Under the terms of the accord, Forum will buy Fir Island claims for 300,000 common shares and a 1.5% Net Smelter Royalty with a 1% buyback provision for $1m.
Forum Uranium Exploration vice president Ken Wheatley said Forum will continue to identify and acquire highly prospective properties using the weak uranium market to add value to project portfolio.
"This project fits nicely with Forum’s mandate of acquiring and exploring projects with shallow sandstone cover located along major structural zones," Wheatley added.
"The immediate proximity within 300 metres of the historic Nisto mine along the Black Bay fault strongly suggests that this structure is fertile for uranium mineralization."
The Fir Island claims is located on the northern extension of the Centennial shear zone and comprises shallow uranium targets identified by a number of geophysical and geochemical surveys conducted by Anthem.
