The bear market in junior (exploration) equities has become so entrenched, so protracted that many are questioning whether we’ll ever see a return to normal valuations, let alone a raging bull market. But at the risk of coming off as a lone voice in the wilderness, I’m confident we’ll see a meaningful turn in the coming weeks/months – a turn that will take many by surprise. I’ve seen this movie before – the early innings of the 2000s were just as bleak, just as hopeless, before the market turned and a multiple-year bull run took hold.

Sentiment in the junior arena couldn’t be worse (part of the reason I’ve been reluctant to jam your inboxes with my reports of late), but with the precious metal testing higher ground, and with valuations probing ridiculous levels, I figure now might be a low-risk opportunity to mobilize some sidelined cash. A re-rating among some of the higher-quality equities could come fast, especially if Gold asserts itself in a meaningful way (and after tax-loss selling pressure subsides).

The following is a list of companies in the junior arena – juniors and wannabe mids (development cos) – that I’m watching closely for a potential entry point (I have no position in any of the companies highlighted below at this current time). I’ve already covered a number of these equities in previous reports, so I won’t be deep-diving their underlying fundamentals. That’s up to you. I’m simply telling you which cos strike me as good value in this current shitshow market. 

After this general sector roundup, I’ll finish with a more detailed update for (client company) Forum Energy Metals, whose flagship project has them homing in on a high-grade, potentially world-class U3O8 orebody in the Nunavut Territory of northern Canada.

Abitibi Metals Corp. (AMQ.C) – (GSKKF.OTC)

  • 60.28 million shares outstanding
  • $7.54M market cap based on its recent $0.125 close
  • Website

Formerly known as Goldseek Resources, the recent name change reflects the company’s focus on a pipeline of highly prospective projects along the Abitibi Greenstone Belt. Its flagship project is Beschefer, located 14 km east of the past-producing polymetallic Selbaie Mine, 45 km northeast of the Casa Berardi Mine, and 30 kilometres from Wallbridge’s Fenelon Gold property.

In its most recent press release, management stated its vision and objectives accordingly…

The Company’s management team feels that the new name more accurately reflects the vision of establishing a diversified metals company in Quebec. With a primary focus on the mineral-rich Abitibi greenstone belt, the Company is currently actively evaluating opportunities to acquire an advanced-stage copper and/or gold project. Specifically, the company is seeking to acquire a project with the following characteristics:

  • Located in Quebec with good access and supporting mining infrastructure.
  • Has a current resource, historical resource or near resource with existing well-defined targets that can produce a 43-101 resource estimate within one year.
  • Focused on copper and gold with district-scale growth potential.

It shouldn’t be too long before we see the mobilization of a drill rig to Beschefer.

Aurion Resources Ltd. (AU.V) – (AIRRF.OTC)

  • 132.46 million shares outstanding
  • $55.63M market cap based on its recent $0.42 close
  • Website

Aurion controls a significant land position along the Central Lapland Greenstone Belt of the Fennoscandian Shield in Finland. The company’s current focus is its Risti Project, which has yielded multiple gold discoveries – intervals of high-grade gold mineralization across multiple zones – since it put boots to the ground in 2015. The company is also advancing its joint venture properties with B2Gold and Kinross.

Significant deposits in the Central Lapland Greenstone Belt region include the Kittilä underground gold mine operated by Agnico-Eagle (reserves of 4.1 million ounces) and the Ikkari gold deposit owned by Rupert Resources (3.68 million ounces Indicated/710k ounces Inferred).

A recent (brief) summary of the company’s flagship asset…

Banyan Gold Corp. (BYN.V) – (BYAGF.OTC)

  • 284.87 million shares outstanding
  • $76.92M market cap based on its recent $0.27 close
  • Website

Banyan’s flagship asset – AurMac – lies adjacent to Victoria Gold’s Eagle Gold Mine in Canada’s Yukon Territory. AurMac’s ounce count has evolved considerably since I first featured the company on these pages a couple of years back at a mere six pennies. Banyan now has a tier-1 deposit on its books. A May 2023 (updated) mineral resource estimate allows the company to boast 6.2 million ounces in Armac’s subsurface stratum. Road accessible, this MRE is contained within three near/on-surface deposits: Airstrip, Aurex Hill, and Powerline.

A quick summary covering AurMac…

HighGold Mining Inc. (HIGH.V) – (HGMIF.OTC)

  • 87.76 million shares outstanding
  • $28.96M market cap based on its recent $0.33 close
  • Website

HighGold’s Johnson Tract (JT) polymetallic gold project in southcentral Alaska is the company’s mothership asset. JT’s current resource base stands at 1,053,000 ounces AuEq @ 9.39 g/t AuEq Indicated and 108,000 ounces AuEq @ 4.76 g/t AuEq Inferred.

The company updated the status of its 2023 program at JT via an early September press release, stating…

The Program includes 8,000 m of planned drilling to expand the known zones of mineralization at the Ellis Zone and the JT Deposit, test new high-potential prospects, and conduct geotechnical and hydrogeological studies to inform the design and permitting of an underground exploration ramp. The Program also includes an airborne Mobile MagnetoTellurics (MobileMT) geophysical survey, geological mapping and geochemical sampling, baseline data collection, and environmental studies.

To August 31st, a total of 5,283 m has been drilled in 23 holes (17 exploration holes and 6 geotechnical drillholes). Assays results will be released on an ongoing basis pending review and meeting Company quality assurance-quality control protocols.

If you’ve followed developments here, you’ll know that their Yukon and Ontario assets were recently spun off into a NewCo called Onyx Gold Corp.

i-80 Gold Corp. (IAU.TO) – (IAUX.NYSE)

  • 298.15 million shares outstanding
  • $590.34M market cap based on its recent sub $2.00 close
  • Website

If you believe we’re on the cusp of a powerful rally in this sector, IAU might be among the first to re-rate. But it’s been frustrating watching this decline. A Nevada-focused explorer/developer destined for mid-tier (producer) status, i-80 cranks out high-grade drill hole assays from its multiple advanced-stage projects as a matter of routine.

Last week, the company reported Q3 earnings, which weren’t exactly stellar, but they also reported positive progress on multiple fronts:

  • Gold sales of 11,262 ounces at a realized gold price of $1,9241.
  • Completed 2,644 feet of exploration ramp development at McCoy-Cove.
  • Completed 5,481 feet of horizontal development at Granite Creek.
  • 39,732 wet tons of mineralized material hauled from Granite Creek to third parties for processing under ore processing and toll milling agreements.
  • A total of 162,033 feet (core and RC) drilled by the end of the third quarter with multiple positive results to expand mineralization further at Ruby Hill, Granite Creek, McCoy-Cove and the FAD project.

Kenorland Minerals Ltd. (KLD.V) – (KLDCF.OTC)

  • 63.56 million shares outstanding
  • $40.36M market cap based on its recent $0.635 close
  • Website

Kenorland is a tightly run prospect generation company with numerous projects in Quebec under joint venture and earn-in agreements with third parties. Frotet and Chicobi are held under a joint venture with Sumitomo (O’Sullivan is also optioned to the Japanese Co). Chebistuan has been optioned to Newmont. Hunter is under option with Centerra. In Alaska, the Company has optioned its advanced-stage Tanacross porphyry Cu-Au-Mo project to Antofagasta. The Healy project is under a joint venture with Newmont. Lots of irons in the fire here.

I’m not a big fan of the PG business model, but this company is generating results. One example from a May 2023 press release highlighting drill hole assays from their Frotet project in northern Quebec…

  • 23RDD163: 15.00 meters at 14.88 g/t Au incl. 2.00 meters at 57.15 g/t Au at R1;
  • 23RDD167: 3.15 meters at 138.74 g/t Au incl. 0.40 meters at 476.40 g/t Au at R5;
  • 23RDD167: 3.43 meters at 43.23 g/t Au incl. 0.44 meters at 174.30 g/t Au at R5;
  • 23RDD162: 7.10 meters at 12.24 g/t Au incl. 1.70 meters at 45.14 g/t Au at R2-R8 Gap;
  • 23RDD159: 1.20 meters at 55.70 g/t Au (new vein discovery).

A recent interview with CEO Zach Flood discussing the plan behind a new exploration campaign at Frotet…

Lion One Metals Ltd (LIO.V) – (LOMLF.OTC)

  • 206.32 million shares outstanding
  • $175.37M market cap based on its recent $0.85 close
  • Website

Lion One, a new producer, is currently mining high-grade rock from its Tuvatu Alkaline Gold Project in Fiji where the current resource stands at 1,007,000 tonnes Indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes Inferred at 9.0 g/t Au (384,000 oz. Au). According to an October 10 press release:

Construction of the Tuvatu Mine has been completed ahead of schedule. Mill construction began in August 2022 and commissioning began in September 2023. The mill is expected to ramp up to 300 TPD by the end of October 2023, expanding further to 500 TPD in mid-2024. The first gold pour coincided with Fiji Day on October 10th, 2023. A ceremonial first gold pour was conducted on site with over 900 members of local communities, businesses, employees, and government officials in attendance, including the Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji, who officiated the gold pour ceremony on behalf of Prime Minister Sitiveni Rabuka of Fiji.

The company is also reporting some outstanding exploration results where the potential to add more ounces lies at depth.

Mayfair Gold Corp. (MFG.V) – (MFGCF.OTC)

  • 95.38 million shartes outstanding
  • $202.20M market cap based on its recent $2.12 close
  • Website

This one has held onto its year-to-date gains, and for good reason. Its 100% controlled Fenn-Gib gold project boasts a high-quality ounce count in the prolific, mining-friendly Timmins region of Northern Ontario – 113.69M tonnes grading 0.93 g/t Au (3.38M ounces) and 5.72M tonnes grading 0.85 g/t Au (0.16M ozs). Mayfair management is simply top-shelf.

The Fenn-Gib deposit has a strike length of over 1.5 kilometers with widths of over 500 meters. The mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the deposit can yield robust gold recoveries of up to 94%.

A good summary of what’s under the hood at Mayfair…

Nevada King Gold Corp. (NKG.V) – (NKGFF.OTC)

  • 314.69 million shares outstanding
  • $133.74M market cap based on its recent $0.425 close
  • Website

This one has held onto most of its recent gains due to a series of solid drill results flowing from its historically producing Atlanta Gold Mine Project in Nevada’s prolific Battle Mountain Trend.

The company really got the market’s attention when they tagged a high-grade feeder zone, which delivered an outstanding 11.64 g/t Au over 108.2 meters (including 37.16 g/t Au over 29.0 meters) in drill hole AT23WS – 44.

On October 23, the company reported the following update from Atlanta:

  • To date in the Phase II program 323 holes totaling 57,392m have been completed, comprising 17 core holes totaling 1,587m and 306 reverse circulation (“RC“) holes totaling 55,804m. Assays from 186 holes totaling 32,369m from the Phase II program have been reported to date with results pending for 137 drill holes totaling 25,023m.
  • Four drill rigs (three RC and one core) are currently turning at Atlanta. Core drilling is focused along high-grade corridors for ongoing metallurgical testing and confirmation of RC results. RC drilling is following up on the recent bonanza-grade intercept of 37.16 g/t Au over 29m in AT23WS-44 (October 2, 2023), tracking high-grade structures in the West Atlanta Graben Zone (“WAGZ“) and along the Atlanta Mine Fault Zone, as well as targeting the expansion of mineralization southwards in the recently discovered South Quartzite Ridge Target where the Company recently intercepted 2.15 g/t Au over 96m in AT23HG-34 and 1.89 g/t Au over 114.3m in a new blind discovery (see October 17, 2023 release).

Chakana Copper Corp. (PERU.V)

  • 174.39 million shares outstanding
  • $6.98M market cap based on its recent sub nickel close
  • Website

This one is a bit of a flier, but the targets it’s about to probe at its flagship Soledad project located in the Ancash region of Peru, a jurisdiction the company characterizes as highly favorable with supportive communities, could generate substantial newsflow.

Previous exploration campaigns focused on a cluster of high-grade quartz-tourmaline-sulfide breccia pipes that outcropped at surface. This drilling ushered in an Inferred MRE of 6.73 Mt containing 191,000 ounces of gold, 11.7 million ounces of silver, and 130 million pounds of copper.

The next round of (recently permitted) drilling will test numerous targets on the southern half of the Soledad project (see news release dated July 5, 2023), including the Mega-Gold porphyry target, the La Joya high-sulfidation epithermal target, and various additional high-grade outcropping tourmaline breccia pipes.

The company recently announced a dilutive C$2.2 million raise priced at $0.04 (inc a full $0.06 warrant), giving it enough flexibility to test its highest-priority targets. Adding validity to the quality and intrigue surrounding these targets, Gold Fields will be participating in this financing (Gold Fields currently owns 17.4% of the outstanding shares in the company and intends to move to 19.9%).

Prime Mining Corp. (PRYM.V) – (PRMNF.V)

  • 143.23 million shares outstanding
  • $201.95M market cap based on its recent $1.41 close
  • Website

Prime continues to aggressively drill its Los Reyes project in Sinaloa State, Mexico. Current targeting extends well beyond the mineral resource envelope at the Z-T, Guadalupe, and Central Zones, which together capture 1.47 million Indicated AuEq ounces at 1.68 g/t… and 0.73 million Inferred AuEq ounces at 1.26 g/t.

Recent highlights from an ongoing 60k meter drill program include 3.87 g/t AuEq over 20.5 meters (Z-T) and 44.39 g/t AuEq1 over 1.0 meter (Guadalupe).

Acccording to a Sep. 12 press release:

Drilling is ongoing through the current rainy season (which is expected to end in the coming weeks) with four drill rigs focusing on:

  • extending the high-grade Z-T Zone shoots that remain open at depth, as well as along strike north and south;
  • expanding the two other MRE resource areas, including the eastern extensions of the Guadalupe System and Echeguren Shaft area; and,
  • exploring the new generative targets.

Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF)

  • 91.11 million shares outstanding
  • $11.84M market cap based on its recent $0.13 close
  • Website

This one caught my attention when the company inked two exploration earn-in agreements with mining colossus Nevada Gold Mines (Barrick and Newmont) concerning their Swift and Carlin-East properties located in two of the most prolific gold trends in Nevada. To acquire a majority interest in the tier-1 potential here, NGM must spend $40M.

The company is also active on its wholly-owned Selena property where the target is CRD mineralization. Recent results flowing out of Selena, as per an October 12 press release, include: 0.9 meters grading 720.3 g/t Ag, 12% Pb, 0.1% Zn, 0.4 g/t Au (or 1,133.6 g/t AgEq) PLUS 60.7 meters grading 69.8g/t Ag, 0.6% Pb, 1.3% Zn, 0.4 g/t Au (or 175.2 g/t AgEq).

The 39 square kilometer Selena project, located in White Pine County, Nevada, shares a property boundary with the Butte Valley project, a US $33M earn-in agreement between Freeport-McMoRan and Falcon Butte Minerals.

Radisson Mining Resources Inc. (RDS.V) – (RMRDF.OTC)

  • 295.8 million shares outstanding
  • $47.33M market cap based on its recent $0.16 close
  • Website

Radisson is focused on its wholly-owned O’Brien project in the Bousquet-Cadillac mining camp along the Larder-Lake-Cadillac Break in Abitibi, Quebec. The past-producing O’Brien Mine was crowned Quebec’s highest-grade gold producer back in the day. The company is currently in the midst of a phase one 10k meter drill program at O’Brien.

The company’s resource at O’Brien currently stands at 501,000 ounces Au Indicated (1,517,000 tonnes grading 10.26 Au) and 449,000 ozs Inferred ( 1,616,000 tonnes grading 8.64 g/t Au).

With its location along the Abitibi Greenstone Belt and its proximity to high-profile neighbors such as Agnico-Eagle (LaRonde, LZ5, and Lapa), IAMGOLD (Westwood), Wesdome (Kiena)  and Eldorado (Lamaque), Radisson’s high-grade ounce count may represent one of the more obvious takeover targets in the junior arena.

A quickie summary featuring the company’s CFO…

Red Pine Exploration Inc. (RPX.V) – (RDEXF.OTC)

  • 167.75 million shares outstanding
  • $31.87M market cap based on its recent $0.19 close
  • Website

Red Pine’s flagship Wawa gold project – host to ten past-producing mines in its day – is located in the Abitibi region of Ontario. The project has a resource that currently stands at 700k ounces grading 5 g/t Au Inferred.

Success via the biz end of the drill bit has given these shares a boost in recent sessions. Recent results from an ongoing drilling campaign include 8.01 g/t Au over 32.95 meters (including 171.0 g/t Au over 1.19 meters) and 10.92 g/t Au over 28.05 meters (including 209.1 g/t Au over 1.00 meters, 49.9 g/t Au over 1.00 meters and 28.0 g/t Au over 1.00 meter). The company is nicely cashed up after recently granting Franco-Nevada a 1.5% NSR on Wawa for a cool C$6,750,000.

The company’s proximity to three gold producers – all mills located within 40 kilometers of the Wawa property boundary – makes it another potential takeover target for resource-hungry entities looking to bulk up their mineral inventories.

A brief summary of what the company’s got…

Snowline Gold Corp. (SGD.V) – (SNWGF.OTC)

  • 144.58 million shares outstanding
  • $621.68M market cap based on its recent $4.30 close
  • Website

Snowline’s project portfolio is positioned along the prolific Tintina Gold Province in Canada’s Yukon, host to multiple million-ounce-plus gold mines and deposits, including Kinross’s Fort Knox Mine, Newmont’s Coffee deposit, and Victoria Gold’s Eagle Mine.

The company is one of the standouts in the junior exploration arena this year. After tagging a $6.00-plus high back in early August in the wake of a succession of impressive drill results at its flagship Rogue gold project, the shares have settled back into the low four-dollar range. This current weakness might represent a low-risk entry point.

Broad intervals of gold mineralization flowing out of Rogue in recent weeks include:

  • 265.2 meters averaging 2.20 g/t Au from surface (including 3.28 g/t Au over 100.2 m);
  • 517.9 meters averaging 1.14 g/t Au over from surface
  • 539.4 meters averaging 1.20 g/t Au from surface ( including 2.41 g/t Au over 151.5 m);
  • 423.3 meters averaging 1.08 g/t Au from surface (including 1.45 g/t Au over 252.0 m);
  • 424.0 meters averaging 1.43 g/t Au from surface (including 1.85 g/t Au over 186.5 m);
  • 387.0 meters averaging 1.04 g/t Au (including 1.61 g/t Au over 153.0 m).

With consistent results like these, the ounces are bound to pile up in a meaningful way. A recent report by Argentis Capital pegs the project’s initial ounce count at roughly nine million ounces.

A recent interview with CEO Scott Berdahl…

Skeena Resources Ltd (SKE.TO) – (SKE.NYSE)

  • 88.4 million shares outstanding
  • $409.31M market cap based on its recent $4.63 close
  • Website

The current weakness in Skeena may represent a low-risk entry point for a company boasting a pit-constrained AuEq reserve base of 3.85 ounces grading 4.0 g/t (2.87 million ozs of Au and 75.5 million ozs of Ag). Its flagship project – Eskay Creek – is located in the prolific Golden Triangle of northwestern BC.

A September 2022 Feasibility Study highlights an after-tax NPV5% of C$1.4B, 50% IRR, and a 1-year payback using US$1,700/oz Au and US$19/oz Ag price inputs.

While ongoing exploration drilling provides steady newsflow, all eyes will be on the much-anticipated release of a Definitive Feasibility Study (DFS) for Eskay Creek. Said DFS is due to drop after the North American markets close on November 14. With inflationary price pressure wreaking havoc all over the mining landscape, the project’s CapEx, pegged at US$451M according to the 2022 study, will be the most likely number to pop from this upcoming DFS.

Teuton Resources Corp. (TUO.V)

  • 57.35 million shares outstanding
  • $56.2M market cap based on its recent $0.98 close
  • Website

Prospect generator Teuton Resources holds a carried 20% interest in Treaty Creek in the prolific Golden Triangle of northwestern BC, a project that borders Seabridge Gold’s KSM property to the southwest and Newmont’s Brucejack property to the southeast. Tudor Gold is responsible for paying all exploration costs until a production decision is made. Tudor owns a 60% interest; American Creek owns the remaining 20% (also carried).

An updated MRE for Treaty Creek, released earlier this year, shows an Indicated ounce count of 23.37 million AuEq ozs within 641.93 Mt of material grading 1.13 g/t AuEq, plus… an Inferred ounce count of 7.35 Moz AuEq within 233.90 Mt at a grade of 0.98 g/t AuEq. Clearly, TC ranks amongst the largest undeveloped deposits in the world.

Significantly, Teuton also holds a 0.98% NSR in the Goldstorm deposit area along with numerous additional royalty interests within the Sulphurets Hydrothermal system covering properties such as the King Tut, Tuck, High North, Orion, Delta, and Fairweather properties (the company holds interests in more than thirty properties in the Golden Triangle). Teuton has been working on spinning off these assets into a separate vehicle. We should hear more news on this front soon. Once again, this current weakness might be characterized as a low-risk entry point.

Other companies worth a look

– Sitka Gold (SIG.C) and its RC Gold Project located in Yukon’s Tombstone Gold Belt.

– Northern Superior Resources (SUP.V) and its large land package and significant resource base in the Chibougamau Camp of Québec (the company’s TPK project in northwestern Ontario stands to generate considerable excitement when the drills are mobilized early next year).

– Western Alaska Minerals (WAM.V) and the discovery potential of its strategic land position in the Illinois Creek Mining District of western Alaska.

– Westhaven Gold (WHN.V) and its Shovelnose gold property located along the  Spences Bridge Gold Belt 30 kilometres south of Merritt, BC.

On the copper front, Amerigo Resources (ARG.TO) strikes me as good value. The share price has come off due to weak commodity prices and weather-related operational challenges at its MVC operation in Chile, but its current 9% yield (yes, it pays a divy) warrants a close look.

Forum Energy Metals (FMC.V) – (FDCFF.OTC)

  • 224.38 million shares outstanding
  • $31.41M marketcap based on its recent $0.14 close
  • Website

Forum released a final round of assays from its flagship Thelon Basin Project in the Nunavut Territory of northern Canada recently. Vastly under-explored and highly prospective for new discoveries, Thelon may be where the Athabasca Basin was a half-century ago, before Cigar Lake and McArthur River lit up Saskatchewan’s U3O8 map. 

These fresh results follow up on an impressive 2.25% U3O8 over an 11.1-meter hit (drill hole TAT23-002) at the Tatiggaq Zone, located five kilometers west of Orano’s 93 million-pound Andrew Lake and End uranium deposits.

A total of four holes were drilled during this modest summer campaign. The final hole, representing a significant 150-meter stepout to the southwest of the high-grade mineralization encountered in drill hole TAT23-002, tagged 1.01% U3O8 over 6.2 meters, including 4.36% U3O8 over 1.3 meters – Forum Intersects 1.01% U3o8 over 6.2 Metres at Tatiggaq West Including 4.36% U3o8 over 1.3 Metres, Thelon Basin.

Though this was a modest campaign, it went a long way toward unlocking the project’s potential – Tatiggaq now demonstrates continuity along a 250-meter trend with three significant intervals of high-grade mineralization…

These results have amplified Forum management’s expectations for its flagship asset. They believe they have a Rook 1 type deposit teed up – a large area with a series of steeply dipping high-grade lenses occupying the subsurface stratum…

Rick Mazur, President & CEO recently stated: “This is the most exciting uranium discovery in Canada since the PLN discovery in Saskatchewan. The structural setting of Forum’s Tatiggaq deposit in Nunavut is similar to NexGen’s Rook 1 uranium deposit in the western Athabasca Basin. Forum’s property in the geologic equivalent Thelon Basin is adjacent to Orano’s 133 million pound Kiggavik uranium development project, where a feasibility study was conducted from 2008 to 2012.”

As the above cross-section suggests, there’s potential for additional mineralization to the immediate NW and SE of these steeply dipping lenses (their ultimate collective width is unknown), and with drilling limited to 250 meters, there’s potential to chase these high-grade structures at depth.

Referring back to the first slide (above) showing the broad gravity anomaly, there are a number of sub-parallel faults running through said anomaly that offer multiple targets for follow-up regional drilling. I’m sure CEO Mazur and the company’s VP of Exploration, Dr. Rebecca Hunter, can’t wait to get back on the property next year.

These are exciting times for the company as Thelon’s discovery cycle is in its infancy due to a lack of systematic exploration. The following vid is a very recent interview that fleshes out this latent potential…

Elsewhere along the company’s extensive project pipeline, Forum and Traction Uranium reported an initial summary of an airborne magnetic, electromagnetic (EM), and radiometric survey on Forum’s Grease River Project, located along the north rim of the Athabasca Basin. The survey was conducted over the entire Grease River land position (10,528 hectares along the Grease River Shear Zone).

Highlights:

East Block

  • The total domain EM data has outlined several prospective conductive trends along and north of the Grease River shear zone.
  • New data highlights the main fault orientations and offsets; this survey has developed targets that can be the focus for future exploration programs.

West Block

  • New magnetic and EM data has provided better resolution on the basement geology beneath this underexplored part of the Athabasca Basin.

Traction stands to earn up to 100% of the project by making staged cash payments of $1.7 million, 5.5 million in staged share payments, and incurring $6 million in exploration expenditures by December 31, 2028. If the deal runs its course, Forum will retain a 2% NSR and pull in an additional $8 million in milestone payments (Forum serves as operator for this first phase of exploration).

This just in…

Just as I was set to publish this roundup, Forum dropped the following headline – 3.51% U308 over 7.6 Metres Including 13.8% U308 over 1.2 Metres Historical Drill Result Confirms Potential for Extension at Tatiggaq, Thelon Basin Uranium Project.

Historical Drill Hole Highlights 

  • Intersection of uranium mineralization shows continuity and consistency of high-grade mineralization 25 m east-northeast of TAT23-002 drilled this summer. The historical intercepts are as follows:
    • TUR-021 intersected 3.51% U3O8 over 7.6 meters (from 148.1 – 155.7 m) including:
      • 13.8%U3O8 over 1.2 meters (153.3 – 154.5 m)
    • TUR-026intersected 1.0% U3O8 over 14.9 meters (from 177.6 – 192.5 m) including:
      • 2.21%U3O8 over 4.6 meters (184.0 – 188.6 m)
    • TUR-040intersected 1.14% U3O8 over 9.0 meters (from 159.1 – 168.1 m) including:
      • 4.09% U3O8 over 0.5 m (159.6 – 160.1 m)
      • 2.81%U3O8 over 2.5 m (162.5 – 165.0 m)

An updated map showing where/how these historical holes were collared…

Dr. Rebecca Hunter: “The historical drilling within Forum’s Tatiggaq deposit area demonstrates the high-grade mineralization potential of Tatiggaq. These grades are exceptional and are only rivaled by the highest-grade basement-hosted deposits in the Athabasca Basin. The continuity of this mineralization has been demonstrated over a 250 metre strike length in concert with the 2023 drilling, thus far. The vertical depth of uranium mineralization to date is less than 180 metres, within limits of cost-effective open pit mining. The mineralized trend is open for over 1 kilometre to the northeast and the width and depth extent has not been fully delineated. A second drill has been delivered to Baker Lake for the 2024 drill campaign.”

An updated Tatiggaq cross section factoring in this historical assay data…

Without a doubt, this historical data can only bolster management’s view that their onto a world-class orebody at Thelon.

END

– Greg Nolan

Full disclosure: Forum Energy Metals is a (paying) Highballer client. I have no position or relationship with the other companies featured in this report.

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