Expansion Drilling Supports Potential for Further Resource Growth and
Increased Mining Efficiency
Foran Mining Corporation (TSX-V: FOM) is pleased to announce results from five step-out holes drilled at its McIlvenna Bay Deposit in its 100%-owned Hanson Lake District. These are the final results from recently conducted infill and step-out program that will be included in the Company’s pending resource estimate, expected to be released within the coming weeks. The Company will now focus its exploration program on near-mine deposit growth as well as an exciting regional exploration program to demonstrate the district potential, including at Bigstone and the broader Hanson Lake District. The Company expects to continue to release results from the programs as they become available.
The five holes included within this release were drilled either near the edge or outside of the existing resource outline at McIlvenna Bay. Two holes drilled near the margin of the resource outline intersected the upper edge of the massive sulphide lens, while all holes returned thick intercepts from the underlying Copper Stockwork Zone, which could potentially support additional tonnage to be included with the pending resource estimate. Three of the holes intercepted wide zones of mineralization within the CSZ, which also bodes well for increased mining efficiency in this portion of the deposit.
Dan Myerson, Executive Chairman of Foran commented: “These step-out intercepts highlight the opportunity we have to add value and ultimately grow the resource at McIlvenna Bay. The significant widths we continue to achieve strengthen our confidence that we will be able to both increase the tonnage and upgrade the resource classification in our pending estimate. At the same time, we are equally, if not more, excited to advance our regional exploration campaign and uncover the mineral and economic potential of the district. This is a very exciting time for Foran, for our Partners, for Saskatchewan and for Canada – we look forward to keeping stakeholders updated as results become available.”
The 2021 drill program has transitioned to focus on testing regional exploration targets and expansion of the Bigstone deposit with three drills, while one drill remains at McIlvenna Bay focused on up-dip expansion. It is currently anticipated that the ongoing programs will continue into the late fall. Additional results from the programs will be released as they become available.
Compilation of the McIlvenna Bay drill hole data and resource modelling are currently underway. A revised resource estimate for the deposit is expected in the near-term, which will feed into the feasibility study that is underway for the project and scheduled to be delivered in Q4/21. See Figure 1 for the drill plan map and Figure 2 for the CSZ long section.
Table 1 below provides a detailed overview of the assay results presented in this release.
Table 1: Significant Drill Intercepts from the McIlvenna Bay 2021 Program1:
|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.|
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 1.0 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.
Figure 1: Drill Plan Map
Figure 2: Copper Stockwork Zone Long Section
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, 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 of production. 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 VHMS 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 VHMS 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 VHMS 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.
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We acknowledge the [financial] support of the Government of Canada.