Vancouver-based Forum Energy Metals has received positive assay results from the first two holes drilled by Rio Tinto Exploration Canada at the Janice Lake copper-silver property.
Both holes were less than 100 metres deep in the Jansem target. The first hole returned 0.18% copper over 63 metres. The second hole assayed 0.38% copper and 2.2 g/t silver over 44.8 metres, including 0.71% copper and 4.2 g/t silver over 18 metres. The Jansem target has now been traced for a strike length of 294 metres and a width of 30 metres.
The Janice Lake property is owned by Transition Metals and optioned to Forum. Forum granted Rio Tinto an option for a 51% interest by spending $10 million on exploration and making a cash payment of $490,000 to Forum and paying $200,000 to Transition Metals. Rio can further increase its interest to 80% by spending a further $20 million for exploration over three years and making cash payments of $150,000 to Forum.
(This article first appeared in the Canadian Mining Journal)