BASE METALS

Rio starts drilling again at Forum's Janice Lake

Exploration camp nearly complete

Staff reporter

This article is 4 years old. Images might not display.

Under a 2019 deal, RTEC can earn up to 80% of Janice Lake by spending C$30 million on exploration and making staged cash payments to Forum and project generator Transition Metals.

Forum said the RAB drilling was a quick and cost-effective method of testing "numerous showings" which had not seen historical drilling, and would aid in the development of a winter diamond drilling programme.

RTEC had spent $3.7 million dollars on the 2019 exploration program to meet its $3 million exploration commitment over an 18 month period, 10 months ahead of schedule, Forum said in May.

Rio's subsidiary had hit copper in its first two drill holes at Janice Lake last year.

Forum said a 50-person camp at Burbidge Lake was nearly complete.

"The Burbidge Lake camp will be used for the 2021 exploration program, starting with a significant drill program to build off the success of the 2019 drill program, test areas that are difficult to access during the summer (bogs and lakes) and areas of structural complexity that may host higher grades of mineralisation," it said.

Forum announced a $400,000 placement at 10c per unit in June to fund exploration at its Love Lake copper-nickel-palladium project, 30km northeast of Janice Lake.

The junior also has uranium properties in the province's Athabasca basin, and a cobalt project in Idaho.

Forum shares (TSXV: FMC) spent much of the past 12 months below 10c.

They reached 18c in June and closed up 10.3% yesterday to 16c, to value it at $18.9 million (US$14.5 million).

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.