Results Continue to Underpin Potential for Resource Upgrades and Mine Life Extensions

Foran Mining Corporation (TSX-V: FOM) is pleased to report various wide and high-grade intercepts from an additional four holes drilled during its recently concluded infill program at its 100% owned McIlvenna Bay deposit. Three holes in this release were drilled in the lower portion of the deposit and intersected significant zinc grades in the Massive Sulphide, while the fourth hole was drilled closer to the upper plunge line of the deposit where it intersected high-grade copper in the MS lens and a thick 26m section in the underlying Copper Stockwork Zone.

All four holes reported were drilled within the currently defined orebody, highlighting the continuity of the mineralization, which bodes well for the upcoming resource estimate. Results from additional holes drilled near the outside edge, or outside of the current resource, will also be reported in the coming weeks.

Highlights

• MB-21-246d2 intersected 35.3m of continuous mineralization across three zones grading 1.91% copper equivalent (“CuEq”), including:
  • 1.62% Cu, 0.81% Zn, 15.2 g/t Ag and 0.27 g/t Au over 6.9m (SZ)
  • 4.23% Cu, 1.62% Zn, 24.6 g/t Ag and 0.74 g/t Au over 2.0m (MS)
  • 1.06% Cu, 0.51% Zn, 8.6 g/t Ag and 0.32 g/t Au over 26.0m (CSZ)
• MB-21-243d1 intersected 6.44% CuEq over 2.1m from the MS
  • 0.29% Cu, 14.97% Zn, 18.5 g/t Ag and 0.18 g/t Au over 2.1m (MS)
  • 1.51% Cu, 0.93% Zn, 18.3 g/t Ag and 0.20 g/t Au over 1.8m (CSZ)
• MB-21-220w1 intersected 3.97% CuEq over 5.5m from the MS
  • 0.63% Cu, 8.08% Zn, 11.2 g/t Ag and 0.20 g/t Au over 5.5m (MS)
  • 0.95% Cu, 1.25% Zn, 7.9 g/t Ag and 0.21 g/t Au over 1.9m (CSZ)
• MB-21-225d1 intersected 2.47% CuEq over 6.0m from the MS
  • 0.48% Cu, 4.37% Zn, 16.0 g/t Ag and 0.23 g/t Au over 6.0m (MS)
  • 1.35% Cu, 1.46% Zn, 15.2 g/t Ag and 0.44 g/t Au over 6.8m (CSZ)

Dan Myerson, Executive Chair of Foran, commented: “Our latest intercepts continue to support the potential to upgrade the existing resource at McIlvenna Bay and underpin a potential increase in the mine life as we continue to advance our upcoming feasibility study. As results from the concluded infill program continue to come in, we now turn our focus to adding value and showcasing district potential with a near-mine expansionary and regional exploration program for the balance of the year. We look forward to sharing results as they become available.”

Further information

The recently concluded 2021 infill drill program at McIlvenna Bay commenced in mid-January. To date, approximately 22,000m of infill and expansion drilling has been completed.  See Figure 1 for drill traces in plan and Figure 2 for the long section.

The Company expects to release a further five holes from the infill program as results are received from the assay lab and will then follow with results from its ongoing and exciting regional and near-mine expansion program.

The program has generally focused on increasing the density of drilling in the deeper parts of the deposit to convert current inferred resources to the indicated category. All holes have successfully intersected the deposit. Detailed results from these latest holes are provided in Table 1 below.

Table 1: Significant Drill Intercepts from the McIlvenna Bay 2021 Program¹:

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 

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, 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.