VANCOUVER - Formation Metals Inc. (TSXV:FCO) says a $5-million budget has been approved for the 2010 exploration program at the Virgin River uranium project in northern Saskatchewan.
The project is a joint venture between Cameco Corp. (TSX:CCO), which is the operator, as well as Areva Resources Canada Inc. and Coronation Mines, a wholly owned subsidiary of Formation.
Coronation has a right to increase its ownership in the project to 10 per cent, under certain circumstances. It currently has a two per cent ownership stake.
Formation said Wednesday that, following its winter and summer 2009 drilling program, the Centennial deposit has been traced over a 650-metre strike length and appears to continue to the north and south.
The 2010 winter drilling campaign will use two drills to test targets to the north of the Centennial deposit, while the summer drilling campaign to concentrate on extending the known strike length of the deposit to both the north and south.
Formation Metals plans $5 million exploration budget for 2010 at Virgin River uranium project
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Published on
January 6, 2010
- Published on February 24, 2010
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