Foran drills 6.2 metres of 3.4% CuEq at McIlvenna Bay, Saskatchewan

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Foran Mining Corp. [FOM-TSXV] reported assays from five step-out holes drilled at its feasibility-stage McIlvenna Bay deposit in its 100%-owned Hanson Lake district of eastern Saskatchewan. These are the final results from recently conducted infill and step-out program that will be included in the company’s pending resource estimate. The company will now focus its exploration program on near-mine deposit growth as well as a regional exploration program to demonstrate the district potential, including at Bigstone and the broader Hanson Lake district. The five holes included within this release were drilled either near the edge or outside of the existing resource outline at McIlvenna Bay. Two holes drilled near the margin of the resource outline intersected the upper edge of the massive sulphide (MS) lens, while all holes returned thick intercepts from the underlying copper stockwork zone (CSZ), which could potentially support additional tonnage to be included with the pending resource estimate. Three of the holes intercepted wide zones of mineralization within the CSZ, which also bodes well for increased mining efficiency in this portion of the deposit.

MB-21-246d1 intersected 24.5 metres of continuous mineralization, including 3.7 metres grading 4.69% copper equivalent (CuEq) from the MS; 1.15% copper, 0.24% zinc, 9.3 g/t silver and 0.23 g/t gold over 2.5 metres (SZ); 3.20% copper, 2.04% zinc, 31.0 g/t silver and 0.75 g/t gold over 3.7 metres (MS); and 1.43% copper, 0.31% zinc, 9.7 g/t silver and 0.29 g/t gold over 18.3 metres (CSZ).

Drill hole MB-21-244aw1 intersected over 39 metres grading 1.80% CuEq in a step-out hole; 1.43% Cu, 0.51% Zn, 9.2 g/t Ag and 0.18 g/t Au over 39.3 metres (CSZ). Hole MB-21-246 intersected 32 metres from the CSZ grading 1.78% CuEq in a step-out hole; 1.43% Cu, 0.39% Zn, 10.3 g/t Ag and 0.21 g/t Au over 32.0 metres (CSZ).

Hole MB-21-247 intersected over 13 metres from the CSZ grading 1.24% CuEq in a step-out hole; 0.94% Cu, 0.44% Zn, 7.4 g/t Ag and 0.12 g/t Au over 13.5 metres (CSZ). Hole MB-21-247d1 intersected over 44 metres of continuous mineralization; 1.13% Cu, 1.66% Zn, 14.4 g/t Ag and 0.20 g/t Au over 2.5 m (MS); and 0.92% Cu, 0.21% Zn, 7.8 g/t Ag and 0.11 g/t Au over 41.7 m (CSZ).

Dan Myerson, executive chairman, said, “These step-out intercepts highlight the opportunity we have to add value and ultimately grow the resource at McIlvenna Bay. The significant widths we continue to achieve strengthen our confidence that we will be able to both increase the tonnage and upgrade the resource classification in our pending estimate. At the same time, we are equally, if not more, excited to advance our regional exploration campaign and uncover the mineral and economic potential of the district.”

The 2021 drill program has transitioned to focus on testing regional exploration targets and expansion of the Bigstone deposit with three drills, while one drill remains at McIlvenna Bay focused on up-dip expansion.


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