VANCOUVER, BC, Jan. 21, 2021 /CNW/ - Foran Mining
Corporation (TSXV: FOM) (the "Company" or
"Foran") is pleased to announce that further to its news
release issued December 7, 2020, it
has filed an independent National Instrument 43-101 – Standards of
Disclosure for Mineral Projects ("NI 43-101") technical
report (the "Report") for the first Resource Estimate
("2020 Bigstone Resource Estimate") on the Company's
Bigstone deposit ("Bigstone" or "Deposit"). Bigstone
is located in east-central Saskatchewan, approximately 25km west of the
Company's flagship McIlvenna Bay project where work towards a
Feasibility study is underway.
The report entitled "Technical Report on the Bigstone Project,
East Central Saskatchewan, Canada" has been filed on SEDAR and is
also available on the Company's website at www.foranmining.com.
Highlights of the 2020 Bigstone Resource Estimate include:
- Indicated resources estimated at 1.98 million tonnes ("Mt")
grading 2.22% Copper Equivalent, which includes:
-
- 1.88% Copper ("Cu"), 0.92% Zinc ("Zn"), 0.25 g/t gold ("Au")
and 9.5 g/t Silver ("Ag")
- Containing 81.9 million pounds ("Mlb") Cu, 40.2 Mlb Zn, 16,000
ounces ("oz") Au and 603,000 oz Ag
- Inferred resources estimated at 1.88Mt grading 2.14% Copper
Equivalent, which includes:
-
- 1.35% Cu, 2.75% Zn, 0.32 g/t Au and 12.0 g/t Ag
- Containing 55.9 Mlb Cu, 114.4 Mlb Zn, 19,000 oz Au and 729,000
oz Ag
- The Deposit is open, with potential to increase with
additional drilling
-
- A follow up drill program is planned for summer 2021
In 2015, Foran drilled one of the longest intersections ever in
the region, which returned a 104.95 metre ("m")
intercept grading 2.03% copper. This result is an example of
the tenor of mineralization that has been intersected during
drilling to define the deposit. Bigstone represents the second 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.
Foran is planning to return to Bigstone for another round of
drilling during the summer of 2021. The summer drill program will
focus on growing and upgrading resources at the Deposit as the
company continues to advance its Hanson Lake District assets
towards production.
The Company engaged Roscoe Postle Associates Inc.
("RPA"), now SLR Consulting Inc., to complete the first
resource estimate for Bigstone prepared in accordance with CIM
(2014) definitions and standards as incorporated by reference in NI
43-101. The 2020 Bigstone Resource Estimate is summarized in Table
1 and a table of metal contained within the resource is provided in
Table 2. There are no material differences in the Report from
the information disclosed in the News Release. All dollar
amounts are disclosed in Canadian dollars, unless otherwise
indicated.
Table 1. Bigstone 2020 Mineral Resource Estimate
(US$65/t NSR cut-off)
1-6
Zone
|
Tonnage
(Mt)
|
Cu
(%)
|
Zn
(%)
|
Au
(g/t)
|
Ag
(g/t)
|
CuEq (%)
|
|
Massive Sulphide
Zone
|
0.15
|
0.25
|
9.87
|
0.33
|
16.5
|
2.82
|
Copper
Zone
|
1.83
|
2.01
|
0.19
|
0.24
|
8.9
|
2.18
|
Total
Indicated
|
1.98
|
1.88
|
0.92
|
0.25
|
9.5
|
2.22
|
|
Massive Sulphide
Zone
|
0.42
|
0.25
|
8.43
|
0.36
|
15.9
|
2.42
|
Copper
Zone
|
1.23
|
1.89
|
0.33
|
0.34
|
11.9
|
2.11
|
Zinc Stringer
Zone
|
0.24
|
0.50
|
5.29
|
0.17
|
6.0
|
1.79
|
Total
Inferred
|
1.88
|
1.35
|
2.75
|
0.32
|
12.0
|
2.14
|
1
Effective date November 30, 2020; CIM (2014) definitions were
followed for Mineral Resources; CuEq = copper equivalent; NSR = Net
Smelter Return.
|
2 The
mineral resource is estimated based on 54 diamond drill holes (with
12 wedges) and a NSR cut-off grade of US$65/t. Metal prices used
are US$3.75/lb Cu, US$1.35/lb Zn, US$1,650/oz Au, and US$21.00/oz
Ag.
|
3Mineral
Resources are constrained using underground mining shapes for
reporting.
|
4 Mineral resources which are not
mineral reserves do not have demonstrated economic viability. The
estimate of mineral resources may be materially affected by
environmental, permitting, legal, marketing or other
issues.
|
5Copper
equivalents and NSR values are based on metallurgical recoveries
and smelter terms by zones, long-term metal prices and off-property
costs. Copper in the Copper Zone is the basis, while contributions
from other metals and copper in other zones are converted based on
equivalent net value.
|
6Numbers
may not add due to rounding.
|
The 2020 Bigstone Resource Estimate is estimated using long-term
metal price projections of US$3.75/lb. for copper, US$1.35/lb. for zinc, US$1,650/oz. for gold and US$21.00/oz. for silver. The base case uses a
US$65/t NSR cut-off using provisions
for metallurgical recoveries, smelter payables, refining costs, and
freight. See Table 2 below which outlines the contained metal
in the 2020 Bigstone Resource Estimate.
Table 2. Contained Metal (US$65/t NSR cut-off) 1, 2
Zone
|
Resource
|
Cu
|
Zn
|
Au
|
Ag
|
|
Classification
|
Mlb
|
Tonnes
|
Mlb
|
Tonnes
|
Koz
|
Koz
|
Massive
Sulphide
|
Indicated
|
0.8
|
363
|
32.4
|
14,696
|
2
|
79
|
Inferred
|
2.3
|
1,043
|
77
|
34,927
|
5
|
211
|
Copper
Zone
|
Indicated
|
81.1
|
36,786
|
7.8
|
3,538
|
14
|
525
|
Inferred
|
50.9
|
23,088
|
8.9
|
4,037
|
13
|
470
|
Zinc
Stringer
|
Indicated
|
-
|
|
-
|
|
-
|
-
|
Inferred
|
2.7
|
1,225
|
28.4
|
12,882
|
1
|
47
|
Total
|
Indicated
|
81.9
|
37,149
|
40.2
|
18,234
|
16
|
603
|
Inferred
|
55.9
|
25,356
|
114.4
|
51,891
|
19
|
729
|
1 See
footnotes 1-6 for Table 1
|
Eleven mineralized domains were defined in the deposit
representing the three zones of mineralization:
- Copper Zone – Three wireframes have been modelled to
approximately 600m below surface,
extending <50m to approximately
200m along strike, with thickness
ranging from less than one metre to greater than 50m, with an average thickness of 17.7m.
- Zinc Stringer Zone – Seven wireframes have been modelled with
individual strike lengths ranging from 75m to 200m along
strike and 50m to 350m down dip. Thickness ranges from less than
one metre to greater than approximately five metres thick, with an
average thickness of 5.2m.
- Massive Sulphide Zone – Single wireframe comprising high-grade
zinc which stratigraphically overlays and overlaps the Copper Zone
and Zinc Stringer Zone. The zone is variable in thickness with
intersections from less than one metre to greater than 15m and an average thickness of 5.9m.
Qualified Persons
The 2020 Bigstone Resource Estimate meets the guidelines as set
out in CIM (2014) definitions for Mineral Resources and the work
was completed by RPA. The 2020 Bigstone Resource Estimate was
verified by Ms. Katharine Masun,
P.Geo. Ms. Masun is a Qualified Person as defined in NI43-101 and
has consented to applicable disclosure contained herein regarding
the 2020 Bigstone Resource Estimate.
Mr. Roger March, P. Geo., Vice
President Exploration for Foran, is the Qualified Person for all
technical information in this news release, excluding the 2020
Bigstone Mineral Resource Estimate. Mr. March 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 which is working towards, and planning to
build, the first mine in Canada
designed to be carbon neutral from day one at our flagship
feasibility stage 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 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.
CAUTIONARY NOTE REGARDING 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