Drilling at newly discovered Tesla Zone
encountered 200m of continuous
massive and disseminated sulphides
Assays received to-date highlight significant
copper-zinc-gold mineralization
Geophysical modelling suggests zone could
reach to ~300m from Foran's McIlvenna Bay Deposit
Additional drill rig ordered to expand the
2022 drill program
VANCOUVER, BC, June 8, 2022
/CNW/ - Foran Mining Corporation (TSXV: FOM) (OTCQX: FMCXF)
("Foran" or the "Company") is pleased to announce partial assay
results from diamond drill hole TS-22-03 at the near-mine Tesla
target, on its 100%-owned McIlvenna Bay Project in Saskatchewan.
Key Highlights:
- ~200 metres ("m") of continuous massive and disseminated
sulphides intersected, including chalcopyrite and
sphalerite.
- Initial assay results include:
-
- 12.4m at 1.8% copper
equivalent ("CuEq") including 1.2m at
8.3% CuEq;
- 7.71m at 1.7% CuEq including
1.55m at 2.1% CuEq; and
- 5.40m at 3.3% CuEq including
1.06m at 10.2% CuEq.
- Approximately 130m of assays
from hole TS-22-03 remain pending.
- Initial assays validate a new near-mine mineralized zone
600m from the currently defined
McIlvenna Bay Deposit. Geophysical modelling indicates the zone may
come to within 300m of the deposit.
The proximity of the newly discovered zone suggests potential
future mining could benefit from economies of scale and the
existing and planned infrastructure at McIlvenna Bay.
- Geophysics modelling of a 900m
strike x 300m depth conductor
provides a significant volume to extend mineralization. True width
of the sulphide mineralization is estimated to be ~25-50m.
- A follow up wedge hole program is now underway, designed to
test for a potential up-dip extension of the zone. A second drill
rig has been ordered to further test Tesla and expand the regional
exploration program.
- Foran's exploration methodology, validated with the new
discovery, which could unlock future significant opportunities as
we test targets across our land package.
Dan Myerson, Foran's Executive
Chairman & CEO, commented: "The Tesla zone, discovered in a
very short period and so rapidly after the company has been
re-focused with a fresh perspective and capital, is a true
testament to the strength of our team and the significant untapped
nature of our land package. While it is still early days, this new
discovery is a potential game-changer and could drive future value
from economies of scale under a centralized milling
scenario with the planned and existing infrastructure
at McIlvenna Bay. In a world where new discoveries are declining,
we believe our exploration techniques are working and this will
help unlock the full potential of our
district. Follow-up drilling will occur at Tesla over
the summer which, in addition to targeting other geological
anomalies, should prove to be exciting for investors through the
rest of 2022 and beyond."
Tesla Background
The Tesla modelled conductor begins ~300m north of the McIlvenna
Bay deposit and was initially interpreted from magnetic and
fixed-loop surface electromagnetic ("EM") data combined with our
geological knowledge of the project area. An initial hole,
TS-21-01, was drilled as a platform for downhole geophysics and,
based on borehole EM modelling, the target was refined. Follow-up
hole TS-21-02 deviated and was abandoned at 45m. The hole was restarted as TS-22-03, which
successfully intercepted the mineralization located approximately
600m north of McIlvenna Bay, as shown
in Figure 1 above.
Based on our current understanding of the anomaly, geophysics
outlines potential dimensions of ~900m strike by 300m depth. True width of the sulphide
mineralization is estimated to be ~25-50m, however follow-up drilling is required to
generate an accurate determination of geometry. This discovery
hole, in conjunction with the interpretation of the geophysics,
indicates potential for mineralization on multiple horizons for
approximately 1km along strike to the northwest from McIlvenna Bay,
which also remains open. Additional drilling will be required to
develop a full understanding of the new zone and its relationship
to the known deposit.
Table 1 – Tesla Assay Results
Hole
|
From_m
|
To_m
|
Interval_m
|
Cu %
|
Zn %
|
Au
g/t
|
CuEq
%
|
TS-22-03
|
866.05
|
878.44
|
12.39
|
1.64
|
0.17
|
0.30
|
1.8
|
Including
|
872.24
|
873.44
|
1.20
|
7.80
|
0.64
|
0.61
|
8.3
|
TS-22-03
|
914.16
|
917.26
|
3.10
|
2.19
|
0.08
|
pending
|
2.2
|
Including
|
915.68
|
917.26
|
1.58
|
3.57
|
0.12
|
pending
|
3.6
|
TS-22-03
|
927.11
|
928.88
|
1.77
|
1.39
|
8.99
|
0.13
|
4.8
|
Including
|
927.92
|
928.88
|
0.96
|
1.49
|
15.88
|
0.17
|
7.5
|
TS-22-03
|
933.00
|
940.71
|
7.71
|
0.98
|
1.50
|
0.29
|
1.7
|
Including
|
939.16
|
940.71
|
1.55
|
0.35
|
4.16
|
0.32
|
2.1
|
TS-22-03
|
948.15
|
953.14
|
4.99
|
0.71
|
2.62
|
0.32
|
1.8
|
Including
|
948.15
|
950.15
|
2.00
|
1.36
|
1.58
|
0.45
|
2.2
|
And
|
950.15
|
953.14
|
2.99
|
0.28
|
3.31
|
0.23
|
1.6
|
TS-22-03
|
955.14
|
960.54
|
5.40
|
2.29
|
1.66
|
0.96
|
3.3
|
Including
|
959.09
|
960.15
|
1.06
|
7.19
|
3.62
|
3.63
|
10.2
|
Note: Intersections
are not true width. Intervals composited using a 0.5% Cu cut-off
grade. Results are preliminary with the analysis of additional
elements (including gravimetric finish for Au results >1 g/t)
pending, along with the results for the remaining samples for
TS-21-03.1Copper Equivalent values calculated using
metal prices of $4.00/lb Cu, $1.50/lb Zn and $1,800/ounce
Au.
|
|
Hole TS-22-03 was drilled to a depth of 1,256m, targeting a downhole EM conductor.
Visually significant chalcopyrite & sphalerite have been
identified within the zone of sulphides intersected from
822m to 1,022m (~200m). Assays received to date represent
two sub-intervals of the sulphide intercept. Samples from the
remainder of the hole, consisting of ~130 meters, have been
submitted for analysis and results are pending.
A preliminary geological assessment of the new zone indicates
the presence of multiple overprinting events of sulphide
mineralization and alteration, as well as remobilization of copper
and zinc sulphides, similar to other notable VHMS deposits along
the Flin Flon greenstone belt.
The discovery of Tesla validates Foran's exploration methodology
of integrating innovative geophysical interpretation with
geological understanding of the area. Foran continues to explore
and test multiple targets both at McIlvenna Bay and other
brownfields areas in the Hanson Lake District.
Summer Drill Program Underway
Foran is currently in the process of completing a wedge off hole
TS-22-03, which is planned to intersect the discovery zone
75m up-dip of the recent
intersection. The company plans to drill an additional ~3,000m on
Tesla by the end of 2022, evaluating the new discovery and new
exploration space in and around McIlvenna Bay. This is additional
to ~7,000m of planned drill testing of established targets at
Bigstone and Marconi on our Bigstone Property, 25km west of
McIlvenna Bay, and drilling at the Flinty Prospect located 7km SE
of McIlvenna Bay.
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 performed by
the Saskatchewan Research Council ("SRC") Geoanalytical Laboratory
in Saskatoon, Saskatchewan. SRC is
a Canadian accredited laboratory (ISO/IEC 17025:2017) and
independent of Foran. Analysis for Ag, Cu, Pb and Zn is performed
using ICP-OES after total multi-acid digestion. Au analysis is
completed by fire assay with ICP-OES 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, field 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 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, committed to supporting a greener future,
empowering communities and creating circular economies which create
value for all our stakeholders, while also safeguarding the
environment. The McIlvenna Bay project is located entirely
within the documented traditional territory of the Peter Ballantyne
Cree Nation. The Company also owns the Bigstone project, a
resource-development stage deposit located 25km southwest of its
McIlvenna Bay project.
McIlvenna Bay is a copper-zinc-gold-silver rich VHMS deposit
intended to be the centre of a new mining camp in a prolific
district that has already been producing for 100 years. McIlvenna
Bay sits just 65km West of 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 announced the results from its Feasibility
Study on February 28, 2022, outlining
that current mineral reserves would support an 18-year mine life
producing an average of 65 million pounds of copper equivalent
annually. The Company filed a NI 43-101 Technical Report for the
McIlvenna Bay Feasibility Study on April 14,
2022. The Company filed a NI 43-101 Technical Report for the
Bigstone Deposit resource estimate on February 11, 2022.
Foran trades on the TSX.V under the symbol "FOM" and on the
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characteristics of rock confirming to sampled results and
metallurgical performance; tonnage of ore to be mined and
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of the Company's projects, including the McIlvenna Bay Project;
prices for zinc, copper, gold and silver remaining as estimated;
currency exchange rates remaining as estimated; availability of
funds for the Company's projects; capital decommissioning and
reclamation estimates; mineral reserve and resource estimates and
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limitation: the projected and actual effects of the COVID-19
coronavirus on the factors relevant to the business of the
Corporation, including the effect on supply chains, labour market,
currency and commodity prices and global and Canadian capital
markets, fluctuations in zinc, copper, gold and silver prices;
fluctuations in prices for energy inputs, labour, materials,
supplies and services (including transportation); fluctuations in
currency markets (such as the Canadian dollar versus the U.S.
dollar); operational risks and hazards inherent with the business
of mining (including environmental accidents and hazards,
industrial accidents, equipment breakdown, unusual or unexpected
geological or structure formations, cave-ins, flooding and severe
weather); inadequate insurance, or the inability to obtain
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all necessary permits, licenses and regulatory approvals in a
timely manner; changes in laws, regulations and government
practices in Canada, including
environmental, export and import laws and regulations; legal
restrictions relating to mining; risks relating to expropriation;
increased competition in the mining industry for equipment and
qualified personnel; the availability of additional capital; title
matters and the additional risks identified in our filings with
Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although
the Company has attempted to identify important factors that could
cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated,
described or intended. Investors are cautioned against undue
reliance on forward-looking statements or information.
These forward-looking statements are made as of the date hereof
and, except as required by applicable securities regulations, the
Company does not intend, and does not assume any obligation, to
update the forward-looking information.
SOURCE Foran Mining Corporation