Foran Mining drills 4.11% CuEq over 34.3 metres at McIlvenna Bay, Saskatchewan

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Foran Mining Corp. [FOM-TSXV; FMCXF-OTCQWX] reported assay results for three additional holes from its winter drill program at the new Tesla discovery, located approximately 300 metres north of its 100%-owned McIlvenna Bay deposit in Saskatchewan.

Key highlights: Significant assay results from hole TS-23-07w1 were 34.3 metres grading 0.25% copper, 8.47% zinc, 57.5 g/t silver and 0.41 g/t gold (4.11% CuEq), including 19.8 metres grading 0.25% Cu, 12.44% Zn, 74.6 g/t Ag and 0.37 g/t Au (5.7% CuEq).

Significant assay results from hole TS-23-07w2 were 10.7 metres grading 0.38% Cu, 4.86% Zn, 34.2 g/t Ag and 0.46 g/t Au (2.75% CuEq), including 2.5 metres grading 0.49% Cu, 13.17% Zn, 38.8 g/t Ag and 0.3 g/t Au (5.91% CuEq); 40.5 metres grading 1.05% Cu, 0.21% Zn, 8.9 g/t Ag and 0.23 g/t Au (1.34 % CuEq), including 2.3 metres grading 2.52% Cu, 1.56% Zn, 39.7 g/t Ag and 0.99 g/t Au (4.04% CuEq).

Significant assay results from hole TS-23-09A were 5 metres grading 0.94% Cu, 5% Zn, 19 g/t Ag and 0.21 g/t Au (3.09% CuEq), including 1.5 metres grading 1.26% Cu, 14.32% Zn, 39.8 g/t Ag ad 0.42 g/t Au (7.2% CuEq); 4 metres grading 1.4% Cu, 3.98% Zn, 24.8 g/t Ag and 0.12 g/t Au (3.11% CuEq).

Significant zones of sulphide mineralization were intersected in holes TS-23-10 and TS-23-11w2 (assays pending), extending the current strike length of the Tesla zone to 550 metres.

Borehole electromagnetic surveys under way to better define the Tesla conductor for follow-up drilling this summer; 2023/2024 exploration to focus on continued definition drilling of the Tesla zone, which remains open in all directions.

Dan Myerson, s executive chairman and CEO, commented: “It is truly extraordinary how quickly our exploration team’s strategy and techniques have enabled a swift understanding of the Tesla zone, evidenced by our high success rates to date in intercepting robust zones at such an early stage of discovery. Assay results continue to demonstrate the sizeable near-mine opportunity at the Tesla zone, with recent results including some of the highest zinc intersections we’ve encountered to date across notably thick intercepts. Excitingly, mineralization encountered in holes with assays yet to be released have now extended Tesla’s strike a further 150 metres to 550 metres, and it remains open in all directions. We are still in the early innings of our exploration journey as we work to establish a truly world-class, district-scale critical minerals infrastructure-type asset at McIlvenna Bay and Tesla, and we look forward to sharing future results regularly in 2023 and beyond.”

The Tesla zone lies adjacent to the McIlvenna Bay deposit and was discovered during the 2022 summer program, while drill testing a approximately 900 metres (strike) by 300 metres (width) electromagnetic conductor. Significant widths of copper- and zinc-rich sulphide mineralization have now been intersected in 13 drill holes, successfully expanding the currently defined strike of the zone to approximately 550 m. Tesla remains open in all directions for expansion with further drilling.

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

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

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 km southwest of its McIlvenna Bay project.

McIlvenna Bay sits just 65 km west of Flin Flon, Manitoba 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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