Under the agreement, Forum can earn a 50% interest by completing $200,000 in exploration as a firm commitment within 12 months and a further $150,000 in exploration, including a minimum of 1,000 metres of drilling, within 24 months of the date of the agreement.
Forum has the option to earn a further 15% interest by establishing an NI 43-101 resource estimate on the property within four years of the agreement date.
The property comprises 120 claims in three blocks of claims located in 6,960 hectares which have been optioned from Aurizon.
Aurizon director of exploration Martin Demers said the company looks forward in having Forum’s technical team advance rare earth exploration on its property.
Aurizon discovered many boulders containing anomalous rare earth elements ranging from 1.34% to 16.77% total rare earth oxides (TREO) in south part of the West Block, as part of its exploration program.
Heavy rare earth oxide to TREO ratio ranges from 0.8% to 57% in an area covered by thin glacial till.
Forum plans to undertake a prospecting, mapping and trenching programme to identify the source of these boulders, followed by a drill program.
