Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) is pleased to announce that it has entered into an Option Agreement with Voyageur Mineral Explorers Corp. (CSE: VOY) to acquire a 100% interest in Voyageur’s Hanson Lake property, located in east-central Saskatchewan, approximately 65 kilometres west-southwest of Flin Flon, Manitoba. The Property lies approximately 3km north of Foran’s McIlvenna Bay Deposit and the Tesla Zone along a prospective geological trend that has been of longstanding interest to the Company (Figure 1). By consolidating the Hanson Lake Property into its exploration portfolio, Foran has strengthened its position in the region, gaining seamless access to one of the district’s most geologically prospective trends.

Erin Carswell, Foran’s VP, Exploration, commented “The Hanson Lake Property encompasses the natural extension of the highly prospective Tesla Trend, further enhancing Foran’s ability to unlock exploration potential. Foran would like to thank Voyageur for the opportunity to explore this priority claim. This option agreement highlights our commitment to advancing near-mine projects of interest, and we look forward to working with stakeholders in preparing for exploration activities. By establishing a robust pipeline of new targets, Foran continues to focus on driving long-term exploration success and delivering sustained value across its properties.”

Fraser Laschinger, CEO of Voyageur Mineral Explorers, said: “Foran’s exploration team has done a tremendous job at the McIlvenna Bay project in recent years, including the discovery of the Tesla Zone. Their embrace of cutting-edge technology, combined with unique insights gained from local geophysical signatures and structural geoscience, gives us confidence in their ability to unlock the potential of the Hanson Lake Property. With the obvious locational synergies, we view them as the perfect partner to explore the Hanson Lake Property.”

Terms of the Agreement

Under the terms of the agreement, Foran will make an initial payment of C$1.0M in common shares to Voyageur, subject to final approval by the Toronto Stock Exchange. Foran will then have five years to explore the Hanson Lake Property, with no minimum spending requirement, and hold the option to acquire 100% of the Property for a one-time payment of C$10.0M, in cash or common shares at Foran’s election, during this period.

If the option is exercised by Foran, Voyageur will retain a 2.0% Net Smelter Return royalty, in respect of the Hanson Lake Property.  At any point prior to a construction decision regarding any potential development of the Hanson Lake Property, Foran may buy back 50% of the NSR for C$1.0M and an additional 25% after 54 months of production for a further C$1.0M, after which Voyageur will retain a 0.5% NSR royalty.

Tesla Trend

Entering into the Option Agreement with Voyageur provides Foran with exploration access to a highly prospective, largely untested geological corridor referred to here as the “Tesla Trend”, which extends northward from the known Tesla Zone copper-zinc mineralization and across the Hanson Lake Property. The corridor is defined by geological mapping, strong geophysical trends and a series of historic mineral occurrences including South Bay and Zinc Zone prospects. In contrast to the deepening plunge of the Tesla Zone, known mineralization on the Hanson Lake Property occurs at or closer to surface – raising the question of whether extensions of the Tesla Zone might reverse in plunge direction and become shallower towards the north. To test these opportunities, planning is underway to employ ground-based electromagnetic surveys along the corridor to track potential extensions of Tesla mineralization northward and assess the possibility that these mineralized horizons could occur at shallower depths on the Hanson Lake Property.

Qualified Person

Mr. Roger March, P. Geo., Principal 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 and empowering communities while creating value for our stakeholders.  The McIlvenna Bay Project is located entirely within the documented traditional territory of the Peter Ballantyne Cree Nation, comprises the infrastructure and works related to pre-development and advanced exploration activities of the Company, and hosts the McIlvenna Bay Deposit and Tesla Zone. The Company also owns the Bigstone Deposit, a resource-development stage deposit located 25km southwest of the McIlvenna Bay Property.

The McIlvenna Bay Deposit 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. The McIlvenna Bay Property 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.

The McIlvenna Bay Deposit is the largest undeveloped VHMS deposit in the region. The Company announced the results from its NI 43-101 compliant Technical Report on the Feasibility Study for the McIlvenna Bay Deposit 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 the McIlvenna Feasibility Study on April 14, 2022, with an effective date of February 28, 2022. The Company also filed a NI 43-101 Technical Report for the Bigstone Deposit resource estimate on January 21, 2021, as amended on February 1, 2022. Investors are encouraged to consult the full text of these technical reports which may be found on the Company’s profile on www.sedarplus.ca.

About Voyageur Mineral Explorers Corp.

Voyageur is a Canadian junior mineral exploration company with a specific focus on mineral properties in Northwest Manitoba and Northeast Saskatchewan, Canada. The Company owns a valuable package of royalties in the prolific Flin Flon greenstone belt and has assembled a portfolio of base metal and precious metal prospects in Manitoba and Saskatchewan.

Figure 1 – A) Property map showing the Hanson Lake Property and its location relative to the McIlvenna Bay Deposit and adjacent Tesla Zone; B) Prospective corridor and magnetic trends from Foran 2023 Heli-TEM RMI merged with 2008 magnetic data from Copper Reef assessment reports on the Hanson Lake Property (CNW Group/Foran Mining Corporation)