Ms. Erin Carswell reports

TESLA WINTER DRILLING EXPANDS STRIKE LENGTH BEYOND 1,000M

Foran Mining Corp. has released initial assay results from the 2024 winter program at the Tesla and Bridge zones, part of its 100-per-cent-owned McIlvenna Bay project in Saskatchewan. Initial results from recent Tesla zone drilling continue to confirm the continuity of mineralization along strike, currently up to 1,050 metres and beyond the limits of the modelled conductor.

The winter drill program began on Jan. 11, 2024, with six rigs currently drilling. Four drills are focused on expanding the main Tesla zone with stepout drilling along strike, up dip and down dip, while the remaining two drills are focused on definition drilling of the Bridge zone. The company plans to complete up to 20,000 m of drilling during the winter program, with initial assay results from the from the first two holes reported in this release.

Key highlights:

• Drilling at Tesla encountered thick zones of mineralization, with the uppermost zone representing a 140 m strike extension of the Tesla zone to the southeast, expanding the strike length of Tesla to 1,050 m. Highlight intercepts from MB-24-290:
  • 27.4 m grading 1.03 per cent copper, 2.17 per cent zinc, 28.3 grams per tonne silver and 0.20 g/t gold (1.83 per cent copper equivalent), including 8.3 m grading 1.28 per cent Cu, 3.62 per cent Zn, 35.7 g/t Ag and 0.03 g/t Au (2.43 per cent CuEq);
  • Mineralization has now extended beyond the original bounds of the 900 m long surface electromagnetic (EM) conductor target;
  • Assays for lower zone are pending.
• Drilling at the transition zone between the McIlvenna Bay deposit and the Bridge zone intersected two mineralized intervals, highlights from MB-24-292 below include elevated gold intercepts:
  • 8.5 m grading 1.56 per cent Cu, 2.05 per cent Zn, 24.3 g/t Ag and 0.65 g/t Au (2.52 per cent CuEq), including 2.6 m grading 0.85 per cent Cu, 2.64 per cent Zn, 19.5 g/t Ag and 1.59 g/t Au (2.58 per cent CuEq).
• Assays for the lower zone are pending. Assays are also pending from two drill holes targeting Tesla up-dip extensions which intersected significant thicknesses of mineralization located approximately 160 m up dip of previously drilled mineralization, indicating a total up-dip/down-dip extent for the Tesla zone of at least 500 m in this location. Subsequent borehole EM surveys on these holes indicate that mineralization likely continues at least 50 to 75 m farther up dip and at least 200 m along strike in the up-plunge direction in the central part of Tesla.
• Tesla remains open in all directions for expansion and increased understanding of the zone is the focus of the current program.

Erin Carswell, Foran's vice-president, exploration, commented: "The 2024 winter drill program has started on an exceptionally positive note, with results from hole MB-24-290 representing a significant strike extension of the Tesla zone. Now measuring over one kilometre long and extending beyond the original EM target length, Tesla is rapidly expanding beyond our expectations as a zone of strategic importance for future growth initiatives. Additionally, two new up-dip intersections have extended Tesla towards surface, confirming the potential for shallower mineralization, with assays from these latter intervals expected shortly. Of particular interest, the southernmost Bridge zone intercept encountered elevated gold mineralization when compared to McIlvenna Bay reserve grades, highlighting the possibility of growing precious metal credits. We are looking forward to maintaining this momentum and provide updates on our developments from Tesla and the Bridge zone as the important ice drilling season unfolds."

Tesla and Bridge zones

Since the initial discovery of the Tesla zone in 2022, which lies adjacent to and approximately 300 metres north of the McIlvenna Bay deposit, the zone has been successfully intersected by 20 drill holes defining mineralization over 1,050 m in strike length and 500 m in dip extent. These drill holes have intersected multiple massive and semi-massive copper and zinc mineralized horizons and associated stringer zones that remain open in all directions for continued expansion.

The Bridge zone occurs in an approximately 300 m long corridor between the current southernmost drilling at Tesla and the northernmost drilling at the McIlvenna Bay deposit. Discovered in 2023 and confirmed with three drill holes, the Bridge zone is typically characterized by multiple lenses of massive, semi-massive and stringer-style sulphide mineralization. Detailed core observations and the results from the continuing McIlvenna Bay orebody knowledge study, including Truscan X-ray fluorescence analysis of the holes, have identified important geological marker units within the Bridge zone that link the two areas and suggest that a postmineralization fold connects Tesla and the McIlvenna Bay deposit. Mineralization intersected to date in the Bridge zone appears to correlate with ore zones intersected in the McIlvenna Bay deposit.

Initial drill results

The first two holes (MB-24-290 and 292) have now been completed and the assay results have been returned from the lab for the upper mineralized intervals from each drill hole identifying significant zinc and/or copper zones, with complete results for the holes expected to be received in the coming weeks. These holes were drilled near the northern and southern ends of the Bridge zone, respectively, designed to step out from known mineralization at the Tesla zone and McIlvenna Bay deposit and test the continuity of the zones while moving toward the central part of the Bridge zone with further drilling.

In addition, two Tesla holes (TS-24-17 and TS-24-18) targeting up-dip expansion of the mineralized zone have been completed which have successfully intersected the Tesla mineralized horizon. While assays for these zones have not yet been received, the significance of the intersections are described in the results below.

Hole MB-24-290

Hole MB-24-290 was drilled as a stepout to the south of the currently defined Tesla zone, near the transition zone between the Tesla zone and the Bridge zone. The hole was collared approximately 335 m south of TS-23-11w2 which was drilled during the 2023 winter program and returned 16.5 m grading 1.12 per cent Cu, 4.85 per cent Zn, 41 g/t Ag and 0.06 g/t Au (2.70 per cent CuEq) from the main Tesla zone, plus an additional lower zone of mineralization (see Foran's May 25, 2023, news release for details).

MB-24-290 successfully intersected a significant thickness of copper and zinc-rich sulphide mineralization which correlates well with the known Tesla zone, along with the expected stratigraphic marker units, and successfully expanded the strike length of Tesla to 1,050 m. The hole intersected the upper massive sulphide zone approximately 140 m south of drill hole MB-23-11w2, returning a 27.4 m interval of contiguous mineralization grading 1.03 per cent Cu, 2.17 per cent Zn, 28.3 g/t Ag and 0.20 g/t Au (1.83 per cent CuEq) from a combination of massive and semi-massive sulphides and an underlying stringer zone. Below this point, stringer-style mineralization continued for an additional 47.5 m down hole which graded 0.50 per cent Cu, 0.65 per cent Zn, 9.5 g/t Ag and 0.05 g/t Au (0.72 per cent CuEq). The significant aggregate thickness of mineralization intersected in this hole (approximately 75 m) may be a reflection of structural thickening as the mineralized horizons fold into the Bridge zone area. Additional drilling is needed to fully understand the geometry of potential folding. Assay results are currently pending from a lower zone of mineralization that was also intersected in this hole. These results will be released in the coming weeks when they are available from the lab.

The intersection in MB-24-290 is especially significant as it extends mineralization beyond the limits of the original 900 m surface EM conductor that was used to target Tesla. This drill hole also indicates that the fold hinge that links the Tesla zone to the Bridge zone is located farther southeast than expected, which may imply a longer strike length of mineralization within the Bridge zone itself.

Hole MB-24-292

MB-24-292 was drilled at the south end of the Bridge zone corridor near the McIlvenna Bay deposit. The drill hole intersected a massive and semi-massive sulphide horizon located in the hangingwall, stratigraphically above the deposit, which appears to correlate with an orphaned lens of mineralization that was intersected in two historic holes drilled at the deposit in 1999 to 2000 and currently represent an isolated lens of mineralization that was not included in previous resource estimates for the McIlvenna Bay deposit.

MB-24-292 returned an 8.5 m interval of massive and semi-massive sulphides which graded 1.56 per cent Cu, 2.05 per cent Zn, 24.3 g/t Ag and 0.65 g/t Au (2.52 per cent CuEq) from this upper lens, including a 2.6 m interval grading 1.59 g/t Au. The elevated precious metals values returned from this intersection make this a compelling target for follow-up drilling along this horizon. The hole also intersected an additional zone of massive sulphide and stringer-style mineralization over a 10 m core length, approximately 235 m farther down hole, that appears to correlate with the main lens mineralization of the McIlvenna Bay deposit. Assay results are currently pending from the lab for this lower zone of mineralization which will be reported in the coming weeks. Additional drilling is required to confirm the geometry of this new mineralized zone and to confirm how this zone may be related to the mineralization intersected in the previous Bridge zone holes, but it appears that this intersection may open a new target horizon for expansion with future drilling.

Tesla up-dip extensions

Completed holes TS-24-17 and TS-24-18 were designed to target Tesla's up-dip expansion potential from the known mineralized zones. While laboratory assays are pending, a combination of drill hole logging, TruScan XRF assay data and borehole EM data confirm that the company has successfully intersected the main Tesla zone horizon an average of approximately 160 m up dip from the existing intersections of mineralization in the central part of the Tesla zone. Significantly, the borehole EM results from surveys on these two holes indicate that the mineralization continues at least 50 to 75 m farther up dip and at least 200 m along strike in the up-plunge direction, providing a robust plate model for future drill targeting.

TS-24-17 intersected massive sulphide, stringer and disseminated-style mineralization related to the main Tesla zone approximately 179 m up dip from TS-23-12w1 which had returned 7.1 m grading 0.49 per cent Cu, 8.91 per cent Zn, 46.8 g/t Ag and 0.32 g/t Au (3.51 per cent CuEq) during the 2023 summer drill program (see Foran's March 30, 2023, news release for details). TS-24-18 was collared 100 m to the southeast along strike, where it also intersected massive and semi-massive sulphides with associated stringer zones and disseminated sulphides related to the Tesla zone and was located 171 m up dip from historic hole TS-23-07w1 which returned 34.3 m of massive sulphides grading 0.25 per cent Cu, 8.47 per cent Zn, 57.5 g/t Ag and 0.41 g/t Au (4.11 per cent CuEq) from the 2023 winter program (see Foran's Dec. 14, 2023, news release for details).

The success of these shallower up-dip holes is encouraging and has prompted planning for a more intensive Tesla zone up-dip exploration program utilizing navigational drilling technologies from land during Foran's 2024 summer drilling program. The company also intends to review results of historic drilling at the northern end of McIlvenna Bay deposit where several shallow intersections of copper mineralization have been noted that lie outside of the current resource envelopes for the deposit (including 1.4 m at 4.28 per cent Cu in drill hole MB-21-244a) (see Foran's July 29, 2021, news release).

2024 winter drill program

The current winter drill program is focused on Tesla and the Bridge zone, with two main strategies:

• Continue to assess the extents of the Tesla zone through a series of wide-spaced stepout drill holes, designed to expand the known mineralization both along strike and up/down dip and increase the definition of the known mineralized horizons;
• Target the confluences of the Bridge zone corridor with the Tesla zone and McIlvenna Bay deposit in order to achieve a better understanding of:
  • The stratigraphic and structural relationships between the three zones;
  • The geometry of controlling folds/faults and the potential for upgrading of mineralization in structural trap sites.

Drilling continues with six drill rigs to advance Foran's winter exploration during the ice-based program. To date, 10 drill holes are under way and/or completed, along with the first wedge, for a total of 11 drill holes encompassing 11,900 m of drilling. Two drills are targeting the Bridge zone area, while an additional four drills are focused on the Tesla zone, including large stepouts along strike and both up and down dip, drilled from the ice or far lake shoreline. It is currently anticipated that the ice-based portion of the program will run until early April, 2024, subject to favourable ice conditions.

Following the completion of the ice-based program, drilling will transition to land-based collars to continue the definition drilling of the Tesla zone through the summer months. Several twinned wedge holes are also planned to provide mineralized material to commence early metallurgical test work.

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, Sask. SRC is a Canadian accredited laboratory (ISO/IEC 17025:2017) and independent of Foran. Analysis for Ag, Cu, Pb and Zn is performed using inductively coupled plasma optical emission spectroscopy after total multiacid digestion. Au analysis is completed by fire assay with ICP-OES finish. A complete suite of QA/QC reference materials (standards, blanks and duplicates) is 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

Roger March, PGeo, 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 Corp.

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 its stakeholders, while also safeguarding the environment. The McIlvenna Bay project is located entirely within the documented traditional territory of the Peter Ballantyne Cree Nation, comprises the infrastructure and works related to predevelopment and advanced exploration activities of the company, and hosts the McIlvenna Bay deposit and Tesla zone. The company also owns the Bigstone deposit, a resource-development-stage deposit located 25 kilometres southwest of the McIlvenna Bay property.

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