Mr. Patrick Soares reports
FORAN INTERSECTS 8.3 METRES OF 12.5% ZINC EQUIVALENT AT MCILVENNA BAY
Foran Mining Corp. has provided a summary of results from six additional holes from the summer resource definition drill program at its 100-per-cent-owned McIlvenna Bay copper-zinc deposit in Saskatchewan.
The results from this batch of holes is highlighted by MB-18-217 which intersected 27.84 metres of contiguous mineralization from both the zinc-rich zone 2 massive sulphide and the underlying copper-rich Copper Stockwork zone (CSZ), including:
11.33 per cent Zn, 0.45 per cent Cu, 18.87 grams per tonne Ag and 0.28 g/t Au or 12.50 per cent zinc equivalent (ZnEq) over 8.25 m from zone 2;
1.36 per cent Cu, 0.21 per cent Zn, 4.80 g/t Ag and 0.21 g/t Au or 1.46 per cent copper equivalent (CuEq) over 19.95 m from the CSZ.
"The infill drill program at McIlvenna Bay continues to return significant zones of massive sulphide and stockwork mineralization from the deposit as highlighted by MB-18-217. Once all of the final assay results are in hand, a revised resource estimate will be completed for the deposit. The new resource estimate will represent a significant milestone for both Foran and the McIlvenna Bay deposit as we advance the project towards completion of a feasibility study, expected in Q2 2019. A number of feasibility study programs are running in parallel with the resource work including metallurgical studies to optimize metal recoveries, geotechnical work and detailed engineering. This is an exciting time for Foran," commented, Patrick Soares, president and chief executive officer of Foran.
SIGNIFICANT DRILL INTERCEPTS FROM THE SUMMER DRILL PROGRAM (1)
Hole Zone From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) Zn (%) CuEq (2) (%) ZnEq (2) (%)
MB-18-217 Lens 3 282.89 283.56 0.67 0.12 11.60 0.63 6.64
Zone 2 298.06 306.31 8.25 0.28 18.87 0.45 11.33 12.50
including 304.06 306.31 2.25 0.78 35.39 1.24 13.95 16.82
CSZ 306.31 325.90 19.59 0.21 4.80 1.36 0.21 1.46
including 315.50 319.53 4.03 0.23 5.46 2.03 0.14 2.12
MB-18-220 Zone 2 906.86 907.78 0.92 0.37 12.26 0.65 5.97 7.24
CSZ 907.78 910.64 2.86 0.24 7.39 0.71 1.35 0.87
MB-18-134w1 Zone 2 1026.17 1027.26 1.09 0.28 46.12 0.05 2.64 2.15 3.34
MB-18-143w1 Lens 3 425.40 428.00 2.60 0.17 10.94 0.40 4.79
428.00 429.80 1.80 0.11 13.01 0.76 0.84
Zone 2 446.08 449.46 3.38 0.28 15.44 0.52 9.07 10.20
CSZ 449.46 466.00 16.54 0.17 5.98 1.11 0.08 1.20
MB-18-208w1 Lens 3 747.98 749.65 1.67 0.47 12.62 1.55 5.96
753.47 755.27 1.80 0.27 10.53 0.66 4.11
Zone 2 773.88 778.64 4.76 0.31 18.04 0.40 5.46 6.48
including 777.99 778.64 0.65 0.69 29.60 0.34 20.83 22.22
CSZ 778.64 788.53 9.89 0.56 10.34 1.19 0.87 1.53
including 779.65 782.61 2.96 0.61 16.39 1.74 0.30 2.13
MB-18-214w1 Lens 3 389.56 390.38 0.82 0.13 10.80 0.53 2.94
395.86 401.37 5.51 0.26 26.50 1.20 0.90
Zone 2 402.74 405.56 2.82 0.20 14.16 0.55 8.29 9.52
CSZ 405.56 420.90 15.34 0.23 7.94 1.86 0.14 1.96
including 417.95 420.90 2.95 0.13 7.96 2.24 0.06 2.27
(1) True thickness is estimated to be approximately 80 to 85 per cent of drill indicated.
Holes MB-18-217 and MB-18-214w1 were drilled at off-section azimuths for
geotechnical purposes and report true thicknesses that are estimated at 60 to 70
per cent of drilled length.
(2) CuEq and zinc equivalent (ZnEq) are calculated using the following metal prices:
$2.80 (U.S. per pound Cu; $1.21 (U.S.)/lb Zn; $1,227 (U.S.)/ounce Au; $14.49 (U.S.)
per oz Ag and includes provisions for metallurgical recoveries.
The holes contained in this release all targeted the zone 2 massive sulphide lens and underlying CSZ of the McIlvenna Bay deposit. This release provides the results of an additional six holes from the recently completed summer program at McIlvenna Bay, which encompassed a total of 12,100m of drilling in 36 holes. The program included 14 wedge cuts which were drilled to collect additional material for metallurgical samples (six of these were drilled from historic holes which were re-entered to allow special representation for metallurgical purposes). Also, as part of the program, three short holes were drilled to collect geotechnical information in the area of the proposed portal site and three holes were drilled to allow the installation of piezometers in the deposit area as part of a larger hydrogeological testing program to characterize local groundwater flow.
The deposit consists of several distinct zones of VMS (volcanogenic massive sulphide) mineralization, including massive to semi-massive sulphide in zone 2, the Upper West zone (UWZ) and Lens 3, and stockwork-style sulphide mineralization in the underlying CSZ.
These latest holes targeted the zone 2 massive sulphide and underlying CSZ of the deposit at depths of between approximately 325 and 1,100 m below surface along the plunge of the deposit. The results of these holes provide better definition of the boundary between the copper-zinc-rich UWZ and the zinc-rich zone 2 massive sulphide in the central part of the deposit for continuing resource work, increase the density of drilling in some areas to upgrade inferred resources to indicated categories, and provide additional geotechnical information for mine planning. Detailed results from these holes are provided in the attached table.
Hole MB-18-217 was drilled at an oblique angle to the majority of the drill holes in the deposit with a dual purpose of providing information for the upcoming resource estimate and detailed geotechnical information to assist with mine planning. The hole successfully intersected a thick package of mineralization, including 27.84 m of contiguous mineralization from the zone 2 massive sulphide and underlying CSZ. The massive sulphide intersection consisted of a core length of 8.25 m grading 11.25 per cent zinc followed directly downhole by a 19.59 m interval of the CSZ grading 1.36 per cent Cu. These results compare favourably with the previously released results for the wedge hole MB-18-217w1 (see Sept. 27, 2018, news release "Foran intersects 27 metres of continuous mineralization") which was completed to collect additional sample material for metallurgical testing.
Hole MB-18-214w1 was drilled as a wedge cut-off of previously released MB-18-214 (also announced in the Sept. 27, 2018, news release "Foran intersects 27 metres of continuous mineralization") to collect additional metallurgical sample material. This hole was also drilled at an off-section orientation to provide geotechnical information and targeted the boundary between the UWZ and zone 2 massive sulphide approximately 350 m below surface to better define that contact. MB-18-241w1 intersected a 2.82 m interval of zinc-rich massive sulphide grading 8.29 per cent Zn and a thick interval of the underlying CSZ grading 1.86 per cent Cu over a core length of 15.34 m.
Hole MB-18-208w1 was drilled as a wedge off of previously released MB-18-208 (see May 23, 2018, news release "Foran hits 9.6% zinc over 8.1 metres -- McIlvenna Bay remains open at depth") to collect additional material for metallurgical testing. The results of this wedge hole were slightly better than the parent hole, intersecting a 4.76 m interval of zone 2 grading 5.46 per cent Zn followed downhole by a 9.89 m interval of the CSZ grading 1.19 per cent Cu.
Hole MB-18-220 was drilled in an area of limited drilling to increase the density of holes with the intention of upgrading inferred resources into indicated categories at a vertical depth of approximately 850 m. The hole successfully intersected the zone 2 massive sulphide which should allow the conversion of the inferred resources in this part of the deposit. The hole intersected a 0.92 m interval of massive sulphide grading 5.97 per cent Zn.
Hole MB-18-134w1 was drilled as an extension of an historic hole, targeting the downdip edge of the deposit, that was originally lost when the drill rods were stuck back in 2007. The hole was reopened during the summer program and a wedge was cut above the location of the stuck rods to complete the hole and better define the downdip edge of the resource in this sector of the deposit. The hole successfully intersected a narrow interval of the zone 2 massive sulphide at a vertical depth of approximately 1,100 m which will help confirm the lower edge of the deposit in this area.
Hole MB-18-143w1 was drilled as a wedge from the parent hole (MB-11-143) which was originally drilled in 2011. The hole was re-entered this summer and a wedge cut was completed to allow the mineralized zones to be sampled and provide additional material for metallurgical testwork. MB-18-143w1 intersected a high-grade portion of the zone 2 massive sulphide grading 9.07 per cent Zn over 3.38 m, followed down hole by a thick interval of the CSZ grading 1.19 per cent Cu over 16.54 m.
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 being performed by TSL Laboratories Ltd. in Saskatoon, Sask. TSL is a CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005) accredited laboratory and independent of Foran. Analysis for Ag, Cu, Pb and Zn is performed using atomic absorption spectrometry (AA) after multiacid digestion. Au analysis is completed by fire assay with AA finish. Any samples which return results greater than 1.0 g/t Au are rerun 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.
About Foran Mining Corp.
Foran is a copper-zinc exploration and development company with projects located along the Flin Flon greenstone belt. The McIlvenna Bay project, Foran's flagship asset located within the Hanson Lake district, sits just 65 kilometres from Flin Flon, Man., and is part of the world-class Flin Flon greenstone belt that extends from Snow Lake, Man., through Flin Flon to Foran's ground in eastern Saskatchewan, a distance of over 225 kilometres. McIlvenna Bay is the largest undeveloped volcanogenic massive sulphide (VMS) deposit in the region. This world-class metallogenic belt is host to 29 past- and present-producing mines, including Hudbay Minerals Inc.'s 777 and Lalor operations.
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