Foran Completes Regional Drill Program at McIlvenna Bay and Bigstone Properties
09 Luglio 2012 - 3:00PM
Marketwired Canada
Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased
to announce the results of a spring 2012 regional drill program (the "Regional
Program") on its 100% owned McIlvenna Bay and Bigstone properties.
The Regional Program consisted of a total of eight diamond drill holes (2,387
metres), with four holes drilled on each of the two properties. The Regional
Program was designed as an initial test of the numerous electromagnetic
conductors identified from the interpretation of a helicopter-borne, versatile
time domain magnetic and electromagnetic ("VTEM") survey completed by Foran in
fall 2011 (see Foran news release dated November 23, 2011).
Results for the Regional Program were positive, with sulphide conductors
intersected on both properties. Pyrrhotite-dominant volcanogenic massive
sulphide ("VMS") style mineralization and associated alteration was encountered,
with minor amounts of base metal sulphides and locally elevated concentrations
of zinc, copper, and gold (Tables 1 to 4).
Patrick Soares, President and CEO of Foran commented: "Encountering VMS-style
mineralization and alteration in this limited initial test of conductors is very
encouraging. The Regional Program was both a technical success and an
endorsement of these methods towards the discovery of new zones of VMS
mineralization in Foran's large and highly prospective landholdings surrounding
our 100% owned McIlvenna Bay VMS deposit."
The McIlvenna Bay and Bigstone properties are located in east central
Saskatchewan. The 20,382 hectare ("ha") McIlvenna Bay property, which hosts
Foran's McIlvenna Bay deposit, is located 65 kilometres ("km") west of Flin
Flon, Manitoba. The 11,126 ha Bigstone property is located a further 25 km to
the west. Past exploration by previous operators on the Bigstone property has
outlined zones of both copper- and zinc-rich VMS mineralization, including a
2002 historic mineral resource at the Bigstone deposit.
The Regional Program was conducted between April 9, and May 5, 2012, following
the successful completion of a winter 2012 drill program on the McIlvenna Bay
deposit (see Foran news release dated June 4, 2012). The Regional Program was
helicopter-supported due to unseasonably warm weather though the winter and
spring.
Drill Results
McIlvenna Bay Property
Four holes (1,211 metres) were drilled to test VTEM conductors on the McIlvenna
Bay property; the holes were collared 1 to 7 km away from Foran's McIlvenna Bay
deposit (Figure 1).
To view Figure 1: Location of Regional Program drill holes, please visit the
following link: http://media3.marketwire.com/docs/FOMF1.pdf.
Drill holes MR-12-01 and -02 targeted stratigraphically discordant VTEM
conductors up to 2 km east and southeast of the McIlvenna Bay deposit, within
interpreted hangingwall stratigraphy. Both holes intersected iron
sulphide-bearing iron formation and felsic tuffs with trace amounts of
sphalerite and chalcopyrite. No significant assay results were obtained (Table
1).
Drill holes MR-12-03 and -04 targeted north-trending conductors with coincident
magnetic highs. The holes were collared 830 metres apart and approximately 7 km
southwest of the McIlvenna Bay deposit. Volcanic stratigraphy intersected in
both holes appears to be upright, west facing and bimodal-pyroclastic in
character. Intervals of iron sulphide-mineralized carbonaceous mudstone,
siliceous exhalite and attendant silica-carbonate-amphibole+/-magnetite
alteration were intersected in both drill holes. Sulphide mineralization
consists principally of banded and brecciated pyrrhotite with local semi-massive
(up to 35%) sulphide. These intervals contained lesser amounts of pyrite, with
trace amounts of sphalerite and chalcopyrite. Locally elevated gold
concentrations in the sulphide zones ranged up to 870 ppb Au (0.87 g/t Au) over
0.73 metres in MR-12-03, within a broader interval averaging 236 ppb Au (0.24
g/t Au) over 8.17 metres (Table 1).
Table 1. Regional Program Drill Results - McIlvenna Bay Property Assay
Results
----------------------------------------------------------------------------
From To Interval(1) Zn(1) Cu(1) Ag(1) Au(1)
Hole ID (m) (m) (m) (%) (%) (g/t) (ppb)
----------------------------------------------------------------------------
MR-12-01 No Significant Assays
----------------------------------------------------------------------------
MR-12-02 No Significant Assays
----------------------------------------------------------------------------
MR-12-03 175.00 178.47 3.47 0.30 0.14 2.0 92
& 202.88 211.05 8.17 0.13 0.07 1.5 236
Incl. 202.88 203.81 0.73 0.19 0.06 3.2 870
& 212.67 215.71 3.04 0.23 0.09 1.2 43
----------------------------------------------------------------------------
MR-12-04 151.04 153.04 2.00 0.20 0.10 1.7 60
----------------------------------------------------------------------------
(1) downhole distance, true thickness unknown, Zn = zinc, Cu = copper, Ag =
silver, Au = gold
Table 2. Regional Program Drill Results - McIlvenna Bay Property Drill Hole
Data
----------------------------------------------------------------------------
UTM Zone 13 UTM Zone 13
NAD 83 NAD 83 Azimuth Dip Length
Hole ID East North (True North) (degrees) (m)
----------------------------------------------------------------------------
MR-12-01 643679 6055355 273 -75 441
----------------------------------------------------------------------------
MR-12-02 641934 6056431 265 -60 267
----------------------------------------------------------------------------
MR-12-03 634851 6051824 77 -60 269
----------------------------------------------------------------------------
MR-12-04 635684 6051785 86 -60 234
----------------------------------------------------------------------------
Total 1,211
----------------------------------------------------------------------------
Bigstone Property
Drilling on the Bigstone property consisted of four holes (1,176 metres)
targeting three north-south oriented VTEM conductor trends in the northern part
of the property. This target area was previously tested in the 1970's and 1980's
by predecessor companies and referred to historically as the Freeport Zone.
Regional Program drilling intersected iron sulphide-rich mineralized horizons in
three of the four holes drilled, all of which contained traces amounts of
sphalerite and chalcopyrite. Sulphide host rocks are felsic volcanic, within
intermediate to mafic dominated volcanic stratigraphy.
Drill hole BG-12-01 tested the westernmost conductor trend. No significant base
metal sulphide mineralization was noted in this hole, which ended in granite at
a downhole depth of 324 metres.
Approximately 170 metres northeast of BG-12-01, drill holes BG-12-02 and
BG-12-03 were drilled from a common collar location. These holes intersected
several massive pyrrhotite-dominant sulphide horizons, each approximately 1
metre in downhole thickness, within an overall iron sulphide-mineralized felsic
volcanic package ranging from 12 to 23 metres true thickness. In holes BG-12-02
and BG-12-03, iron sulphide mineralization began at downhole depths of 158.82
metres and 216.79 metres, respectively, and contained trace to 1%
sphalerite-chalcopyrite within massive, semi-massive and finely laminated to
disseminated pyrrhotite and lesser pyrite. Massive sulphides occur as a fine- to
medium-grained matrix to rounded and sub-rounded felsic volcanic clasts.
Footwall alteration to this zone is moderate intensity fracture- and
foliation-controlled black chlorite.
Drill hole BG-12-04 intersected approximately 2 metres of semi-massive to
massive iron sulphide starting at a downhole depth of 198.9 metres. Rounded
felsic volcanic clasts occur in massive pyrrhotite with lesser pyrite and trace
to 1% sphalerite-chalcopyrite.
Past exploration by previous operators on the Bigstone property has outlined
zones of both copper- and zinc-rich VMS mineralization. In 2002, Aur Resources
Inc. outlined a mineral resource at the Bigstone deposit in the southern part of
the property, with 1.45 million tonnes grading 2.90% Cu in a copper-rich zone
and 308,000 tonnes grading 11.2% Zn in a separate zinc-rich zone. The Bigstone
deposit mineral resource is historic and the Company is not treating it as
current; Foran has not done sufficient work to classify it as a current resource
estimate. A program of drill hole re-surveying, re-logging and drill core QAQC
is required to qualify the historic resource and identify areas for expansion
through exploration drilling. The Bigstone property is subject to a back-in held
by Teck Resources Ltd.
Table 3. Regional Program Drill Results - Bigstone Property Assay Results
----------------------------------------------------------------------------
From To Interval(1) Zn(1) Cu(1) Ag(1) Au(1)
Hole ID (m) (m) (m) (%) (%) (g/t) (ppb)
----------------------------------------------------------------------------
BG-12-01 No Significant Assays
----------------------------------------------------------------------------
BG-12-02 158.82 159.49 0.67 0.40 0.09 2.9 130
BG-12-02 185.44 186.50 1.06 0.24 0.05 1.9 20
----------------------------------------------------------------------------
BG-12-03 216.79 220.08 3.29 0.17 0.05 1.7 19
BG-12-03 238.81 240.06 1.25 0.15 0.06 1.8 40
----------------------------------------------------------------------------
BG-12-04 198.90 199.67 0.77 0.12 0.09 1.2 20
BG-12-04 200.55 201.53 0.98 0.23 0.09 1.9 10
----------------------------------------------------------------------------
(1) downhole distance, true thickness unknown, Zn = zinc, Cu = copper, Ag =
silver, Au = gold
Table 4. Regional Program Drill Results - Bigstone Property Drill Hole Data
----------------------------------------------------------------------------
UTM Zone 13 UTM Zone 13
NAD 83 NAD 83 Azimuth Dip Length
Hole ID East North (True North) (degrees) (m)
----------------------------------------------------------------------------
BG-12-01 614025 6058665 292 -60 324
----------------------------------------------------------------------------
BG-12-02 614073 6058824 69 -60 279
----------------------------------------------------------------------------
BG-12-03 614073 6058824 68 -69 315
----------------------------------------------------------------------------
BG-12-04 614363 6058073 269 -61 258
----------------------------------------------------------------------------
Total 1,176
----------------------------------------------------------------------------
Quality Assurance and Quality Control
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.
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, 65 kilometres west of Flin Flon, Manitoba and
contains the McIlvenna Bay deposit, one of the largest undeveloped volcanogenic
massive sulphide deposits in Canada.
For additional information on the McIlvenna Bay deposit, see the report entitled
"Technical Report on the McIlvenna Bay Project, Saskatchewan, Canada" dated
December 9, 2011 at www.sedar.com or www.foranmining.com.
Dave Fleming, P.Geo., VP Exploration for Foran and a Qualified Person within the
meaning of National Instrument 43-101 supervised the Regional Program and has
approved the technical information in this release.
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.
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