Foran Mining drills 3.19% CuEq over 49.6 metres at McIlvenna, Saskatchewan

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Foran Mining Corp. [TSX-FOM; OTCQX-FMCXF] reported additional assay results from the 2023 drilling program at the Tesla Zone, part of the 100%-owned McIlvenna Bay Complex in Saskatchewan. Results have significantly expanded the footprint of the Tesla Zone with a 200-metre down-dip extension, intersecting thick zones of mineralization at depth. Assays continue to demonstrate the growing potential at Tesla, which remains open in all directions. The company currently plans to conduct the largest winter exploration program in its history in 2024 with seven drill rigs and up to 22,000 metres of drilling.

Key Highlights: A large step-out hole intersected Tesla mineralization approximately 200 metres down-dip and 120m along strike of the nearest intersection.

This hole (HG-23-01) returned multiple sulphide zones, including 4.5 metres grading 2.69% copper, 3.14% zinc, 35.4 g/t silver and 0.73 g/t Au (3.98% CuEq), 24.3 metres grading 0.56% copper, 5.38% zinc, 25.5 g/t silver and 0.59 g/t gold (2.58% CuEq), including 5.6 metres grading 0.48% copper, 10.69% zinc, 2.1 g/t silver and 0.16 g/t gold (3.74% CuEq).

Up- and down-dip expansion wedge holes at Tesla continue to intersect multiple wide zones of mineralization as highlighted by TS-23-12w3, including 21.4 metres grading 1.00% copper, 6.86% zinc, 30.2 g/t silver and 0.34 g/t gold (3.30% CuEq), including 11.3 metres grading 1.23% copper, 11.57% zinc, 39.5 g/t silver and 0.42 g/t gold (5.01% CuEq).

One scissor hole (TS-23-14w2) was drilled obliquely in the down-dip direction to add confidence to the interpreted geometry of Tesla mineralization. The hole successfully intercepted broad zones of mineralization which confirm the current interpretation. Highlights include 49.6 metres grading 0.25% copper, 9.32% zinc, 37.0 g/t silver and pending g/t gold (3.19% CuEq), including 17.6 metres grading 0.27% copper, 13.84% zinc, 7.1 g/t silver and pending g/t gold (4.42% CuEq).

Additional drilling at the Bridge Zone between the McIlvenna Bay Deposit and Tesla continues to indicate additional growth potential, as highlighted by MB-23-289w2: 26.1 metres grading 1.67% copper, 1.60% zinc, 25.2 g/t silver and 0.004 g/t gold (2.12% CuEq), including 2.4 metres grading 4.65% copper, 4.57% zinc, 54.9 g/t silver and 0.01 g/t gold (5.86% CuEq).

The Tesla Zone significantly expanded during the 2023 program and has now been defined by 19 drill hole intersections over an 870-metre strike length (not including the Bridge Zone) and at least 300 metres in a down dip direction, while it remains open in all directions for further expansion.

A large, ice-based expansion drilling program is planned for Tesla and Bridge Zones during winter 2024, encompassing up to 22,000m of drilling with seven drill rigs employed to rapidly advance the definition of the zones.

Erin Carswell, Vice President, Exploration, commented: “The potential size of Tesla now exceeds all our expectations, once again delivering extraordinary results including a highly significant step-out intersection. Every Tesla hole drilled this year intersected the mineralized zone – which remains open in all directions – and recent drilling has confirmed multiple copper-zinc-silver-gold lenses in the northern part of the target. Notably, many of the holes drilled into Tesla this year have also recorded better grades than the adjacent McIlvenna Bay Deposit – a fact that emphasizes the potential future value of these discoveries for Foran as we work towards establishing our initial phase operation. In parallel, our confidence in the Bridge Zone is also increasing with significant grades intercepted in our third mineralized hole. We look forward to further defining the scale and geometries of both Tesla and the Bridge Zone during our expanded winter drilling program in 2024.”

Foran’s 2023 summer-fall exploration program consisted of 13,654 metres in 16 drill holes and wedges across Tesla, the Bridge Zone and our highest priority regional targets in the Hanson Lake area. Seven of these holes were designed to assess the continuation of the Tesla trend to the northwest, three holes comprised the initial test of the Bridge Zone target area between the McIlvenna Bay Deposit and Tesla, and a further six holes were drilled during our helicopter-supported regional program on several targets in the Hanson Lake area.

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 25km southwest of its McIlvenna Bay project.

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