Foran Completes Winter Exploration Program
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 1, 2014) - Foran
Mining Corporation (TSX-VENTURE:FOM) ("Foran" or the "Company") has
completed the previously announced winter exploration program (the
"Program") on its McIlvenna Bay and Bigstone properties in
east-central Saskatchewan. Exploration activities included initial
diamond drilling on Target A, as well as geophysical surveys on
both the McIlvenna Bay and Bigstone properties.
Patrick Soares, President and CEO of Foran commented "In the
recently completed Program we conducted an initial drill test of
Target A. The single hole completed to a depth sufficient to reach
the principal conductor appears to have hit a late, potentially
crosscutting intrusive unit at our target depth. The results of
surface and borehole geophysics continue to point to a strong
conductor in this area of similar character and size to that
associated with our large McIlvenna Bay deposit". Mr. Soares
continued "Although we are disappointed that our initial test did
not intersect massive sulphides, Target A remains a high-priority
target for further drill testing."
McIlvenna Bay
Property
On the McIlvenna Bay property the Program included large loop
time-domain electromagnetic ("TDEM") surveying in advance of
drilling two diamond drill holes. Borehole electromagnetic ("EM")
surveys were also conducted to track the EM response downhole.
Both drill holes were collared from a common platform and
designed to test Target A, a group of conductors located
approximately 2 kilometres ("km") southeast of the McIlvenna Bay
deposit (the "Deposit"). As discussed in the Foran news release
dated October 31, 2013, Target A was identified by a regional scale
TDEM survey in 2013. Target A has a similar geophysical response to
the Deposit, and at 1.6 km in length, is similar in size.
The first hole was abandoned at 211 metres ("m") due to
excessive flattening. The second hole was drilled to a depth of
1,683 m and encountered geology consistent with the hangingwall
stratigraphy above the McIlvenna Bay deposit, including several key
marker units. A felsic fragmental with chlorite-pyrrhotite and a
quartz feldspar porphyry ("QFP") body were encountered at the
targeted depth of the main conductor. The QFP unit is interpreted
to have cut the volcanics and displaced the conductive source at
this location. Minor base metal sulphides were observed in hole
MR-14-08; however no significant assay values were returned.
Preliminary modelling of the borehole EM survey data indicates a
strong off-hole conductor below the trace of the drill hole at
approximately 1,200 m downhole. This is interpreted to be the
source of the principal Target A conductor.
A total of 17.1 line km of detailed large loop TDEM surveying at
100 m line spacing was conducted over Target A using an HT Squid
B-field sensor. Data from this survey was interpreted on site to
refine targets in advance of drilling. Borehole EM surveys were
conducted with a DigiAtlantis B-field probe at intermediate to
final depths on drill hole MR-14-08 to track the EM response
downhole. Borehole EM surveying indicates a strong off-hole EM
conductor at a downhole depth of approximately 1,200 m with
exceptional late-time decay characteristics. This decay profile
suggests a source other than graphitic zones, which give early to
mid-time EM responses. The final interpretation of this data is in
progress, but it is clear that the source of the strong conductor
associated with the Target A anomaly remains unexplained and
additional drilling to identify the source is warranted.
Table 1. Target A Drillhole data
Hole # |
Easting |
Northing |
Elevation (m) |
Azimuth UTM (º) |
Dip (º) |
Depth (m) |
MR-14-07 |
643,594 |
6,055,490 |
336 |
204.8 |
-70 |
211 |
MR-14-08 |
643,594 |
6,055,490 |
336 |
204.8 |
-77 |
1,683 |
Total Meterage |
|
|
|
|
1,894 |
Bigstone
Property
Foran's Bigstone property, located 10 km west of the McIlvenna
Bay property, contains several occurrences of volcanogenic massive
sulphide ("VMS") mineralization associated with extensive zinc-rich
felsic volcanic stratigraphy. In 1990, past operators estimated an
historic mineral resource for the Bigstone deposit of 3.75 million
tonnes grading 2.03% Cu and 0.33 g/t Au using a 1.0% Cu
cut-off1.
On the Bigstone property the Program included 45 line km of TDEM
surveying over and along strike from the historic resource using an
HT Squid B-field sensor. Preliminary interpretation of the survey
results indicate the historic resource is effectively defined by
the TDEM. Detailed modeling of the survey data will be conducted to
delineate targets for drill testing.
1 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. For additional information see the
Foran news release dated Feb. 18, 2014.
About Foran
Mining
Foran is a diversified exploration and development company with
projects in the Flin Flon Mining Belt. The Company's flagship
McIlvenna Bay Deposit, located in east-central Saskatchewan, 65
kilometres west of Flin Flon, Manitoba, is one of the largest
undeveloped VMS deposits in Canada.
On March 27, 2013, Foran announced an increased mineral resource
estimate for the McIlvenna Bay Deposit, with indicated resources of
13.9 million tonnes grading 1.96% copper equivalent or 13.19% zinc
equivalent (1.28% Cu, 2.67% Zn, 0.49 g/t Au, 17 g/t Ag) and an
inferred resource of 11.3 million tonnes grading 2.01% copper
equivalent or 13.52% zinc equivalent (1.32% Cu, 2.97% Zn, 0.43 g/t
Au, 17 g/t Ag). For additional information, see the Foran news
release dated March 27, 2013 or the report entitled "Technical
Report on the McIlvenna Bay Project, Saskatchewan, Canada" dated
December 9, 2011 at www.sedar.com or www.foranmining.com.
As at December 31, 2013 Foran had a treasury of $4.3 million in
cash and cash equivalents. Subsequently, on February 11, 2014, the
Company announced the closing of a non-brokered flow-through
financing for proceeds of $1.2M.
David 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.
Foran trades on the TSX.V under the symbol "FOM".
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.
Foran Mining CorporationPatrick SoaresPresident &
CEO416-363-9229Foran Mining CorporationFiona ChildeVP, Corporate
Development416-363-9229ir@foranmining.comwww.foranmining.com
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