Mr. Dan Myerson reports

FORAN ANNOUNCES ADDITIONAL DRILL RESULTS FROM TESLA

Foran Mining Corp. has released assay results from two additional holes from its winter drill program at the new Tesla discovery, located approximately 300 metres north of Foran's McIlvenna Bay deposit in Saskatchewan.

Key highlights:

• Significant assay results from hole TS-23-07:
  • 7.9 metres grading 1.2 per cent copper, 4.4 per cent zinc, 28.6 grams per tonne silver and 0.33 g/t gold (3.24 per cent copper equivalent);
  • 4.5 m grading 0.12 per cent Cu, 4.12 per cent Zn, 79.1 g/t Ag and 1.49 g/t Au (3.22 per cent CuEq), including 1.2 m grading 0.08 per cent Cu, 3.91 per cent Zn, 78.8 g/t Ag and 3.22 g/t Au (4.23 per cent CuEq).
• Significant assay results from hole TS-23-08:
  • 16.9 m grading 1.1 per cent Cu, 6.1 per cent Zn, 30.4 g/t Ag and 0.02 g/t Au (3.58 per cent CuEq);
  • 32.1 m grading 2 per cent Cu, 1.1 per cent Zn, 21.5 g/t Ag and 0.02 g/t Au (2.61 per cent CuEq), including 3.6 m grading 4.2 per cent Cu, 2 per cent Zn, 29.5 g/t Ag and 0.001 g/t Au (5.12 per cent CuEq).
• Based on sulphide intercepts in hole TS-23-09 (assays pending), Tesla now has a defined strike extent of 400 m and remains open in all directions. Assays are pending from three additional holes, all of which have intercepted sulphide mineralization.
• Hole TS-23-07 appears to have intersected a new zone in the footwall below the main zone and contains notable gold indications hosted in sheared quartz veins within stringer sulphide material.
• A fourth drill has been added to the program to accelerate exciting developments at the Tesla zone.

Dan Myerson, Foran's executive chairman and chief executive officer, commented: "We are very pleased to report that follow-up drilling at Tesla continues to demonstrate the growing potential for scalable critical metal discoveries across our properties. We are ramping up our exploration efforts with a fourth drill rig to fully capitalize on these exciting initiatives, with our regional program set to commence in the summer and planned directional drilling at Tesla following spring breakup. We believe this is just the tip of the iceberg across our vast canvas of targets as we work to establish a truly world-class, district-scale, critical-minerals-infrastructure-type asset at McIlvenna Bay and Tesla. As we continue to explore and define this prospect, we look forward to sharing future results on our path to establishing Canada's next major critical metals mining district."

Tesla zone

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 an approximately 900 m (strike) by 300 m (width) electromagnetic conductor. Significant widths of copper- and zinc-rich sulphide mineralization have now been intersected in 10 drill holes, successfully expanding the currently defined strike of the zone to approximately 400 m. Tesla remains open in all directions for expansion, and a fourth drill will be added to the 2023 winter program, which is focused on expanding the zone from the ice on Hanson Lake.

Drilling continues to expand the footprint of the Tesla mineralization with additional intersections of massive-to-semi-massive and stringer sulphides.

Drill hole TS-23-07 was drilled to a depth of 1,314 m and represents a 230 m stepout to the northwest along strike from previously released hole TS-22-06A (see Feb. 16, 2023, news release). TS-23-07 successfully intersected the main zone of copper- and zinc-rich massive and semi-massive sulphide, along with related copper-rich, stringer-style mineralization associated with moderate to locally strong chlorite plus/minus sericite alteration in the predicted location of the Tesla zone.

Notably, this hole also intersected a lower zone in the footwall below the main Tesla horizon, consisting of a 4.6-metre-wide section of semi-massive, stringer-style pyrite, sphalerite plus/minus chalcopyrite mineralization in a strongly deformed and sheared unit. The unit contains several narrow, sheared quartz vein intervals with significant gold associated, grading 3.22 g/t Au over 1.2 m (including six g/t over 0.3 m). Additional drilling will be required to fully understand the significance of this new mineralized horizon, as it currently represents the deepest and northernmost mineralized intersection drilled to date and remains open for follow-up.

Drill hole TS-23-08 was drilled to the southwest from Hanson Lake to a depth of 1,314 m, obtaining an orthogonal intersection of the Tesla mineralization in close proximity to the pierce point from TS-23-06A, confirming both the geometry and true thickness of the main zone. TS-23-08 intersected a 50 m thick interval (true widths approximately 80 per cent) of copper- and zinc-rich massive and semi-massive sulphide as well as stringer-style and foliation-bound chalcopyrite. As with other intersections, this mineralization is accompanied by moderate-to-strong chlorite plus/minus sericite and silica alteration in felsic volcanics and cherty-banded units.

An additional hole, TS-23-09A, was drilled approximately 130 m to the southeast along strike from TS-23-08, where it also successfully intersected sulphide mineralization and expanded the Tesla zone in that direction with a currently defined strike of 400 m, remaining open in all directions. Assay results from TS-23-07W1, TS-23-08W1 and TS-23-09A are currently pending (all intersected sulphide mineralization).

An attached table details composites from the 2023 winter program.

2023 exploration programs

The 2023 winter exploration program is focused on expansion drilling on the Tesla zone from the ice on Hanson Lake. A fourth drill has been added to the program, and it is anticipated that drilling will continue until the end of March, or as long as ice conditions permit. Subject to favourable conditions, a further 4,000 m of drilling are planned for the winter program in over four drill holes. Foran is currently assessing the feasibility of continued drilling on the Tesla zone from land during the summer months through the use of directional drilling technologies.

Planning is also under way for the summer regional exploration program focusing on drill targets located both proximal to McIlvenna Bay and on the company's Bigstone project (25 kilometres to the west), along with geophysical surveys to define drill targets on the company's extensive landholdings to the south. It is currently anticipated that the summer program will begin in June.

Quality assurance/quality control

Drilling was completed using NQ-sized 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 ICP-OES after total multiacid digestion. Au analysis is completed by fire assay with ICP-OES finish. A complete suite of quality assurance/quality control reference materials (standards, blanks and duplicates) is included in each batch of samples processed by the laboratory. The results of the assaying of the quality assurance/quality control materials 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 that create value for all 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 25 kilometres southwest of its McIlvenna Bay project.

McIlvenna Bay is a copper-zinc-gold-silver-rich volcanogenic massive sulphide 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 65 km west of Flin Flon, Man., and is part of the world-class Flin Flon greenstone belt, which extends from Snow Lake, Man., through Flin Flon to Foran's ground in eastern Saskatchewan, a distance of over 225 km.

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