Forum Uranium to earn up to 65% of Aurizon's Matamec Kipawa project

Canadian explorer Forum Uranium Corp. (CVE:FDC) reported Thursday so as to it has sign an options deal with Aurizon Mines (TSE: ARZ) to make up to a 65% stake in Aurizon’s Matamec Kipawa rare earths deposit, in southwestern Quebec.The property, located 95 kilometres northeast of North Bay, Ont., adjoins Matamec Exploration’s Zeus project.

Three blocks of claims, which cover up an area of 6,960 hectares, be optioned from Aurizon. The West, Central and East blocks encase 120 claims, for 6,960 hectares, and the belonging is underlain by part of the Kipawa Alkaline complex.

According to the option deal, Forum can make a 50% interest if it completes $200,000 in exploration in the first 12 months and a further $150,000 in looking at, and at least 1,000 meters of drilling, within 24 months of the agreement.Further, Forum has the choice to make an extra 15% stake in the project if it establishes an NI 43-101 compliant resource estimation on the property in four years time. During the earn-in period, Forum will act as worker, the company said in a statement.