(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)
Well, I guess now we know why they call it "Bigstone". This morning Foran (FOM.V on the TSX Venture) released assay results from one of its infill/confirmatory drill holes at the Bigstone deposit. The highlighted hole assayed 2.03% copper over nearly 105 metres, including 4.11% Cu over 20.35 metres and 3.16% Cu over 19 metres (true thicknesses are estimated at ~60% of the reported downhole intervals). Granted, this is infill drilling we're talking about, but it serves as reminder of why satellite deposits like this should be given at least some respect by the market.
Foran's share price is up significantly over the last few days and the reasons behind that are still a bit of mystery to me. While I'm not complaining, there was one very aggressive buyer that came into the market for 1 million shares which basically drove the majority of the price move. While I appreciate the "Thor's Hammer" style of their purchase, I think that the share price move may need to consolidate a little bit here. In any case, it's great to see the interest in the name. Here's hoping for more of the same in the weeks and months ahead.
As a reminder of my thesis on this one, here's a link to my initial article on the company.
I have copied and pasted today's press release below, along with the original source.
Foran Announces Best Hole Drilled To Date in the Bigstone Copper Zone: 2.0% Cu over 105m, including 4.1% Cu over 20m
- Highlights include 2.03% Cu over 104.94m, including 4.11% Cu over 20.35m and 3.16% Cu over 19.00m in BS-15-2391
- Best drill result received to date for the Copper Zone at Bigstone (based on grade times thickness)
- Drilling is now complete – results from the remaining four drill holes will be released in the coming weeks
Vancouver, BC (April 17, 2015) - Foran Mining Corporation (TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce the results of the second hole completed in the winter 2015 exploration program at the Bigstone deposit, on its 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).
On April 1, 2015 Foran released the results from the first drill hole completed at Bigstone in this program. Drill hole BS-15-240 targeted 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.
The Bigstone deposit has an historic mineral resource with both zinc- and copper-rich zones, including a copper zone with an estimated 3.75Mt grading 2.03% Cu and 0.33 g/t Au (1% Cu cutoff), and an adjacent zinc 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.
Program Update & Looking Ahead
Foran’s winter 2015 exploration program commenced in January and included drilling of both the Thunder Zone on the Balsam property and the Bigstone deposit. Drilling is now complete in both areas, with 1,914m in five drill holes at the Thunder Zone and 2,545m in six drill holes at the Bigstone deposit.
Drill results confirming and expanding the Thunder Zone massive sulphide discovery are summarized in the Foran news release dated March 25, 2015.
The remaining four holes drilled into the Bigstone deposit are currently being logged and sampled; assay results will be released in the coming weeks.
Significant assay intervals for BS-15-239 are summarized in Table 1; true thicknesses are estimated at approximately 60% of downhole distance. Drill hole data for all six holes drilled at Bigstone is presented in Foran’s news release dated April 1, 2015, and a drill plan is shown in Figure 1.
Table 1. ** See full press release, linked here for Table 1 and Figure 1
Note: downhole distance (true thickness estimated at approximately 60% of downhole distance); 2 CuEq = copper equivalent, ZnEq = zinc equivalent, CuEq and ZnEq calculations based on Cu= $2.63/lb., Zn =-$0.90/lb., Au = $1164/oz., Ag = $16/oz.; 3 Cu = copper, Zn = zinc, Au = gold, Ag = silver; 4 MS = massive sulphide, SMS = semi-massive sulphide DSS = disseminated and stringer sulphides.
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.
Dave Fleming, VP 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.