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Foran Mining Intersects 26 Metres of Copper-Rich Mineralization at McIlvenna Bay

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5 Metres of 8% CuEq, including one of the highest composite gold intercepts to date:
5.4 g/t Gold Over 1.6 Metres

 

The high-grade results reinforce the existing value at McIlvenna Bay and demonstrate that McIlvenna Bay and the Hanson Lake District is a truly world-class discovery, in a world-class mining jurisdiction.

 

 

Foran Mining Corporation (TSX-V: FOM) which is planning to build the world’s first copper mine designed to be carbon neutral from day one, is pleased to announce high grade results from its 30,000 metre 2021 diamond drilling campaign, the Company’s largest to date at its 100% owned McIlvenna Bay deposit.

 

Highlights:

 

  • MB-21-234 – intersected 25.90m of continuous mineralization including 4.90m grading 7.99% copper equivalent of Massive Sulphide and 21.00m grading 2.12% CuEq from the underlying Copper Stockwork Zone at McIlvenna Bay, consisting of:
    • 4.76% Cu, 3.75% Zn, 41.87 g/t Ag and 2.31 g/t Au over 4.90m (MS), and
    • 1.52% Cu, 0.38% Zn, 9.92 g/t Ag and 0.67 g/t Au over 21.00m (CSZ)
  • Intersected a composite interval of 1.6m from the massive sulphide grading 5.42 g/t gold, which also included a 0.50m sample grading 13.44 g/t, one of the highest-grade gold intercepts ever found at the deposit.
  • These results both reinforce the existing value at McIlvenna Bay and have the potential to significantly enhance the economic value of the Deposit.
  • This drilling campaign is focused on expanding and infilling the Deposit to support the upcoming definitive feasibility study.

 

Dan Myerson, Executive Chairman of Foran commented:

 

“These first results from our largest drill program to date at McIlvenna Bay are even better than we envisaged. We are delighted to have kicked off our campaign with such fantastic grades over such great widths. This is another important milestone towards achieving our vision to build Canada’s first mine designed to be carbon neutral from day one, located in a province which continues to show ongoing support for our plans. We look forward to sharing additional results in the coming weeks and months.”

 

Massive sulphide mineralization from the McIlvenna Bay Deposit = very happy geologist

 

Further information

 

The winter drill program at McIlvenna Bay has been underway since mid-January.  The program has focused on further definition of the deeper parts of the Deposit. Infill drilling was designed to convert current inferred resources to the indicated category thereby potentially including them in updated reserves for the deposit.  An updated resource and reserve estimate is part of the upcoming DFS.

 

Drill hole MB-21-234 is located near the upper edge of the currently defined MS horizon (Figure 1) and should expand the zone in this area. More importantly, it is located within an area of inferred material within the CSZ. This intercept should help to expand the indicated classification of the CSZ in this sector of the deposit.  Table 1 below provides a detailed overview of the assay results.

 

 

Table 1: Significant Drill Intercepts from hole MB-21-2341:

 

Hole Zone From
(m)
To
(m)
Interval
(m)
Cu
(%)
Zn
(%)
Ag
(g/t)
Au
(g/t)
CuEq
(%)
MB-21-234 Lens 3 630.70 633.30 2.60 0.99 0.59 12.72 0.27 1.47
MB-21-234 MS 643.60 648.50 4.90 4.76 3.75 41.87 2.31 7.99
Including MS 644.80 646.40 1.60 7.89 1.58 63.62 5.42 12.08
MB-21-234 CSZ 648.50 669.50 21.00 1.52 0.38 9.92 0.67 2.12
Including CSZ 650.40 657.70 7.30 2.65 0.69 20.45 1.52 3.94
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

 

The presence of high-grade copper and copper equivalent mineralization at McIlvenna Bay has been previously identified along the upper edge of the MS zone (the area where MB-21-234 was drilled) through previously announced diamond drill results, including:

 

  • 2.91% Cu, 0.41% Zn, 21.55 g/t Ag and 1.27 g/t Au (MS) over 11.72m and,
    1.54% Cu, 0.17% Zn, 8.29 g/t Ag and 0.46 g/t Au (CSZ) over 30.16m in MB-18-201 (see news release April 25, 2018)
  • 2.25% Cu, 2.29% Zn, 30.13 g/t Ag and 1.64 g/t Au (MS) over 5.42m and,
    2.01% Cu, 0.50% Zn, 12.68 g/t Ag and 1.25 g/t Au (CSZ) over 14.22m in MB-18-203 (see news release April 25, 2018)

 

Today’s result from the MS zone has delivered CuEq grades which are roughly double the average grade of the overall resource estimate for that zone.

 

Foran’s McIlvenna Bay deposit is already the largest undeveloped Volcanogenic Massive Sulphide deposit in the Flin Flon Greenstone Belt. The deposit is well located in a mining friendly, safe and stable jurisdiction, with year-round road access, in close proximity to an existing electrical grid supplied by hydro-electric power, rail and an established mining centre in Flin Flon, Manitoba.

 

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. 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 after multi-acid digestion. Au analysis is completed by fire assay with AA finish. Any samples which return results greater than 3.0 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.

 

Qualified Persons

 

Mr. Roger March, P. Geo., Vice President Exploration 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. 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 VMS 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 VMS 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 VMS 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.

 


Massive sulphide mineralization from McIlvenna Bay Deposit (CNW Group/Foran Mining Corporation)

 

 


Figure 1: Copper Stockwork Zone Long Section (CNW Group/Foran Mining Corporation)

 

Posted March 15, 2021

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