Foran Phase One Drilling Continues to Intersect Good Grades & Widths at McIlvenna Bay
June 07 2011 - 8:00AM
Marketwired Canada
Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased
to announce assay results from an additional four 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 north central Saskatchewan, 60
kilometres west of Flin Flon, Manitoba.
These four holes, which were designed to target the Copper Stringer Zone (the
"Zone"), also intersected overlying lenses of massive sulphide mineralization in
several of the holes. Highlights include:
-- 7.34 m of massive sulphide grading 7.85% zinc ("Zn"), 1.76% copper
("Cu"), 21.2 g/t silver ("Ag"), and 0.68 g/t gold ("Au") directly
overlying 30.00 m of the Zone grading 1.22% Cu and 0.44 g/t Au in hole
MB-11-141;
-- 9.38 m grading 1.40% Zn, 1.18% Cu, 17.5 g/t Ag and 0.25% Au from an
upper lens in hole MB-11-141. This intercept is comprised of a 5.63m
interval of copper-rich disseminated and stringer style mineralization,
grading 1.45% Cu and 0.30% Zn, directly overlying a 3.75m zinc-rich
semi-massive interval grading 3.05% Zn and 0.78% Cu;
-- 2.47 m of massive sulphide grading 11.76% Zn, 1.10% Cu, 16.7 g/t Ag and
1.00 g/t Au directly overlying 12.83 m of the Zone grading 1.22% Cu in
hole MB-11-142;
-- 22.85 m of the Zone grading 1.52% Cu and 0.25 g/t Au, including 3.45 m
grading 4.95% Cu and 0.72 g/t Au in hole MB-11-144.
Patrick Soares, President and CEO of Foran commented: "These most recent holes
from our Phase One program at McIlvenna Bay continue to return robust copper
grades and widths, along with good continuity in the Zone, our primary target in
this program. With the deeper holes we are also drilling into zones of
high-grade massive sulphide mineralization, on which the current NI 43-101
compliant mineral resource for the Project is based."
McIlvenna Bay is host to significant volcanogenic massive sulphide ("VMS")
mineralization, consisting of steeply dipping zinc-copper-gold-silver massive
sulphide lenses underlain by the Zone, which contains significant copper and
gold values. The objective of the Phase One Program is to test the continuity of
the Zone and establish the geological controls on mineralization for resource
modelling.
A table of significant intercepts from the four drill holes in this release is
provided below:
----------------------------------------------------------------------------
From To Interval Au Ag Cu Zn
Hole ID (m) (m) (m)(1) (g/t) (g/t) (%) (%)
----------------------------------------------------------------------------
MB-11-141 424.91 434.29 9.38 0.25 17.53 1.18 1.40
including 424.91 430.54 5.63 0.27 20.56 1.45 0.30
and 430.54 434.29 3.75 0.22 12.97 0.78 3.05
MB-11-141 445.97 450.06 4.09 0.55 16.90 1.18 0.93
MB-11-141 453.66 461.00 7.34 0.68 21.19 1.76 7.85
MB-11-141 461.00 491.00 30.00 0.44 5.31 1.22 0.08
MB-11-141 506.40 517.65 11.25 0.069 3.77 1.08 0.076
MB-11-141 530.34 536.45 6.11 0.10 3.25 0.90 0.17
----------------------------------------------------------------------------
MB-11-142 402.57 403.60 1.03 0.22 9.80 0.42 4.67
MB-11-142 418.55 421.02 2.47 1.00 16.74 1.10 11.76
MB-11-142 421.02 433.85 12.83 0.27 4.92 1.22 0.08
including 421.02 428.02 7.00 0.45 7.00 1.62 0.10
----------------------------------------------------------------------------
MB-11-143 428.44 429.78 1.34 0.27 19.20 0.64 8.27
MB-11-143 429.78 431.21 1.43 0.60 30.40 0.79 0.64
MB-11-143 450.75 453.75 3.00 0.26 18.1 0.46 9.72
MB-11-143 453.75 474.76 21.01 0.16 5.35 1.19 0.19
including 454.75 460.75 6.00 0.28 8.03 1.61 0.19
----------------------------------------------------------------------------
MB-11-144 291.92 293.92 2.00 0.078 8.65 1.06 0.21
MB-11-144 303.15 326.00 22.85 0.25 9.38 1.52 0.14
including 303.15 306.60 3.45 0.72 34.96 4.95 0.38
----------------------------------------------------------------------------
(1)True thickness is estimated to be approximately 80-85% of drill indicated
length.
Drill holes MB-11-141 and MB-11-144 were drilled on section 9450E; drill holes
MB-11-142 and MB-11-143 were drilled 50 m to the east on section 9500E. On May
10, 2011, Foran released the results of drill holes MB-11-136 and MB-11-137,
which were also drilled on section 9500E. Geological cross sections are attached
to this release, and show the results from the Phase One Program in context with
historic drill holes.
The four holes from the Phase One Program drilled on section 9500E (MB-11-136,
-137, -142, and -143) cover an approximately 200m downdip extent in the Zone.
The results from these holes demonstrate the excellent continuity displayed by
this style of mineralization at McIlvenna Bay.
The results contained in this release and in Foran news releases of April 6,
2011 and May 10, 2011 are part of a ten drill hole (5,081 metre) Phase One
Program that has recently been completed on the Project. The results for one
final drill hole from the Phase One Program will be released as assay data
becomes available.
A table of previously released significant intercepts from the Phase One Program
is provided below (see Foran news releases dated April 6, 2011 and May 10, 2011
for additional information):
----------------------------------------------------------------------------
From To Interval Au Ag Cu Zn
Hole ID (m) (m) (m)(1) (g/t) (g/t) (%) (%)
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
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.
Quality Assurance, Quality Control, and Qualified Person
Drilling is completed using NQ size diamond drill core. The core was logged by
representatives of Equity Exploration Consultants Ltd., a geological consulting
firm independent of the Company. During the logging process mineralized
intersections were marked for sampling and given unique sample numbers. Sampled
intervals were sawn in half by 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 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 and development company with projects in the
Flin Flon mining belt. The Company's flagship project is McIlvenna Bay, a
Volcanogenic Massive Sulphide ("VMS") deposit located in east central
Saskatchewan, 60 kilometres west of Flin Flon, Manitoba.
McIlvenna Bay is one of the largest undeveloped VMS deposits 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, based on copper and
zinc prices of US$1.50/lb. and US$0.70/lb., respectively, and recoveries of 81%
for copper and 72% for zinc. The resource estimate calculated NSR values based
on projected mining and milling costs and used an NSR cut-off of $50/tonne.
Cut-off grades of 1.5% copper and 4.0% zinc were used for the massive and
semi-massive sulphide zones. For the Copper Stringer Zone, the cut-off was based
on geological boundaries, entire intersections, and a minimum width of three
metres, rather than on a specific cut-off grade. This resource estimate is
presented in an independent National Instrument 43-101 technical report, dated
November 27, 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.foranmining.com.
Foran trades on the TSX.V under the symbol "FOM".
To view Figure 1 (Drill Section 9540E), please visit the following link:
http://media3.marketwire.com/docs/drill-section-9450E-3.pdf
To view Figure 2 (Drill Section 9500E), please visit the following link:
http://media3.marketwire.com/docs/drill-section-9500E-3.pdf
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.
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