New Copper Lens Discovered - Highlight
Intercept 9.97% CuEq over 2.1m
Additional New Precious Metals Lens Grading
208 g/t Ag over 9.4m
Up-Dip Extension Confirmed with Wedge Hole
Assays
Step-Out Drilling Potentially Entering
Higher-Grade Feeder System
Summer Drill Program Targeting ~20,000m to
Commence Early June
VANCOUVER, BC, May 25, 2023
/CNW/ - Foran Mining Corporation (TSXV: FOM) (OTCQX: FMCXF)
("Foran" or the "Company") is pleased to announce final assay
results from the 2023 winter drill program at the new Tesla target.
This release includes the results from three new holes, along with
additional significant new high-grade intersections from the bottom
part of previously released TS-23-10. Additionally, the Company has
provided an overview of the geological interpretations completed
to-date, along with details for our upcoming summer drill program.
The Tesla Zone is located approximately 300 metres ("m") north of
Foran's McIlvenna Bay Deposit in Saskatchewan.
Key Highlights:
- Another new lens discovered at the northern end of Tesla
shows that we could be entering the feeder part of the system,
where we have encountered some of our highest-grade intercepts to
date.
- Significant new assay results with new zones from
the bottom of Hole TS-23-10:
-
- 3.5m grading 6.47% Cu, 1.49%
Zn, 86.5 g/t Ag and 0.03 g/t Au (6.76% CuEq), including
2.1m grading 9.95% Cu, 0.99% Zn,
127.8 g/t Ag and 0.04 g/t Au (9.97% CuEq).
- 9.4m grading 208 g/t Ag and
0.67 g/t Au, including 1.6m grading
355.5 g/t Ag and 0.82 g/t Au
- Results from new wedge hole confirms continued up-dip
extension of the main Tesla lens.
- 100% hit rate at Tesla over winter program with all drill
holes intersecting sulphide mineralization.
- Upcoming 20,000m summer
exploration drilling will focus on expansion drilling at Tesla and
testing of high priority near-mine and regional targets.
Dan Myerson, Foran's Executive
Chairman & CEO, commented "As our exploration efforts
progress at Tesla and our understanding of this captivating
discovery deepens, it continues to unveil exciting opportunities.
The discovery of an additional deeper high-grade base and precious
metal lens further augments its potential as we diligently carry
out systematic drilling and extend our reach along the known
geophysical conductor. While we are in the initial phases of
delineating this target, we are leveraging our expanding knowledge
and extrapolating our findings to guide our exploration at other
promising near-mine and regional targets in the upcoming summer
season. Our commitment to maximizing risk-adjusted returns for our
shareholders remains steadfast as we pursue the development of
Canada's next critical minerals
champion, and we look forward to providing further exciting
exploration updates over the summer."
Tesla Zone
Results
The Tesla Zone lies adjacent to the McIlvenna Bay Deposit and
was discovered during the 2022 summer program (see June 8, 2022 press release), while drill testing
a ~900m (strike) by 300m (width)
electro-magnetic "EM" conductor (Figure 3). Significant widths of
copper and zinc-rich sulphide mineralization have now been
intersected in thirteen drill holes completed during 2022 and 2023
programs, successfully defining ~550m strike length for the zone
which remains open in all directions for expansion with further
drilling.
Foran's winter drilling successfully expanded the footprint of
the Tesla mineralization up-dip, down-dip and along strike in both
directions, with thick intersections of massive to semi-massive and
stringer sulphides intersected in all step-out and wedged holes.
Additional zones of high-grade copper mineralization were also
intersected at the northwestern extent of current drilling and
remain open for expansion. Results presented here include the
remaining assay results from the bottom of TS-23-10 and three
wedged holes (TS-23-08w1, TS-23-09Aw1 and TS-23-11w2). The results
continue to reaffirm consistency of the upper massive sulphides, as
well, as the exciting potential for a series of copper-rich lenses
at depth (Figures 1 & 2). Summer targeting has also now been
refined by recent borehole electromagnetic (BHEM) surveys that
provide additional 'high confidence' geometric information about
the immediate extensions of the Tesla mineralization.
Figure 1 – Long-section of Tesla and McIlvenna Bay showing
the location of two new lenses beneath the main Tesla lens.
Mineralization is represented by single intersection points and do
not reflect intersection thickness.
Figure 2 – Tesla 3D views in long-section and cross section,
showing the distribution of the upper copper stringer zone (yellow)
to illustrate the current extent of the Tesla Zone, with remaining
intersections coloured by their mineralization zone.
Figure 3 – Plan View of Tesla Drilling and McIlvenna
Bay
2023 SUMMER EXPLORATION
PROGRAM
Planning is currently underway for a summer drill program of up
to 20,000m commencing in early June,
with 11,000 metres allocated to expanding the Tesla zone with the
remainder to test several high-priority targets adjacent to Tesla
(e.g. Higgs and Ferme targets) plus several others further afield
(e.g. Flinty, Ada, Maxwell targets). See Figure 4 for target
locations.
At Tesla, directional drilling technologies will be utilized to
reach the conductor plate from land focusing on expanding the
mineralized footprint through the summer prior to ice drilling
commencing again in winter. It is currently anticipated that the
summer program will begin with three drill rigs at Tesla, with
additional drills added to the program as work advances and the
summer exploration program expands to incorporate regional,
helicopter-supported targets from August onwards. Planning for
several regional airborne geophysical surveys is also underway,
designed to define further drill targets on our extensive land
holdings.
Figure 4 – Map of Foran's highly prospective northern claims
showing the location of Tesla, McIlvenna Bay and further target
areas.
INTERPRETATION OF NEW DRILLING
RESULTS
Hole TS-23-10
New assay results show that the lower sections of TS-23-10
continued to encounter additional copper-rich massive sulphide
intervals near the bottom of the hole returning 3.5m grading 6.47% Cu, 1.49% Zn, 86.5 g/t Ag and
0.03 g/t Au from 1,334m. This
zone consisted of significant volumes of chalcopyrite associated
with strong chlorite alteration and brecciation. Higher in the
hole, a 38m thick interval of gabbro
from 1,294 to 1,332m was cut by
numerous thin quartz-carbonate veinlets associated with significant
silver mineralization, returning a composite interval of
9.4m grading 208.0 g/t Ag and 0.7
g/t Au. This zone appears to represent a new style of
mineralization for the Tesla area.
In total, TS-23-10 has intersected four zinc and/or copper-rich
massive sulphide lenses and several significant zones of
copper-rich stringer-style mineralization over a total core length
of 287m, some which we
retrospectively also see evidence of in the previously released
hole TS-23-07 (Figure 5). We currently interpret the lower,
copper-silver-rich, stacked lenses in TS-23-10 to represent
structurally transposed parts of the volcanic-hosted massive
sulphide ("VHMS") feeder zone (see the Interpretation section of
this release below). Hole TS-23-10 is located at the northern limit
of current drilling at Tesla and this area will be a focus for
further drilling this summer as we continue to follow the target EM
plates northwest along strike.
Figure 5 – TS-23-10 downhole plot of zinc, copper, lead, gold
and silver assays compared with TS-23-07 (nearest hole collared
100m to the southwest), demonstrating
spatial correlation of the lenses over ~80m of strike length at
depth.
Hole TS-23-08w1
Drill hole TS-23-08w1 was drilled as an up-dip wedge starting
from 400m depth on the pilot hole
TS-23-08 and reaching a final depth of 1,198m. TS-23-08w1 successfully intersected the
Tesla zone mineralization approximately 63m up-dip from TS-23-08, returning an upper
massive sulphide intersection of 1.9m grading 1.20% Cu, 7.72% Zn, 21.9 g/t Ag and
0.08 g/t Au from 974.6m followed by a thicker stringer
zone of 17.0m grading 0.96% Cu,
1.00% Zn, 17.3 g/t Ag and 0.08 g/t Au from 980.4m.
Hole TS-23-09Aw1
Drill hole TS-23-09Aw1 was drilled as an along-strike wedge from
approximately 400m depth on pilot
hole TS-23-09A, which was collared in the southeastern part of the
Tesla Zone. TS-23-09Aw1 successfully intersected the main Tesla
horizon approximately 52m to the northwest along strike where
it also contained a thickened zone of mineralization relative to
the pilot hole, with zinc-rich massive and semi-massive sulphides
underlain by a thick copper-rich stringer zone of 17m grading 1.11% Cu, 0.73% Zn, 13.9 g/t
Ag and 0.30 g/t Au from 989m.
Hole TS-23-11w2
Drill hole TS-23-11w2 was drilled 100m southeast of TS-23-09A at the southern limit
of current Tesla drilling, where it successfully intersected
significant sulphide mineralization. The hole was wedged off the
parent hole at 390m to hit the
conductor target plate and returned a 16.5m interval of massive and semi-massive
sulphides, followed by stringer style and foliation-parallel copper
sulphide mineralization associated with moderate to strong chlorite
and local silicification in mafic volcanic rocks. Together this
intersection returned 16.5m
grading 1.12% Cu, 4.85% Zn, 41.1 g/t Ag and 0.06 g/t Au from
1,072m, including 7m grading 0.91% Cu, 10.45% Zn and 53.6 g/t
Ag. TS-23-11w2 also intersected another massive sulphide
and associated stringer zone approximately 190m below the main lens in an interval of broken
core which may suggest a fault repetition, with the intersection
returning 4.4m grading 1.93% Cu,
1.78% Zn, 31.0 g/t Ag and 0.06 g/t Au from 1,276m. Additional drilling will be conducted in
this area to determine the true relationship of this lower zone to
the other zones intersected to date from the Tesla drilling.
TESLA-McILVENNA
BAY INTERPRETATION
With conclusion of the Winter 2023 Tesla drilling program,
Foran's exploration team has been focusing on interpreting results
to date. While our understanding is continuing to evolve as new
data is collected, intriguing relationships between Tesla and
McIlvenna Bay are beginning to emerge. Through a combination of
detailed core observations, the results from the
TruscanTM analysis and the ongoing McIlvenna Bay Orebody
Knowledge Study, we believe it is possible that the two deposits,
while heavily structurally modified today, may represent different
parts of the same original VHMS system.
In this interpretation, McIlvenna Bay represents the uppermost,
originally lowest-temperature, sulphide mound zone in contact with
associated upper copper stringer zones, while Tesla contains the
same mineralization styles plus copper-rich ore lenses that are
interpreted to represent deeper, originally higher temperature
parts of the mineralizing system. In particular, the repeated
higher-grade copper lenses that we see in hole TS-23-10 may reflect
mineralized fluid feeder zones that have been heavily transposed by
deformation events soon after formation, such that they appear to
be flattened into a series of laterally continuous, stacked lenses
that are sub-parallel to the consistently present, upper
zinc-copper-rich massive sulphide lens (Figure 6).
If our interpretation is correct, then we may expect to find the
VHMS "boiling zone" somewhere to the northwest of Tesla. In other
VHMS deposits such as Lalor (Manitoba), the boiling zones represent the
hottest part of the mineral system and typically contain the
highest copper and gold grades.
Figure 6 – Simplified schematic interpretation of how the
Tesla-McIlvenna Bay VHMS system may have been affected by early
deformation events, demonstrating why Tesla could start to see more
copper-rich lenses as drilling steps out away from McIlvenna
Bay.
*Note that these diagrams are highly simplified and used
for illustrative purposes only to depict one possible scenario for
mineralization. They are not to scale and exclude internal
complexity and the effects of subsequent igneous events and
deformation. Drill core photo is from hole TS-23-10, 1335.4m.
This interpretative model is consistent with newly collected
TeleviewerTM structural orientation data, which provides
an image of the fabrics in the rock in-situ and confirms that the
contacts of the upper massive sulphides and copper stringer zones
are generally parallel to the regional stratigraphy, while the
newly defined, deeper copper sulphide lenses appear to cross-cut
stratigraphy at a low angle. Furthermore, geochemical analysis
shows that McIlvenna Bay is generally dominated by micaceous (lower
temperature) alteration minerals, except in very close proximity to
sulphide mineralization, while at Tesla alteration is increasingly
becoming chlorite dominant (indicating a higher temperature of
formation).
Detailed composites from the current release are provided in
Table 1 below.
Table 1 – Tesla
Assay Results1
|
Hole
|
Zone
|
From_m
|
To_m
|
Interval_m
|
Cu %
|
Zn %
|
Ag
g/t
|
Au
g/t
|
CuEq
%
|
TS-23-11w2
|
MS/CS
|
1072.3
|
1088.7
|
16.5
|
1.12
|
4.85
|
41.1
|
0.06
|
2.70
|
Including
|
CS
|
1072.3
|
1075.4
|
3.2
|
2.40
|
0.91
|
42.7
|
0.05
|
2.68
|
And
|
MS
|
1075.4
|
1082.4
|
7.0
|
0.91
|
10.45
|
53.6
|
0.03
|
4.22
|
TS-23-11w2
|
CS
|
1093.7
|
1097.7
|
4.0
|
2.21
|
0.47
|
13.1
|
0.01
|
2.22
|
TS-23-11w2
|
MS/CS
|
1276.4
|
1280.8
|
4.4
|
1.93
|
1.78
|
31.0
|
0.06
|
2.47
|
Including
|
MS
|
1276.4
|
1277.7
|
1.3
|
3.20
|
0.58
|
38.2
|
0.08
|
3.31
|
TS-23-08w1
|
CS
|
940.1
|
941.2
|
1.1
|
1.44
|
0.67
|
18.2
|
0.002
|
1.60
|
TS-23-08w1
|
MS
|
974.6
|
976.5
|
1.9
|
1.20
|
7.72
|
21.9
|
0.08
|
3.55
|
Including
|
MS
|
975.6
|
976.5
|
0.9
|
1.10
|
15.40
|
24.3
|
0.11
|
5.79
|
TS-23-08w1
|
CS
|
980.4
|
997.4
|
17.0
|
0.96
|
1.00
|
17.3
|
0.08
|
1.30
|
Including
|
CS
|
982.0
|
986.0
|
4.0
|
1.26
|
0.78
|
25.4
|
0.03
|
1.52
|
And
|
CS
|
992.1
|
994.1
|
2.0
|
1.77
|
0.25
|
15.0
|
0.30
|
1.93
|
TS-23-09Aw1
|
CS
|
937.1
|
940.1
|
3.0
|
1.01
|
1.17
|
16.3
|
0.001
|
1.35
|
TS-23-09Aw1
|
MS
|
972.8
|
973.3
|
0.5
|
1.44
|
2.54
|
21.4
|
0.01
|
2.18
|
TS-23-09Aw1
|
CS
|
988.5
|
1005.5
|
17.0
|
1.11
|
0.73
|
13.9
|
0.03
|
1.31
|
Including
|
CS
|
1002.6
|
1004.5
|
1.9
|
2.21
|
0.67
|
17.7
|
0.01
|
2.30
|
TS-23-10
|
CS
|
1294.8
|
1304.2
|
9.4
|
0.04
|
0.02
|
208.0
|
0.67
|
1.39
|
Including
|
CS
|
1297.3
|
1298.9
|
1.6
|
0.06
|
0.02
|
355.5
|
0.82
|
2.18
|
TS-23-10
|
CS
|
1334.3
|
1337.8
|
3.5
|
6.47
|
1.49
|
86.5
|
0.03
|
6.76
|
Including
|
CS
|
1335.3
|
1337.4
|
2.1
|
9.95
|
0.99
|
127.8
|
0.04
|
9.97
|
Note: True widths
for are estimated to be approximately 80% of reported
intersections, except TS-23-06A which was drilled down dip.
Intervals generally composited using a 0.5% Cu cut-off grade in
stringer zones. 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 and LOM metallurgical recovery rates derived
from test work on blended ores for the McIlvenna Bay Deposit
completed as part of our April 2022 Feasibility Study: 91.1% Cu,
79.8% Zn, 88.6% Au and 63.2% Ag (MS – massive sulphide, CS –
copper stockwork/stringer). To date no metallurgical test work has
been completed on the Tesla
mineralization.
|
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. A complete suite of
QA/QC reference materials (standards, blanks and 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.
The Company's head office is located at 409 Granville Street,
Suite 904, Vancouver, BC,
Canada, V6C 1T2. Common Shares of
the Company are listed for trading on the TSXV under the symbol
"FOM".
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
and forward-looking statements, as defined under applicable
securities laws (collectively referred to herein as
"forward-looking statements"). These statements relate to future
events or to the future performance of Foran Mining Corporation and
reflect management's expectations and assumptions as of the date
hereof or as of the date of such forward looking statement.
All statements other than statements of historical fact are
forward-looking statements. Often, but not always, forward-looking
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"might" or "will" be taken, occur or be achieved. Forward-looking
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factors that may cause actual results to differ materially from
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forward-looking statements in this news release speak only as of
the date of this news release or as of the date specified in such
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Inherent in forward-looking statements are known and unknown
risks, estimates, assumptions, uncertainties and other factors that
may cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by the
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 proposed strategic investment by Ontario
Teachers' Pension Plan; the status and progression of credit
facility discussions; unlocking the untapped value of the Company's
properties, delivery of superior or any investment returns; scale,
scope and location of future exploration and drilling activities;
the potential for the Company's land package to be
transformational, the focus of the Company's future drill programs,
the incorporation of geotechnical and hydrogeological information
into the overall project design; The long-term investment
horizon of shareholders; The growth of the Company from developer
to producer; The certainty of funding; The future of the Company;
De-risking McIlvenna Bay; Delivering on the Company's Net Positive
Business strategy; 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 March 23, 2023 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