Forum Energy Metals Corp. announced the geochemical results from the Ned anomaly, one of over 20 targets for high grade unconformity-related deposits on its Thelon Basin uranium project located 100 km west of Baker Lake, Nunavut. Forum drilled four holes into the Tatiggaq zone and one hole in the 2km by 2km Ned target outlined by a large gravity low anomaly.

Forum holds a 100% interest in 95,500 hectares of ground adjacent to Orano's 133 million pound Kiggavik uranium project. Highlights. Drilling at Ned was collared in Thelon sandstone, targeting an unconformity deposit at the sandstone/basement contact.

Geochemical results returned elevated uranium, boron, silver and nickel. The sandstone was bleached and clay altered, typical of unconformity- related uranium deposits. The last hole in the Tatiggaq zone, TAT23-004 (West Zone) results are pending.

Tatiggaq drilling intersected high-grade near surface uranium mineralization over 200 metres. TAT23-002 (Main Zone) intersected 2.25% U3O8 over 11.1 metres; TAT23-003 (West Zone) intersected 0.40% U3O8 over 12.8 metres. Gravity surveys in the Thelon Basin have proven to be a good geophysical technique for identifying alteration zones associated with uranium deposits at Orano's Kiggavik uranium project and Forum's Tatiggaq and Qavvik deposits.

The 2km by 2km Ned gravity low anomaly is one of over ten targets on the property identified in Thelon sandstone. Whereas the current Orano and Forum deposits are basement-hosted deposits similar to NexGen's Arrow deposit and Cameco's Eagle Point deposit in the Athabasca Basin, Forum is also targeting unconformity deposits at the sandstone/basement contact similar to McArthur River and Cigar Lake in the Athabasca. Composite geochemical results for drill hole NED23-001 on the Ned anomaly contains average Utotal values of 1 ppm and up to 2.6 ppm.

Elevated pathfinder elements such as Btotal (up to 306 ppm), Agtotal (up to 2.71 ppm), and Nitotal (up to 7.6 ppm) are observed. Due to drilling difficulties, the hole was lost at 165 metres in clay-altered Thelon sandstone, a typical alteration feature of large uranium deposits in the Athabasca Basin. This anomaly will be the focus of additional drill testing during Forum's planned 2024 drill program.

Quality Assurance/Quality Control. Geochemical analysis was conducted at the Saskatchewan Research Council Geoanalytical Laboratory in Saskatoon, Saskatchewan. Systematic 10 cm split (basement) and 10 m chip composite samples (sandstone) were analysed using ICP-MS Exploration Package for sandstone and basement rocks (ICP-MS1 and 2).

Assay samples were analysed using the ICP-OES package (ICP1) with the addition of the U3O8 wt% assay analysis. Mineralized samples were split into half core samples ranging from 10 to 50 cm in thickness except shoulder regions were locally up to 90 cm and all samples were grouped based on similar radioactivity using a hand-held scintillometer. Duplicates were taken every 20 m and were within acceptable limits for field rock.