Drilling continues to define a high-grade
copper and gold trend
More grade, more length, more width… more
value accretion!
VANCOUVER, BC, April 7, 2021 /CNW/ - Foran Mining Corporation
(TSXV: FOM) ("Foran" or the "Company"),) continues to deliver high
grade copper and gold results over significant widths.
Five holes have now been completed and today's results from an
additional two holes drilled as part of the current drilling
campaign, which is designed to expand the Indicated resources in
the McIlvenna Bay deposit ("Deposit"), continue to define a
high-grade copper and gold trend along the upper plunge line of the
massive sulphide lens ("MS"). The overall tenor of the results,
coupled with the increased density of drill holes, will positively
impact the Deposit and its economics when the definitive
feasibility study ("DFS") is published in Q4 2021.
Highlights:
- MB-21-238 – intersected 22.00 metres ("m")
of continuous mineralization including 2.95m grading 6.88% copper equivalent
("CuEq") of MS and 18.05m
grading 2.71% CuEq from the underlying Copper
Stockwork Zone ("CSZ"), consisting of:
-
- 5.17% Cu, 1.67% Zn, 35.4 g/t Ag and 1.38 g/t Au over
2.95m (MS), and
- 2.02% Cu, 0.33% Zn, 12.8 g/t Ag and 0.82 g/t Au over
18.05m (CSZ)
- Includes a composite result of 4.01 g/t Au and 7.91% Cu over
a 0.60m
- MB-21-233 - intersected 8.70m grading 2.11% CuEq from the zinc-rich part
of the MS at depth in the Deposit, consisting of:
-
- 0.18% Cu, 3.73% Zn, 32.05 g/t Ag and 0.15 g/t Au over
8.70m, including 2.25m grading 0.09% Cu, 7.64% Zn, 59.84 g/t Ag
and 0.20 g/t Au
- Infill drilling will be supplemented by an expansion drill
program planned to commence late spring.
Dan Myerson, Executive
Chairman of Foran commented:
"Outstanding drill results continue to amass from our largest
drill program to date at McIlvenna Bay. They continue to define a
high-grade copper and gold trend, underpinning our confidence that
we are well positioned to significantly enhance the resources, and
in turn, the value of this world-class Deposit when we publish our
DFS later in the year.
"These holes, which continue to deliver beyond our
expectations, also reinforce some of McIlvenna Bay's most
attractive geological qualities; it is rich in high grade gold and
copper mineralization and the high-grade MS lens is adjacent to the
deeper CSZ. The fact that the two zones are adjacent provides
a thicker overall combined mining width that allows the stopes to
be optimized and reduces dilution from mining separate zones.
We look forward to providing additional results from our ongoing
program at McIlvenna Bay and moreover, are very excited to begin
showcasing the many other world-class deposits we have in our
prolific camp and how all these could come together to form one of
the world's greatest mining camps."
Further information
The winter drill program at McIlvenna Bay has been underway
since mid-January. The infill segment of the 30,000 m drill program has focused on increasing
Foran's knowledge of the deeper parts of the Deposit to convert
current inferred resources to the indicated category. All five
holes drilled to date have returned high-grade results.
As shown in Figure 1, drill hole MB-21-238 intersected the upper
edge of the massive sulphide lens where the Company continues to
define a zone of high-grade copper and gold in this sector of the
Deposit. This result builds on the previously released drill holes
from this area as provided in Table 1.
Drill hole MB-21-233 successfully intersected the MS lens in the
deep part of the deposit and returned a high-grade zinc
intersection including a 2.25m core
length grading 7.91% zinc.
Table 1 below provides a detailed overview of the assay
results.
Table 1: Significant Drill Intercepts from the McIlvenna Bay
Winter Program1:
Hole
|
Zone
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Cu
(%)
|
Zn
(%)
|
Ag
(g/t)
|
Au
(g/t)
|
CuEq
(%)
|
MB-21-238
|
Lens 3
|
748.50
|
749.50
|
1.00
|
2.14
|
2.16
|
18.2
|
0.13
|
3.19
|
MB-21-238
|
SZ
|
754.00
|
755.00
|
1.00
|
1.26
|
0.23
|
12.2
|
0.22
|
1.58
|
MB-21-238
|
MS
|
755.00
|
757.95
|
2.95
|
5.17
|
1.67
|
35.4
|
1.38
|
6.88
|
Including
|
MS
|
755.30
|
755.90
|
0.60
|
7.91
|
1.89
|
59.1
|
4.01
|
11.37
|
MB-21-238
|
CSZ
|
757.95
|
776.00
|
18.05
|
2.02
|
0.33
|
12.8
|
0.82
|
2.71
|
Including
|
CSZ
|
762.00
|
767.70
|
5.70
|
2.71
|
0.45
|
15.7
|
1.43
|
3.80
|
MB-21-233
|
Lens 3
|
1135.45
|
1138.15
|
2.70
|
0.04
|
2.62
|
20.04
|
0.15
|
1.35
|
MB-21-233
|
MS
|
1144.90
|
1153.60
|
8.70
|
0.18
|
3.73
|
32.05
|
0.15
|
2.11
|
Including
|
MS
|
1144.90
|
1147.15
|
2.25
|
0.09
|
7.64
|
59.84
|
0.20
|
3.99
|
**MB-21-231a
|
MS
|
728.61
|
737.35
|
8.74
|
1.14
|
4.94
|
16.58
|
0.59
|
3.53
|
Including
|
MS
|
733.71
|
734.87
|
1.16
|
0.52
|
12.81
|
23.06
|
0.24
|
5.86
|
**MB-21-231a
|
CSZ
|
737.35
|
745.03
|
7.68
|
1.21
|
1.23
|
9.86
|
0.74
|
2.17
|
**MB-21-231a
|
CSZ
|
746.70
|
751.90
|
5.20
|
0.58
|
0.43
|
5.08
|
0.07
|
0.83
|
**MB-21-236
|
MS
|
740.50
|
743.30
|
2.80
|
3.02
|
1.97
|
25.46
|
1.51
|
4.83
|
Including
|
MS
|
741.35
|
741.95
|
0.60
|
5.42
|
1.16
|
32.95
|
3.52
|
8.08
|
**MB-21-236
|
CSZ
|
743.30
|
757.50
|
14.20
|
1.00
|
0.58
|
7.80
|
0.33
|
1.47
|
Including
|
CSZ
|
746.00
|
747.00
|
1.00
|
2.41
|
0.60
|
24.95
|
1.84
|
3.87
|
**MB-21-234
|
MS
|
643.60
|
648.50
|
4.90
|
4.76
|
3.75
|
41.87
|
2.31
|
7.99
|
Including
|
MS
|
644.80
|
646.40
|
1.60
|
7.89
|
1.58
|
63.62
|
5.42
|
12.08
|
**MB-21-234
|
CSZ
|
648.50
|
669.50
|
21.00
|
1.52
|
0.38
|
9.92
|
0.67
|
2.12
|
Including
|
CSZ
|
650.40
|
657.70
|
7.30
|
2.65
|
0.69
|
20.45
|
1.52
|
3.94
|
1
True thickness is estimated to be approximately 80-85% of drill
indicated. Copper Equivalent (CuEq) values are based on the
following metal prices $3.25 Cu, $1.25 Zn, $0.95 Pb, $1,800 Au and
$25.00 Ag.
|
**Indicates
previously released drill hole. See News Releases dated March 15
and March 18, 2021 for more details.
|
Drilling at the Deposit continues with three drills. It is
anticipated that the infill drill program will continue until June,
when the focus of the program will shift to expansion of the
deposit with step-out holes designed to expand the resources. The
drilling at McIlvenna Bay is anticipated to continue through the
summer of 2021.
Foran's McIlvenna Bay deposit is already the largest undeveloped
Volcanogenic Massive Sulphide ("VMS") deposit in the Flin Flon
Greenstone Belt. The deposit is well located in a mining friendly,
safe and stable jurisdiction, with year-round road access, in close
proximity to an existing electrical grid supplied by hydro-electric
power, rail and an established mining centre in Flin Flon, Manitoba.
Quality Assurance and Quality Control
Drilling was completed using NQ size diamond drill core and core
was logged by employees of the Company. During the logging process,
mineralized intersections were marked for sampling and given unique
sample numbers. Sampled intervals were sawn in half using a diamond
blade saw. One half of the sawn core was placed in a plastic bag
with the sample tag and sealed, while the second half was returned
to the core box for storage on site. Sample assays are being
performed by TSL Laboratories Ltd. ("TSL") in Saskatoon, Saskatchewan. TSL is a CAN-P-1579,
CAN-P-4E (ISO/IEC 17025:2005) accredited laboratory and independent
of Foran. Analysis for Ag, Cu, Pb and Zn is performed using atomic
absorption spectrometry ("AA") after multi-acid digestion. Au
analysis is completed by fire assay with AA finish. Any samples
which return results greater than 1.0 g/t Au are re-run using
gravimetric finish. A complete suite of QA/QC reference materials
(standards, blanks and pulp duplicates) are included in each batch
of samples processed by the laboratory. The results of the assaying
of the QA/QC material included in each batch are tracked to ensure
the integrity of the assay data.
Qualified Persons
Mr. Roger March, P. Geo., Vice
President Exploration for Foran, is the Qualified Person for all
technical information herein and has reviewed and approved the
technical information in this release.
About Foran Mining
Foran Mining is a copper-zinc-gold-silver exploration and
development company, and we are committed to supporting a greener
future, empowering communities and creating circular economies
which create value for all our stakeholders, while also
safeguarding the environment.
Our goal is to build the first mine in Canada designed to be carbon neutral from day
one of production. We are in the feasibility stage of development
for our flagship McIlvenna Bay project in eastern Saskatchewan.
McIlvenna Bay is a copper-zinc-gold-silver rich VMS deposit
intended to be the center of a new mining camp in a prolific
district that has already been producing for 100 years. McIlvenna
Bay sits just 65km from Flin Flon,
Manitoba and is part of the world class Flin Flon Greenstone
Belt that extends from Snow Lake,
Manitoba, through Flin Flon
to Foran's ground in eastern Saskatchewan, a distance of over 225km.
McIlvenna Bay is the largest undeveloped VMS deposit in the
region. The Company filed a NI 43-101 Technical Report for the PFS
on the McIlvenna Bay Deposit on SEDAR on April 28, 2020. Foran's copper-zinc VMS Bigstone
Deposit is expected to serve as additional feed for the mill at
McIlvenna Bay. The Company filed a NI 43-101 Technical Report for
the Bigstone Deposit's first resource estimate on January 21, 2021.
Foran trades on the TSX.V under the symbol "FOM".
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy of this release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains "forward-looking information" (also
referred to as "forward looking statements"), which relate to
future events or future performance and reflect management's
current expectations and assumptions. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "hopes", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Such forward-looking statements reflect management's
current beliefs and are based on assumptions made by and
information currently available to the Company. All statements,
other than statements of historical fact, are forward-looking
statements or information. Forward-looking statements or
information in this news release relate to, among other things:
complete the feasibility study in a timely manner, and the
anticipated capital and operating costs, sustaining costs, net
present value, internal rate of return, payback period, process
capacity, average annual metal production, average process
recoveries, anticipated mining and processing methods, proposed PFS
production schedule and metal production profile, anticipated
construction period, anticipated mine life, expected recoveries and
grades, anticipated production rates, infrastructure, social and
environmental impact studies, future financial or operating
performance of the Company, subsidiaries and its projects,
estimation of mineral resources, exploration results, opportunities
for exploration, development and expansion of the McIlvenna Bay
Project, its potential mineralization, the future price of metals,
the realization of mineral reserve estimates, costs and timing of
future exploration, the timing of the development of new deposits,
requirements for additional capital, foreign exchange risk,
government regulation of mining and exploration operations,
environmental risks, reclamation expenses, title disputes or
claims, insurance coverage and regulatory matters. In addition,
these statements involve assumptions made with regard to the
Company's ability to develop the McIlvenna Bay Project and to
achieve the results outlined in the PFS, and the ability to raise
capital to fund construction and development of the McIlvenna Bay
Project.
These forward-looking statements and information reflect the
Company's current views with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant operational, business, economic and regulatory
uncertainties and contingencies. These assumptions include: our
mineral reserve and resource estimates and the assumptions upon
which they are based, including geotechnical and metallurgical
characteristics of rock confirming to sampled results and
metallurgical performance; tonnage of ore to be mined and
processed; ore grades and recoveries; assumptions and discount
rates being appropriately applied to the technical studies; success
of the Company's projects, including the McIlvenna Bay Project;
prices for zinc, copper, gold and silver remaining as estimated;
currency exchange rates remaining as estimated; availability of
funds for the Company's projects; capital decommissioning and
reclamation estimates; mineral reserve and resource estimates and
the assumptions upon which they are based; prices for energy
inputs, labour, materials, supplies and services (including
transportation); no labour-related disruptions; no unplanned delays
or interruptions in scheduled construction and production; all
necessary permits, licenses and regulatory approvals are received
in a timely manner; and the ability to comply with environmental,
health and safety laws. The foregoing list of assumptions is not
exhaustive.
The Company cautions the reader that forward-looking statements
and information include known and unknown risks, uncertainties and
other factors that may cause actual results and developments to
differ materially from those expressed or implied by such
forward-looking statements or information contained in this news
release and the Company has made assumptions and estimates based on
or related to many of these factors. Such factors include, without
limitation: the projected and actual effects of the COVID-19
coronavirus on the factors relevant to the business of the
Corporation, including the effect on supply chains, labour market,
currency and commodity prices and global and Canadian capital
markets, fluctuations in zinc, copper, gold and silver prices;
fluctuations in prices for energy inputs, labour, materials,
supplies and services (including transportation); fluctuations in
currency markets (such as the Canadian dollar versus the U.S.
dollar); operational risks and hazards inherent with the business
of mining (including environmental accidents and hazards,
industrial accidents, equipment breakdown, unusual or unexpected
geological or structure formations, cave-ins, flooding and severe
weather); inadequate insurance, or the inability to obtain
insurance, to cover these risks and hazards; our ability to obtain
all necessary permits, licenses and regulatory approvals in a
timely manner; changes in laws, regulations and government
practices in Canada, including
environmental, export and import laws and regulations; legal
restrictions relating to mining; risks relating to expropriation;
increased competition in the mining industry for equipment and
qualified personnel; the availability of additional capital; title
matters and the additional risks identified in our filings with
Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although
the Company has attempted to identify important factors that could
cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated,
described or intended. Investors are cautioned against undue
reliance on forward-looking statements or information.
These forward-looking statements are made as of the date hereof
and, except as required by applicable securities regulations, the
Company does not intend, and does not assume any obligation, to
update the forward-looking information.
SOURCE Foran Mining Corporation