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
VANCOUVER, BC, March 18, 2021 /CNW/ - Foran Mining
Corporation (TSXV: FOM) ("Foran" or the "Company"), 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 ("m") 2021 diamond drilling campaign, the Company's
largest to date at its 100% owned McIlvenna Bay deposit
("McIlvenna Bay" or the "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:
Hole
|
Zone
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Cu
(%)
|
Zn
(%)
|
Ag
(g/t)
|
Au
(g/t)
|
CuEq
(%)
|
MB-21-231a
|
MS
|
728.61
|
737.35
|
8.74
|
1.14
|
4.94
|
16.58
|
0.59
|
3.53
|
Including
|
MS
|
733.71
|
734.87
|
1.16
|
0.52
|
12.81
|
23.06
|
0.24
|
5.86
|
MB-21-231a
|
CSZ
|
737.35
|
745.03
|
7.68
|
1.21
|
1.23
|
9.86
|
0.74
|
2.17
|
MB-21-231a
|
CSZ
|
746.70
|
751.90
|
5.20
|
0.58
|
0.43
|
5.08
|
0.07
|
0.83
|
MB-21-236
|
MS
|
740.50
|
743.30
|
2.80
|
3.02
|
1.97
|
25.46
|
1.51
|
4.83
|
Including
|
MS
|
741.35
|
741.95
|
0.60
|
5.42
|
1.16
|
32.95
|
3.52
|
8.08
|
MB-21-236
|
CSZ
|
743.30
|
757.50
|
14.20
|
1.00
|
0.58
|
7.80
|
0.33
|
1.47
|
Including
|
CSZ
|
746.00
|
747.00
|
1.00
|
2.41
|
0.60
|
24.95
|
1.84
|
3.87
|
**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.
|
**Indicates
previously released drill hole. See News Release March 15, 2021 for
more details.
|
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 ("VMS") 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.
Foran trades on the TSX.V under the symbol "FOM".
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy of this release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains "forward-looking information" (also
referred to as "forward looking statements"), which relate to
future events or future performance and reflect management's
current expectations and assumptions. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "hopes", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Such forward-looking statements reflect management's
current beliefs and are based on assumptions made by and
information currently available to the Company. All statements,
other than statements of historical fact, are forward-looking
statements or information. Forward-looking statements or
information in this news release relate to, among other things:
complete the feasibility study in a timely manner, and the
anticipated capital and operating costs, sustaining costs, net
present value, internal rate of return, payback period, process
capacity, average annual metal production, average process
recoveries, anticipated mining and processing methods, proposed PFS
production schedule and metal production profile, anticipated
construction period, anticipated mine life, expected recoveries and
grades, anticipated production rates, infrastructure, social and
environmental impact studies, future financial or operating
performance of the Company, subsidiaries and its projects,
estimation of mineral resources, exploration results, opportunities
for exploration, development and expansion of the McIlvenna Bay
Project, its potential mineralization, the future price of metals,
the realization of mineral reserve estimates, costs and timing of
future exploration, the timing of the development of new deposits,
requirements for additional capital, foreign exchange risk,
government regulation of mining and exploration operations,
environmental risks, reclamation expenses, title disputes or
claims, insurance coverage and regulatory matters. In addition,
these statements involve assumptions made with regard to the
Company's ability to develop the McIlvenna Bay Project and to
achieve the results outlined in the PFS, and the ability to raise
capital to fund construction and development of the McIlvenna Bay
Project.
These forward-looking statements and information reflect the
Company's current views with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant operational, business, economic and regulatory
uncertainties and contingencies. These assumptions include: our
mineral reserve and resource estimates and the assumptions upon
which they are based, including geotechnical and metallurgical
characteristics of rock confirming to sampled results and
metallurgical performance; tonnage of ore to be mined and
processed; ore grades and recoveries; assumptions and discount
rates being appropriately applied to the technical studies; success
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
the assumptions upon which they are based; prices for energy
inputs, labour, materials, supplies and services (including
transportation); no labour-related disruptions; no unplanned delays
or interruptions in scheduled construction and production; all
necessary permits, licenses and regulatory approvals are received
in a timely manner; and the ability to comply with environmental,
health and safety laws. The foregoing list of assumptions is not
exhaustive.
The Company cautions the reader that forward-looking statements
and information include known and unknown risks, uncertainties and
other factors that may cause actual results and developments to
differ materially from those expressed or implied by such
forward-looking statements or information contained in this news
release and the Company has made assumptions and estimates based on
or related to many of these factors. Such factors include, without
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
insurance, to cover these risks and hazards; our ability to obtain
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