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Foran Mining Corp (2)
Symbol FOM
Shares Issued 128,024,451
Close 2018-11-14 C$ 0.29
Recent Sedar Documents

Foran Mining drills 25.14 m of 2.37% CuEq at McIlvenna

2018-11-15 07:19 ET - News Release

Mr. Patrick Soares reports

FORAN'S MCILVENNA BAY DRILLING ENCOUNTERS THICK ZONES OF MINERALIZATION

Foran Mining Corp. has released results from five additional holes from the summer resource definition drill program at its 100-per-cent-owned McIlvenna Bay copper-zinc deposit in Saskatchewan. The intersections include three holes drilled along plunge in the deeper part of the deposit along with two wedge cuts which were drilled to obtain additional material for metallurgical sampling. The holes all demonstrate the thick zones of contiguous mineralization contained within the deposit over multiple zones.

MB-18-213 intersected 25.14 metres of contiguous mineralization grading 2.37 per cent copper equivalent (CuEq) from the Upper West zone (UWZ) massive sulphide and underlying Copper Stockwork zone (CSZ), including:

  • 11.98 m grading 1.15 per cent Cu, 3.98 per cent zinc, 19.78 grams per tonne silver and 0.55 g/t Au, including 2.33 m grading 3.04 per cent Cu, 1.87 per cent Zn, 45.09 g/t Ag, 0.70 g/t Au from the UWZ:
    • 11.98 m grading 7.96 per cent zinc equivalent (ZnEq) or 2.88 per cent CuEq, including 2.33 m grading 11.30 per cent ZnEq or 4.09 per cent CuEq;
  • 13.16 m grading 1.76 per cent Cu, 0.28 per cent Zn, 9.26 g/t Ag and 0.28 g/t Au, including 3.57 m grading 2.70 per cent Cu 0.22 per cent Zn, 12.71 g/t Ag and 0.55 g/t Au from the CSZ:
    • 13.16 m grading 1.91 per cent CuEq, including 3.57 m grading 2.99 per cent CuEq.

MB-18-219w1 intersected 15.11 m of contiguous mineralization grading 3.20 per cent CuEq, from the UWZ massive sulphide and underlying CSZ, including:

  • 7.73 m grading 9.96 per cent Zn, 1.05 per cent Cu, 17.60 g/t Ag and 0.39 g/t Au, including 4.65 m grading 0.81 per cent Cu, 11.89 per cent Zn 13.50 g/t Ag and 0.37 g/t Au from the UWZ:
    • 7.73 m grading 13.45 per cent ZnEq or 4.86 per cent CuEq, including 4.65 m grading 14.67 per cent ZnEq or 5.30 per cent CuEq;
  • 7.38 m grading 1.20 per cent Cu, 1.59 per cent Zn, 19.83 g/t Ag and 0.33 g/t Au, including 1.79 m grading 2.55 per cent Cu 1.97 per cent Zn, 34.89 g/t Ag and 0.72 g/t Au from the CSZ:
    • 7.38 m grading 1.46 per cent CuEq, including 1.79 m grading 3.09 per cent CuEq.

"Increasing the drill density of the Upper West zone from a depth of 450 metres to 1,000 metres below the surface has confirmed the continuity and thickness of the McIlvenna Bay deposit at depth. The substantial width of the mineralization in this central portion of the deposit could allow for lower-cost bulk mining methods to be used. We are pleased with the results we have seen so far and believe they will contribute positively to the forthcoming resource estimate, expected later this year," commented, Patrick Soares, president and chief executive officer of Foran.

Technical information

The holes contained in this release all targeted the UWZ massive sulphide lens and underlying CSZ of the McIlvenna Bay deposit. The holes were drilled as part of a 36-hole, 12,100 m summer drill program at the deposit designed to better define and potentially expand the deposit in preparation for a revised resource estimate which will feed into continuing feasibility-level studies currently under way on the project. The drill program included 14 wedge cuts 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 four holes were drilled to allow the installation of piezometers in the deposit area as part of a larger hydrogeological testing program designed to characterize local groundwater flow.

The deposit consists of several distinct zones of VMS mineralization, including massive to semi-massive sulphide in zone 2, the UWZ and lens 3, and stockwork-style sulphide mineralization in the underlying CSZ.

These latest holes represent wide-spaced drilling that covers over 750 m of the plunge length in the deeper part of the deposit at depths between 450 and 1,000 m below surface. The holes targeted an area of inferred mineralization and were designed to both increase the drill density to upgrade inferred resources into indicated categories in upcoming revised resource estimates and to better define the boundary between the copper-zinc-rich UWZ and the zinc-rich zone 2 massive sulphide zones. The drilling was successful on both fronts and clearly demonstrates that substantial widths of contiguous mineralization are present in the central portion of the deposit as it plunges to depth which may allow for cost-effective bulk mining methods to be utilized for mining select areas of the deposit.

 
                      SIGNIFICANT DRILL INTERCEPTS FROM THE SUMMER DRILL PROGRAM (1)
 
Hole              From        To  Interval        Au        Ag        Cu        Zn  CuEq (2)  ZnEq (2)
                   (m)       (m)       (m)     (g/t)     (g/t)       (%)       (%)       (%)       (%)

MB-18-213       492.86    493.88      1.02      0.17     13.69      0.40      7.52
                563.01    564.93      1.92      0.32     13.54      0.85      4.98
                567.52    579.50     11.98      0.55     19.78      1.15      3.98      2.88      7.96
                571.19    573.52      2.33      0.70     45.09      3.04      1.87      4.09     11.30
                573.97    577.38      3.41      0.20      6.54      0.25      8.12      3.29      9.11
                579.50    592.66     13.16      0.28      9.26      1.76      0.28      1.91
                582.15    585.72      3.57      0.55     12.71      2.70      0.22      2.99
MB-18-213w1     493.20    494.40      1.20      0.19     16.40      0.56      6.70
                564.43    567.93      3.50      0.20      6.94      0.56      2.44
                567.93    579.80     11.87      0.77     22.04      1.52      3.87      3.30      9.14
                571.43    573.87      2.44      0.65     40.57      4.38      1.46      5.16     14.26
                573.87    577.22      3.35      0.21     13.02      0.42      6.61      2.92      8.14
                579.80    593.18     13.38      0.26      7.01      1.35      0.21      1.49
                580.47    583.79      3.32      0.50     11.15      1.81      0.28      2.10
MB-18-219       871.32    872.55      1.23      0.12      8.74      0.68      7.18
                872.95    874.98      2.03      0.22      6.74      0.58      0.82
                874.98    881.00      6.02      0.44     20.58      1.07      8.23      4.29     11.87
                877.45    880.03      2.58      0.53     17.44      0.93     12.28      5.65     15.63
                881.00    888.67      7.67      0.36      9.40      1.08      1.90      1.31
                881.42    884.42      3.00      0.60     12.50      1.20      2.85      1.58
MB-18-219w1     869.10    869.42      0.32      0.17      9.40      0.24      8.62
                870.00    870.30      0.30      0.18      8.20      0.96      1.05
                870.30    878.03      7.73      0.39     17.60      1.05      9.96      4.86     13.45
                873.38    878.03      4.65      0.37     13.50      0.81     11.89      5.30     14.67
                878.03    885.41      7.38      0.33     19.83      1.20      1.59      1.46
                878.48    880.27      1.79      0.72     34.89      2.55      1.97      3.09
MB-18-225     1,012.67   1,017.8     45.17      0.39     17.86      0.95      2.31      2.00      5.54
              1,017.84   1,023.9     56.11      0.38     11.13      1.00      2.07      1.26

(1) True thickness is estimated to be approximately 80 to 85 per cent of drill indicated, with the 
exception of MB-18-225 which was drilled at an off-section azimuth for geotechnical purposes 
and to reach the desired target. This hole reports true thicknesses that are estimated 
at 60 to 70 per cent of drilled length.
(2) CuEq and zinc equivalent calculated using the following metal prices: $2.75 (U.S.)/pound 
Cu; $1.16 (U.S.)/pound Zn; $1,208 (U.S.)/ounce Au; $14.14 (U.S.)/ounce Ag and includes provisions 
for metallurgical recoveries.

 

Hole MB-18-213 and wedge hole MB-18-213w1 targeted an area of inferred mineralization approximately 450 m below surface in a thickened part of the deposit as defined by limited historic drilling. The drill holes successfully intersected thick zones of mineralization in both the UWZ massive sulphide and underlying CSZ with both holes intersecting in excess of 25 m of contiguous mineralization. MB-18-213 returned 11.98 m grading 7.96 per cent ZnEq or 2.88 per cent CuEq from the UWZ and 13.16 m grading 1.91 per cent CuEq from the adjacent CSZ, while MB-18-213w1 returned 11.87 m grading 9.14 per cent ZnEq or 3.30 per cent CuEq from the UWZ and 13.38 m grading 1.49 per cent CuEq from the CSZ.

Hole MB-18-219 and wedge hole MB-18-219w1 targeted an area of very sparse drilling in the deeper part of the deposit at an elevation of approximately 750 m below surface. Both of these holes returned similar results and successfully filled in the gap in the drilling with thick intersections from the UWZ and underlying CSZ. MB-18-219 returned 6.02 m grading 11.87 per cent ZnEq or 4.29 per cent CuEq from the UWZ and an additional 7.67 m intersection from the underlying CSZ grading 1.31 per cent CuEq, while MB-18-219w1 returned 7.73 m grading 13.45 per cent ZnEq or 4.86 per cent CuEq from the UWZ and 7.38 m grading 1.46 per cent CuEq from the CSZ.

Hole MB-18-225 represents the deepest intersection of the summer program. The hole targeted the UWZ and underlying CSZ in another area of sparse historic drilling in the deeper part of the deposit at an elevation of approximately 1,000 m below surface. The hole was drilled at an off-section azimuth to reach the target from high ground in the deposit area and served a dual purpose by providing additional detailed geotechnical information to assist in mine planning. The hole successfully returned an 11.28 m intersection of contiguous mineralization from both the UWZ and underlying CSZ. The UWZ intersection in this hole graded 5.54 per cent ZnEq or 2.00 per cent CuEq over 5.17 m followed directly downhole by a 6.11 m interval of the CSZ grading 1.26 per cent CuEq.

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.

Roger March, PGeo, vice-president, exploration, for Foran and a qualified person within the meaning of National Instrument 43-101, has reviewed and approved the technical information in this release.

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