The Canadian energy metals company staked 40 claims totalling 53,402 hectares of ground in the northeastern Thelon Basin. Forum now holds 97,433ha of exploration ground about 100km west of the Hamlet of Baker Lake, in the Kivalliq region in Nunavut.

The Kiggavik uranium deposit, which is 66.2% owned by Orano and the remaining 33.8% split equally between Denison and UEX, forms one of the largest undeveloped uranium deposits in the world. Cameco had previously drilled 135 holes, which uncovered two uranium deposits, over a 36,000m area to the west of Kiggavik.

Forum's president and CEO, Rick Mazur, said the company had been keeping an eye on the district since it finished actively exploring in the region in 2012.

"Forum's goal is to supplement the already established mineable reserve at Kiggavik and establish a production centre in Nunavut to fulfil the demand for the carbon-free energy future," he said. "Cameco's work has given Forum a head start on building a significant resource on our 100%-owned property".

A development proposal was submitted by Orano in 2008 to produce 7.8Mlb of uranium per year over a 17-year mine life from three deposits, at an average head grade of 0.46% uranium.

Forum Energy Metals also operates uranium, copper, nickel and cobalt projects in Saskatchewan, as well as a cobalt land position in the Idaho cobalt belt.

On February 1, Forum Energy Metals traded on the Toronto Stock Exchange at C$0.21/share, a rise of 7% higher on the day, which valued the company at C$35.8 million.