VANCOUVER, BC, March 31, 2021 /CNW/ - Foran Mining
Corporation ("Foran" or the "Company"), (TSXV:
FOM) is pleased to announce that it has bolstered the design
team for its ongoing definitive feasibility study ("FS") at its
100% owned McIlvenna Bay deposit ("McIlvenna Bay" or the
"Deposit"), in Saskatchewan,
Canada – one of the world's premier mining jurisdictions.
The appointments, outlined in further detail below, will provide
the Company with technical expertise from some of the world's
leading environmental and engineering specialists to execute on
its strategy to build the world's first copper mine designed
to be carbon neutral from day one of production. The advisors are
anticipated to employ a range of technologies and initiatives in
the design of the mine and processing facilities to materially
reduce greenhouse gas emissions and the environmental impact of the
operations. Importantly, Foran's due diligence to date has
highlighted the potentially superior returns achievable through
implementing this strategy, while the use of battery electric
vehicles will also be safer for employees, reducing risk of injury
and physical stressors, such as vibration and
noise. Importantly, the high-grade results over wide intervals
reported so far from Foran's 30,000 metre drilling program have
emphasised the quality of the Deposit and its potential to be
developed into a high-grade, long-life mining camp, located in the
one of the greatest mining jurisdictions in the world.
Dan Myerson, Executive Chair
of Foran, commented:
"McIlvenna Bay will be a mine for the future, designed to be
carbon neutral from day one of production. Importantly for our
shareholders, our due diligence strongly suggests that we can
generate superior returns using renewable energy and electric
fleets, for example. With this in mind, the appointment of these
world-class environmental and engineering specialists reflects our
ambition to develop a technically and economically compelling
solution to the environmental and social challenges which have been
traditionally associated with the sector. We are therefore thrilled
that professionals of this calibre have agreed to support us on
this journey.
"Together, we intend to ensure that our operations emit net
zero greenhouse gases and set new safety benchmarks for the
industry, while also ensuring that the local community and the
broader Canadian population benefit from our operations. The
responsible production of copper and zinc is critical as the world
transitions to a low carbon future; these metals are used in the
production of renewable energy assets and electronic industries for
example. We look forward to providing more updates, in relation to
our infill and expansion drilling, as well as announcing more
detailed plans about how we will be putting our ambitions into
practice."
The FS team includes experts from:
- Stantec – mine design and engineering
- Knight Piésold Ltd.– tailings storage facility design
- Halyard Inc. – process plant design
- Micon International Limited – resource estimate
- Base Metallurgical Laboratories Ltd. – metallurgical
testing
- Canada North Environmental Services Ltd. – environmental
- Synergy Enterprises – sustainability and carbon accounting
Foran filed a technical report for the pre-feasibility study
("PFS") in April 2020 (see news
release dated April 28, 2020), which
demonstrated positive economics for McIlvenna Bay at lower metal
prices than currently forecasted and identified numerous
development opportunities. As many countries transition their
energy grids to renewable energy, and the public demand for
electric vehicles increases, demand for metals such as copper, zinc
and silver is widely anticipated. Foran's McIlvenna Bay Project is
well positioned to meet this future demand.
As previously announced on January 21,
2021, Foran has commenced its largest drill program ever,
with over 30,000 metres of infill and expansion drilling in the
Deposit. The infill program has been designed to maximize the
conversion of the current inferred resource to the indicated
resource category, which can then be interrogated for inclusion in
the updated reserve statement.
Objectives of the FS will include:
- Further optimization and detailing of McIlvenna Bay Project
engineering, including the estimation of reserves, mine design,
stope sequence, development and production schedules
- Incorporate updated metal pricing, metal recoveries and smelter
terms into a revised NSR cut-off calculation
- Refining power and equipment requirements to support the
Company's commitment to carbon neutral operations
- Update and detail the design and feasibility of the tailings
desulphurization process, dry stack storage facility and cemented
paste backfill processes
- Detailed construction scheduling, including optimizations that
would arise from pre-fabrication and/or modular (off-site)
construction to the greatest extent possible
- Identify further mine optimization to increase productivity and
reduce operational expenditures
- Consider equipment usage and activities where greenhouse gas
emissions can be eliminated, reduced or off-set to ensure that
McIlvenna Bay is a carbon neutral operation
Qualified Persons
Roger March, P.Geo.
(non-independent) is a qualified person ("QPs") for the purposes of
National Instrument 43-101 and has approved the technical
information contained in this news 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 and creating maximum value for all stakeholders –
creating safe jobs, supporting local communities as well as both
preserving and enhancing 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: our
ability to complete the drill program, our ability to upgrade the
existing resource on McIlvenna Bay, 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