Foran Mining Corp. [FOM-TSXV; FMCXF-OTCQX] reported assay results from 14 holes drill on the company’s 100%-owned Bigstone project, located approximately 25 km west of the McIlvenna Bay deposit 65 km West of Flin Flon, Manitoba. Drilling focused on both the Bigstone deposit and the Marconi prospect which is located 500 metres to the east. Together, these targets represent a large prospective copper, zinc, and gold mineralizing system that will be the focus of continued exploration during the 2022 summer program.
Key Highlights include Bigstone hole BS-21-251 that returned 75.0 metres grading 2.1% copper equivalent (CuEq), including 20.6 metres 3.6% CuEq. Hole BS-21-248 returned 7.6 metrres grading 1.1% CuEq, including 3.7 metres of 1.8% CuEq.
Marconi currently extends 900 metres along strike and remains open in all directions. Following the same exploration strategy that discovered Tesla, airborne magnetic and surface electromagnetic surveys at Marconi highlight anomalous targets that potentially correlate with higher grade opportunities. The 2022 drilling at the Marconi target will consist of 7 holes, totalling 3,000 metres.
Dan Myerson, Executive Chairman and CEO, commented, â€œOn the back of our new discovery at Tesla, we are excited to announce more exploration success at Bigstone-Marconi. These results continue to underpin our strategy to explore and discover near-mine opportunities under a centralized milling scenario. We continue to intercept high grade copper and zinc mineralization, but recent work outlines a substantial opportunity to also uncover extensive anomalous gold zones. It is evident that our exploration techniques are working, and this is only the tip of the iceberg given our vast canvas of targets. Through systematic exploration and drilling, there is significant potential to transform our properties into the next major mining camp in Canada.â€
Bigstone currently hosts an estimated resource of 1.98 million tonnes in the Indicated category grading 2.22% CuEq and an additional 1.88 Mt of Inferred resources grading 2.14% CuEq.
The program was successful in intersecting and expanding the known mineralization in the mid-levels of the deposit, where holes (BS-21-245, -246 -247, -248, -250, -251, -254, -255) successfully intersected the upper Zinc Zone, as well as stratigraphically lower mineralization in the Copper Zone and/or Zinc Stringer zone in most cases.
The Marconi target represents a 900-metre-long zone of anomalous copper mineralization defined by 13 historic holes located 500 metres east of the Bigstone deposit.