Forum Uranium Corp. (TSXV:FDC) announced Rio Tinto’s (ASX:RIO,NYSE:RIO) uranium group has exercised its option to acquire an additional 10% interest in the Henday project.
As quoted in the press release:
Under the terms of the Property Option Agreement with Hathor Exploration Ltd. (“Hathor”), Rio Tinto must fund a bankable feasibility study to earn its additional 10% interest. Rio Tinto is the 60% owner and Operator of the Henday joint venture with Forum as its 40% partner. Hathor was acquired by the Rio Tinto group and amalgamated into Rio Tinto.
Drilling of 13 holes on the Mallen Zone in 2011 resulted in elevated radioactivity and favourable alteration within a 500 metre by 600 metre resistivity anomaly. Depth to the unconformity in the area is approximately 110 metres.