Foran Intersects 1.70% Cu and 0.46 g/t Au Over 47.55m at McIlvenna Bay
May 10 2011 - 6:30AM
Marketwired Canada
Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased
to announce assay results from an additional three drill holes from the
Company's 2011 spring drill program (the "Phase One Program") at its McIlvenna
Bay Project ("McIlvenna Bay" or the "Project"), located in northeast
Saskatchewan, 60 kilometres west of Flin Flon, Manitoba.
Drilling results continue to indicate good continuity and thickness, with wide
intervals of elevated copper and gold, as highlighted by MB-11-139 which
intersected a downhole length of 47.55 metres grading 1.70% copper and 0.46 g/t
gold, including an 8.00 metre interval grading 3.24% copper and 0.92 g/t gold. A
table of significant results from the Phase One Program is provided below:
----------------------------------------------------------------------------
From To Interval Au(2) Ag(2) Cu(2) Zn(2)
Hole ID (m) (m) (m)(1) (g/t) (g/t) (%) (%)
----------------------------------------------------------------------------
(3)MB-11-136 364.57 387.10 22.53 1.21 12.34 1.59 0.33
Including 365.33 377.00 11.67 2.18 19.37 2.09 0.61
----------------------------------------------------------------------------
(3)MB-11-137 298.93 327.17 28.24 0.31 9.05 1.30 0.24
Including 300.08 303.61 3.53 0.79 25.17 2.88 0.65
and 318.20 326.00 7.80 0.37 9.25 1.88 0.19
----------------------------------------------------------------------------
MB-11-138 329.68 342.54 12.86 0.21 11.13 1.92 0.35
MB-11-138 356.42 366.95 10.53 0.13 7.43 1.54 0.12
MB-11-138 374.74 407.26 32.52 0.35 11.29 1.69 0.27
including 375.74 383.74 8.00 0.40 24.79 3.19 0.59
and 393.74 401.24 7.50 0.71 12.04 2.20 0.28
----------------------------------------------------------------------------
MB-11-139 403.19 450.74 47.55 0.46 12.77 1.70 0.17
including 404.19 412.19 8.00 0.92 25.79 3.24 0.54
and 429.19 435.19 6.00 1.04 13.58 2.15 0.07
----------------------------------------------------------------------------
MB-11-140 455.65 458.43 2.78 1.46 52.35 4.20 7.56
MB-11-140 458.43 487.43 29.00 0.61 7.10 1.25 0.13
including 458.43 470.43 12.00 1.26 12.42 1.73 0.24
MB-11-140 506.10 520.10 14.00 0.43 5.44 1.30 0.06
including 506.10 511.10 5.00 0.88 8.76 1.84 0.08
----------------------------------------------------------------------------
(1)True thickness is estimated to be approximately 80-85% of drill indicated length.
(2)Au = gold, Ag = silver, Cu = copper, Zn = zinc.
(3)Result previously released; see Foran's news release dated April 6, 2011.
McIlvenna Bay is host to significant volcanogenic massive sulphide ("VMS")
mineralization, consisting of steeply dipping zinc-copper-gold-silver massive
sulphide lenses underlain by a copper stringer zone (the "Zone") with
significant gold values. The objective of the drill program is to test the
continuity of the Zone and establish the geological controls on mineralization
for resource modelling.
Patrick Soares, President and CEO of Foran commented: "Our Phase One Program at
McIlvenna Bay continues to demonstrate good width, grade and continuity, with
potential to add to the Zone updip, at shallower depths from surface. The
results from this program will assist Foran's geological team in determining how
to incorporate the Zone into an updated mineral resource estimate."
A geological cross section is attached to this release which shows the results
from the Phase One Program in context with historic drill holes in the area.
Assay results from Foran's Phase One Program compare favourably with historic
results and the drilling suggests that the Zone remains open towards surface for
further expansion.
The results contained in this release and in a Foran news release of April 6,
2011 are part of a ten drill hole (5,081 metre) Phase One Program that has
recently been completed on the Project. The remainder of the results from the
Phase One Program will be released as assay data becomes available.
Quality Assurance, Quality Control, and Qualified Person
Drilling is completed using NQ size diamond drill core. The core is currently
logged by representatives of Equity Exploration Consultants Ltd., a geological
consulting firm independent of the Company. During the logging process
mineralized intersections are marked for sampling and given unique sample
numbers. Sampled intervals are sawn in half by a diamond blade saw. One half of
the sawn core is placed in a plastic bag with the sample tag and sealed, while
the second half is returned to the core box for storage on site. Sample analysis
is performed by TSL Laboratories Ltd. ("TLS") in Saskatoon, Saskatchewan. TLS is
a CAN-P-1579, CAN-P-4E(ISO/IEC 17025:2005) accredited laboratory and independent
of Foran. Analysis for Ag, Cu, and Zn is performed using atomic absorption
spectrometry ("AA") after multi-acid digestion. Au analysis is completed by fire
assay with AA finish. Any samples which return results greater than 3.0 g/t Au
are re-run using gravimetric finish. A complete suite of QA/QC reference
materials (standards, blanks and pulp and field 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.
The technical content of this new release has been verified and approved by
Roger March, P.Geo. Mr. March is the Manager, Advanced Projects for Foran, a
Qualified Person within the meaning of National Instrument 43-101 and has
visited the Project.
About Foran Mining
Foran is a diversified exploration company with exploration properties in the
Flin Flon mining belt. The Company's flagship project is McIlvenna Bay, a VMS
deposit located 60 kilometres west of Flin Flon, Manitoba.
McIlvenna Bay is one of the largest undeveloped VMS deposit in Canada, with an
indicated mineral resource of 6.7 million tonnes grading 0.87% copper, 6.51%
zinc and 26.0 g/t silver and a further 6.0 million tonnes grading 0.83% copper,
5.89% zinc and 24.8 g/t silver in the inferred category, using a cut-off grade
of 4.0% zinc and 1.5% copper (as applicable).
This resource estimate is presented in an independent National Instrument 43-101
technical report, dated November 2006 and authored by Scott Wilson Roscoe Postle
and Associates Inc. The report is available on SEDAR at www.sedar.com or on the
Company's website at www.forangold.com.
Forward Looking Statements
Certain statements contained in this news release may contain forward-looking
information within the meaning of Canadian securities laws. Such forward-looking
information is identified by words such as "estimates", "intends", "expects",
"believes", "may", "will" and include, without limitation, statements regarding
the company's plan of business operations (including plans for progressing
assets), estimates regarding mineral resources, projections regarding
mineralization and projected expenditures. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from such statements. Factors that could cause actual results
to differ materially include, among others, metal prices, risks inherent in the
mining industry, financing risks, labour risks, uncertainty of mineral resource
estimates, equipment and supply risks, title disputes, regulatory risks and
environmental concerns. Most of these factors are outside the control of the
company. Investors are cautioned not to put undue reliance on forward-looking
information. Except as otherwise required by applicable securities statutes or
regulation, the company expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new information,
future events or otherwise.
To view a map of the McIlvenna Bay Project, please visit the following link:
http://media3.marketwire.com/docs/510fom_map.pdf.
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