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Foran Mining Corp (2)
Symbol FOM
Shares Issued 128,024,451
Close 2018-11-20 C$ 0.295
Recent Sedar Documents

Foran Mining drills 39 m of 3.13% CuEq at McIlvenna

2018-11-22 07:05 ET - News Release

Mr. Patrick Soares reports

FORAN ENCOUNTERS HIGH GRADE COPPER AND GOLD FROM UPPER WEST ZONE AT MCILVENNA BAY

Foran Mining Corp. has released the final results from the 2018 summer resource definition drill program at its 100-per-cent-owned McIlvenna Bay copper-zinc deposit in Saskatchewan.

"The 2018 McIlvenna Bay infill drill program has been an unqualified success. Tighter drill spacing in the deeper parts of the deposit should upgrade a significant portion of the inferred resources to the indicated category which, in turn, should roll into the eventual McIlvenna Bay mineral reserve. Engineering and metallurgical studies are under way and the project is on track to deliver a feasibility study in the second half of 2019," commented, Patrick Soares, president and chief executive officer of Foran. "We are working hard to advance McIlvenna Bay towards a production decision we hope will catch the anticipated copper-zinc price rebound."

This release includes results from five wedges which were drilled off of historic holes to collect representative material for metallurgical studies. The holes targeted a portion of the Upper West zone (UWZ) midway along the plunge of the deposit, where the holes returned thick intervals of contiguous mineralization through the massive sulphide and the underlying Copper Stockwork zone (CSZ), with very high-grade copper and gold results intersected in several holes.

Highlights

HA18-043w1 intersected 39.00 metres of contiguous mineralization grading 3.13 per cent copper equivalent (CuEq) from the UWZ massive sulphide and CSZ, including:

  • 3.91 metres grading 8.13 per cent Cu, 1.83 per cent zinc, 66.03 grams per tonne silver and 2.40 g/t gold, including 2.07 m grading 10.77 per cent Cu, 1.54 per cent Zn, 84.73 g/t Ag and 2.79 g/t Au from the UWZ:
    • 3.91 m grading 26.35 per cent zinc equivalent (ZnEq) or 9.80 per cent CuEq, including 2.07 m grading 33.49 per cent ZnEq or 12.45 per cent CuEq;
  • 35.09 m grading 1.80 per cent Cu, 0.22 per cent Zn, 10.68 g/t Ag and 1.03 g/t Au, including 3.70 grading 5.88 per cent Cu 1.35 per cent Zn, 36.51 g/t Ag and 6.07 g/t Au from the CSZ:
    • 35.09 m grading 2.39 per cent CuEq, including 3.70 m grading 9.29 per cent CuEq.

MB-18-109w1 intersected 22.90 m of contiguous mineralization grading 3.31 per cent CuEq, from the UWZ massive sulphide and CSZ, including:

  • 4.29 m grading 4.47 per cent Cu, 2.51 per cent Zn, 86.27 g/t Ag and 7.03 g/t Au, including 2.70 m grading 6.04 per cent Cu, 2.03 per cent Zn, 111.25 g/t Ag and 10.52 g/t Au from the UWZ:
    • 4.29 m grading 23.43 per cent ZnEq or 8.71 per cent CuEq, including 2.70 m grading 31.41 per cent ZnEq or 11.68 per cent CuEq;
  • 18.61 m grading 1.42 per cent Cu, 0.07 per cent Zn, 8.81 g/t Ag and 1.13 g/t Au, including 4.26 m grading 2.36 per cent Cu, 0.07 per cent Zn, 13.35 g/t Ag and 2.58 g/t Au from the CSZ:
    • 18.61 m grading 2.06 per cent CuEq, including 4.26 m grading 3.80 per cent CuEq.

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 summer drill program included a total of 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 spatial representation for metallurgical purposes).

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

These latest holes were drilled at depths between 300 and 500 m below surface. All holes returned significant zones of higher-grade, thick contiguous mineralization which generally compared well with the historic results from the parent holes. This area of higher-grade copper plus/minus gold, in relatively close proximity to surface, may represent an important mining area in the heart of the deposit.

Hole MB-18-141w1 also provided an additional intersection into the footwall zone, which appears to be a probable fault repetition of the Main lens in the mid-part of the deposit. The footwall zone has now been intersected by nine holes which define the zone over approximately 100 m of strike length. MB-18-141w1 intersected a total of over 73 m of copper and/or zinc-rich mineralization in multiple zones in the heart 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)     (%)  (%)       (%)      (%)

HA18-043w1     432.70   434.00      1.30       0.24    10.95    0.84 0.37
               450.40   452.00      1.60       0.14    12.31    0.63 0.77
               452.00   455.91      3.91       2.40    66.03    8.13 1.83      9.80    26.35
               453.84   455.91      2.07       2.79    84.73   10.77 1.54     12.45    33.49
               455.91   491.00     35.09       1.03    10.68    1.80 0.22      2.39
               461.35   465.05      3.70       6.07    36.51    5.88 1.35      9.29
HA18-045w1     507.83   508.08      0.25       0.67    35.60    1.96 8.33
               514.70   519.12      4.42       0.10    14.80    0.84 1.08
               519.12   524.30      5.18       0.77    28.40    1.99 4.00      3.86    10.39
               521.96   524.30      2.34       1.12    31.80    2.86 4.41      5.02    13.50
               524.30   540.10     15.80       0.57     9.32    1.65 0.21      1.98
               525.30   533.20      7.90       0.97    12.04    2.26 0.16      2.81
MB-18-109w1    345.69   346.76      1.07       0.34    14.11    1.04 2.93
               352.65   365.94      4.29       7.03    86.27    4.47 2.51      8.71    23.43
               354.24   356.94      2.70      10.52   111.25    6.04 2.03     11.68    31.41
               356.94   375.55     18.61       1.13     8.81    1.42 0.07      2.06
               362.43   366.69      4.26       2.58    13.35    2.36 0.07      3.80
MB-18-141w1    412.28   415.22      2.94       0.22    17.59    1.36 0.31
               415.83   424.30      8.47       0.23     9.12    0.94 2.53
               438.62   442.05      3.43       0.17    21.46    0.41 0.92
               448.76   453.17      4.41       0.43    19.84    0.83 10.2    8 4.90    13.18
               449.86   452.13      2.27       0.42    22.10    0.29 15.8    6 6.44    17.32
               453.17   477.60     24.43       0.42     6.60    1.37 0.06      1.60
               492.14   495.68      3.54       0.20    13.17    0.33 7.19      3.13     8.43
               495.68   522.00     26.32       0.23     4.68    1.14 0.14      1.26
MB-18-142w1    398.66   400.35      1.69       0.17     8.40    0.61 3.81
               412.25   415.51      3.26       1.80    21.50    1.29 7.67      4.98    13.40
               415.51   424.02      8.51       0.28     4.20    0.89 0.07      1.04

(1) True thickness is estimated to be approximately 80 to 85 per cent of drill indicated.
(2) CuEq and zinc equivalent calculated using the following metal prices: $2.79 
(U.S.)/pound Cu; $1.21 (U.S.)/pound Zn; $1,221 (U.S.)/ounce Au; $14.39 (U.S.)/ounce Ag and 
includes provisions for metallurgical recoveries.

 

Hole HA18-043w1 was a wedge cut drilled off of the historic hole HA043, completed by Cameco in 1989. The parent hole was reopened, a modern gyro survey was completed to confirm the location of the hole at depth and then a wedge was drilled to complete another cut through the mineralized horizon to provide both additional material for metallurgical testwork and important information on the variability of the grades within the mineralized zones to assist in resource modelling. HA18-043w1 intersected the deposit approximately 450 m below surface and returned zones of similar thicknesses as the parent hole, but higher copper and gold grades. The hole intersected 3.91 m from the UWZ grading 9.80 per cent CuEq or 26.35 per cent ZnEq, followed directly downhole by a 35.09 m interval of the CSZ grading 2.39 per cent CuEq.

HA18-045w1 was a similar wedge cut completed off of parent hole HA045 also drilled by Cameco in 1989. The historic hole was reopened and a gyro survey was completed to confirm the location of the hole at depth, followed by the wedge cut to obtain another cut through the mineralization. HA18-045w1 intersected the zones approximately five m updip of the parent hole and returned a similar thickness as the original, but slightly higher grades, returning 5.18 m grading 3.86 per cent CuEq or 10.39 per cent ZnEq from the UWZ followed directly downhole by 15.80 m of the CSZ grading 1.98 per cent CuEq.

MB-18-109w1 was a wedge cut drilled from parent hole MB-99-109 drilled by Foran in 1999. Again, the historic hole as reopened, a gyro survey was completed and a wedge cut was drilled to obtain sample material for upcoming metallurgical testwork. In this case, the wedged hole returned similar thicknesses of the UWZ and CSZ, with higher gold and copper values, but lower zinc. MB-18-109w1 returned the highest composite gold grades received from the program, with 7.03 g/t Au and 4.47 per cent Cu over 4.29 m intersected in the UWZ or 8.71 per cent CuEq or 23.43 per cent ZnEq. This was followed directly downhole by 18.61 m grading 2.06 per cent CuEq from the CSZ.

MB-18-141w1 was a wedge cut drilled off of parent hole MB-11-141 completed by Foran in 2011. This hole intersected the mineralized horizon between 10 and 20 m updip from the parent hole and provided an additional intercept into the footwall zone, which appears to be a fault repetition of the main lens. The footwall zone has now been intersected by nine drill holes over approximately 100 m of strike length and potentially adds another mining horizon in the central portion of the deposit. MB-18-141w1 intersected over 73 m of mineralization in seven discrete zones, including 4.41 m grading 4.90 per cent CuEq or 13.18 per cent ZnEq in the UWZ, directly underlain by 24.43 m grading 1.60 per cent CuEq from the CSZ. The company, 14.54 m below the CSZ the hole, intersected another massive sulphide horizon, thought to be equivalent to the Main lens, grading 3.13 per cent CuEq or 8.43 per cent ZnEq over 3.54 m which is directly underlain by 26.32 m of a lower stockwork zone grading 1.26 per cent CuEq. Additional modelling will be required to determine the true relationship between this footwall zone and the Main lens at McIlvenna Bay.

MB-18-142w1 was another wedged hole drilled off of historic hole MB-11-142w1 drilled by Foran in 2011. This hole intersects the mineralized horizon approximately 370 m below surface where it returned a 3.26 m interval of the UWZ grading 4.98 per cent CuEq or 13.40 per cent ZnEq, followed directly downhole by 8.51 m grading 1.04 per cent CuEq from the CSZ.

The wedged holes from this part of the program will provide valuable information on grade variability through the deposit as well as provide spatial representation for the central part of the deposit in continuing metallurgical work. Work toward a revised geology model and a revised resource estimate for the deposit are under way. It is currently anticipated that a revised resource estimate will be completed by the end of the year. This revised resource will be used as a basis for mine planning as the projects proceeds through feasibility in 2019.

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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