Summer Drilling
to Further Illustrate Camp-Scale Potential at Hanson
Lake
Success at these targets could extend the mine
life and add significant value
VANCOUVER, BC, June 8, 2021 /CNW/ - Foran Mining
Corporation (TSXV: FOM) (OTCQX: FMCXF) ("Foran" or the "Company")
is pleased to announce the discovery of six new high priority
targets on its extensive land package at its McIlvenna Bay Project
and plans to commence exploration drilling on these targets in July
2021. The regional program will be focused on realizing the
camp-scale potential of its flagship, 100% owned McIlvenna Bay
Deposit in Saskatchewan, Canada,
and is in addition to the ongoing infill and step-out program at
the McIlvenna Bay Deposit.
Overview:
- Foran has defined 6 high-priority drill targets following a
review of recently acquired and historical geophysical and drilling
data. A phased exploration program to test these targets will
commence in July 2021.
- The high priority targets are shallow in nature and lie in
close proximity to planned centralized processing infrastructure,
allowing Foran to potentially sequence new discoveries into the
existing mine plan at McIlvenna Bay with relative ease.
- The majority of Foran's McIlvenna Bay Project lies under thin
(30-50m) cover, which is ideal for
the application of geophysical exploration methods in areas
completely inaccessible to traditional prospecting and surface
exploration techniques.
- Geophysics has been the driving force behind 20 out of 31
discoveries in the Flin Flon Greenstone Belt, even more so in
recent years as exploration moves to blind deposits under cover
(such as McIlvenna Bay) and at depth.
A review of recently acquired and historical geophysical and
drilling data has resulted in a greatly improved understanding of
the controls on mineralization and the definition of the highest
priority drilling targets close to planned infrastructure at the
McIlvenna Bay Deposit.
Discussion of Targets
Ampere (7km East of McIlvenna Bay Deposit) & Faraday (4km
East of McIlvenna Bay Deposit)
Ground electromagnetic ("EM")
surveys conducted over winter have confirmed large airborne EM
anomalies at the Ampere and Faraday prospects (see
Figure 1). Both targets are within 200m of surface under approximately 30m of cover and hosted on a major structure
interpreted from magnetic data. The Ampere anomaly is similar to
McIlvenna Bay, while the Faraday anomaly appears to be
stronger. Both prospects are within 7 kilometres ("km") of
the planned central processing infrastructure and thus represent
high priority targets for Foran. Drilling over the summer will
confirm if these anomalies are associated with economic
mineralization.
Bigstone South & Bigstone North (~200m from Bigstone
Deposit)
At the Bigstone deposit, located approximately
25km west of the McIlvenna Bay Deposit, a review has defined the
structural controls on the existing Deposit and Foran geoscientists
have applied this new understanding to several nearby geophysical
targets. These include the Bigstone North and Bigstone
South targets, which lie on the same structure within
200m main Bigstone Deposit. These
targets offer exciting possibilities to expand the existing
resources in the area and will be drilled in conjunction with
planned holes at the existing Bigstone Deposit which target growth
of the current inferred resources.
Babbage (700m south of
Bigstone) & Marconi (600m East of
Bigstone)
The new Babbage target, located ~700m south
of Bigstone, is a strong geophysical anomaly hosted in the same
structure but lying some 700m south
of Bigstone. Marconi is a combined magnetic, induced
polarization and EM anomaly hosted on a parallel structure
600m to the east of the Bigstone
deposit. Historic drilling at Marconi intersected anomalous copper
over approximately 800m strike
length.
Dan
Myerson, Executive Chair of Foran,
commented: "The nature of VHMS deposits is that they are
found in clusters and McIlvenna Bay is likely just one ore body in
a camp of many potential deposits. We are extremely excited to get
drills turning on these highly prospective new targets and
potentially add even more to our multi-deposit camp. This new
program has the fantastic potential to deliver significant
additional value beyond what we are already creating through the
infill and step out drilling currently in motion at McIlvenna Bay.
We've been able to accelerate our plans due to the support and
CA$100m funding recently received from Prem
Watsa's Fairfax, who recognises the attractive returns that
we can achieve through developing our Deposit in a carbon-neutral
and safer way. We are delighted to be able to quickly convert this
investment into potential value for all stakeholders and look
forward to providing additional details on the programme in the
weeks and months ahead."
Next Steps
Foran will optimize its investment in exploration through a
disciplined approach to target generation and prioritization,
integration of multidisciplinary data, and staged drilling
campaigns so that learnings can be incorporated into subsequent
targeting. Expansion of exploration activities into the rest of
Foran's extensive ground holdings will continue in
2022.
Figure 1: Faraday and Ampere Targets
showing similar structural setting and airborne EM response to the
McIlvenna Bay Deposit.
Figure:2: Structural setting and geophysical
signatures of Bigstone South & North, Marconi and Babbage
Targets compared to Bigstone Deposit.
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, 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 of production. 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 centre 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" and on the
OTCQX under the symbol "FMCXF".
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, including 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 and its potential mineralization; achieve
carbon neutral status from day one of production; 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