Infill drilling confirms and supports resource
and mine life expansion potential
First step out hole delivers 7% copper
intercept and near-surface updip extension
Foran adds an additional (fourth) drill rig to
follow up positive results to date
VANCOUVER, BC, May 12, 2021 /CNW/ - Foran Mining
Corporation (TSXV: FOM) ("Foran" or the "Company") is pleased
to announce that its 30,000m winter
drill program at its 100% owned McIlvenna Bay deposit ("McIlvenna
Bay" or the "Deposit") continues to deliver stellar results. The
latest five holes, which are comprised of infill drilling and the
first step out hole results, support the potential to increase the
projected mine life of the Deposit.
Hole MB-21-237 returned solid grades and significant thickness
in the high-grade massive sulphide ("MS") and the deeper, adjacent
copper stockwork zone ("CSZ"), reinforcing the Deposit's strong
geological credentials. Two additional infill holes were drilled
along the upper edge of the Deposit. Both holes (MB-21-232 and
MB-21-240a) successfully intersected the CSZ with 17.77m and 7.50m
thick intersections which should allow the conversion of additional
inferred resources into the indicated category in that sector of
the deposit.
The updip holes MB-21-239 and MB-21-241 represent 130m and 200m
step-outs from the last holes drilled on their respective sections
(Figure 1). The successful results, outlined below, further support
that the deposit remains open for updip expansion along its plunge
length with further drilling. An additional drill rig, for a total
of four, has been brought to site on the back of these positive
results to expedite the drill program at McIlvenna Bay.
Highlights:
Infill Drill Results
- MB-21-237 – intersected two zones of
mineralization:
-
- 1.16% Cu, 0.67% Zn, 18.88 g/t Ag and 0.53 g/t Au (1.87% CuEq)
over 14.78m (CSZ), including,
-
- 2.09% Cu, 1.88% Zn, 26.35 g/t Ag and 0.74 g/t Au (3.45% CuEq)
over 2.45m, and
- 0.46% Cu, 5.70% Zn, 12.62 g/t Ag and 0.13 g/t Au (2.89% CuEq)
over 0.65m (MS),
- MB-21-232 - intersected 17.77m of CSZ grading1.09% CuEq,
-
- 0.87% Cu, 0.30% Zn, 5.06 g/t Ag, and 0.11 g/t Au over
17.77m, including,
-
- 2.06% Cu, 0.53% Zn, 13.45 g/t Ag and 0.56 g/t Au over
1.14m,
- MB-21-240a
-
- 0.82% Cu, 0.15% Zn, 5.13 g/t Ag, and 0.07 g/t Au over
7.50m, including,
-
- 1.41% Cu, 0.60% Zn, 13.70 g/t Ag and 0.11 g/t Au over
1.00m,
Step Out Drill Results
- MB-21-239
-
- 2.95% Cu, 0.45% Zn, 44.01 g/t Ag and 0.74 g/t Au (3.94% CuEq)
over 1.15m (CSZ), including,
-
- 7.43% Cu, 1.17% Zn, 113.2 g/t Ag and 2.06 g/t Au (10.07%
CuEq) over 0.40m
- MB-21-241
-
- 1.90% Cu, 1.01% Zn, 15.45 g/t Ag and 0.40 g/t Au (2.63% CuEq)
over 0.75m
Dan Myerson, Executive
Chairman of Foran commented: "Momentum continues to gain
rapidly at McIlvenna Bay and the rest of our world-class district.
Having already achieved such value accretive results beyond our
expectations from infill drilling, we are delighted to kick off the
resource expansion section of our program with further positive
results. We remain focused on continuing to demonstrate the
exceptional quality of the many other assets within our portfolio
and the additional drill on site supports this goal.
"McIlvenna Bay is located in one of the world's truly safe
and premier mining jurisdictions and will represent the world's
first carbon-neutral copper mine from day one of production. Our
short-term goals remain showcasing the ability to scale McIlvenna
Bay along with our other deposits, and their associated potential
production profiles. We are also progressing towards
delivering our Feasibility Study later this year, and bringing this
multi-generational camp into production, responsibly and
economically, and thereby providing the critical metals society
needs in order to sustainably decarbonise and electrify.
"The entire Foran team is tirelessly committed to
best-in-class execution and delivery, in consideration of all our
stakeholders and across everything that we do day in and day out.
These key cornerstones of our culture underpin our work and we are
incredibly grateful to all involved – thank you."
Another geologist excited about the results from Hole
MB-21-237
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. This is to
increase the mine life and value of the Deposit. Numerous holes
from the program have returned high-grade results over substantial
widths which bodes well for the upcoming Feasibility results.
The expansion program is focused on growing the size of the
overall deposit through substantial step-outs both up and down dip
and along the plunge. It is focused on creating additional upside
for investors.
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-21-237
|
MS
|
899.90
|
900.55
|
0.65
|
0.46
|
5.70
|
12.62
|
0.13
|
2.89
|
MB-21-237
|
CSZ
|
903.22
|
918.00
|
14.78
|
1.16
|
0.67
|
18.88
|
0.53
|
1.87
|
Including
|
CSZ
|
909.20
|
911.65
|
2.45
|
2.09
|
1.88
|
26.35
|
0.74
|
3.45
|
MB-21-239
|
CSZ
|
303.00
|
304.15
|
1.15
|
2.95
|
0.45
|
44.01
|
0.74
|
3.94
|
Including
|
CSZ
|
303.35
|
303.75
|
0.40
|
7.43
|
1.17
|
113.2
|
2.06
|
10.07
|
MB-21-241
|
CSZ
|
204.12
|
204.87
|
0.75
|
1.90
|
1.01
|
15.45
|
0.40
|
2.63
|
MB-21-240a
|
CSZ
|
560.00
|
567.50
|
7.50
|
0.82
|
0.15
|
5.13
|
0.07
|
0.96
|
Including
|
CSZ
|
562.50
|
565.00
|
2.50
|
1.04
|
0.13
|
4.42
|
0.10
|
1.18
|
And
|
CSZ
|
566.50
|
567.50
|
1.00
|
1.41
|
0.60
|
13.70
|
0.11
|
1.82
|
MB-21-232
|
CSZ
|
491.23
|
509.00
|
17.77
|
0.87
|
0.30
|
5.06
|
0.11
|
1.09
|
Including
|
CSZ
|
491.23
|
492.37
|
1.14
|
2.06
|
0.53
|
13.45
|
0.56
|
2.68
|
And
|
CSZ
|
503.50
|
504.47
|
0.97
|
1.84
|
0.72
|
10.03
|
0.35
|
2.39
|
And
|
CSZ
|
507.00
|
508.03
|
1.03
|
2.98
|
0.20
|
11.87
|
0.32
|
3.33
|
**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,
18 and April 7, 2021 for more details.
|
Quality Assurance and Quality Control
Drilling was completed using NQ size diamond drill core. And the
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.
Figure 1: Copper Stockwork Zone Long
Section
Qualified Person
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, the intention to achieve carbon
neutral production from day one, 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