Wedge Hole Intercepts 6.2% Copper Equivalent over 11.9
metres
Step-out Hole 200m Along Strike
Appears to Intersect Tesla Zone – Assays Pending
VANCOUVER, BC, Aug. 16,
2022 /CNW/ - Foran Mining Corporation (TSXV: FOM)
(OTCQX: FMCXF) ("Foran" or the "Company") is pleased to announce
additional results from drilling at the recently discovered Tesla
Zone on its McIlvenna Bay Project in Saskatchewan. Results in this release include
remaining intercepts from the initial discovery hole (see our
June 8, 2022 press release) and
initial assays from a wedge hole testing up-dip potential.
Key Highlights:
- Assay results from wedge hole 30m up-dip (TS-22-03w2) include:
-
- 11.9 metres ("m") grading 6.2% Copper Equivalent ("CuEq"),
including 5.4m at 10.2%
CuEq;
- 17.2m at 1.0% CuEq, including
3.9m at 1.4% CuEq; and
- 3.9m at 4.1% CuEq, including
2.2m at 5.9% CuEq.
- Assays from initial discovery hole (TS-22-03) now
complete:
-
- Expanded preliminary intersection (12.4m at 1.8% CuEq) to 31.4m (from 12.4m),
at 1.3% CuEq, including 1.2m at 8.5%
CuEq; and
- Also expanded preliminary intersection of 3.1m at 2.2% CuEq to 7.1m at 1.5% CuEq, including 1.6m at 3.8% CuEq.
- Up-dip step-out hole TS-22-04 testing 200m strike appears to have intersected the Tesla
Zone, with assays pending.
- Drilling provides further validation of the original
geophysical modelling of a 900m
strike x 300m wide conductor with
true widths estimated to be ~25-50m
(Figure 1).
Dan Myerson, Foran's Executive
Chairman & CEO, commented: "To achieve these success rates
and intercept these robust zones, at such an early stage in a new
discovery, is truly remarkable. These results demonstrate the
growing potential at the near-mine newly discovered Tesla Zone, and
further illustrates the rarity of this tremendous scalable
discovery. Additionally, and what is even more exciting, is that we
have encountered high-temperature alterations at Tesla, which could
correlate with higher-grade gold and copper values, similar to
other base and precious metal deposits within the Flin Flon
Terrane. Our exploration team and strategy are working, and we are
successfully unlocking this prolific district on our path towards
building Canada's next great
mining camp, we look forward to sharing more exciting exploration
results later this year, throughout 2023, and beyond."
Tesla Drill Program
Complete assay results have now been received for the Tesla Zone
discovery hole (TS-22-03), resulting in a significant expansion of
the mineralized intervals. Results have also been received for the
first wedge hole (TS-22-03w2) completed as follow up on the
discovery, which intersected the Tesla mineralization to the north
of the original drill hole (Figure 1).
The full assay results from TS-22-03 indicate that the Tesla
Zone consists of continuous disseminated and fracture filling
sulphide mineralization containing significant copper and zinc over
approximately 100m of core length with several high-grade
intervals of semi-massive to massive sulphide mineralization
(Figure 2). Results from TS-21-01 have also been received, which
contained a narrow zone of anomalous zinc mineralization near the
bottom of the hole (Table 1) which appears to be located
stratigraphically below the Tesla zone mineralization in TS-22-03.
Additional drilling will be required to determine the significance
of this mineralization.
Since the initial discovery of mineralization in the Tesla Zone,
the Company has continued with follow up drilling to better
understand the controls on the mineralization and the potential
geometry of the zone. To date, one wedge (TS-21-03w2) has been
completed from the original discovery hole and a second hole
(TS-22-04) has been drilled from surface from the same drill pad,
oriented to obtain a larger spacing of the intersections along the
mineralized horizon. Both holes appear to have intersected the
Tesla Zone.
TS-22-03w2 intersected the Tesla Zone approximately 30m northwest of TS-22-03, further validating the
proposed geophysical model (Figure 3). Mineralization is of the
same style as TS-22-03 with significant copper and zinc over
approximately 80m before terminating
at the boundary of the geophysical model.
TS-22-04 was completed from surface from the same drill pad at a
shallower angle than the original hole in an attempt to obtain a
spread of the intersections along the mineralized horizon. The hole
intersected the mineralized horizon approximately 100m up-dip from the discovery hole and
approximately 200m away from
TS-22-03w2, where it encountered a zone of significant alteration
and several zones of disseminated and fracture fill sulphide
mineralization, indicating that the intersection lies on the
periphery of the mineralization. Assays are pending from the
laboratory, but it is currently interpreted that this drill hole
intersected the upper margin of the Tesla Zone which is consistent
with the geophysics model and helps to confirm the northeast
dipping geometry of the mineralization.
Geophysical surveys outline a conductor with potential
dimensions of ~900m (strike) by 300m
(depth) associated with the Tesla Zone (Figure 1). The results
herein confirm that this conductor is, in part at least, a well
mineralized zone of copper and zinc sulphides. In order to properly
test the conductor, given its geometry and location adjacent to the
shoreline, future drill holes will need to be completed from
Hanson Lake. An application is being
finalized for a winter exploration permit that will allow for a
large winter drill program to be completed targeting expansion of
the Tesla zone.
Table 1 – Updated Tesla Assay
Results1 (* Denotes previously released
values)
Hole
|
From_m
|
To_m
|
Interval_m
|
Cu %
|
Zn %
|
Ag
g/t
|
Au
g/t
|
CuEq
%
|
TS-21-01
|
947.3
|
949.3
|
2.0
|
0.05
|
1.27
|
1.21
|
0.01
|
0.5
|
TS-22-03
|
822.7
|
824.3
|
1.5
|
0.68
|
1.35
|
7.5
|
0.36
|
1.4
|
TS-22-03
|
866.1*
|
897.4
|
31.4
|
1.05
|
0.20
|
8.5
|
pending
|
1.3
|
Including
|
872.2*
|
873.4*
|
1.2*
|
7.80*
|
0.64*
|
42.3
|
0.61*
|
8.5
|
TS-22-03
|
910.2
|
917.3*
|
7.1
|
1.41
|
0.06
|
9.9
|
0.08
|
1.5
|
Including
|
915.7*
|
917.3*
|
1.6*
|
3.57*
|
0.12*
|
26.8
|
0.12
|
3.8
|
TS-22-03
|
927.1*
|
928.9*
|
1.8*
|
1.39*
|
8.99*
|
17.0
|
0.13*
|
4.9
|
Including
|
927.9*
|
928.9*
|
1.0*
|
1.49*
|
15.88*
|
18.4
|
0.17*
|
7.6
|
TS-22-03
|
933.0*
|
940.7*
|
7.7*
|
0.98*
|
1.50*
|
17.4
|
0.29*
|
1.8
|
Including
|
939.2*
|
940.7*
|
1.6*
|
0.35*
|
4.16*
|
14.5
|
0.32*
|
2.1
|
TS-22-03
|
948.2*
|
953.1*
|
5.0*
|
0.71*
|
2.62*
|
21.8
|
0.32*
|
1.9
|
Including
|
948.2*
|
950.2*
|
2.0*
|
1.36*
|
1.58*
|
26.1
|
0.45*
|
2.3
|
And
|
950.2*
|
953.1*
|
3.0*
|
0.28*
|
3.31*
|
18.9
|
0.23*
|
1.7
|
TS-22-03
|
955.1*
|
960.5*
|
5.4*
|
2.29*
|
1.66*
|
19.2
|
0.96*
|
3.4
|
Including
|
959.1*
|
960.2*
|
1.1*
|
7.19*
|
3.62*
|
44.2
|
3.63*
|
10.4
|
TS-22-03
|
973.4
|
974.5
|
1.1
|
0.54
|
0.06
|
4.6
|
0.16
|
0.7
|
TS-22-03
|
977.9
|
978.6
|
0.7
|
0.74
|
0.08
|
5.2
|
0.13
|
0.9
|
TS-22-03
|
983.2
|
984.7
|
1.5
|
1.03
|
0.13
|
9.0
|
0.12
|
1.2
|
TS-22-03w2
|
808.1
|
812.0
|
3.9
|
3.00
|
2.72
|
20.3
|
pending
|
4.1
|
Including
|
809.4
|
811.6
|
2.2
|
4.23
|
3.99
|
28.1
|
pending
|
5.9
|
TS-22-03w2
|
831.5
|
834.9
|
3.4
|
1.44
|
1.09
|
11.4
|
0.29
|
2.0
|
Including
|
833.8
|
834.3
|
0.6
|
3.25
|
0.60
|
23.7
|
0.86
|
4.0
|
TS-22-03w2
|
847.0
|
849.0
|
2.0
|
2.17
|
1.19
|
30.0
|
0.74
|
3.1
|
TS-22-03w2
|
860.9
|
871.0
|
10.1
|
1.39
|
0.32
|
12.8
|
0.29
|
1.7
|
Including
|
861.4
|
863.8
|
2.4
|
2.21
|
0.36
|
15.5
|
0.46
|
2.6
|
TS-22-03w2
|
875.5
|
887.4
|
11.9
|
1.18
|
13.04
|
16.9
|
0.20
|
6.2
|
Including
|
882.0
|
887.4
|
5.4
|
1.66
|
22.50
|
18.7
|
0.05
|
10.2
|
TS-22-03w2
|
887.4
|
904.5
|
17.2
|
0.86
|
0.26
|
8.2
|
0.03
|
1.0
|
Including
|
900.6
|
904.5
|
3.9
|
1.13
|
0.43
|
10.2
|
0.07
|
1.4
|
TS-22-02w2
|
919.4
|
921.8
|
2.4
|
2.47
|
1.33
|
20.7
|
pending
|
3.1
|
Including
|
920.2
|
920.7
|
0.6
|
6.50
|
3.02
|
51.9
|
pending
|
7.9
|
TS-22-03w2
|
957.7
|
960.0
|
2.3
|
0.01
|
1.80
|
13.4
|
0.08
|
0.8
|
Including
|
957.7
|
958.5
|
0.8
|
0.01
|
2.38
|
26.0
|
0.13
|
1.2
|
TS-22-03w2
|
977.0
|
979.0
|
2.0
|
0.07
|
2.04
|
6.5
|
0.19
|
1.0
|
TS-22-03w2
|
1017.8
|
1021.8
|
4.0
|
0.02
|
1.04
|
4.3
|
0.10
|
0.5
|
Note: Intersections are not true width. Intervals generally
composited using a 0.5% Cu cut-off grade. 1Copper
Equivalent values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $20.00/ounce Ag and $1,800/ounce Au.
Summer Drill Program
Underway
Additional follow up drilling at Tesla is planned for later in
the year after the winter freeze. Foran's helicopter-supported
7,000m summer drill program is
currently underway at the Marconi Prospect located on the Bigstone
Property, 25km west of McIlvenna Bay. It is currently anticipated
that the summer program will continue into the fall and also
include further testing of the Flinty Prospect, located 7km to the
southeast of McIlvenna Bay, and other regional target areas in the
Hanson Lake District as the Company continues to build on its
exploration pipeline to support the potential development of a
central milling facility envisioned for the McIlvenna Bay
deposit.
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 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of 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 potentially 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. Investors are
encouraged to consult the full text of these technical reports
which may be found on the Company's profile on www.sedar.com.
Foran trades on the TSX.V under the symbol "FOM" and on the
OTCQX under the symbol "FMCXF".
Forward Looking
Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking information
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"forward-looking statements"). These statements relate to future
events or to the future performance of Foran Mining Corporation
(the "Company") and reflect management's expectations and
assumptions as of the date hereof or as of the date of such forward
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Company to be materially different from any future results,
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forward-looking statements contained in this news release. These
factors include management's belief or expectations relating to the
following and, in certain cases, management's response with regard
to the following: The Company's ability to successfully negotiate
and settle definitive agreements upon acceptable terms and
conditions with the Investor and lenders under the senior secured
facility respectively and achieve completion of the various
transactions thereunder; the description of the expected key terms
of the proposed investment, the anticipated use of proceeds and
benefits to the Company resulting from the proposed investment; the
status and expectations regarding the senior secured credit
facility; Ownership and reliance on the Company's mineral projects;
The Company's history of losses and potential inability to generate
sufficient revenue to be profitable or to generate positive cash
flow on a sustained basis; The Company's statements about the
expected life of mine, productive capacity and other technical
estimates on its projects, and the Company's reliance on technical
experts with respect thereto; The Company's exposure to risks
related to mineral resources exploration and development; Impact of
the COVID-19 Pandemic, Infectious Diseases and Other Health Crises
on the Company; Global financial volatility and its impact on the
Company; The impact of the Russia-Ukraine conflict; Government, securities, and
stock exchange regulation and policy; Legal proceedings which may
have a material adverse impact on the Company's operations and
financial condition; Capital market conditions and their effect on
the securities of the Company; Insurance and uninsurable risks;
Environmental, health and safety regulation and policy; Mining
hazards and risks; Title rights to the Company's projects;
Indigenous peoples' title and other legal claims; Mineral resource
and mineral reserve estimates; Uncertainties and risks relating to
the Feasibility Studies; Fluctuations in commodity prices,
including metals; Competition; Expertise and proficiency of
management; Limited operating history; The availability of future
financing; Dilutive effects; Impacts of global climate change and
natural disasters; Inadequate infrastructure; Relationships with
local communities; Reputational damage; Risks arising from the
Company's reliance on financial instruments; Risks arising from
future acquisitions; Management conflicts of interest; Security
breaches of the Company's information systems; and the additional
risks identified in our Annual Information Form dated June 8, 2022 and other securities filings with
Canadian securities regulators available at www.sedar.com.
The forward-looking statements contained in this news release
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. 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. Readers
are cautioned against undue reliance on forward-looking statements
and should note that the assumptions and risk factors discussed
above do not contain an exhaustive list of the factors or
assumptions that may affect the forward-looking statements, and
that the assumptions underlying such statements may prove to be
incorrect. Actual results and developments are likely to differ,
and may differ materially, from those expressed or implied by the
forward-looking statements contained in the Company's securities
filings and this news release. All forward-looking statements
herein are qualified by this cautionary statement. The Company
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements whether as a result of new information
or future events or otherwise, except as may be required by
law.
SOURCE Foran Mining Corporation