5 Metres of 8% CuEq, including one of the
highest composite gold intercepts to date:
5.4 g/t Gold Over 1.6 Metres
The high-grade results reinforce the
existing value at McIlvenna Bay and demonstrate that McIlvenna Bay
and the Hanson Lake District is a truly world-class discovery, in a
world-class mining jurisdiction.
VANCOUVER, BC, March 15, 2021 /CNW/ - Foran Mining
Corporation (TSXV: FOM) ("Foran" or the "Company"), which is
planning to build the world's first copper mine designed to be
carbon neutral from day one, is pleased to announce high grade
results from its 30,000 metre ("m") 2021 diamond drilling campaign,
the Company's largest to date at its 100% owned McIlvenna Bay
deposit ("McIlvenna Bay" or the "Deposit").
Highlights:
- MB-21-234 – intersected 25.90m of continuous mineralization including
4.90m grading 7.99% copper
equivalent ("CuEq") of Massive Sulphide ("MS") and
21.00m grading 2.12%
CuEq from the underlying Copper Stockwork Zone ("CSZ") at
McIlvenna Bay, consisting of:
-
- 4.76% Cu, 3.75% Zn, 41.87 g/t Ag and 2.31 g/t Au over
4.90m (MS), and
- 1.52% Cu, 0.38% Zn, 9.92 g/t Ag and 0.67 g/t Au over
21.00m (CSZ)
- Intersected a composite interval of 1.6m from the massive sulphide grading 5.42 g/t
gold ("Au"), which also included a 0.50m sample grading 13.44 g/t, one of the
highest-grade gold intercepts ever found at the deposit.
- These results both reinforce the existing value at McIlvenna
Bay and have the potential to significantly enhance the economic
value of the Deposit.
- This drilling campaign is focused on expanding and infilling
the Deposit to support the upcoming definitive feasibility study
("DFS").
Dan Myerson, Executive
Chairman of Foran commented:
"These first results from our largest drill program to date
at McIlvenna Bay are even better than we envisaged. We are
delighted to have kicked off our campaign with such fantastic
grades over such great widths. This is another important milestone
towards achieving our vision to build Canada's first mine designed to be carbon
neutral from day one, located in a province which continues to show
ongoing support for our plans. We look forward to sharing
additional results in the coming weeks and months."
Massive sulphide mineralization from the McIlvenna Bay
Deposit = very happy geologist
Further information
The winter drill program at McIlvenna Bay has been underway
since mid-January. The program has focused on further
definition of the deeper parts of the Deposit. Infill drilling was
designed to convert current inferred resources to the indicated
category thereby potentially including them in updated reserves for
the deposit. An updated resource and reserve estimate is part
of the upcoming DFS.
Drill hole MB-21-234 is located near the upper edge of the
currently defined MS horizon (Figure 1) and should expand the zone
in this area. More importantly, it is located within an area of
inferred material within the CSZ. This intercept should help to
expand the indicated classification of the CSZ in this sector of
the deposit. Table 1 below provides a detailed overview of
the assay results.
Table 1: Significant Drill Intercepts from hole
MB-21-2341:
Hole
|
Zone
|
From (m)
|
To (m)
|
Interval
(m)
|
Cu (%)
|
Zn (%)
|
Ag (g/t)
|
Au (g/t)
|
CuEq (%)
|
MB-21-234
|
Lens 3
|
630.70
|
633.30
|
2.60
|
0.99
|
0.59
|
12.72
|
0.27
|
1.47
|
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
|
The presence of high-grade copper and copper equivalent
mineralization at McIlvenna Bay has been previously identified
along the upper edge of the MS zone (the area where MB-21-234 was
drilled) through previously announced diamond drill results,
including:
- 2.91% Cu, 0.41% Zn, 21.55 g/t Ag and 1.27 g/t Au (MS) over
11.72m and,
1.54% Cu, 0.17% Zn, 8.29 g/t Ag and 0.46 g/t Au (CSZ) over
30.16m in MB-18-201 (see news release
April 25, 2018)
- 2.25% Cu, 2.29% Zn, 30.13 g/t Ag and 1.64 g/t Au (MS) over
5.42m and,
2.01% Cu, 0.50% Zn, 12.68 g/t Ag and 1.25 g/t Au (CSZ) over
14.22m in MB-18-203 (see news release
April 25, 2018)
Today's result from the MS zone has delivered CuEq grades which
are roughly double the average grade of the overall resource
estimate for that zone.
Foran's McIlvenna Bay deposit is already the largest undeveloped
Volcanogenic Massive Sulphide ("VMS") deposit in the Flin Flon
Greenstone Belt. The deposit is well located in a mining friendly,
safe and stable jurisdiction, with year-round road access, in close
proximity to an existing electrical grid supplied by hydro-electric
power, rail and an established mining centre in Flin Flon, Manitoba.
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 3.0 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 Persons
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. 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, 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