(Disclosure: The following represents my opinions only. I am not receiving any compensation for writing this article, nor does Hydra Capital have any business relationship with companies mentioned in this post. I am long FOM.V )
Foran Continues to Intersect High-Grade Copper at Bigstone: Cumulative 86m of Copper Mineralization in BS-15-241
- The third of six infill holes drilled at the Bigstone deposit intersected three broad and closely spaced intervals of copper-gold mineralization with a cumulative width of 86m within the Main Zone
- Highlights from drill hole BS-15-241 include:
o 1.17% Cu and 0.12g/t Au over 31.5m (including 2.18% Cu and 0.31g/t Au over 8.0m), and o 1.54% Cu and 0.36g/t Au over 23.5m (including 6.00% Cu and 0.69g/t Au over 2.45m)1
• Drilling is now complete – results from the remaining three drill holes at Bigstone will be released in the coming weeks
Vancouver, BC (April 30, 2015) - Foran Mining Corporation (TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce the results of the third of six infill drill holes at the Bigstone deposit. These holes were drilled as part of the winter 2015 exploration program on the Company’s 100% owned Bigstone property. The Bigstone deposit is located 25 km southwest of Foran’s McIlvenna Bay deposit (“McIlvenna Bay”) in east-central Saskatchewan, where the Company announced the results of a positive preliminary economic assessment in late 2014 (see the Foran news release dated Nov. 12, 2014).
The Bigstone deposit has an historic mineral resource with both zinc- and copper-rich zones, including copper-rich mineralization in the Main Zone (formerly the Copper Zone) with an estimated 3.75Mt grading 2.03% Cu and 0.33 g/t Au (1% Cu cutoff), and an adjacent zinc-rich massive sulphide zone with an estimated 0.53Mt grading 9.62% Zn and 15.9 g/t Ag (5% Zn cutoff)2. The historic mineral resources outline a vertically oriented, flattened, cylindrical shaped body, in part drill tested between 100 and 700m below surface.
Drill hole BS-15-241 cut the central part of the historic resource area, on the same section as drill hole BS- 15-239 (Figures 1 and 2). Massive sulphide mineralization in BS-15-241 starts at a depth of 170m from surface. True thicknesses are estimated at approximately 60% of downhole distance. Significant assay intervals for BS-15-241 are summarized in Table 1.
1 Cu = copper, Au = gold, m = metres; 2 The Bigstone historic resource was estimated in 1990; Foran is not treating the historic estimate as current; a Qualified Person within the meaning of National Instrument 43- 101 has not completed sufficient work to classify the historic estimate as current; additional work, including re-surveying, re-logging and drill core QA/QC would be required to verify and upgrade the historic estimate to current.
As reported in the Foran news release dated April 17, 2015, drill hole BS-15-239 intersected a zinc-rich massive sulphide horizon, followed by 2.0% Cu over 104.94m, including 4.11% Cu over 20.35m in the Main Zone, with massive sulphide mineralization starting at a depth of 260m from surface.
As in drill hole BS-15-239, drill hole BS-15-241 intersected a zinc-rich massive sulphide horizon, followed downhole by a broad thickness of copper-rich sulphides in the Main Zone. Main Zone sulphides are associated with intensely iron and silica altered volcanic rocks. Mineralization dominantly consists of chalcopyrite, pyrrhotite, and pyrite which occur in a combination of semi-massive, disseminated and stringer styles of mineralization. In BS-15-241, the Main Zone contains minor intervals of weakly mineralized material that divides the zone into three discrete lenses.
Drill hole data for all six holes drilled at Bigstone is presented in Foran’s news release dated April 1, 2015.
Table 1. (Omitted due to formatting. Please see link to original press release above, which also includes a map)
Program Update & Looking Ahead
Foran’s winter exploration program was conducted between January and April, 2015 and included drilling 1,914m in five drill holes in the Thunder Zone on the Balsam property and 2,545m in six drill holes in the Bigstone deposit. Drilling is now complete in both areas. The remaining three holes drilled into the Bigstone deposit have been logged and sampled; assay results will be released in the coming weeks.
On April 1, 2015 Foran released the results from the first drill hole completed at Bigstone in this program. Drill hole BS-15-240 intersected a zone of high-grade zinc mineralization, with 18.4% Zn over 11.78m, including 27.0% Zn over 7.62m. Individual intervals in BS-15-240 returned up to 41.7% Zn over 0.98m.
Drill results confirming and expanding the Thunder Zone massive sulphide discovery are summarized in the Foran news release dated March 25, 2015.
About Foran Mining
Foran is a copper-zinc exploration and development company with projects in the Flin Flon Mining Belt. McIlvenna Bay, Foran’s flagship deposit, is located in east-central Saskatchewan, 65 kilometres west of Flin Flon, Manitoba and is one of the largest undeveloped VMS deposits in Canada. On November 12, 2014, Foran announced a positive preliminary economic assessment for McIlvenna Bay.
Roger March, VP Project Exploration for Foran and a Qualified Person within the meaning of National Instrument 43-101, has reviewed and approved the technical information in this release.
As at December 31, 2014, the Company had a treasury of $4.05 million in cash and cash equivalents. Foran trades on the TSX.V under the symbol “FOM”.
For Additional Information Please Contact Foran Mining Corporation:
President & CEO
409 Granville Street, Suite 904 Vancouver, BC, Canada, V6C 1T2
VP, Corporate Development
36 Toronto St, Suite 1000 Toronto, ON, Canada, M5C 2C5
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward Looking Statements
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Foran’s objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in Foran’s public documents filed on SEDAR. Although Foran believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Foran disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.