Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased
to announce the results of a recently completed regional drill program (the
"Program") on Foran's Balsam and McIlvenna Bay properties in east-central
Saskatchewan. Highlights from the Balsam Property include:
-- Thunder Zone: Discovery of high-grade copper mineralization with 4.08%
Cu, 0.43 g/t Au and 27.0 g/t Ag over 3.66m, including 10.60% Cu, 0.70
g/t Au and 62.5 g/t Ag over 1.10m in drillhole BA-13-77 at a vertical
depth of 205m. This hole was drilled to test a newly-identified, high-
priority geophysical target from a recent DEEP EM survey on the property
and this zone is open in multiple directions(1).
-- B2 Zone: 1.29% Cu, 0.28 g/t Au and 12.3 g/t Ag over 4.56m, including
3.97% Cu, 0.84 g/t Au and 39.1 g/t Ag over 0.85m in hole BA-13-74 at a
vertical depth of 100m, and 8.40% Zn, 0.28 g/t Au, 12.6 g/t Ag over
3.21m, followed approximately 3m further down-hole by 6.66% Zn, 0.27 g/t
Au, 10.6 g/t Ag and over 0.78m in hole BA-13-78 at vertical depths of
125 to 130m.
The Thunder and B2 Zones contain volcanogenic massive sulphide ("VMS")
mineralization, similar to Foran's McIlvenna Bay deposit ("McIlvenna Bay" or the
"Deposit"). McIlvenna Bay is a large VMS deposit located 65km west of Flin Flon,
Manitoba and approximately 7km northwest of the Thunder and B2 Zones. Foran
recently announced an increased mineral resource for McIlvenna Bay of 13.9 Mt
grading 1.96% CuEq in the indicated category and a further 11.3 Mt grading 2.01
CuEq in inferred (see below).
Patrick Soares, President and CEO of Foran, commented: "We are extremely pleased
by the discovery of high-grade copper mineralization in the Thunder Zone at
Balsam. The discovery was made by drill testing a geophysical anomaly outlined
by the recently completed DEEP EM geophysical survey on the property. Copper
mineralization within the Thunder Zone has the potential to be extended toward
surface and on either side of the discovery hole. The geophysical survey also
outlined several other target areas which we will model to delineate drill
targets." Mr. Soares continued: "Foran's new discovery announced today clearly
demonstrates the potential to develop a VMS camp centered around McIlvenna Bay."
(1)m = metre, Cu = copper, Zn = Zinc, Au = gold, Ag = silver, g/t = grams per
tonne, DEEP EM = deep-penetrating time-domain electromagnetic geophysical survey
The Program consisted of 11 diamond drill holes (4,163m) completed between
February 9 and March 17, 2013 on Foran's Balsam and McIlvenna Bay properties.
Significant intercepts from the 11 holes are summarized in Table 1; collar and
orientation data is presented in Table 2. Results for an additional four diamond
drill holes (2,243m) on the Deposit are pending and will be released in the
coming weeks. The Program was conducted concurrently with a ground-based,
deep-penetrating time-domain electromagnetic ("DEEP EM") geophysical survey, as
announced by the Company on February 19, 2013.
Four target zones in and around the Balsam area (Thunder, Balsam, B2 and B4
Zones) were drill tested in nine holes (BA-13-70 to -78) based on new geological
interpretation and geophysics (Figure 1). In addition, one historic surface EM
conductor and one VTEM conductor were tested between McIlvenna Bay and the
Balsam area (MR-13-05 and -06, respectively).
Thunder Zone
In the final completed drill hole of the Program (BA-13-77), an initial test of
a new, high-priority conductor identified by the DEEP EM survey was achieved by
reorienting a previously planned hole at the Thunder Zone (Figure 1). Six holes
drilled by Cameco in 1990-1991 in this area intersected several narrow intervals
of low-grade mineralization. The re-oriented hole BA-13-77 intersected 1.10m of
copper-rich massive sulphide mineralization starting at 356.96m downhole (205m
vertical depth) at the top of a broader interval of semi-massive sulphide.
Assays for the hole returned 4.08% Cu, 0.43 g/t Au and 27.0 g/t Ag over 3.66 m,
including 10.60% Cu, 0.70 g/t Au and 62.5 g/t Ag over 1.10m.
Massive sulphide mineralization in hole BA-13-77 is comprised of chalcopyrite
(up to 40%)-pyrrhotite-magnetite-arsenopyrite-pyrite-sphalerite hosted within
andalusite-chlorite-sericite altered felsic volcanics (Figure 3). Alteration
intensity and mineral assemblages are similar to those at McIlvenna Bay.
A borehole electromagnetic survey was conducted on hole BA-13-77 and both the
borehole and DEEP EM geophysical survey data is currently being modelled and
interpreted by Foran's geophysical consultants with the objective of better
quantifying the potential size, strength and orientation of the conductor
associated with the Thunder Zone.
B2 Zone
Drill holes BA-13-74, -75, -76, and -78 tested the B2 Zone, situated immediately
southeast of the Thunder Zone (Figure 1). B2 Zone massive sulphide
mineralization is hosted within an interpreted stratigraphically lower interval
below the Balsam Zone. Drill testing of the B2 Zone by previous operators
returned 3.32% Cu and 1.10 g/t Au over 3.32m in hole 96-BAL-60.
Highlights from the B2 Zone in the Program include:
-- Hole BA-13-74: 1.29% Cu, 0.28 g/t Au and 12.3 g/t Ag over 4.56m,
including a massive sulphide interval of 3.97% Cu, 0.84 g/t Au and 39.1
g/t Ag over 0.85m
-- Hole BA-13-78: 8.40% Zn, 0.28 g/t Au and 12.6 g/t Ag over 3.21m of semi-
massive sulphide, followed approximately 3m further down-hole by massive
sulphide with 6.66% Zn, 0.27 g/t Au, 10.6 g/t Ag over 0.78m
-- Hole BA-13-75: copper stockwork mineralization with 0.47% Cu and 0.30
g/t Au over 6.31m, including 1.34% Cu and 0.73 g/t Au over 1.87m
-- Hole BA-13-76: massive sulphide grading 4.11% Zn over 2.23m.
The mineralized intervals in the B2 Zone consist of
sphalerite-chalcopyrite-pyrite-pyrrhotite massive sulphides hosted within felsic
volcanics and underlain by copper stockwork. Within the B2 Zone, a lateral
transition from copper-rich mineralization in the south in BA-13-74 to zinc-rich
mineralization in the north is indicated. Results of 2013 drilling suggest
shallow depths to B2 Zone massive sulphide with at least 400 metres of strike
length and open to the northwest beyond BA-13-78.
Balsam Zone
Holes BA-13-72 and -73 were drilled to test the up-plunge, southeast strike
extent of the Balsam Zone near surface, where the 1984 discovery hole for this
area intersected 3.19% Cu, 3.30% Zn, 3.60 g/t Au and 52.48 g/t Ag over 6.50m in
hole BAL-11.
Hole BA-13-72 returned 2.28% Cu, 1.3 g/t Au and 13.8 g/t Ag over 0.43m; no
significant values were returned from hole BA-13-73.
B4 Zone
Holes BA-13-70 and -71 were drilled to test the southeastern strike extent of
the B4 Zone, where 1996 drill hole BAL-96-53 intersected multiple narrow
intervals (0.61 to 1.27m) of zinc mineralization within a 49m section of altered
felsic volcanics with grades of trace to 3.91% Zn.
Hole BA-13-71 intersected several zones of vein stockwork with elevated
concentrations of zinc; the best intercept returned 1.66% Zn, 0.29 g/t Au and
21.7 g/t Ag over 6.02m, including a short interval with very high precious metal
values (2.22% Zn, 3.36 g/t Au, and 414.0 g/t Ag over 0.26m) associated with
galena-arsenopyrite veining.
Looking Ahead
Foran and its geophysical consultants are currently modeling and interpreting
the results of the DEEP EM and borehole surveys, which have already outlined
several preliminary target areas. The objective of this work will be to
delineate additional drill targets in the 7km corridor between McIlvenna Bay and
the Balsam area, as well as investigate the potential for hangingwall/footwall
lenses at McIlvenna Bay.
The Thunder Zone is situated within a strong, prominent conductor of greater
size and intensity than the conductor associated with the Balsam, B2 and B4
Zones, where drilling by Foran and past operators has identified multiple
horizons of felsic volcanic-hosted copper-zinc-gold-silver mineralization. The
objective of modeling this target is to better define the potential size and
delineate additional drill targets to expand this new discovery.
In the Balsam area, a second prominent conductor was identified to the southeast
of the Balsam, B2 and B4 Zones (Figure 1). Modeling of this new target is also
underway.
Table 1. Regional Program Drill Results.
----------------------------------------------------------------------------
Hole ID From To Interval(1) Cu(1) Zn(1) Au(1) Ag(1) Type
(m) (m) (m) (%) (%) (g/t) (g/t)
----------------------------------------------------------------------------
Thunder Zone
----------------------------------------------------------------------------
BA-13-77 356.96 360.62 3.66 4.08 0.71 0.43 27.0 MS/SMS
Incl. 356.96 358.06 1.10 10.60 1.06 0.70 62.5 MS
----------------------------------------------------------------------------
B2 Zone
----------------------------------------------------------------------------
BA-13-74 193.42 195.00 1.58 0.09 5.24 0.21 4.4 MS
238.15 242.71 4.56 1.29 0.95 0.28 12.3 MS/CS
Incl. 238.15 239.00 0.85 3.97 2.27 0.84 39.1 MS
----------------------------------------------------------------------------
BA-13-78 219.84 223.05 3.21 0.04 8.40 0.28 12.6 SMS
226.40 227.18 0.78 0.21 6.66 0.27 10.6 MS
----------------------------------------------------------------------------
BA-13-75 169.04 169.38 0.34 0.09 0.01 1.77 137.8 VN
261.31 267.62 6.31 0.47 0.85 0.30 6.5 CS
Incl. 261.93 263.80 1.87 1.34 1.05 0.73 9.9 CS
----------------------------------------------------------------------------
BA-13-76 247.26 249.49 2.23 0.27 4.11 0.09 2.3 MS
----------------------------------------------------------------------------
Balsam Zone
----------------------------------------------------------------------------
BA-13-72 207.60 209.38 1.78 0.73 0.07 0.36 4.6 CS
Incl. 207.60 208.03 0.43 2.28 0.09 1.3 13.8 CS
----------------------------------------------------------------------------
BA-13-73 NSV
----------------------------------------------------------------------------
B4 Zone
----------------------------------------------------------------------------
BA-13-71 149.46 155.48 6.02 0.02 1.66 0.29 21.7 CS
Incl. 150.59 152.75 2.16 0.03 2.38 0.17 3.5 CS
& 155.22 155.48 0.26 0.04 2.22 3.36 414.0 VN
----------------------------------------------------------------------------
BA-13-70 244.84 246.62 1.78 0.73 0.60 0.42 50.3 SMS/CS
----------------------------------------------------------------------------
Regional Targets
----------------------------------------------------------------------------
MR-13-05 NSV
----------------------------------------------------------------------------
MR-13-06 NSV
----------------------------------------------------------------------------
(1)downhole distance, true thickness unknown, NSV = no significant values,
Cu = copper, Zn = zinc, Au = gold, Ag = silver, MS = massive sulphide, SMS
= semi-massive sulphide, CS = copper stockwork, VN = vein.
To view Figure 1, "Thunder, B2, Balsam and B4 Zone drill plan, Balsam Property
(Underlay: DEEP EM Z Component, db/dt Channel 20)," please visit the following
link: http://media3.marketwire.com/docs/FOMimage1.pdf.
To view Figure 2, "VMS mineralization on Foran's 27,000 hectare McIlvenna Bay,
Balsam and Hanson properties," please visit the following link:
http://media3.marketwire.com/docs/FOMimage2.pdf.
To view Figure 3, "Copper-rich VMS mineralization from drill hole BA-13-77 in
the Thunder Zone, Balsam Property," please visit the following link:
http://media3.marketwire.com/docs/FOMimage3.pdf.
Table 2. Drill Hole Data.
----------------------------------------------------------------------------
Hole ID UTM Zone 13 UTM Zone 13 Elevation Azimuth Dip Length
NAD 83 East NAD 83 North (m) (degrees (degrees) (m)
North UTM)
----------------------------------------------------------------------------
BA-13-70 647300.04 6051305.36 324 53.75 -70.89 448
----------------------------------------------------------------------------
BA-13-71 647350.13 6051356.33 324 53.76 -70.46 371
----------------------------------------------------------------------------
BA-13-72 647334.89 6051466.45 324 52.67 -59.82 242
----------------------------------------------------------------------------
BA-13-73 647392.67 6051518.48 324 55.42 -58.97 172
----------------------------------------------------------------------------
BA-13-74 647179.54 6051532.87 324 50.40 -65.52 308
----------------------------------------------------------------------------
BA-13-75 647108.28 6051669.64 324 53.74 -65.88 350
----------------------------------------------------------------------------
BA-13-76 647029.54 6051674.22 324 51.48 -65.75 362
----------------------------------------------------------------------------
BA-13-77 646817.81 6052019.64 325 21.35 -55.38 545
----------------------------------------------------------------------------
BA-13-78 646964.73 6051810.89 324 52.52 -70.12 413
----------------------------------------------------------------------------
MR-13-05 643728.15 6054539.26 335 211.22 -77.76 581
----------------------------------------------------------------------------
MR-13-06 646980.26 6053231.75 330 239.20 -60.86 371
----------------------------------------------------------------------------
Total 4,163
----------------------------------------------------------------------------
Quality Assurance, Quality Control, and Qualified Person
Drilling was completed using NQ size diamond drill core. 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 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, and Zn is performed using atomic absorption spectrometry
("AA") after multi-acid digestion. Au analysis is completed by fire assay with
AA finish. A complete suite of QA/QC reference materials (standards, blanks and
pulp and/or field 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.
Dave Fleming, P.Geo., VP Exploration for Foran and a Qualified Person within the
meaning of National Instrument 43-101 supervised the Program and has approved
the technical information in this release.
About Foran Mining
Foran is a diversified exploration and development company with projects in the
Flin Flon Mining Belt. The Company's flagship McIlvenna Bay property is located
in east central Saskatchewan, 65km west of Flin Flon, Manitoba and contains
McIlvenna Bay, one of the largest undeveloped VMS deposits in Canada.
On March 27, 2013 Foran announced a new, increased mineral resource estimate for
McIlvenna Bay, with indicated resources of 13.9 million tonnes grading 1.96%
copper equivalent (1.28% Cu, 2.67% Zn, 0.49 g/t Au, 17 g/t Ag) and an inferred
resource of 11.3 million tonnes grading 2.01% copper equivalent (1.32% Cu, 2.97%
Zn, 0.43 g/t Au, 17 g/t Ag). For additional information on McIlvenna Bay, see
the Foran news release dated March 27, 2013 or the report entitled "Technical
Report on the McIlvenna Bay Project, Saskatchewan, Canada" dated December 9,
2011 at www.sedar.com or www.foranmining.com.
The McIlvenna Bay and Balsam properties are owned 100% by Foran; Teck Resources
Limited holds a back-in right on the Balsam property.
Foran trades on the TSX.V under the symbol "FOM".
Forward-Looking Statements
This news release contains forward-looking statements. These statements are
based on information currently available to the Company and the Company provides
no assurance that actual results will meet management's expectations.
Forward-looking statements include estimates and statements that describe the
Company's future plans, objectives or goals, including words to the effect that
the Company or management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would", "will", or
"plan". Since forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results relating to, among other things, results of
exploration, project development, reclamation and capital costs of the Company's
mineral properties, and the Company's financial condition and prospects, could
differ materially from those currently anticipated in such statements for many
reasons such as: changes in general economic conditions and conditions in the
financial markets; changes in demand and prices for minerals; litigation,
legislative, environmental and other judicial, regulatory, political and
competitive developments; technological and operational difficulties encountered
in connection with the activities of the Company; and other matters discussed in
this news release. This list is not exhaustive of the factors that may affect
any of the Company's forward-looking statements. These and other factors should
be considered carefully and readers should not place undue reliance on the
Company's forward-looking statements. The Company does not undertake to update
any forward-looking statement that may be made from time to time by the Company
or on its behalf, except in accordance with applicable securities law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Foran Mining Corporation
Patrick Soares, President & CEO
409 Granville Street, Suite 904
Vancouver, BC, Canada, V6C 1T2
416-847-7310
Foran Mining Corporation
Fiona Childe, VP, Corporate Development
120 Adelaide Street West, Suite 2500
Toronto, ON, Canada, M5H 1T1
416-847-7310
ir@foranmining.com
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