Forum Energy Metals (TSXV: FMC; US-OTC: FDCFF) hopes exploration at its Aberdeen project in Nunavut can help open up a new uranium district to meet global demand, Forum director Janet Meiklejohn told a recent event in London.
With uranium prices touching 17-year highs amid surging demand for zero-emission energy, players in the uranium sector believe they’re on the cusp of a great opportunity, Meiklejohn said.
But while she explained that 70% of the demand for nuclear energy comes from Western countries, 75% of uranium supply comes from countries outside the West.
“We need a new uranium district in the West,” she said. “We have the Athabasca (basin in Saskatchewan), which has astronomical grades compared to the rest of the world, but it still only represents 15% of world supply.”
After spending $10 million on drilling this year at Aberdeen’s Tatiggaq target, results returned high grades, and Forum is looking to do more drilling next summer, including on unexplored areas at Aberdeen. The project sits in the large and high-grade Thelon Basin, just west of the community of Baker Lake in southern Nunavut.
Thelon is geologically similar to Athabasca, but the lack of infrastructure in Nunavut presents huge cost challenges for exploration and mining companies, Meiklejohn said.
Watch the full discussion below, moderated by The Northern Miner’s interim editor-in-chief Colin McClelland.
JV videos are sponsored content in arrangement with The Northern Miner.
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