Exploration Kicks Off at Northwest Athabasca Project in Saskatchewan’s Athabasca Basin
Vancouver, BC, February 4, 2025 – Forum Energy Metals Corp. (TSXV: FMC, OTCQB: FDCFF) and Global Uranium Corp. (CSE: GURN, OTCQB: GURFF, FSE: Q3J) (collectively, the “Companies”) are thrilled to announce that the long-awaited exploration permit has been granted, and work is now underway on the Northwest Athabasca (NWA) Project. This significant development comes after Global’s entry into an option agreement with Forum, allowing Global to acquire up to 75% of Forum’s interest in the Forum/NexGen Joint Venture with NexGen Energy Ltd.
Background of the Northwest Athabasca Project
The Northwest Athabasca Project is situated along the northwest shore of Lake Athabasca in Saskatchewan, Canada (Figure 1). It is part of the highly prospective Athabasca Basin, which is well-known for its rich uranium deposits. The Joint Venture covers approximately 12,700 hectares and is strategically located near key infrastructure, including power lines and roads, making it an attractive target for uranium exploration.
Impact on the Companies
The receipt of the exploration permit marks a significant milestone for both Forum and Global. For Forum, it represents the potential for increased exploration activity and potential discoveries on their property. For Global, the acquisition of up to 75% of Forum’s interest in the Joint Venture signifies a substantial expansion of their uranium exploration portfolio. This strategic move aligns with Global’s mission to become a leading uranium exploration and development company.
Impact on the Local Community and the World
The exploration program at the Northwest Athabasca Project is expected to create jobs and economic opportunities for the local community. The Athabasca Basin has a long history of mining, and the region is well-versed in the safe and responsible extraction of uranium. The Companies are committed to working closely with local stakeholders and regulatory authorities to ensure the exploration program is conducted in a manner that is environmentally responsible and socially acceptable.
On a global scale, the uranium market has seen a resurgence in recent years due to increasing demand for nuclear energy as countries seek to reduce their carbon footprint. The Northwest Athabasca Project, with its strategic location and significant potential, could contribute to meeting this growing demand. However, it is essential to note that the exploration and mining phases of the project are subject to regulatory approvals and market conditions.
Next Steps
The Companies plan to initiate a comprehensive exploration program at the Northwest Athabasca Project, which will include geological mapping, prospecting, and geochemical sampling. These activities will help identify potential drill targets and provide valuable data to advance the project.
Forum and Global are excited about the potential of the Northwest Athabasca Project and look forward to the exploration program’s progress. The Companies will provide updates on the exploration program as significant developments arise.
Conclusion
The receipt of the exploration permit for the Northwest Athabasca Project is a significant milestone for both Forum Energy Metals Corp. and Global Uranium Corp. This development paves the way for a comprehensive exploration program that could contribute to the global uranium market’s growth. By working closely with local stakeholders and regulatory authorities, the Companies aim to ensure a socially responsible and environmentally sustainable exploration program. The Northwest Athabasca Project’s potential is promising, and the exploration program’s progress will be closely watched by the uranium industry and investors alike.
Stay tuned for updates on the Northwest Athabasca Project as the exploration program progresses.
- Forum Energy Metals Corp. and Global Uranium Corp. announce exploration permit for Northwest Athabasca Project
- Exploration program to include geological mapping, prospecting, and geochemical sampling
- Northwest Athabasca Project strategically located in Saskatchewan’s Athabasca Basin
- Project could contribute to meeting growing demand for nuclear energy
- Companies committed to socially responsible and environmentally sustainable exploration program
