularly at Lake Maitland, as well as the ability to extract the inherent vanadium held within the uranium ‘ore’ for a vanadium by-product. Within the uranium mineralization envelope, the Wiluna project is estimated to contain 68.3 Mlbs of vanadium oxide (V2O5), inferred at 200 ppm V2O5 cut-off (JORC 2012).
The unique geology of the Lake Maitland deposit and the processing redesign have allowed for a mining and processing option exclusively for Lake Maitland, that could be economic on its own or be the economic spearhead of a longer-term, larger Wiluna mining operation (dependent on market conditions and approvals). The stand-alone Lake Maitland option, aided by the economic efficiency of the new processing design, results in a transformational potential increase in production from the Lake Maitland deposit.
The scoping study for the stand-alone Lake Maitland uranium-vanadium operation option shows potential for exceptional financial returns with a pre-tax NPV of AU$610 million, a short payback period of 2.5 years, 41 percent internal rate of return, and low capital operating cost estimates (assuming an AU$/US$ exchange rate of 0.7 and US$70/lb U3O8 price and US$5.67/lb V2O5 price) after producing 22.8 Mlbs of U3O8 and 11.9 Mlbs of V2O5.
The Lake Maitland pit optimisation successfully increased potential production by 8Mlbs U3O8 and 11.9Mlbs V2O5 based on these assumptions.
The design phase of Toro Energy’s beneficiation and hydrometallurgical pilot plant is on track and in line with plans to begin operations in the second half of 2024. The pilot plant will test the improved beneficiation and hydrometallurgical circuit developed by Toro from bench scale research at a closer-to-production scale and as single streams. It will also test potential ore from the three uranium-vanadium deposits that Toro believes will make up an extended Lake Maitland operation – these include Lake Maitland, Lake Way and Centipede-Millipede.
The company will commence a large sonic core drill program to provide bulk, but targeted potential ore, for the upcoming pilot plant program.
Toro Energy has also recently initiated a refresh and update of its Lake Maitland scoping study using the latest, more favourable commodity pricing and exchange rate guidance.
The Lake Maitland deposit is part of a joint venture partnership with two reputable Japanese corporations, Japan Australia Uranium Resource Development. (JAURD) and Itochu.
Toro has been actively evaluating the prospectivity of its Wiluna asset portfolio for minerals other than uranium, including nickel and gold.
Toro’s Dusty nickel project is located on the northern, eastern and southern shores of Lake Maitland and the Lake Maitland uranium deposit and is focused on two main target areas: Dusty and Yandal One. These properties will be the subject of a proposed demerger, following Toro’s recent strategic review of its non-core assets and future plans to solely focus on its uranium development opportunities and its flagship Wiluna project.
Toro Energy’s management team and board of directors have extensive experience in the mining industry, with combined expertise that includes working at major mining houses, exploration companies, uranium mining operations, corporate financing and government and community relations.
Company Highlights
- Toro Energy is a well-established Western Australian uranium exploration and development company that actively seeks to uncover value from other commodities in existing highly prospective ground.
- Toro holds JORC-compliant uranium resources of 90.9 Mlbs U3O8 across its Western Australia uranium projects, of which 84 Mlbs is proximally located within the northern goldfields.
- Toro’s 100-percent-owned flagship Wiluna uranium project, located 30 kilometers southwest of Wiluna in Central Western Australia, contains 62.7 Mlbs of U3O8 at an average grade of 548 ppm over four deposits: Lake Maitland, Centipede, Millipede and Lake Way.
- The company has defined a significant maiden inferred vanadium resource of 68.3 Mlbs of V2O5 inside the uranium mineralisation envelope.
- Scoping Study completed for a stand-alone Lake Maitland Uranium-Vanadium operation shows potential for exceptional financial returns.
- In addition to its flagship uranium project, Toro’s strategic evaluation of the Lake Maitland tenure has resulted in the discovery of massive nickel sulphide and vein-hosted gold, which include the Dusty Nickel Project and the Yandal Gold Project.
- Following a recent strategic review, Toro is considering to solely focus on its uranium development opportunities and demerge its portfolio of non-core projects, including the nickel, gold and base metal assets in Western Australia.
- The company is led by a management team and board of directors with direct experience in the uranium exploration and mining as well as base metal exploration industry.
Key Projects
Wiluna Uranium Project
Toro Energy’s flagship asset is located only 30 kilometers from the town of Wiluna in the northern goldfields region within central Western Australia. The Wiluna project contains 62.7 Mlbs of U3O8 (at a 200 ppm U3O8 cut-off) over four deposits: Centipede, Millipede, Lake Way and Lake Maitland. The asset has been de-risked and optimized to improve yield and has successfully incorporated the processing of a vanadium resource as a by-product. A scoping study was completed for a stand-alone Lake Maitland uranium-vanadium operation.
Project Highlights:
- De-risked Uranium Project: Toro Energy has de-risked the Wiluna uranium asset by:
- Obtaining state and federal environmental approvals. Retrospective amendment to substantial commencement date condition will be required as well as amendment to mining proposal required as a result of further studies which significantly enhanced the project (refer below)
- Securing mining leases
- Identifying a simple yet effective mining process
- Drilling out the uranium resources so that the project’s JORC 2012-compliant 52 Mt at 548 ppm for 62.7 Mlbs of U3O8 (at a 200 ppm U3O8 cut-off) have a 96.3 percent measured and indicated status (JORC 2012)
- Extensive laboratory testing of a new and efficient beneficiation and processing technique inclusive of the extraction of vanadium for a valuable by-product.
- Uranium Exploration assets: Toro also owns 100 percent of three other exploration projects in Western Australia that have a total uranium resource of 28.2 Mlbs at Nowthanna, Dawson Hinkler and Theseus.
- Lake Maitland Pit Expansion: A 2022 pit expansion campaign, based on the new beneficiation and processing flow sheet and a stand-alone Lake Maitland mining operation, increased the potential of uranium ore and the asset by US$608 million in potential gross product value.
- Scoping study at proposed Lake Maitland Uranium-Vanadium Operation: Conducted by mining engineers at SRK Consulting Australasia, and metallurgical and processing engineers at Strategic Metallurgy, the scoping study results highlight the project’s potential for robust financial returns (assumes a US$70/lb U3O8, US$5.67/lb V2O5 price and a US$: AU$0.70 exchange rate).
- Scoping Study Financial Metrics Refresh: A refresh of the scoping study is underway to incorporate current financial metrics and improved uranium pricing.
- Further Expansion of Scoping Study: to incorporate amenable ore from Toro’s Lake Way and Centipede-Millipede uranium deposits into the proposed processing operation at Lake Maitland.
- Expanded Resource at Lake Way and Centipede-Millipede deposits: Expansion of the stated U3O8 and V2O5 resources at both the Centipede-Millipede and Lake Way uranium-vanadium deposits was conducted by reducing the stated U3O8 and V2O5 resource cut-off grades to 100 ppm (from 200 ppm):
- The stated Centipede-Millipede U3O8 resource expands by 25 percent or 5.98 Mlbs to 29.95 Mlbs contained U3O8, with a reduction in average grade to 351 ppm U3O8.
- The stated Lake Way U3O8 resource expands by 15 percent or 1.79 Mlbs to 14.12 Mlbs contained U3O8, with a reduction in average grade to 406 ppm U3O8.
- The stated Centipede-Millipede V2O5 resource expands by 17 percent or 6.6 Mlbs to 45.2 Mlbs contained V2O5, with a reduction in average grade to 281 ppm V2O5.
- The stated Lake Way V2O5 resource expands by 9.5 percent or 1.1 Mlbs to 12.7 Mlbs contained V2O5, with a reduction in average grade to 307 ppm V2O5.
- The Lake Maitland deposit will be re-estimated to better define the resource at the new cut-off grade before restating the resource and re-calculating the total Wiluna Project resources at the new cut-off grades of 100ppm.
- Pilot Plant Design Commissioned: A detailed pilot plant design is being undertaken to further assess the new processing flowsheet for Lake Maitland at a closer to ‘operational’ scale. The pilot plant design is on track incorporating all aspects of both uranium and vanadium production. A sonic core drilling program will commence to deliver potential ore to the pilot plant currently in design for Wiluna.
- Robust Local Infrastructure: The assets are within an established mining center, which means much of the required infrastructure is readily available. The project has access to power and water, which reduces initial development costs.
- Joint Venture Partnership: Toro Energy has entered into a joint venture partnership with JAURD and Itochu for its Lake Maitland deposit. Both corporations have the right, but not the obligation, to earn a combined 35 percent interest in the project upon contributing US$39.6 million, and an additional proportionate share of expenditure thereafter, once a positive final investment decision has been made based on a definitive feasibility study.
The Dusty Nickel Project – Discoveries of Massive Nickel Sulphide
Toro’s Lake Maitland tenure is located in the Yandal Greenstone Belt within the Yilgarn Craton of Western Australia, a gold district within a world-class gold and nickel province. With little exploration for non-uranium minerals ever conducted on the properties, Toro considers the project area highly prospective for nickel, gold and base metals.
In 2020, Toro made a blind discovery of massive and semi-massive nickel sulphides associated with the base of a 7.5-kilometer unbroken length of previously unknown komatiite (Dusty komatiite) – arguably the first massive nickel sulphides discovered in the Yandal Greenstone Belt, which is located 50 kilometers east of the world-class Mt. Keith nickel deposit. The Dusty nickel project is located near the Lake Maitland uranium deposit and contains two key target areas: Dusty and Yandal One.
Continued exploration and diamond drilling on the project has resulted in four discoveries of massive/semi-massive nickel sulphide zones to date with only 4.5 kilometers tested so far at a single depth along a 7.5-kilometer komatiite magnetic trend. Only limited testing for massive nickel sulphides has been undertaken to date of an approximately 15-kilometer strike length of known komatite - ultramafic target rock. With such limited drilling on the Lake Maitland tenure, it is yet to be known whether other similar magnetic anomalies are also komatiite-ultramafic rock and how much more rock is prospective for massive nickel sulphides on Toro’s 100-percent-owned Dusty nickel project.
Project Highlights:
- Four zones of massive nickel sulphide discovered: Toro has discovered four zones of massive and semi-massive nickel sulphides: Dusty, Houli Dooley, Jumping Jack and Dimma. Significant diamond drill results from these discoveries to date include:
- DUSTY
- 9 meters at 2.07 percent nickel from 250.9 meters downhole (TED07) including:
- 2.0 meter at 4.01 percent nickel from 250.9 meters downhole; and
- 2.0 meters at 3.85 percent nickel from 255.5 meters downhole.
- 2.6 meters at 3.45 percent nickel from 184.5 meters downhole (TED04).
- 7.2 meters at 1.05 percent nickel and 0.26 percent copper from 252 meters downhole (TED22).
- 9 meters at 2.07 percent nickel from 250.9 meters downhole (TED07) including:
- HOULI DOOLEY
- 3.05 meters at 1.59 percent nickel from 297.75 meters downhole (TED14).
- JUMPING JACK
- 3.45 meters at 1.42 percent nickel from 240.2 meters downhole (TED37).
- 2.44 meters at 1.16 percent nickel from 231.6 meters downhole (TED38).
- DIMMA
- 4.31 meters at 1.16 percent Ni from 243.3 meters downhole (TED41).
- 3.13 meters at 1.42 percent Ni from 314 meters downhole (TED42).
- 4.6 meters at 1.61 percent Ni from 194.2 meters downhole, including 3m at 1.09 percent Ni from 166 meters downhole (TED54).
- 2.1 meters at 1.83 percent Ni from 147.1 meters downhole (TED55).
- DUSTY
- Yandal OneTarget Area: The Yandal One Target Area is located some 17 kilometers south of the Dusty discoveries and with limited drilling, Toro has proven the existence of another komatiite with the potential to host massive nickel sulphide.
Toro Yandal Gold Project
The Lake Maitland tenure is located only 20 kilometers northeast of the world-class Bronzewing and Mt McClure gold mines within the same Greenstone Belt, the Yandal, within one of the most famous gold provinces in the world, the Yilgarn Craton.
Early exploration by Toro at the Golden Ways target area in the north of the project has uncovered surface rock chip samples of up to 70 g/t gold and significant drilling results, including:
- 5 meters at 4.4 g/t from 22 meters (TERC24)
- Including 2 meters at 9.93 g/t from 22 meters
- 4 meters at 3.3 g/t from 28 meters (TERC25)
- Including 1 meter at 10.9 g/t from 28 meters
- 2 meters at 3.79 g/t from 10 meters (TERC38)
- Including 1 meters at 7.33 g/t from 10 meters
- 3 meters at 1.41 g/t from 9 meters (TERC36)
- Including 1 meters at 2.76 g/t from 10 meters
Management Team
Richard Homsany - Executive Chairman
Richard Homsany has extensive experience in the resources industry, having been the executive vice-president for Australia of TSX-listed Mega Uranium since April 2010. He has worked for North Ltd, an ASX top 50-listed internationally diversified resources company in operations, risk management and corporate, before its takeover by Rio Tinto.
Homsany is an experienced corporate lawyer and certified practicing accountant (CPA) advising numerous clients in the energy and resources sector, including publicly listed companies. He was corporate partner at international law firm DLA Phillips Fox (now DLA Piper), where he advised clients on a range of transactions and matters including capital raising, IPOs, stock exchange listing, mergers and acquisitions, finance, joint ventures, divestments and governance.
He is a fellow of the Financial Services Institute of Australasia (FINSIA) and a member of the Australian Institute of Company Directors. He has a commerce degree and honors degree in law from the University of Western Australia, and a graduate diploma in finance and investment from FINSIA (State Dux).
Homsany has significant board experience with publicly listed companies in Australia and Canada. He is the chairman of ASX-listed copper explorer Redstone Resources. and TSXV-listed iron ore and gold explorer Central Iron Ore Limited. Homsany is currently the chairman of the Health Insurance Fund of Australia Limited.
Michel Marier - Non-executive Director
Michel Marier joined Sentient in 2009 as an investment manager. Before joining Sentient, Marier worked eight years in the private equity division of la Caisse de dépôt et placement du Québec. Marier holds a master’s degree in finance from HEC Montreal and is a CFA charter holder.
Richard Patricio - Non-executive Director
Richard Patricio is the CEO and president of Mega Uranium, a uranium-focused investment and development company with assets in Canada and Australia.
In addition to his legal and corporate experience, Patricio has built a number of mining companies with global operations. He holds senior officer and director positions in several junior mining companies listed on the TSX, TSX Venture, AIM and NASDAQ exchanges. He is currently also a director of NexGen Energy (TSE:NXE, Mkt Cap. C$2.7 billion). He previously practiced law at a top-tier law firm in Toronto and worked as an in-house general counsel for a senior TSX-listed company. He received his law degree from Osgoode Hall and was called to the Ontario bar in 2000.
Katherine Garvey - Legal Counsel and Company Secretary
Katherine Garvey is a corporate lawyer who has significant experience in the resources sector. Garvey advises public (both listed and unlisted) and proprietary companies on a variety of corporate and commercial matters including capital raising, finance, acquisitions and disposals, Corporations Act and ASX Listing Rule compliance, corporate governance and company secretarial issues. She has extensive experience drafting and negotiating various corporate and commercial agreements including farm-in agreements, joint ventures, shareholders’ agreements, and business and share sale and purchase agreements.
Garvey is a senior associate at Cardinals Lawyers and Consultants, a corporate and resources law firm in West Perth, and company secretary of the Health Insurance Fund of Australia Limited. Garvey is also legal counsel (Australia) to TSX-listed Mega Uranium, and company secretary to TSXV-listed Central Iron Ore.
Dr. Greg Shirtliff – Geology Manager
Dr. Greg Shirtliff has over 20 years of experience in industry-related geology and geochemistry, including a PhD in mine-related geology and geochemistry from the Australian National University. Since his studies, Dr Shirtliff has spent over 17 years in various roles in the mining and exploration industry ranging from environmental, mine geology, resource development, exploration and management roles in exploration and technical projects inclusive of engineering and metallurgical. His roles have included a number of years at ERA-Rio Tinto’s Ranger Uranium Mine, as the senior geoscientist for Cameco Australasia and more recently as the lead geologist and technical manager for Toro Energy, where he is the exploration and technical lead responsible for increasing the viability of the company’s uranium and mineral resources, developing and directing the company’s uranium and non-uranium exploration strategy, aiding the company technically through EPA approval for a uranium mine, and guiding the engineering and metallurgical through to scoping level economic assessment.
Dr Shirtliff has had recent exploration success at Toro Energy, discovering multiple zones of massive nickel sulphide mineralization along the Dusty Komatiite, arguably the first massive nickel sulphide mineralization discovered in the Yandal Greenstone Belt in Western Australia.
Dr Shirtliff holds directorships on privately owned consultancy and prospecting companies and is a long-standing member of the Australian Institute of Mining and Metallurgy and the internationally recognized Society of Economic Geologists.
Marc Boudames - Financial Controller
Marc Boudames is experienced in statutory financial reporting, taxation, ERP systems, business analytics, corporate transactions, due diligence, mergers & acquisitions, finance, joint ventures and divestments. He previously worked at RSM Bird Cameron, as general manager –finance & administration for ASX-listed Redport Ltd and Mega Uranium (Australia), a Canadian TSX-listed mining and equity investment company focused on global uranium properties and multi-mineral exploration. He has worked for multiple companies across various industries, including listed and public companies associated with the mining and oil and gas sectors, such as WesTrac, CB&I and Spotless Group.
Forum Energy Metals
Overview
Forum Energy Metals (TSXV: FMC, OTCQB: FDCFF) is an established uranium explorer searching for high-grade deposits in Saskatchewan’s Athabasca Basin and Nunavut’s Thelon Basin. In 2024, the company’s primary focus will be to continue exploring the Aberdeen project in Nunavut, where successful drilling confirmed and expanded high-grade uranium mineralization over significant widths. Nunavut’s underexplored Thelon Basin may be the most prospective region for discovering new, high-grade uranium deposits outside Saskatchewan. With a strong local and regional presence in Saskatchewan, Forum took advantage of weak metals markets to broaden its commodity exposure by adding a diverse portfolio of energy metals exploration projects in the copper, cobalt and nickel space.
Company Highlights
Saskatchewan (Athabasca Basin) and Nunavut (Thelon Basin) Uranium Projects
- Aberdeen Uranium Project (Thelon Basin-Nunavut): Athabasca Basin 2.0?
The Thelon Basin may be the most prospective region in the world for discovering new high-grade uranium deposits outside Saskatchewan’s Athabasca Basin. Both basins exhibit similar geological characteristics.
Forum’s Aberdeen Maiden Drill Program Intersects High-grade Uranium
- Between July and August 2023, Forum completed five drill holes totalling 991 meters. The program successfully expanded shallow high-grade uranium mineralization at the primary Tatiggaq Main and West Zones, and confirmed the team’s understanding of the controls of mineralization. Hole TAT23-002 intersected 2.25 percent U3O8 over 11.1 meters at a depth of 148.5 meters in the Main Zone and Hole TAT23-003, a 200-meter step-out to the southwest of the West Zone intersected 0.40 percent U3O8 over 12.8 meters at a depth of 136.8 meters.
- Subsequent to receiving these assay results, Forum completed a $10.4-million brokered private placement, which will enable the company to follow-up with a major 10,000-meter drill program scheduled for the summer of 2024. Drilling will focus on expanding uranium mineralization along strike and at depth. To date, only 200 meters of this 1.5-kilometer-long anomaly has been drill tested.
- Wollaston Uranium: Forum: 100 percent – Located in eastern Athabasca Basin. Limited drilling in 2023 identified elevated uranium and boron values on several geophysical targets on this large property, well located close to the Orano/Denison McClean Lake mill. Forum is reviewing data from its magnetic/electromagnetic survey to plan the next exploration steps.
- Highrock Uranium: Forum: 80 percent, Sassy Gold 20 percent – On trend with Cameco’s past-producing Key Lake Mine.
- Fir Island: Forum: 49 percent, Orano Canada: 51 percent (operator) – Located on the northeastern edge of the Athabasca Basin. Forum is waiting on further exploration plans following Orano’s data review from an extensive resistivity survey.
- Northwest Athabasca Joint Venture: Forum: 39.5 percent, NexGen: 28 percent, Cameco: 20 percent, Orano:12.5 percent – Future winter drilling subject to agreement among the partners. The project hosts the historical 1.5-million-lb Maurice Bay deposit grading 0.6 percent uranium oxide to a depth of 50 meters (Not NI 43-101 compliant. Sufficient exploration work has not been completed to verify and classify as a current mineral resource, but the estimate is considered relevant and reliable due to extensive exploration work completed by previous operators and sourced from Saskatchewan Industry & Resources Miscellaneous Reports 2003-07).
- Maurice Point: Forum: 100 percent
- Grease River: Forum: 100 percent (Traction Uranium earn-in option) – Forum and Traction recently completed airborne magnetic, electromagnetic (EM) and radiometric surveys over the entire project area to aid structural mapping and help define drill targets. Analysis of the EM data has outlined prospective targets along several conductive trends in the East claim block north of the Grease River shear zone.
- Henday: UEC: 60 percent, Forum: 40 percent – Strategically located along the Midwest/Roughrider trend.
- Costigan: Forum: 100 percent – On trend with Cameco’s past-producing Key Lake mine.
- Clearwater: Forum: 75 percent, Vanadian: 25 percent – Located in the Patterson Lake Corridor, Western Athabasca Basin
Key Projects
Nunavut Uranium Project (Thelon Basin)
Nunavut Uranium: Forum’s Aberdeen project claims comprise ground formerly held by Cameco with discoveries made at Tatiggaq, Qavvik and Ayra. The claims surround Orano’s mining lease, which hosts the Kiggavik uranium deposit.
Previously explored by Cameco between 2005 and 2012, this prospective ground hosts two uranium discoveries made by former Cameco geologist Dr. Rebecca Hunter, who now leads Forum’s team as VP exploration.
Cameco abandoned the claims due to the decade-long period of low uranium prices during the post-Fukushima period, which were later acquired by Forum. Renamed the Aberdeen project, Forum’s claims surround Orano Canada-Denison-UEC’s 133-million-lb Kiggavik uranium deposit.
Dr. Rebecca Hunter spotting drill hole locations. As Forum’s VP exploration, Hunter is managing the Aberdeen uranium exploration project.
Cameco completed 36,000 meters of drilling in 135 drill holes. After reviewing Cameco’s data, Forum’s technical team determined the Tatiggaq deposit to be the primary exploration target. Tatiggaq is found within a large gravity anomaly that remains open along strike for 1.5 kilometers and at depth. Previous drilling by Cameco identified results as high as 2.69 percent U3O8 over 7.9 meters, including 24.8 percent U3O8 over 0.4 meters at a depth of approximately 200 meters.
Examining drill core in the field at the Nunavut camp, August 2023
Forum’s maiden drill program, completed in August 2023, successfully confirmed and expanded high-grade uranium mineralization at the Tatiggaq and West Zones. At Tatiggaq, drilling intersected high-grade near-surface uranium mineralization with TAT23-002 (Main Zone) intersecting 2.25 percent U3O8 over 11.1 meters, while TAT23-003 a 200-meter step-out at the West Zone) intersected 0.40 percent U3O8 over 12.8 meters.
Results from the Ned anomaly, one of over 20 high-grade unconformity-type targets, identified elevated uranium, boron, silver and nickel.
Forum’s Summer 2023 maiden drilling focused on the primary Tatiggaq deposit. Forum has since established new drill targets over a more than one kilometer east-northeast extension along the Tatiggaq fault zone following the processing of geophysical data from its recent ambient noise tomography survey. An extensive 10,000-meter summer 2024 drilling program has been announced.
Wollaston Uranium Project
The property is located within 10 kilometers of Cameco’s Rabbit Lake uranium mill and 30 kilometers of Orano/Denison’s McClean Lake uranium mill. Its successful winter 2022 drilling program discovered anomalous uranium in all four holes at the Gizmo target. Forum recently received results of an airborne electromagnetic (EM) and magnetic survey to augment structural interpretations and precisely locate the EM conductors. The following maps show these results and identify new target areas for diamond drilling.
New Gravity Trends and Future Target Areas
Energy Metals Projects
- Janice Lake Copper (Forum 100 percent): Former partner Rio Tinto spent $14 million in exploration expenditures to earn a 51 percent interest in the project. As of November 2023, Forum revised and completed the acquisition of Rio Tinto’s interest in the project giving Forum 100 percent interest.
- Love Lake Nickel-Copper-PGM Project (Forum 100 percent): Strategically positioned near Forum’s Janice Lake copper project.
- Still Nickel-Copper-Cobalt Project (Forum 100 percent): The 11,411-hectare property surrounds the historic Howard Lake nickel-copper-cobalt deposit located 35 kilometers northwest of La Ronge Saskatchewan. Forum has completed a prospecting and geochemical sampling program, and in Q3 2023, completed electromagnetic and magnetic surveys.
- Fisher Copper Claims (Forum 100 percent): The Fisher property is located 40 kilometers west of Pelican Narrows, Saskatchewan. The property hosts a stratabound, volcanogenic massive sulphide deposit with a historical estimate of 650,000 tons grading 0.5 percent copper and 3 percent zinc (Not NI 43-101 compliant. Sufficient exploration work has not been completed to verify and classify as a current mineral resource, but the estimate is considered relevant and reliable due to extensive exploration work completed by previous operators). Forum’s geological team has identified further targets and completed a prospecting and sampling program.
- Quartz Gulch Cobalt, Idaho, USA (Forum 100 percent): On trend with Jervois Mining’s Idaho Cobalt Project, the only permitted cobalt mine in North America.
Forum’s uranium and energy metal projects in northern Saskatchewan
Management & Advisory Team Members
Richard J. Mazur - President, CEO and Director
Richard Mazur is an executive and geoscientist with over 45 years of Canadian and international experience in the exploration and mining industry as a project geologist, financial analyst and senior executive on uranium, gold, diamonds, base metals and industrial minerals projects. Rick founded Forum in 2004. He is also a director of Big Ridge Gold, Impact Silver and Midnight Sun Mining. Mazur graduated with a B.Sc. in geology from the University of Toronto in 1975 and obtained an MBA from Queen’s University in 1985.
Dr. Rebecca Hunter - Vice-President Exploration
Dr. Rebecca Hunter has over 15 years of experience as a uranium exploration geologist in Saskatchewan and Nunavut. As a project geologist for Cameco from 2005 to 2016, Hunter led the Turaqvik-Aberdeen exploration project, where the high-grade Tatiggaq and Qavvik uranium deposits were discovered nearby to the west of Orano’s (formerly AREVA) Kiggavik uranium project in Nunavut. Hunter completed her PhD at Laurentian University, which focused on the litho-geochemistry, structural geology and uranium mineralization systems of the Tatiggaq-Qavvik uranium trend in the Thelon Basin. She was recently appointed VP Exploration and will continue her work as the lead member of Forum’s Aberdeen uranium project exploration team in the Thelon Basin, a geologic analogue to the prolific Athabasca Basin.
Allison Rippin Armstrong - Vice-President, Nunavut Affairs
Allison Rippin Armstrong is a biologist and environmental scientist with over 25 years experience specializing in Environmental, Social and Governance (ESG) practices across Canada and internationally. Allison’s accomplishments over the years have been recognized on a number of occasions, including being awarded the 2009 Kivalliq Inuit Association Expert Counsel Award and the 2011 Mike Hine Award for her contributions to the mining industry in Nunavut. A long-standing board member of Yukon Women in Mining, past member of the NWT & Nunavut Chamber of Mines, and founding member of the Yukon University Foundation Board, she is also the Board Chair of Tectonic Metals Inc.
As VP Nunavut Affairs, Allison’s focus will be in community, regulatory and government relations in Nunavut Territory.
Dan O’Brien - Chief Financial Officer
Dan O’Brien is a member of the Institute of Chartered Professional Accountants of British Columbia and has over 15 years experience working with public companies in the resource industry. O’Brien is the chief financial officer for a number of publicly listed exploration companies trading on the TSX and TSXV exchanges and was previously a senior manager at a leading Canadian accounting firm where he specialized in the audit of public companies in the mining and resource sector.
Anthony Balme - Director
Anthony Balme is the managing director of Carter Capital and Lymington Underwriting, two private UK investment funds, where he is an active participant in several global base and precious metals resource ventures in North America, Sweden and the DRC.
Paul Dennison - Director
Paul Dennison worked for 27 years in the front end of three leading investment banks: Credit Suisse, Merrill Lynch & Deutsche Bank. His focus was capital markets origination, underwriting, sales and trading in all regions outside the Americas. Thereafter, Dennison managed his own asset management company for 12 years, which was licensed in Singapore, Switzerland and the United States. He is currently based in Zurich and Singapore with his own firm, specializing as an introducing broker, sourcing international investment capital for clients.
Janet Meiklejohn - Director
Janet Meiklejohn is the principal of Emerald Capital, a consulting company providing CFO, strategic, valuation, corporate governance and marketing services to high-growth companies. She was formerly VP of institutional equity sales focused on the mining sector with several Canadian investment banks including Desjardins Securities, National Bank, Salman Partners and Macquarie Capital from 1997 to 2015. Meiklejohn grew up in Saskatchewan and has a close personal interest in the development of the uranium industry in the province.
Larry Okada - Director
Larry Okada is a member of both the Canadian Chartered Professional Accountants and the Washington State Certified Public Accountants Association with over 45 years of experience in providing financial management services to publicly traded companies, with emphasis on junior mineral exploration companies. He holds a B.A. in economics and was in public practice with his own firm of Staley, Okada and Partners and PricewaterhouseCoopers LLP. Okada also serves as chairman of Forum’s Audit Committee.
Michael A. Steeves - Director
Michael A. Steeves has been involved in the mining industry for over 50 years. He has previously held executive positions with Zazu Metals, Glamis Gold, Coeur D’Alene Mines, Homestake Mining and Pegasus Gold. Steeves also worked for several years as a mining analyst. He holds a Master of Science degree in earth sciences from the University of Manitoba and is also a chartered financial analyst.
Brian Christie - Director
Brian Christie’s professional career spans over 45 years as a geologist, securities analyst, and investor relations executive. During his tenure as vice-president investor relations at Agnico Eagle Mines from 2012 to 2022, Agnico Eagle was consistently recognized as having one of the top investor relations programs in Canada. Christie is currently retained by Agnico Eagle as a senior advisor, investor relations. Prior to joining Agnico Eagle, he worked for over 17 years as a precious and base metals analyst with Desjardins Securities, National Bank Financial, Canaccord Capital, and HSBC Securities, in addition to 13 years as a geologist with several mining companies including Homestake, Billiton, Falconbridge Copper, and Newmont. Christie holds a BSc. in geology (University of Toronto) and an MSc. in geology (Queen’s University). He is also a member of the Canadian Investor Relations Institute (CIRI) and the National Investor Relations Institute (NIRI).
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