Uracan Resources Ltd. and Forum Uranium Corp. said Sept. 29 that a 3,000-meter drill program has begun on the latter's fully owned Clearwater uranium project in Saskatchewan's Athabasca Basin.
To date, 11 drill holes totaling 2,836 meters have been completed on the property, which indicated that several targets have altered and reactivated graphite-bearing structures with elevated boron and nickel geochemistry.
The companies plan another 10 to 12 drill holes to follow-up these structures along the Mongo and Key trends and to drill test new targets.
Meanwhile, a 12-line-kilometer ground electromagnetic survey is underway on the project to better target the planned drilling.
Under an option deal, Uracan can earn a 25% interest in Forum's Clearwater property by incurring C$1.5 million worth of expenditure, and a 51% interest by spending C$3 million in exploration over three years.
The company can then increase its stake to a 70% by spending another C$6 million on exploration over a five-year period.
Forum will serve as operator until Uracan earns its 51% interest, following which Uracan may elect to become the operator.
The Clearwater project covers 9,912 hectares adjoining Forum Uranium Corp.'s Patterson Lake South claims to the southwest.