Forum Energy Metals Corp. (TSXV: FMC) has received final assay results from Rio Tinto Exploration Canada for the remaining 12 drill holes completed at the Jansem, Janice, and Kaz targets within the Janice Lake sedimentary copper project. Multiple, thick, flat lying chalcocite mineralized horizons from surface have been intersected on the property.
Drilling on the Jansem target intersected 9.1 m grading 1.09% Cu and 1.39 g/t Ag and 5.0 m grading 1.32% Cu and 3.42 g/t Ag within 51.8m grading 0.57% Cu and 1.50 g/t Ag. The Janice target returned 22 m grading 0.37% Cu and 2.82 g/t Ag.
“Deeper drilling has demonstrated that multiple horizons of copper mineralization are present,” Rick Mazur, Forum Energy Metals President and CEO stated.
“We are gaining confidence that Janice Lake is a strongly mineralized system, as new data generated by this program helps us to understand the full potential of this 52 km long sedimentary copper basin.”
Earlier this year, Forum Energy Metals signed an option agreement with Rio Tinto for the Janice Lake property, located 55 km southeast of Key Lake, Saskatchewan.
Under the agreement, Rio Tinto will commit to spend $3 million within 18 months on the project with the option to vest a 51% interest by spending $10 million over four years. Upon vesting its interest, Rio Tinto can, at its option, earn an additional 29% interest (for a total 80% interest) by spending a further $20 million over three years.