Foran tables assays from Tesla Zone discovery

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Foran Mining Corp. [FOM-TSXV] on Tuesday reported additional drill results from the recently discovered Tesla Zone on its McIlvenna Bay Project in Saskatchewan.

The latest results include remaining intercepts from the initial discovery hole. Assays from a wedge hole located 30 metres up dip (TS-22-03w2) include 11.9 metres of grade 6.2% of copper equivalent (CuEq), including 5.4 metres at 10.2% CuEq.

In a press release on June 8, 2022, announcing partial assays from the discovery hole, the company said results validate a new near-mine mineralized zone located 600 metres from the currently defined McIlvenna Bay deposit. The proximity of the newly discovered zone suggests potential future mining could benefit from economies of scale and the existing and planned infrastructure at McIlvenna Bay.

Key highlights from the June 8 press release include 200 metres of continuous massive and disseminated sulphides intersected, including chalcopyrite and sphalerite. Initial results included 12.4 metres at 1.8% CuEq, including 1.2 metres at 8.3% Cu Eq.

Assays from discovery hole (TS-22-03) are now complete, the company said, resulting in a significant expansion of the mineralized intervals. For example, preliminary intersection (12.4 metres at 1.8% CuEq) has been expanded to 31.4 metres (from 12.4 metres) at 1.3% CuEq, including 1.2 metres at 8.5% CuEq.

An up-dip step-out hole TS-22-04 testing 200 metres strike appears to have intersected the Tesla Zone, with assays pending.

On Tuesday, the company said drilling provides further validation of the original modelling of a 900-metre strike by 300-metre-wide conductor with true widths estimated to be 25 metres to 50 metres.

“These results demonstrate the growing potential at the near-mine newly discovered Tesla Zone, and further illustrates the rarity of this tremendous scalable discover,’’ said Foran Chairman and CEO Dan Myerson.

“Additionally, and what is even more exciting, is that we have encountered high-temperature alterations at Tesla, which could correlate with higher-grade gold and copper values, similar to other base and precious metal deposits within the Flin Flon Terrane.’’

The full assays results from TS-22-03 indicate that the Tesla Zone consists of continuous disseminated and fracture filling sulphide mineralization containing significant copper and zinc over approximately 100 metres of core length with several high grade intervals of semi-massive to massive sulphide mineralization.

On Tuesday, Foran shares eased 1.9% or $0.05 to $2.54. The shares are currently trading in a 52-week range of $3.09 and $1.85.

McIlvenna Bay is a copper-zinc-gold-silver-rich VMS deposit that is intended to be the centre of a new mining camp in a prolific district that is already been producing for 100 years.

A feasibility study envisions a state-of-the art, and re-designed mine plan to accommodate a larger production base at 4,200 tonnes per day, which will serve as a starter-plant and is designed to accommodate future expansions.

The study outlines an 18.4-year mine life and is based on probable mineral reserves of 25.7 million tonnes of grade 2.51% CuEq (copper equivalent). The initial capital cost is forecast at $368 million.

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