Forum has so far conducted prospecting, soil and lake radon surveys, lake sediment sampling and airborne and/or ground electromagnetic, magnetic, gravity and radiometric surveys on the property.

In April, a drill program on nine holes covering 2,310m was completed.

This program defined various shallow targets areas with altered and reactivated graphite bearing structures with boron and nickel geochemistry and anomalous radioactivity, the company said.

Forum and Uracan are planning to drill five to seven holes to follow-up these structures and test new geochemical/geophysical targets that are yet to be drill tested.

Uracan has an option to acquire 51% interest in the Clearwater property by investing $3m in exploration in the next three years.

The company can earn around 70% stake if it spends $6m over five years.

Covering a total of 9,912 hectares, the Clearwater project adjoins Fission Uranium’s Patterson Lake South claims to the southwest.

Forum will assume the role as the project operator until Uracan acquires 51% interest.