Foran Mining intersects 4.04% CuEq over 17.4 metres at Tesla, Saskatchewan; shares up

Foran Mining Corp. [FOM-TSXV; FMCXF-OTCQX] reported initial drill results from its winter drill program at the new Tesla discovery, located approximately 300 metres north of Foran’s 100%-owned McIlvenna Bay deposit in Saskatchewan.

Significant assay results from step out Hole TS-22-06A include 10.1 metres grading 3.1% copper, 3.0% zinc, 32 g/t silver and 0.25 g/t gold (4.62% CuEq – copper equivalent); 17.4 metres grading 2.1% copper, 4.5% zinc, 29 g/t silver, and 0.11 g/t gold (4.04% CuEq) and 17.1 metres grading 0.6% copper, 13.1% zinc, 24 g/t silver, and 0.04 g/t gold (5.69% CuEq)

Intercepts compare favourably to McIlvenna Bay’s Mineral Reserve of 25.7 Mt at 2.51% CuEq.

Tesla discovery represents a significant mineralized zone, open in all directions, with opportunity to expand with further drilling.

TruScan results identify similarities between the Tesla Zone and McIlvenna Bay deposit, further exploration of McIlvenna Bay area continues to show potential to become one of the larger sulphide deposits across the Flin Flon Camp.

Exploration activity on Tesla is increasing with assays from two completed holes outstanding, and an additional 7-9 holes planned to be drilled this winter.

Dan Myerson, Chairman and CEO, commented: “We are thrilled to announce the latest results from our Tesla exploration drilling program, which continue to demonstrate that our unique exploration methodology can unlock the potential for large critical metal systems across our landholdings. To date, six holes drilled into Tesla have intersected significant base and precious metal sulphides. In total, these holes have tested only 300 metres of strike and 300 metres of the dip extent of the mineralized horizon, which remains open in all directions. Given the geophysical conductor extends 900 metres in strike, there is a significant amount of potential to identify large-scale opportunities that can complement our existing McIlvenna Bay.”

The Tesla Zone lies adjacent to the McIlvenna Bay Deposit and was discovered during the 2022 summer program while drill testing a ~900m (strike) by 300m (width) electro-magnetic conductor. Significant widths of copper and zinc-rich sulphide mineralization have now been intersected in six drill holes, over a 300m x 300m area, and three drills are currently focused on expanding the zone during the 2023 ice-based winter drill program.

Drill hole TS-22-06A was drilled downdip to the east, from surface to a depth of 1,314 metres, to provide additional information on the geometry of the zone. The hole intersected a 30m core length of vein and cleavage bound chalcopyrite and pyrrhotite associated with strong chlorite alteration, which is thought to be equivalent to the lower footwall zone at Tesla intersected in previous drill holes. This was followed by the intersection of the Main Zone comprising copper and zinc-rich massive, and semi-massive and stringer sulphides over a 50m core length associated with moderately to strongly chlorite +/- sericite and silica altered felsic volcanics. The drill hole also intersected a third interval with a 40m core length of significant zinc mineralization, which is currently interpreted to be a repeat of the Main Zone, extending the mineralization down dip for 200 metres below the previous intercepts.

TS-23-08 (assays pending) was drilled to the west from Hanson Lake and provides an orthogonal intersection into the Tesla zone near TS-22-06A, which indicates that the true width of the Main Zone is approximately 30m, confirming prior expectations. A cross section showing the relationship between these zones and previous drill holes is provided in Figure 3 and a table of detailed composites from TS-22-06A is provided in Table 1 below.

Existing ground EM surveys completed over McIlvenna Bay and Tesla had line orientations parallel to the trend of this potential connecting fold limb and may therefore have been blind to conductors in that orientation.

The 2023 winter exploration program started on January 6 with two drills, one focused on the Tesla drilling and the second rig completing infill drilling on the McIlvenna Bay deposit.

Currently, the infill program at McIlvenna Bay is reaching completion and three drills are now located on the ice targeting expansion of the Tesla Zone. It is anticipated that the Tesla ice drilling will continue until the end of March, subject to favourable ice conditions with 7,500 metres over 7-9 drill holes planned.

Planning is underway for continued regional exploration during the summer months on drill targets located both in proximity to McIlvenna Bay and on our Bigstone Project (located 25km to the west), along with geophysical surveys to define drill targets on our extensive land holdings to the south.

In early trading February 16, shares of Foran Mining gained $0.23 to $3.28.