Highlight Intercept 4% CuEq over 39m

Most Significant Interval Encountered at Tesla to Date

Drilled Strike Length Extended to 550m and Remains Open in All Directions

Foran Mining Corporation (TSX-V: FOM) (OTCQX: FMCXF) is pleased to announce assay results from Hole TS-23-10 from its 2023 winter drill program at the Tesla discovery, located approximately 300 metres north of Foran’s McIlvenna Bay Deposit in Saskatchewan.

Key Highlights:

• Significant assay results from Hole TS-23-10:
  • 39.0m grading 2.86% Cu, 0.88% Zn, 41.4 g/t Ag and 0.74 g/t Au (3.98% CuEq), including 11.2m grading 4.97% Cu, 1.72% Zn, 60.2 g/t Ag and 1.26 g/t Au (6.88% CuEq).
  • 5.9m grading 0.54% Cu, 7.18% Zn, 24.9 g/t Ag and 0.16 g/t Au (3.52% CuEq), including 1.4m grading 0.22% Cu, 13.67% Zn, 20.8 g/t Ag and 0.09 g/t Au (5.56% CuEq).
• Intercept of 4% CuEq over 39m is the most significant intercept encountered at Tesla by grade-thickness to date.
• Discovery of new, copper-gold rich lens below the known Tesla horizon, located at the northern limit of current drilling and open for expansion.
• Drilling confirms mineralization along 550m strike with borehole electromagnetic surveys suggesting the conductor continues along strike to both the NW and SE.
• Tesla continues to remain open in all directions, with assays pending from three additional holes.
• Summer exploration program to focus on continued expansion of the Tesla Zone.

Dan Myerson, Foran’s Executive Chairman & CEO, commented “Adequately describing the exceptionality and growing potential of the Tesla Zone is a thrilling task. Step-out drilling has uncovered a new lens of copper-gold rich sulphide mineralization below the main horizon and identified one of the most significant intercepts since Tesla’s discovery. We believe we have only just begun to tap into the potential of this near-mine opportunity, with continued expansion drilling at Tesla to be conducted from land, while we also systematically drill-test additional targets across our tenement package. We look forward to sharing further results as we continue to explore and define this exciting district, moving ever closer towards establishing Canada’s next world-class critical minerals infrastructure-type asset.”

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 thirteen drill holes, successfully expanding the currently defined strike of the zone to approximately 550m. Tesla remains open in all directions for expansion with downhole EM showing that conductors continue along strike in both directions.

TS-23-10 was collared approximately 100m northwest of TS-23-07 and drilled to a depth of 1,464.5m, representing the northern-most hole drilled to date along the Tesla conductor. This hole returned one of the longest intervals of mineralization encountered so far from the Tesla exploration program and included a new zone of high-grade copper and gold mineralization located in the footwall below the Tesla main lens.

TS-23-10 intersected the predicted Tesla horizon associated with the known EM conductor at approximately 1,050m where it encountered a five-metre-wide zone of zinc-rich massive sulphide and associated copper-rich stringer style mineralization. This was followed downhole by a second six-metre-wide zinc-rich massive sulphide zone at 1,214m, which was directly underlain by a 39m thick zone of copper +/- gold-rich sulphide mineralization which appears to represent a new footwall zone at Tesla. The copper-gold zone consists of stringer-style and foliation parallel pyrite and chalcopyrite mineralization associated with moderate to strong chlorite alteration and local silicification and/or quartz veining. Locally the sulphide mineralization becomes massive to semi-massive in character with strong concentrations of chalcopyrite in the groundmass and assay intervals grading in excess of 5% copper, see Figure 2 below.

We currently consider this new copper-gold zone to represent a second lens of mineralization in the footwall of the main Tesla zone which appears to be spatially related to mineralized intercepts lower down in previously released holes TS-23-06A and TS-23-07, located approximately 330m and 100m away respectively. These are the only three drill holes that have passed through this area and given the tenor of the mineralization intersected to date from this drilling, the area represents a priority exploration target for subsequent drilling campaigns.

A third interval of zinc-rich massive sulphide 2.93m wide was also intersected in TS-23-10 below the copper-gold zone at 1,291m, consisting of medium to coarse grained pyrite in a sphalerite-rich groundmass, associated with weak to moderate chlorite alteration and silicification. Assays are still pending from TS-23-10 below 1,295.46m. Results from the bottom of the hole will be reported when final assays are received.

Modelling the BHEM response from the upper intersection shows the Tesla conductor continuing along strike to the NW for several hundred metres more than the 550m drilled extent reported to date. This provides Foran increased confidence to continue stepping out on additional sections to the NW to extend the proven strike of Tesla during the summer program. Of note, the lower interval of massive copper sulphide in TS-23-10 was much thicker and more conductive than previously encountered. Future surveys in this zone will use lower base frequency for this thicker, more conductive mineralization to aid with signal penetration and to fully characterize decays.

The results from three additional holes: TS-23-08w1, TS-23-09Aw1 and TS-23-11w2, remain pending. All drill holes intersected significant sulphide mineralization and will be reported when assays are received from the lab. A cross section showing the relationship between the Tesla mineralized zones and drill holes is provided in Figure 3, 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 Program

With the 2023 winter exploration program now completed, Foran is currently preparing for an expanded drill program at the Tesla Zone from land during the remainder of the year utilizing directional drilling technologies. Planning is 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 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.

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 & McIlvenna Bay (CNW Group/Foran Mining Corporation)

Figure 2 -Core Photo from Hole TS-23-10 (CNW Group/Foran Mining Corporation)

Figure 3 – Cross section through TS-23-07, -07w1, -07w2 and -10, 200m window. Location is A-A’ in Figure 1 (CNW Group/Foran Mining Corporation)