Over 16m of continuous high-grade mineralization in each hole

Quality of results are value accretive with indication of further resource upgrade as well as size expansion of overall resource base

Hanson Lake District is fast becoming one of the world’s
next great mining camps

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 further high-grade results from two additional holes drilled as part of its 30,000 metre 2021 diamond drilling campaign, the Company’s largest to date at its 100% owned McIlvenna Bay deposit.

Highlights:

• MB-21-231a – intersected 16.42m of continuous mineralization including 8.74m grading 3.53% copper equivalent (“CuEq”) of Massive Sulphide (“MS”) and 7.68m grading 2.17% CuEq from the underlying Copper Stockwork Zone (“CSZ”) at McIlvenna Bay, consisting of:
  • 1.14% Cu, 4.94% Zn, 16.58 g/t Ag and 0.59 g/t Au over 8.74m (MS), and
  • 1.21% Cu, 1.23% Zn, 9.86 g/t Ag and 0.74 g/t Au over 7.68m (CSZ)
• MB-21-236 – intersected 17.00m of continuous mineralization including 2.80m grading 4.83% CuEq of MS and 14.20m grading 1.47% CuEq from the underlying CSZ, consisting of:
  • 3.02% Cu, 1.97% Zn, 25.46 g/t Ag and 1.51 g/t Au over 2.80m (MS), and
  • 1.00% Cu, 0.58% Zn, 7.80 g/t Ag and 0.33 g/t Au over 14.20m (CSZ)
• Significant gold and copper grades continue to be returned from the drilling including a composite result of 3.52 g/t Au and 5.42% Cu over a 0.60m length in MB-21-236.
• High grades and significant widths, combined with the increased drilling density, will positively impact the Deposit by expanding overall indicated resources.
• Infill drilling, together with the expansion segment of the program planned to commence in Mid-May, are key workstreams for the definitive feasibility study (“DFS”).

Dan Myerson, Executive Chairman of Foran commented:

“Our largest drill program to date at McIlvenna Bay continues to deliver far beyond our expectations. High grades and continuous mineralization are core characteristics of a world-class asset and we are delighted to report both. Continuous intercepts over 10m provide us with more flexibility and the potential to mine more efficiently, reducing operating costs through economics of scale. These results provide us with additional confidence that we can enhance the value of this strategic asset.  Our goal to design and build the world’s first carbon neutral copper mine will be enhanced by continued strong results such as these. We look forward to providing additional results from our infill drilling program, before moving on to expansion and exploration drilling in Mid-May.”

Geotechs like what they see!

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.

As shown in Figure 1, drill holes MB-21-231a and MB-21-236 were located in the same sector of the Deposit as recently released drill hole MB-21-234. These holes have all returned significant grades and thicknesses of mineralization from both the MS and underlying CSZ. The tenor of the results, coupled with the increased density of drill holes, will positively impact the Deposit by expanding the indicated resources in this part of the Deposit. Table 1 below provides a detailed overview of the assay results.

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

Drilling at the McIlvenna Bay Deposit continues with three drills. It is anticipated that the infill drill program will continue until May, when the focus of the program will shift to expansion of the Deposit with step-out holes designed to expand the resources.

Foran’s McIlvenna Bay DEeposit 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. (“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 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.

Figure 1: Copper Stockwork Zone Long Section

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.

Geotechs and core (CNW Group/Foran Mining Corporation)