Grades up to 14% Zn over 9.5m in BS-21-245, 3.14% Cu and 5.49 g/t Au over
0.5m in BS-21-246 and 454 g/t Ag over
0.5m in BS-21-247
VANCOUVER, BC, Jan. 21, 2022 /CNW/ - Foran Mining
Corporation (TSXV: FOM) ("Foran" or the "Company"), is pleased
to report high-grade intercepts from three holes drilled during the
2021 exploration program at its 100%-owned Bigstone deposit,
located 25 km southwest of its McIlvenna Bay deposit in
east-central Saskatchewan.
Highlights:
- Hole BS-21-245 returned 9.5m
of 14.0% Zn, 0.42% Cu, 76.9 g/t Ag and 0.37 g/t Au, including
0.9m of 57.2% Zn, 0.28% Cu, 24.9 g/t
Ag and 0.06 g/t Au.
- High-grade results from hole BS-21-245 compare favourably to
the existing Indicated resource grade of the Massive Sulphide zone
at Bigstone of 9.9% Zn, 0.25% Cu, 16.5 g/t Ag and 0.33 g/t
Au.
- Precious metal anomalies were also intercepted in several
holes at Bigstone, including 0.5m of
63.0 g/t Ag, 5.49 g/t Au in hole BS-21-246 and 0.5m of 454.0 g/t Ag and 2.06 g/t Au in hole
BS-21-247. Hole BS-21-246 also hit 3.1% Cu within the same
intercept.
- Preliminary intercepts continue to strengthen Foran's
confidence in both the Bigstone deposit and the entire region where
we will be testing additional targets in 2022.
Dan Myerson, Foran's Executive
Chairman & CEO commented, "High-grade intercepts like these
are rare and very exciting, and in the case of Foran, further
emphasize the expansion opportunities at our already-established
camp, and showcase what Hanson Lake District has to offer. These
are the first results at Bigstone since our initial and limited
drilling campaign in 2015, and these intercepts from our 2021
program outline the ongoing opportunity to discover additional
mineralization and potentially establish Bigstone as a high-grade
deposit that could feed our future centralized milling facility at
McIlvenna Bay.
We are especially positively surprised by the high-grade zinc
intercepts as well as encouraged by the continuation of significant
copper values which continue to illustrate the robust nature of the
Bigstone deposit, where we believe we are currently just scratching
the surface of the potential of the entire Bigstone area. It is
also very promising to encounter recurring gold and silver
anomalies that could potentially lead to higher precious metal
content within the deposit and could be discovered at other
targets. Bigstone and the surrounding area have the potential to
become a key contributor in our goal to develop the district into
Canada's next mining camp, and we
expect to share results from our near-mine exploration program as
we test new prospective targets in 2022."
2021 Bigstone Drill Program
Foran's 2021 Bigstone exploration drill program consisted of 14
holes in 5,716 metres, completed between August and October 2021. The program targeted resource
growth by step-out drilling to potentially expand individual
resource zones up/down-dip and along strike to the north and south,
and infill drilling in certain areas to upgrade current inferred
resources to indicated categories. These are the first drill holes
since the Company's 2015 drill program, which uncovered one of the
longest intersections ever recorded in the region, at 105m of 2.2% Copper Equivalent (CuEq) (see Foran
news release dated April 17,
2015).
Hole BS-21-245 was drilled on section 15+75N, near the
southern-end of the deposit, targeting an inferred portion of
deposit at depth and the potential expansion of a lower zone of
mineralization to the south. The hole successfully intersected the
massive sulphide horizon, where it could expand the indicated
resources in that area. The hole also intersected an underlying
zone of copper-rich mineralization, which should grow the resource
in this sector of the deposit.
Hole BS-21-246 was drilled on the same section as BS-21-245
where it successfully intersected the deposit approximately
50m further up-dip. BS-21-246
intersected the massive sulphide horizon and a similar underlying
high grade copper zone as encountered in BS-21-245. BS-21-246 also
intersected a narrow gold-rich horizon in the hanging wall above
the massive sulphide that had previously been unrecognized in the
historic drilling. Assays below 297.7m are pending from the lab.
Hole BS-21-247 was drilled on section 16+25N where it targeted
the lower zone in a 150m gap between
historic holes. BS-21-247 successfully intersected the massive
sulphide horizon and the underlying copper zone seen in BS-21-245
and 246, as well as, the targeted lower zone containing high-grade
zinc. This intersection should allow the mineralized intervals for
this zone in the historic drill holes to be connected. BS-21-247
also interested a new gold-rich zone in the hanging wall above the
massive sulphide which may correlate with the gold intersection in
the same area in BS-21-245.
Additional assay results from BS-21-246 and the remaining 11
drill holes are pending from the lab. Detailed composites from
drill holes BS-21-245, BS-21-246, and BS-21-247 are provided in
Table 1 below.
Table 1: Significant Drill Intercepts from the 2021 Bigstone
Deposit Program1:
Hole
|
Zone
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Cu
(%)
|
Zn
(%)
|
Ag
(g/t)
|
Au
(g/t)
|
BS-21-245
|
Zn Zone
|
294.75
|
304.25
|
9.50
|
0.42
|
14.00
|
76.9
|
0.37
|
Including
|
Zn Zone
|
298.30
|
299.20
|
0.90
|
0.28
|
57.24
|
24.9
|
0.06
|
And
|
Zn Zone
|
301.35
|
302.47
|
1.12
|
0.52
|
18.98
|
27.3
|
0.12
|
BS-21-245
|
Cu Zone
|
308.70
|
311.50
|
2.80
|
1.36
|
0.12
|
25.0
|
1.97
|
BS-21-246
|
|
222.00
|
225.00
|
3.00
|
0.03
|
0.23
|
3.7
|
0.78
|
Including
|
|
222.00
|
223.00
|
1.00
|
0.03
|
0.30
|
8.1
|
1.78
|
BS-21-246
|
Zn Zone
|
228.80
|
231.70
|
2.90
|
0.11
|
8.75
|
5.6
|
0.25
|
Including
|
Zn Zone
|
229.65
|
230.20
|
0.55
|
0.005
|
30.90
|
19.0
|
0.15
|
BS-21-246
|
Cu Zone
|
237.50
|
239.50
|
2.00
|
2.17
|
1.07
|
42.8
|
2.09
|
Including
|
Cu Zone
|
238.00
|
238.50
|
0.50
|
3.14
|
1.54
|
63.0
|
5.49
|
BS-21-247
|
|
213.50
|
215.20
|
1.70
|
0.57
|
0.44
|
229.9
|
1.21
|
Including
|
|
213.50
|
214.00
|
0.50
|
0.35
|
0.08
|
454.0
|
2.06
|
BS-21-247
|
Zn Zone
|
221.00
|
222.00
|
1.00
|
0.20
|
1.50
|
2.8
|
0.99
|
BS-21-247
|
Cu Zone
|
226.10
|
228.10
|
2.00
|
0.38
|
0.07
|
8.7
|
0.39
|
BS-21-247
|
Zn Stringer
Zone
|
258.45
|
259.35
|
0.90
|
0.01
|
20.30
|
0.3
|
0.03
|
BS-21-247
|
Footwall
zone
|
282.00
|
283.00
|
1.00
|
0.23
|
10.22
|
1.1
|
0.02
|
1
True thickness is estimated to be approximately 60-65% of drill
indicated.
|
Bigstone Deposit
The Bigstone deposit is host to an estimated resource of 1.98
million tonnes ("Mt") in the Indicated category grading 2.22%
copper equivalent ("CuEq") and an additional 1.88 Mt of Inferred
resources grading 2.14% CuEq based on 55 drill holes (see Foran
news release dated Dec. 7, 2020).
Mineralization begins approximately 100m below surface, extends down to ~600m, and is
defined within three main zones of mineralization: a Massive
Sulphide Zone, a Copper Zone, and a Zinc Stringer Zone. The deposit
remains open at depth. Bigstone represents the second National
Instrument ("NI") 43-101 compliant resource defined by Foran within
the Hanson Lake District and could be an important contributor to a
long-lived mining camp that could be developed in the region.
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 Person
Mr. Roger March, P. Geo., Senior
Geoscientist 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, 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. The project is located entirely
within the traditional territory of the Peter Ballantyne Cree
Nation. The company also owns the Bigstone project, a
resource-development stage deposit located 25km southwest of its
McIlvenna Bay project.
McIlvenna Bay is a copper-zinc-gold-silver rich VHMS deposit
intended to be the centre 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 VHMS deposit in the
region. The Company filed a NI 43-101 Technical Report for the
updated resource estimate for the McIlvenna Bay deposit on
November 25, 2021, wherein the
indicated resources increased to 39.1 million tonnes, a 70%
increase compared to the previous resource estimate from 2019.
Foran's copper-zinc 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" and on the
OTCQX under the symbol "FMCXF".
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