Rio Tinto drilling continues to extend mineralisation at Forum Energy’s Janice Lake project (FMC)

By Patricia Miller


In this article

  • Loading...
  • Want to see what you should be buying? Check out our top picks.

Wednesday saw Canadian exploration firm Forum Energy Metals (TSX.V:FMC) reveal another set of strong results from a Rio Tinto-led drilling programme at its Janice Lake copper/silver project in Saskatchewan.

Forum reported a hole drilled by Rio Tinto on the project’s Janice target intersected 13m of 0.95pc copper and 9.7g/t silver within a broader 57.1m mineralised zone from 78.9m to 136m grading 0.41pc copper and 4.2g/t silver. Other highlight intersections from deeper in hole JANL005 include 0.13pc copper and 4.9g/t silver over 16m from 150m to 166m deep and 0.31pc copper and 5.9g/t silver over 20m from 238m to 258m deep.

Copper and silver mineralisation are now confirmed over a minimum strike length of 400m over a greater width than expected at Janice, which was last drilled in 2003. Likewise, mineralisation has now been intersected at deeper levels than those known from historical drilling.

The mineralised zone at the Janice target is now a minimum of 400m in strike length, is open along strike and at depth, remains an unknown width, and has an estimated true thickness varying from several metres to more than 50 metres in multiple horizons,’ added Forum.

JANL005 was located 100m northeast of historic drill hole PL93-11 (33m of 0.77pc copper) and 100m southwest of hole PL93-03 (39m of 0.54pc copper) drilled by Noranda Exploration in 1993. It is also located approximately 2km northeast of target holes JANL0001 and JANL0002 drilled by Rio Tinto at Janice Lake’s Jansem 1 target, with results released earlier this month.

As previously reported, JANL0002 intersected 0.38pc copper and 2.1g/t silver over 44.8m from 45.2m to 90m deep, including 0.71pc copper and 4.2g/t silver over 18m. JANL0001, meanwhile, encountered 0.18pc copper over 63m from 19m to 82m deep. As a result, the mineralised zone at Jansem 1 is now a minimum of 294m in strike length, 130m in width, with an estimated true thickness varying from several metres to more than 50m.

Speaking to ValueTheMarkets, Forum’s VP exploration Ken Wheatley, who had spent time on site at the project this summer, said the firm is pleased with the strong drilling results being returned at Janice Lake:

The goals of this summer’s drill program were to confirm the type of copper mineralisation present and its depositional controls, extend the strike of known mineralisation, and to test the theory of multiple horizons of copper mineralisation. The last two goals were achieved, and the first goal will be a work in progress. Once we feel confident about the geological model, we can step out from the known mineralised area and test more targets located within the 52km long project. Goals for future drill programs will 1) attempt to join the current target areas to prove up continuous mineralisation along strike, 2) find additional zones of mineralisation within the project and 3) to identify pockets of high-grade copper mineralisation, possibly caused by structure (faults).

Rio Tinto Exploration Canada (RTEC) is planning to spend $3m (CDN) on Janice Lake in 2019 as part of a seven-year $30m option to earn 80pc of the project. RTEC has recently completed a 21-hole (5,209m) drill program and has sent drill core in for assay. Results for holes JANL001, 002 and 005 have now been released, and the remainder of the results will be released as they are returned from the geochemical laboratory. The drill program was completed using 2 rigs with helicopter support and concentrated on the Janice and Jansem targets with 9 holes a piece. Three holes were completed on the Kaz target, located approximately 1km northeast of Janice.

Utilizing the information gathered from the 2019 drill program, Rio Tinto hopes to determine the dip and attitude of copper mineralisation at Janice Lake as well as locate the multiple strata-bound copper-bearing horizons. There also appears to be a local association between magnetite and the copper mineralization, which suggests terrain with a higher magnetic signature has a greater potential to host copper. Rio Tinto completed a detailed airborne magnetic survey of the entire project this summer which will aid in developing targets for future drill programs within the projects’ 52km long strike length.


In this article:

Forum Energy Metals

Author: Patricia Miller

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Sign up for Investing Intel Newsletter