VANCOUVER, BC,
March 16, 2022 /CNW/
- Foran Mining Corporation (TSXV: FOM) (OTCQX: FMCXF) ("Foran"
or the "Company") is pleased to announce a project update for its
pre-development program at the McIlvenna Bay Project in
Saskatchewan, along with the
launch of a photo gallery, which will be updated regularly as
activity on site continues to ramp-up. The gallery can be found on
our website at www.foranmining.com.
Key Highlights
- Boxcut is now complete and Foran has advanced the first 10
metres ("m") of development along the Exploration Decline.
- Construction of the ore and waste pad is approximately 95%
complete.
- Construction of containment pond is approximately 40%
complete and is expected to be finished by the end of
April.
- Installation of underground support systems is underway as
the Company continues to advance the exploration decline towards
the planned extraction of a bulk sample in H2/22.
- Project photo gallery launched on
www.foranmining.com and will be updated regularly as the
company proceeds with development at McIlvenna Bay.
Progress Update
To date, Foran has completed work on the boxcut, ground support,
as well as the blasting and excavation of the first 10m of planned advancement on the exploration
decline. The construction and placement of the ore and waste pad is
95% complete and development of the containment pond is 40%
complete. The ore and waste pad and the containment pond are
expected to be completed by the end of April. Foran has also
re-energized the 1.2 MW existing distribution line and commissioned
a temporary workshop that will support the ongoing exploration
decline program. The next two months are expected to focus on
completion of the ore and waste pad, the containment pond, and
advancement of the decline as we target the extraction of a bulk
sample in H2/22.
Exploration Decline Technical Overview
McIlvenna Bay's exploration decline is expected to be ~1,475m in
length down to a depth of ~90m below surface. Approximately
850m of ramp development is required
to access the deposit where a single 100m cross-cut will be developed into the hanging
wall to facilitate bulk sample collection. The remaining
development metres are attributable to a planned exploration drift.
The Company expects to mine a 4,400 tonne bulk sample that will be
used to confirm metallurgical test-work and further optimize
processing design. The sample will also provide the opportunity to
complete ore sorting test-work and verify characterizations of mill
tailings product to accurately define long-term dry-stack tailings
management requirements. Underground mapping and drilling will also
be conducted to improve the Company's knowledge of the deposit.
Qualified Person
Mr. Denis Flood, P.Eng, 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. 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. Our goal is to build the first carbon neutral copper mine
in Canada by design. The Company
announced the results from its Bankable Feasibility Study on
February 28, 2022, outlining an 18
year mine life producing an average of 65 Mlbs CuEq annually. The
Company filed a NI 43-101 Technical Report for the updated mineral
resource estimate for the McIlvenna Bay deposit on February 11, 2022, wherein the indicated mineral
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
February 11, 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:
filing of 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 FS
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 FS, 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