Foran Mining Corp. [FOM-TSXV] reported high-grade intercepts from three holes drilled during the 2021 exploration program at its 100%-owned Bigstone deposit, located 25 km southwest of its McIlvenna Bay deposit in east-central Saskatchewan.
Highlights include Hole BS-21-245 that returned 9.5 metres of 14.0% zinc, 0.42% copper, 76.9 g/t silver and 0.37 g/t gold, including 0.9 metres of 57.2% zinc, 0.28% copper, 24.9 g/t silver and 0.06 g/t gold.
High-grade results from hole BS-21-245 compare favourably with the existing indicated resource grade of the massive sulphide zone at Bigstone of 9.% zinc, 0.25% copper, 16.5 g/t silver and 0.33 g/t gold.
Precious metal anomalies were also intercepted in several holes at Bigstone, including 0.5 metres of 63.0 g/t silver and 5.49 g/t gold in hole BS-21-246 and 0.5 metres of 454.0 g/t silver and 2.06 g/t gold in hole BS-21-247. Hole BS-21-246 also hit 3.1% copper within the same intercept.
Preliminary intercepts continue to strengthen Foran’s confidence in both the Bigstone deposit and the entire region where the company will be testing additional targets in 2022.
Dan Myerson, executive chairman and CEO, commented: “High-grade intercepts like these are rare and very exciting, and in the case of Foran, further emphasize the expansion opportunities at our already established camp, and showcase what Hanson Lake district has to offer. These are the first results at Bigstone since our initial and limited drilling campaign in 2015, and these intercepts from our 2021 program outline the ongoing opportunity to discover additional mineralization and potentially establish Bigstone as a high-grade deposit that could feed our future centralized milling facility at McIlvenna Bay.
“We are especially positively surprised by the high-grade zinc intercepts as well as encouraged by the continuation of significant copper values, which continue to illustrate the robust nature of the Bigstone deposit, where we believe we are currently just scratching the surface of the potential of the entire Bigstone area. It is also very promising to encounter recurring gold and silver anomalies that could potentially lead to higher precious metal content within the deposit and could be discovered at other targets. Bigstone and the surrounding area have the potential to become a key contributor in our goal to develop the district into Canada’s next mining camp, and we expect to share results from our near-mine exploration program as we test new prospective targets in 2022.”
Foran’s 2021 Bigstone exploration drill program consisted of 14 holes in 5,716 metres, completed between August and October. The program targeted resource growth by step-out drilling to potentially expand individual resource zones up/downdip and along strike to the north and south and infill drilling upgrade current inferred resources to indicated categories. These are the first drill holes since the company’s 2015 drill program, which uncovered one of the longest intersections ever recorded in the region at 105 metres of 2.2%copper equivalent (CuEq).
Additional assay results from BS-21-246 and the remaining 11 drill holes are pending
The Bigstone deposit is host to an estimated resource of 1.98 million tonnes in the indicated category grading 2.22% CuEq and 1.88 million tonnes of inferred resources grading 2.14% CuEq based on 55 drill holes. Mineralization begins approximately 100 metres below surface, extends down to about 600 metres, and is defined within three main zones of mineralization: a massive sulphide zone, a copper zone and a zinc stringer zone. The deposit remains open at depth.
The company is in the feasibility stage of development for its flagship McIlvenna Bay project in eastern Saskatchewan. The project is located entirely within the traditional territory of the Peter Ballantyne Cree Nation.
In early trading, Foran shares gained $0.12 to $2.79.