Highlight Intercepts Include 3.58% CuEq over 16.9m and 2.61% CuEq over 32.1m

Strike Length Now 400m and Remains Open in All Directions

New Lower Zone Discovered in Footwall with Notable Gold Assays

Fourth Drill Rig Deployed To Accelerate Winter Drill Program

Foran Mining Corporation (TSX-V: FOM) (OTCQX: FMCXF) is pleased to announce assay results from two additional holes from its winter drill program at the new Tesla discovery, located approximately 300 metres north of Foran’s McIlvenna Bay Deposit in Saskatchewan.

Key Highlights:

• Significant assay results from Hole TS-23-07:
  • 7.9m grading 1.2% Cu, 4.4% Zn, 28.6 g/t Ag and 0.33 g/t Au (3.24% CuEq),
  • 4.5m grading 0.12% Cu, 4.12% Zn, 79.1 g/t Ag and 1.49 g/t Au (3.22% CuEq), including 1.2m grading 0.08% Cu, 3.91% Zn, 78.8 g/t Ag and 3.22 g/t Au (4.23% CuEq).
• Significant assay results from Hole TS-23-08:
  • 16.9m grading 1.1% Cu, 6.1% Zn, 30.4 g/t Ag and 0.02 g/t Au (3.58% CuEq),
  • 32.1m grading 2.0% Cu, 1.1% Zn, 21.5 g/t Ag and 0.02 g/t Au (2.61% CuEq), including 3.6m grading 4.2% Cu, 2.0% Zn, 29.5 g/t Ag and 0.001 g/t Au (5.12% CuEq).
• Based on sulphide intercepts in Hole TS-23-09 (assays pending), Tesla now has a defined strike extent of 400m and remains open in all directions. Assays are pending from three additional holes, all of which have intercepted sulphide mineralization.
• Hole TS-23-07 appears to have intersected a new zone in the footwall below the Main Zone and contains notable gold indications hosted in sheared quartz veins within stringer sulphide material.
• A fourth drill has been added to the program to accelerate exciting developments at the Tesla Zone.

Dan Myerson, Foran’s Executive Chairman & CEO, commented “We are very pleased to report that follow-up drilling at Tesla continues to demonstrate the growing potential for scalable critical metal discoveries across our properties. We are ramping up our exploration efforts with a fourth drill rig to fully capitalize on these exciting initiatives, with our regional program set to commence in the summer and planned directional drilling at Tesla following spring break-up. We believe this is just the tip of the iceberg across our vast canvas of targets as we work to establish a truly world-class district-scale critical minerals infrastructure-type asset at McIlvenna Bay & Tesla. As we continue to explore and define this prospect, we look forward to sharing future results on our path to establishing Canada’s next major critical metals mining district.”

Tesla Zone

The Tesla Zone lies adjacent to the McIlvenna Bay Deposit and was discovered during the 2022 summer program (see June 8, 2022 press release), while drill testing a ~900m (strike) by 300m (width) electro-magnetic conductor (Figure 1). Significant widths of copper and zinc-rich sulphide mineralization have now been intersected in ten drill holes, successfully expanding the currently defined strike of the zone to approximately 400m. Tesla remains open in all directions for expansion and a fourth drill will be added to the 2023 winter program which is focused on expanding the zone from the ice on Hanson Lake.

Drilling continues to expand the footprint of the Tesla mineralization with additional intersections of massive to semi-massive and stringer sulphides:

Drill hole TS-23-07 was drilled to a depth of 1,314m and represents a 230m step-out to the northwest along strike from previously released hole TS-22-06A (see February 16, 2023 news release). TS-23-07 successfully intersected the Main Zone of copper and zinc-rich massive and semi-massive sulphide, along with related copper-rich stringer style mineralization associated with moderate to locally strong chlorite +/- sericite alteration in the predicted location of the Tesla Zone.

Notably, this hole also intersected a lower zone in the footwall below the main Tesla horizon, consisting of a 4.6 metre wide section of semi-massive, stringer style, pyrite, sphalerite +/- chalcopyrite mineralization in a strongly deformed and sheared unit. The unit contains several narrow, sheared quartz vein intervals with significant gold associated, grading 3.22 g/t Au over 1.2m (including 6.00 g/t over 0.3m). Additional drilling will be required to fully understand the significance of this new mineralized horizon, as it currently represents the deepest and northern most mineralized intersection drilled to date and remains open for follow up.

Drill hole TS-23-08 was drilled to the southwest from Hanson Lake to a depth of 1,314m obtaining an orthogonal intersection of the Tesla mineralization in close proximity to the pierce point from TS-23-06A, confirming both the geometry and true thickness of the Main Zone. TS-23-08 intersected a 50m thick interval (true widths approximately 80%) of copper and zinc-rich massive and semi-massive sulphide as well as stringer style and foliation bound chalcopyrite. As with other intersections, this mineralization is accompanied by moderate to strong chlorite +/- sericite and silica alteration in felsic volcanics and cherty banded units.

An additional hole TS-23-09A was drilled approximately 130m to the southeast along strike from TS-23-08 where it also successfully intersected sulphide mineralization and expanded the Tesla Zone in that direction with a currently defined strike of 400m, remaining open in all directions. Assay results from TS-23-07W1, TS-23-08W1 and TS-23-09A are currently pending and have all intersected sulphide mineralization.

A cross section showing the relationship between the Tesla mineralized zones and drill holes is provided in Figure 2, and a table of detailed composites from the 2023 winter program are provided in Table 1 below.

Table 1 – 2023 Tesla Assay Results¹ (*Denotes Previously Released)

2023 Exploration Programs

The 2023 winter exploration program is focused on expansion drilling of the Tesla Zone from the ice on Hanson Lake. A fourth drill has been added to the program, and it is anticipated that drilling will continue until the end of March or as long as ice conditions permit. Subject to favourable conditions, a further 4000m of drilling is planned for the winter program in over four drill holes. Foran is currently assessing the feasibility of continued drilling on the Tesla Zone from land during the summer months through the use of directional drilling technologies.

Planning is also underway for the summer regional exploration program focusing on drill targets located both proximal to McIlvenna Bay and on our Bigstone Project (25km to the west), along with geophysical surveys to define drill targets on our extensive land holdings to the south. It is currently anticipated that the summer program will begin in June.

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 performed by the Saskatchewan Research Council (“SRC”) Geoanalytical Laboratory in Saskatoon, Saskatchewan. SRC is a Canadian accredited laboratory (ISO/IEC 17025:2017) and independent of Foran. Analysis for Ag, Cu, Pb and Zn is performed using ICP-OES after total multi-acid digestion. Au analysis is completed by fire assay with ICP-OES finish. A complete suite of QA/QC reference materials (standards, blanks and 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 Person

Mr. Roger March, P. Geo., Senior Geoscientist for Foran, is the Qualified Person for all technical information herein and has reviewed and approved the technical information in this release.

The Company’s head office is located at 409 Granville Street, Suite 904, Vancouver, BC, Canada, V6C 1T2. Common Shares of the Company are listed for trading on the TSXV under the symbol “FOM”.

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 McIlvenna Bay project is located entirely within the documented 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 West of 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. The Company announced the results from its Feasibility Study on February 28, 2022, outlining that current mineral reserves would potentially support an 18-year mine life producing an average of 65 million pounds of copper equivalent annually. The Company filed a NI 43-101 Technical Report for the McIlvenna Bay Feasibility Study on April 14, 2022. The Company filed a NI 43-101 Technical Report for the Bigstone Deposit resource estimate on February 11, 2022. Investors are encouraged to consult the full text of these technical reports which may be found on the Company’s profile on www.sedar.com.

Figure 1 – Plan View of Tesla and McIlvenna Bay (CNW Group/Foran Mining Corporation)

Figure 2 – Cross section through TS-22-06A and TS-23-08 Location is A-A’ in Figure 1 (CNW Group/Foran Mining Corporation)