Foran Mining Corp. [FOM-TSX] reported high-grade results from its 30,000-metre 2021 diamond drilling campaign, the company’s largest to date at its 100%-owned McIlvenna Bay deposit 60 km west of Flin Flon, eastern Saskatchewan.
MB-21-234 intersected 25.90 metres of continuous mineralization, including 4.90 metres grading 7.99% copper equivalent (CuEq) of massive sulphide (MS) and 21.00 metres grading 2.12% C% copper, 3.75% zinc, 41.87 g/t tonne silver and 2.31 g/t gold over 4.90 metres (MS); and 1.52% copper, 0.38% zinc, 9.92 g/t silver and 0.67 g/t gold over 21.00 metres (CSZ).
The company intersected a composite interval of 1.6 metres from the massive sulphide grading 5.42 g/t gold, which also included a 0.50-metre sample grading 13.44 g/t, one of the highest-grade gold intercepts ever found at the deposit.
These results both reinforce the existing value at McIlvenna Bay and have the potential to significantly enhance the economic value of the deposit.
This drilling campaign is focused on expanding and infilling the deposit to support the coming definitive feasibility study (DFS).
Dan Myerson, executive chairman,, said: “These first results from our largest drill program to date at McIlvenna Bay are even better than we envisaged. We are delighted to have kicked off our campaign with such fantastic grades over such great widths. This is another important milestone towards achieving our vision to build Canada’s first mine designed to be carbon neutral from day one, located in a province which continues to show ongoing support for our plans. We look forward to sharing additional results in the coming weeks and months.”
Drill hole MB-21-234 is located near the upper edge of the currently defined MS horizon and should expand the zone in this area. More importantly, it is located within an area of inferred material within the CSZ. This intercept should help to expand the indicated classification of the CSZ in this sector of the deposit. The associated table provides a detailed overview of the assay results.
Today’s result from the MS zone has delivered CuEq grades that are roughly double the average grade of the overall resource estimate for that zone.
Foran Mining’s goal is to build the first mine in Canada designed to be carbon neutral.