Foran Commences Metallurgical Studies at McIlvenna Bay; Drilling Continues to Intersect Good Grades & Widths
January 23 2012 - 6:00AM
Marketwired Canada
Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased
to announce the commencement of metallurgical testwork and new assay results
from drilling at the Company's 100% owned McIlvenna Bay deposit ("McIlvenna Bay"
or the "Deposit). Drilling at McIlvenna Bay between August and December, 2011
was designed to collect material for metallurgical testwork, complete infill
holes to upgrade the existing resource and to begin to test the updip extent of
copper stockwork zone ("CSZ") mineralization.
Drill highlights include(1):
-- 28.92 m of 1.47% Cu and 0.50 g/t Au through the Upper West Zone ("UWZ")
and underlying CSZ in MB-11-159,
-- 18.70 m of 1.56% Cu and 0.38 g/t Au through the UWZ and adjacent CSZ,
including 2.87 m of 2.45% Cu, 5.29% Zn, 0.44 g/t Au, and 26.47 g/t Ag in
the UWZ in MB-11-163,
-- 18.46 m of 1.55% Cu and 0.39 g/t Au through the UWZ and adjacent CSZ,
including 0.90m of 3.13% Cu, 1.11 g/ Au and 21.48 g/t Ag in MB-11-162
-- 9.99 m of 6.12% Zn and 14.19 g/t Ag in Lens 2 in MB-11-160, and
-- 5.69 m of 7.90% Zn and 22.91 g/t Ag in Lens 2, including 2.54 of 9.11%
Zn and 29.20 g/t Ag in MB-11-161
(1) Cu = copper, Zn = zinc, Au = gold, Ag = sliver, g/t = grams per tonne, m =
metres
Patrick Soares, President and CEO of Foran commented: "This recent drilling
continues to return broad intervals of base and precious metal mineralization at
McIlvenna Bay, further demonstrating the robust nature of the Deposit. The
results announced today will provide additional information on the grade,
thickness and continuity of the Deposit when we update the mineral resource
later this year. With the material from this program we are now moving forward
with a metallurgical testwork program for the Deposit. This will be a key
milestone for McIlvenna Bay and we anticipate receiving the results of this work
in the coming months."
Metallurgical Studies
A total of 8,158 m was drilled in 18 diamond drill holes between August and
December 2011. Ten of these holes were drilled with larger diameter HQ core to
provide additional fresh material for metallurgical testwork (see Quality
Assurance, Quality Control, and Qualified Person below for information on
sampling).
The HQ cored holes include intercepts from the three main zones of the Deposit,
namely the large zinc-rich Lens 2 massive to semi-massive sulphide zone, the
UWZ, which is also comprised of massive to semi-massive sulphides but tends to
be both copper and zinc-rich, and the underlying copper and gold enriched CSZ.
In conjunction with the metallurgical testwork, petrographic analysis is
underway on representative samples from the three main zones. This work will
focus on determining mineral associations and grain sizes to assist the
metallurgical testwork and provide information on grinding and other parameters.
The metallurgical testwork is anticipated to take three to four months to
complete.
Drill Results
Drill holes MB-11-155, -157, -159, -162, and -163 targeted the UWZ massive to
semi-massive sulphides, and also intersected the underlying CSZ (Table 1). All
holes returned good Cu-Zn-Au-Ag intercepts characteristic of the UWZ, underlain
by broad intervals of CSZ. Holes MB-11-162 and -163 also returned intervals of
CSZ style mineralization in the hanging wall immediately above the UWZ massive
sulphides. These stockwork zones in the hanging wall to the massive sulphides
may represent local structural repetition, or may indicate the potential for
"stacked" VMS lenses within the deposit area.
Drill holes MB-11-154, -156, -158, -160, and -161 targeted the large Lens 2
massive to semi-massive sulphides, underlain by the CSZ. All holes returned good
Zn-Ag grades, characteristic of Lens 2 (Table 2).
Drill holes MB-11-146 to -153 targeted 150 m of strike extent along the updip
extent of the CSZ resource at depths of approximately 75 to 300 m below surface.
Highlights from these holes include 8.00 m of 1.47% Cu and 0.12 g/t Au and 4.00
m of 1.59% Cu and 0.18 g/t Au in MB-11-147 and 17.00 m of 0.78% Cu in MB-11-150,
including 3.70 m of 1.20% Cu (Table 3). Overall the intensity of the CSZ
mineralization in this area is decreasing relative to the deeper holes that lie
within the current resource area. Several additional holes aimed at testing the
updip extent of the CSZ were not able to be drilled in 2011 due to logistical
constraints and are planned for subsequent phases of drilling.
Table 1: Significant intercepts from the UWZ/CSZ:
-------------------------------------------------------------------------
From To Interval(1) Cu Zn Au Ag
Zone Hole (m) (m) (m) (%) (%) (g/t) (g/t)
-------------------------------------------------------------------------
UW MB-11-155 574.00 583.18 9.18 0.87 2.82 0.46 30.30
UW incl. 575.50 577.44 1.94 1.79 2.62 0.33 34.19
UW & 581.44 583.18 1.74 0.31 8.27 0.32 12.51
CSZ MB-11-155 585.00 602.00 17.00 1.30 0.16 0.24 5.72
-------------------------------------------------------------------------
UW MB-11-157 601.60 614.10 12.50 1.01 1.83 0.31 18.19
UW incl. 610.50 613.50 3.00 0.40 4.03 0.32 16.63
CSZ MB-11-157 614.10 631.00 16.90 1.39 0.14 0.22 7.00
CSZ incl. 615.00 625.00 10.00 1.81 0.16 0.29 8.55
-------------------------------------------------------------------------
All MB-11-159 647.56 676.48 28.92 1.47 0.65 0.50 9.79
UW MB-11-159 647.56 650.00 2.44 1.56 3.16 0.48 17.26
CSZ MB-11-159 650.00 676.48 26.48 1.46 0.41 0.50 9.10
CSZ incl. 662.35 669.55 7.20 2.19 0.72 0.83 12.46
-------------------------------------------------------------------------
All MB-11-162 237.04 255.50 18.46 1.55 0.22 0.39 11.49
CSZ MB-11-162 237.04 239.04 2.00 1.46 0.38 0.29 18.00
UW MB-11-162 239.04 239.94 0.90 3.13 0.46 1.11 21.48
CSZ MB-11-162 239.94 255.50 15.56 1.47 0.19 0.36 10.07
CSZ incl. 242.70 245.30 2.60 2.22 0.23 1.09 19.35
CSZ incl. 247.30 252.00 4.70 2.27 0.38 0.32 13.08
-------------------------------------------------------------------------
All MB-11-163 212.30 231.00 18.70 1.56 0.94 0.38 11.86
CSZ MB-11-163 212.30 213.77 1.47 1.27 0.31 0.88 17.80
UW MB-11-163 213.77 216.64 2.87 2.45 5.29 0.44 26.47
CSZ MB-11-163 216.64 231.00 14.36 1.41 0.13 0.31 8.33
CSZ incl. 216.64 219.64 3.00 3.16 0.58 0.90 25.13
-------------------------------------------------------------------------
(1) True thickness is estimated to be approximately 80-85% of drill
indicated length.
Table 2: Significant intercepts from Lens 2/CSZ:
---------------------------------------------------------------------------
From To Interval(1) Cu Zn Au Ag
Zone Hole (m) (m) (m) (%) (%) (g/t) (g/t)
---------------------------------------------------------------------------
Lens 2 MB-11-154 524.40 528.63 4.23 0.49 5.15 0.45 11.31
Lens 2 incl. 524.40 525.90 1.50 0.87 8.97 0.27 20.15
CSZ MB-11-154 528.63 541.63 13.00 1.34 0.11 0.16 6.35
---------------------------------------------------------------------------
Lens 2 MB-11-156 491.81 497.88 6.07 0.80 4.97 0.51 33.48
CSZ MB-11-156 497.88 504.88 7.00 1.17 0.15 0.36 9.90
---------------------------------------------------------------------------
Lens 2 MB-11-158 408.77 414.68 5.91 0.67 5.02 0.21 8.38
CSZ MB-11-158 414.68 430.00 15.32 1.39 0.28 0.18 4.66
CSZ incl. 418.00 426.00 8.00 1.65 0.15 0.25 4.91
---------------------------------------------------------------------------
Lens 2 MB-11-160 638.67 648.66 9.99 0.13 6.12 0.08 14.19
CSZ MB-11-160 650.19 655.22 5.03 0.70 0.20 0.09 9.53
---------------------------------------------------------------------------
Lens 2 MB-11-161 548.72 554.41 5.69 0.34 7.90 0.20 22.91
Lens 2 incl. 548.72 551.26 2.54 0.21 9.11 0.24 29.20
CSZ MB-11-161 554.41 560.62 6.21 0.88 0.07 0.17 6.71
CSZ incl. 557.00 560.00 3.00 1.42 0.08 0.24 8.57
---------------------------------------------------------------------------
(1) True thickness is estimated to be approximately 80-85% of drill
indicated length.
Table 3: Significant intercepts from the CSZ:
-------------------------------------------------------------------------
From To Interval(1) Cu Zn Au Ag
Zone Hole (m) (m) (m) (%) (%) (g/t) (g/t)
-------------------------------------------------------------------------
CSZ MB-11-146 177.90 185.00 7.10 0.61 0.21 0.06 3.42
CSZ incl. 183.00 185.00 2.00 0.94 0.12 0.08 4.95
CSZ MB-11-146 189.00 196.00 7.00 0.81 0.17 0.07 3.63
CSZ incl. 190.00 192.00 2.00 1.11 0.46 0.11 5.00
-------------------------------------------------------------------------
CSZ MB-11-147 183.00 187.00 4.00 1.59 0.26 0.18 7.10
CSZ MB-11-147 194.00 202.00 8.00 1.47 0.31 0.12 6.69
CSZ incl. 199.00 202.00 3.00 2.33 0.06 0.12 8.43
-------------------------------------------------------------------------
CSZ MB-11-148 164.25 165.25 1.00 1.29 0.03 0.40 11.10
CSZ MB-11-148 175.00 177.75 2.75 0.66 0.17 0.04 3.88
CSZ MB-11-148 194.00 196.00 2.00 0.91 0.17 0.08 7.05
-------------------------------------------------------------------------
CSZ MB-11-149 218.00 223.00 5.00 0.83 0.25 0.09 5.80
CSZ incl. 218.00 221.00 3.00 1.18 0.33 0.14 7.27
CSZ MB-11-149 237.00 241.00 4.00 0.82 0.30 0.07 7.95
-------------------------------------------------------------------------
CSZ MB-11-150 294.00 311.00 17.00 0.78 0.17 0.09 4.61
CSZ incl. 302.00 305.70 3.70 1.20 0.32 0.16 6.91
-------------------------------------------------------------------------
CSZ MB-11-151 112.00 115.00 3.00 0.53 0.15 0.04 2.73
CSZ MB-11-151 127.00 129.00 2.00 1.86 0.32 0.28 14.90
-------------------------------------------------------------------------
CSZ MB-11-152 64.00 65.00 1.00 0.47 0.07 0.08 5.60
-------------------------------------------------------------------------
CSZ MB-11-153 160.00 161.00 1.00 0.38 0.08 0.07 4.00
CSZ MB-11-153 167.00 168.00 1.00 0.22 0.01 0.04 2.90
-------------------------------------------------------------------------
(1) True thickness is estimated to be approximately 80-85% of drill
indicated length.
Quality Assurance, Quality Control, and Qualified Person
Drilling was completed using NQ or HQ 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. For the NQ holes, 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.
For the HQ holes, one quarter of the sawn core was placed in a plastic bag with
the sample tag and sealed, while the remaining three-quarters of the core was
returned to the core box for storage on site. The larger diameter core was
drilled to provide sample material for metallurgical test work, and for select
samples, one-half of the original HQ core was collected for pending
metallurgical studies. In these instances, one quarter of the core will remain
in the box as a permanent reference. Sample assays are performed by TSL
Laboratories Ltd. ("TLS") in Saskatoon, Saskatchewan. TLS is a CAN-P-1579,
CAN-P-4E (ISO/IEC 17025:2005) accredited laboratory and independent of Foran.
Analysis for Ag, Cu, 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 3.0 g/t Au are re-run
using gravimetric finish. A complete suite of QA/QC reference materials
(standards, blanks and pulp and field 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. Metallurgical testwork is being performed by G & T Metallurgical Services
Limited ("G & T") in Kamloops, British Columbia. G & T is independent of Foran.
The technical content of this new release has been verified and approved by
Roger March, P.Geo. Mr. March is the VP Project Exploration for Foran, a
Qualified Person within the meaning of National Instrument 43-101 and has
visited the Project.
About Foran Mining
Foran is a diversified exploration and development company with projects in the
Flin Flon Mining Belt. The Company's flagship McIlvenna Bay Project is located
in east central Saskatchewan, 60 kilometres west of Flin Flon, Manitoba and
contains a large volcanogenic massive sulphide ("VMS") deposit.
McIlvenna Bay is one of the largest undeveloped VMS deposits in Canada, with
total indicated resources of over 12 million tonnes ("Mt") and total inferred
resources of almost 10 Mt (12.07 Mt of 1.16% Cu, 3.69% Zn and 19 g/t Ag (or
2.50% CuEq) indicated and 9.57 Mt of 1.07% Cu, 3.86% Zn, and 19 g/t Ag (or 2.42%
CuEq inferred), where provisions for metallurgical recovery and smelter returns
are included in the copper equivalence estimation). For additional information
see the report entitled "Technical Report on the McIlvenna Bay Project,
Saskatchewan, Canada" dated December 9, 2011 at www.sedar.com or
www.foranmining.com.
Foran trades on the TSX.V under the symbol "FOM".
Forward Looking Statements
This news release contains forward-looking statements. These statements are
based on information currently available to the Company and the Company provides
no assurance that actual results will meet management's expectations.
Forward-looking statements include estimates and statements that describe the
Company's future plans, objectives or goals, including words to the effect that
the Company or management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would", "will", or
"plan". Since forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results relating to, among other things, results of
exploration, project development, reclamation and capital costs of the Company's
mineral properties, and the Company's financial condition and prospects, could
differ materially from those currently anticipated in such statements for many
reasons such as: changes in general economic conditions and conditions in the
financial markets; changes in demand and prices for minerals; litigation,
legislative, environmental and other judicial, regulatory, political and
competitive developments; technological and operational difficulties encountered
in connection with the activities of the Company; and other matters discussed in
this news release. This list is not exhaustive of the factors that may affect
any of the Company's forward-looking statements. These and other factors should
be considered carefully and readers should not place undue reliance on the
Company's forward-looking statements. The Company does not undertake to update
any forward-looking statement that may be made from time to time by the Company
or on its behalf, except in accordance with applicable securities laws.
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