Highlight intercept of 21m of 3.6% copper equivalent at Bigstone
Marconi target now 900m in strike length and open in all directions
VANCOUVER, BC, June 28, 2022 /CNW/ - Foran Mining Corporation (TSXV: FOM) (OTCQX: FMCXF) ("Foran" or the "Company") is pleased to provide assay results from 14 holes drill on the Company's 100%-owned Bigstone Project, located approximately 25 kilometres ("km") west of the McIlvenna Bay deposit. Drilling focused on both the Bigstone deposit and the Marconi prospect which is located 500 metres ("m") to the east. Together, these targets represent a large prospective copper, zinc, and gold mineralizing system that will be the focus of continued exploration during the 2022 summer program.
Aeromagnetic Map of Bigstone-Marconi Area (CNW Group/Foran Mining Corporation)
Cross Section of Hole MC-21-02 (CNW Group/Foran Mining Corporation)
Cross Section of Select Historical Holes (CNW Group/Foran Mining Corporation)
Key Highlights
Bigstone hole BS-21-251 returned 75.0m grading 2.1% copper equivalent ("CuEq"), including 20.6m 3.6% CuEq.
Hole BS-21-248 returned 7.6m grading 1.1% CuEq, including 3.7m grading 1.8% CuEq.
Marconi currently extends 900m along strike and remains open in all directions.
Following the same exploration strategy that discovered Tesla, airborne magnetic and surface electromagnetic surveys at Marconi highlight anomalous targets that potentially correlate with higher grade opportunities.
2022 drilling at the Marconi target will consist of 7 holes, totalling 3,000m.
Dan Myerson, Foran's Executive Chairman & CEO commented, "On the back of our new discovery at Tesla, we are excited to announce more exploration success at Bigstone-Marconi. These results continue to underpin our strategy to explore and discover near-mine opportunities under a centralized milling scenario. We continue to intercept high grade copper and zinc mineralization, but recent work outlines a substantial opportunity to also uncover extensive anomalous gold zones. It is evident that our exploration techniques are working, and this is only the tip of the iceberg given our vast canvas of targets. Through systematic exploration and drilling, there is significant potential to transform our properties into the next major mining camp in Canada."
Bigstone Drilling
Over the past year, fifteen drill holes were completed in the Bigstone deposit area encompassing 6,130m which consisted of near deposit holes designed to expand known zones both up and down dip and along strike with some infill drilling in certain areas to upgrade current inferred resources to indicated categories. Bigstone currently hosts an estimated resource of 1.98 million tonnes ("Mt") in the Indicated category grading 2.22% CuEq and an additional 1.88 Mt of Inferred resources grading 2.14% CuEq.
Two holes (BS-21-257 and -258) encompassing 855m were drilled as ~150m step-outs to the north of the deposit to test an electromagnetic anomaly along strike that has a similar character as the known Bigstone deposit and one hole (BB-21-01) was drilled ~420m to the south of the deposit at the Babbage target, a northwest trending EM conductor which may be related to anomalous copper-molybdenum mineralization intersected in historic drilling. A plan map showing the location of the 2021 Bigstone Deposit drill holes is provided in Figure 2 below.
The program was successful in intersecting and expanding the known mineralization in the mid-levels of the deposit, where holes (BS-21-245, -246 -247, -248, -250, -251, -254, -255) successfully intersected the upper Zinc Zone, as well as stratigraphically lower mineralization in the Copper Zone and/or Zinc Stringer zone in most cases (see Table 1 below for details). These results continue to highlight that the deposit remains open for incremental expansion with further drilling, especially at depth which was not tested as part of this program.
A complete listing of drill results are provided in Table 1 below. Planning is currently underway for the next phase of drilling which will focus on further expansion of the deposit in the mid-levels and at depth where the mineralized zones remain open, along with select infill holes to convert inferred resources to the indicated category.
Table 1. Significant intercepts from the 2021 Bigstone Drill program:
Hole
Zone
From
(m)
To
(m)
Interval (m)
Cu
(%)
Zn
(%)
Ag
(g/t)
Au
(g/t)
CuEq
(%)
BS-21-245**
Zn Zone
294.75
304.25
9.50
0.42
14.00
76.9
0.37
6.2
Including
Zn Zone
298.30
299.20
0.90
0.28
57.24
24.9
0.06
21.9
And
Zn Zone
301.35
302.47
1.12
0.52
18.98
27.3
0.12
7.8
BS-21-245**
Cu Zone
308.70
311.50
2.80
1.36
0.12
25.0
1.97
2.4
BS-21-246**
222.00
225.00
3.00
0.03
0.23
3.7
0.78
0.5
Including
222.00
223.00
1.00
0.03
0.30
8.1
1.78
1.0
BS-21-246**
Zn Zone
228.80
231.70
2.90
0.11
8.75
5.6
0.25
3.5
Including
Zn Zone
229.65
230.20
0.55
0.01
30.90
19.0
0.15
11.8
BS-21-246**
Cu Zone
237.50
239.50
2.00
2.17
1.07
42.8
2.09
3.7
Including
Cu Zone
238.00
238.50
0.50
3.14
1.54
63.0
5.49
6.5
BS-21-247**
213.50
215.20
1.70
0.57
0.44
229.9
1.21
2.4
Including
213.50
214.00
0.50
0.35
0.08
454.0
2.06
3.6
BS-21-247**
Zn Zone
221.00
222.00
1.00
0.20
1.50
2.8
0.99
1.2
BS-21-247**
Cu Zone
226.10
228.10
2.00
0.38
0.07
8.7
0.39
0.6
BS-21-247**
Zn Stringer
258.45
259.35
0.90
0.01
20.30
0.3
0.03
7.6
BS-21-247**
FW zone
282.00
283.00
1.00
0.23
10.22
1.1
0.02
4.1
BS-21-248
Zn Zone
300.66
308.23
7.57
0.16
2.47
2.2
0.10
1.1
Including
Zn Zone
300.66
304.31
3.65
0.15
4.21
3.5
0.15
1.8
And
Zn Zone
304.00
304.31
0.31
0.09
12.90
5.7
0.31
5.1
BS-21-248
Zn Stringer
317.37
318.50
1.13
0.13
0.78
0.1
0.01
0.4
BS-21-249
NSV
BS-21-250
Zn Zone
251.34
254.50
3.16
0.01
1.02
0.96
0.01
0.4
Including
Zn Zone
251.34
252.50
1.16
0.02
1.69
0.80
0.01
0.7
BS-21-251
Zn Zone
252.50
253.85
1.35
0.14
1.23
1.2
0.04
0.6
BS-21-251
Zn Stringer
271.00
273.00
2.00
0.17
1.07
2.2
0.06
0.6
BS-21-251
Cu Zone
284.00
359.00
75.00
1.86
0.18
8.8
0.36
2.1
Including
Cu Zone
335.40
356.00
20.60
3.48
0.10
11.2
0.14
3.6
BS-21-252
NSV
BS-21-253
NSV
BS-21-254
Zn Zone
335.00
337.18
2.18
0.16
1.15
4.54
0.05
0.6
Including
Zn Zone
336.57
337.18
0.61
0.16
2.21
4.12
0.07
1.0
BS-21-254
Zn Stringer
361.00
367.71
6.71
0.07
0.93
0.89
0.02
0.4
Including
Zn Stringer
364.38
367.71
3.33
0.06
2.31
0.92
0.02
0.9
BS-21-254
Cu Zone
422.20
431.90
9.70
0.69
0.13
5.29
pending
-
Including
Cu Zone
424.80
427.38
2.58
0.93
0.25
6.12
pending
-
BS-21-255
Zn Zone
220.20
223.20
3.00
0.04
0.58
5.1
0.01
0.3
BS-21-256
49.90
50.20
0.3
0.03
0.005
0.1
5.49
2.5
BS-21-257
NSV
BS-21-258
NSV
BB-21-01
279.10
280.30
1.20
0.62
0.01
2.53
0.07
0.7
1 True thickness is estimated to be approximately 60-65% of drill indicated. Copper Equivalent (CuEq) values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $1,800/oz Au, and $20/oz Ag.
** Drill hole results previously released in Foran's news release January 21, 2022.
Marconi Target
The Marconi target represents a 900m long zone of anomalous copper mineralization defined by 13 historic holes located 500m to the east of the Bigstone Deposit. As outlined in the magnetic map provided in Figure 3 below, copper appears to be spatially associated with the margin of magnetic granodiorite and quartz porphyry intrusions along the full length of its strike extent.
Drilling at Marconi
Foran drilled two holes at Marconi during 2021. Mineralization along the Marconi trend appears to be related to the contact between a granodiorite intrusion and felsic volcanic rocks. Based on historic drilling, copper mineralization at Marconi is relatively consistent with thick zones of moderate grade (>0.5% Cu) along the known strike length, with high-grade zones (>1% Cu) intersected in several holes.
As highlighted in Table 2 below, hole MC-21-02 successfully intersected significant anomalous copper mineralization hosted in felsic volcanics, returning 18m of 0.44% Cu and 27m of 0.38% Cu. Hole MC-21-02 hit the same contact, 250m up-dip from historical hole BS-187, which intersected 16.1m @ 0.55% Cu as outlined in the cross-section provided in Figure 4 below. Expectations are that the zone remains open up-dip to the paleosurface (~40m below surface), since historic hole BS-16 was not drilled deep enough to intersect the mineralized contact. Mineralization is also open down-dip below historic hole BS-187 which ended in mineralization.
MC-21-01 targeted the centre of the magnetic granodiorite intrusion and did not test the mineralized contact. Significant drill intercepts drilled by Foran are listed in Table 2, and historical drilling is highlighted Table 3 below.
Table 2: Significant Drill Intercepts from Marconi Drilling1
Hole
From
To
Interval (m)
Cu
Zn
Ag
Au
Cu Eq
Cut-off
(m)
(m)
( %)
( %)
(g/t)
(g/t)
( %)
( %)
MC-21-01
211.0
212.0
1.0
0.01
0.02
0.1
1.92
0.9
MC-21-01
282.7
283.1
0.4
0.25
0.01
0.9
0.02
0.3
MC-21-02
222.3
225
2.7
0.24
0.01
0.7
1.05
0.7
0.20% Cu
MC-21-02
238.0
256.0
18.0
0.44
0.01
0.8
0.05
0.5
0.20% Cu
Including
238.0
242.0
4.0
0.87
0.01
1.4
0.11
0.9
0.50% Cu
And
247.6
250.8
3.1
0.50
0.01
1.0
0.06
0.5
0.50% Cu
MC-21-02
259.0
286.0
27.0
0.38
0.01
2.6
0.06
0.4
0.20% Cu
1 True thickness is estimated to be approximately 70-80% of drill indicated. Copper Equivalent (CuEq) values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $1,800/oz Au, and $20/oz Ag.
Table 3: Results from historic Marconi drilling
Hole
From
To
Interval (m)
Cu
Zn
Ag
Au
Cut-off
(m)
(m)
( %)
( %)
(g/t)
(g/t)
( %)
BS-176
97.4
108.2
10.8
0.45
0.01
1.37
0.18
0.20% Cu
Including
97.4
102.0
4.6
0.62
0.01
1.7
0.12
0.50% Cu
BS-177
135.3
173
37.7
0.39
0.01
1.36
0.04
0.20% Cu
Including
137.5
140.5
3.05
0.94
0.00
2.84
0.16
0.50% Cu
And
157.8
162.5
4.7
0.63
0.02
1.46
0.05
0.50% Cu
BS-178
452.85
458.2
5.35
0.64
0.01
0.87
0.09
0.20% Cu
Including
453.85
457.5
3.65
0.81
0.01
1.16
0.11
0.50% Cu
BS-178
462.85
473.35
10.5
0.42
0.01
0.62
0.06
0.20% Cu
Including
467.5
472.5
5.0
0.67
0.02
1.14
0.1
0.50% Cu
BS-178
475.45
504.5
29.05
1.25
0.02
2.61
0.24
0.50% Cu
BS-179
130.0
146.0
16.0
0.42
0.01
0.56
0.03
0.20% Cu
Including
132.0
134.8
2.8
0.55
0.01
0.51
0.01
0.50% Cu
And
139.0
142.0
3.0
0.69
0.01
1.07
0.06
0.50% Cu
BS-179
266.2
272.4
6.2
0.4
0.00
1.55
0.05
0.20% Cu
BS-179
274.5
281.5
7.0
0.49
0.01
1.98
0.06
0.20% Cu
Including
274.5
277.5
3.0
0.6
0.01
3.06
0.07
0.50% Cu
BS-187
476.7
492.8
16.1
0.55
0.01
0.83
0.07
0.20% Cu
Including
479.05
489.25
10.2
0.65
0.01
0.99
0.08
0.50% Cu
BS-190
327.5
332.1
4.6
0.47
0.01
4.67
0.1
0.20% Cu
BS-190
337.8
343.1
5.3
0.37
0.01
3.63
0.04
0.20% Cu
Including
339
341.1
2.1
0.62
0.01
4.46
0.07
0.50% Cu
BS-190
370.5
374.6
4.1
0.34
0.01
3.55
0.02
0.20% Cu
B-97-219
417
431
14
0.41
0.01
3.12
0.05
0.20% Cu
Including
421
425.6
4.6
0.64
0.01
4.39
0.07
0.50% Cu
B-97-220
138.4
151.9
13.5
1.17
0.03
4.64
0.07
0.20% Cu
B-97-220
159.77
179.27
19.5
0.32
0
2.22
0.01
0.20% Cu
B-97-221
173.7
202.4
28.7
0.58
0.01
3.64
0.07
0.20% Cu
Including
182.8
186.6
3.78
0.88
0.01
4.96
0.06
0.50% Cu
And
190.5
200.8
10.3
0.88
0.01
4.63
0.12
0.50% Cu
1 Note on Marconi Historic Exploration Drilling: There is insufficient information available at this time for the QP to verify the historic results as defined under N1-43-101 and the historic results presented here for the previous Marconi drilling are therefore treated as historical exploration information. The company considers these historical results relevant to assess the mineralization and exploration potential of the Marconi area and larger property.
Large Mineralizing System
Alteration and mineral assemblages at Marconi indicate both an epigenetic Cu-Au overprint and the presence of earlier sulphide mineralization. Several phases of magnetite are considered to be alteration products, with chalcopyrite using both pre-existing sulphides and magnetite as the chemical agents needed for precipitation. The Bigstone deposit also has a strong association with magnetite, and similarities between the two suggest that they may have in part formed through similar processes and are bound by a structurally controlled "node" (i.e. defined by a set of NNE and NW trending faults) approximately 2km x 2.5km in size as interpreted from airborne magnetics data.
An interpreted spatial association between magnetite and copper mineralization at both Bigstone and Marconi provides a vector for future drilling in this covered terrain and the recognition of a potentially new style of mineralization for this district allows Foran Geoscientists to better plan future exploration at existing prospects as well as the greater region.
2022 Summer Drill program
The company plans to drill seven holes, and approximately 3,000m at Marconi this summer to further test and better define the historic mineralized horizons. Drilling will focus on exploring for higher grade zones within the wide spaced historic drilling, as well as testing to extend mineralization to the south along the intrusive contact. Work to date indicates Marconi remains open in all directions, and work will be completed to confirm and expand the target in an effort to move the Marconi to the resource definition stage.
The program will utilize oriented core to better understand the structural controls on mineralization and drilling will be focused on the potential for higher grade shoots within the mineralized zones in the area between Section 1 and Section 2 as outlined in Figure 3 above. It is currently anticipated that the summer drill program at Bigstone will begin in July.
Quality Assurance and Quality Control
Drilling was completed using NQ size diamond drill core and core was logged by employees of the Company. During the logging process, mineralized intersections were marked for sampling and given unique sample numbers. Sampled intervals were sawn in half using a diamond blade saw. One half of the sawn core was placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site. Sample assays are performed by the Saskatchewan Research Council ("SRC") Geoanalytical Laboratory in Saskatoon, Saskatchewan. SRC is a Canadian accredited laboratory (ISO/IEC 17025:2017) and independent of Foran. Analysis for Ag, Cu, Pb and Zn is performed using ICP-OES after total multi-acid digestion. Au analysis is completed by fire assay with ICP-OES finish. Any samples which return results greater than 1.0 g/t Au are re-run using gravimetric finish. A complete suite of QA/QC reference materials (standards, blanks and pulp duplicates) are included in each batch of samples processed by the laboratory. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data.
Qualified Person
Mr. Roger March, P. Geo., Senior Geoscientist for Foran, is the Qualified Person for all technical information herein and has reviewed and approved the technical information in this release.
About Foran Mining
Foran Mining is a copper-zinc-gold-silver exploration and development company, committed to supporting a greener future, empowering communities and creating circular economies which create value for all our stakeholders, while also safeguarding the environment. 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.
McIlvenna Bay is a copper-zinc-gold-silver rich VHMS deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. McIlvenna Bay sits just 65km West of Flin Flon, Manitoba and is part of the world class Flin Flon Greenstone Belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran's ground in eastern Saskatchewan, a distance of over 225km.
McIlvenna Bay is the largest undeveloped VHMS deposit in the region. The Company announced the results from its Feasibility Study on February 28, 2022, outlining that current mineral reserves would potentially support an 18-year mine life producing an average of 65 million pounds of copper equivalent annually. The Company filed a NI 43-101 Technical Report for the McIlvenna Bay Feasibility Study on April 14, 2022. The Company filed a NI 43-101 Technical Report for the Bigstone Deposit resource estimate on February 11, 2022. Investors are encouraged to consult the full text of these technical reports which may be found on the Company's profile on www.sedar.com.
Foran trades on the TSX.V under the symbol "FOM" and on the OTCQX under the symbol "FMCXF".
This news release contains certain forward-looking information and forward-looking statements, as defined under applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or to the future performance of Foran Mining Corporation (the "Company") and reflect management's expectations and assumptions as of the date hereof or as of the date of such forward looking statement.
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Inherent in forward-looking statements are known and unknown risks, estimates, assumptions, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this news release. These factors include management's belief or expectations relating to the following and, in certain cases, management's response with regard to the following: Ownership and reliance on the Company's mineral projects; The Company's history of losses and potential inability to generate sufficient revenue to be profitable or to generate positive cash flow on a sustained basis; The Company's statements about the expected life of mine, productive capacity and other technical estimates on its projects, and the Company's reliance on technical experts with respect thereto; The Company's exposure to risks related to mineral resources exploration and development; Impact of the COVID-19 Pandemic, Infectious Diseases and Other Health Crises on the Company; Global financial volatility and its impact on the Company; The impact of the Russia-Ukraine conflict; Government, securities, and stock exchange regulation and policy; Legal proceedings which may have a material adverse impact on the Company's operations and financial condition; Capital market conditions and their effect on the securities of the Company; Insurance and uninsurable risks; Environmental, health and safety regulation and policy; Mining hazards and risks; Title rights to the Company's projects; Indigenous peoples' title and other legal claims; Mineral resource and mineral reserve estimates; Uncertainties and risks relating to the Feasibility Studies; Fluctuations in commodity prices, including metals; Competition; Expertise and proficiency of management; Limited operating history; The availability of future financing; Dilutive effects; Impacts of global climate change and natural disasters; Inadequate infrastructure; Relationships with local communities; Reputational damage; Risks arising from the Company's reliance on financial instruments; Risks arising from future acquisitions; Management conflicts of interest; Security breaches of the Company's information systems; and the additional risks identified in our Annual Information Form dated June 8, 2022 and other securities filings with Canadian securities regulators available at www.sedar.com.
The forward-looking statements contained in this news release reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Readers are cautioned against undue reliance on forward-looking statements and should note that the assumptions and risk factors discussed above do not contain an exhaustive list of the factors or assumptions that may affect the forward-looking statements, and that the assumptions underlying such statements may prove to be incorrect. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in the Company's securities filings and this news release. All forward-looking statements herein are qualified by this cautionary statement. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.
SOURCE Foran Mining Corporation
Jonathan French, CFA, Director, Investor Relations, 409 Granville Street, Suite 904, Vancouver, BC, Canada, V6C 1T2, [email protected]
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