Foran Completes Phase One Program at McIlvenna Bay with High Grade Massive Sulphide Intercept & Provides Program Summary
June 15 2011 - 8:00AM
Marketwired Canada
Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased
to announce the results of the final drill hole and provide a summary of 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.
The primary objective of the Phase One Program was to test the Copper Stockwork
Zone (the "Copper Zone"). However, the final hole in the program (MB-11-145) was
designed to test the potential of the main massive sulphide horizon (Lens 2) by
targeting an interpreted thickening of the lens down plunge. Lens 2 represents
the largest of the zinc-silver-rich massive sulphide zones discovered to date at
McIlvenna Bay. This hole intersected 13.33 m of massive sulphide grading 5.32%
zinc and 54.1 g/t silver.
Key findings from the Phase One Program include:
-- Drilling on 50 m centers demonstrates excellent continuity, grade and
width of copper-gold mineralization in the Copper Zone,
-- The Copper Zone remains open updip, towards surface,
-- Potential for the Copper Zone to widen at shallower depths, and
-- Confirmation of thick intervals of high-grade zinc-sliver massive
sulphides overlying the Copper Zone.
Patrick Soares, President and CEO of Foran commented: "We have successfully
completed our first drill program at McIlvenna Bay since the consolidation of
100% Foran ownership of the Project, refinancing of the Company, strengthening
of our Board of Directors and appointment of a new management team. In this
program, we have systematically intercepted broad, continuous intervals of
copper-gold mineralization. This is the first step in bringing the large Copper
Zone into the NI 43-101 mineral resource. In our final hole of the program, we
drilled deeper to further test the massive sulphides and were rewarded with the
wide intercept of high-grade zinc-silver mineralization we reported today". Mr.
Soares continued "McIlvenna Bay is a robust project in an advantageous location.
Foran will continue to advance the Project through further drilling, resource
definition and engineering studies, as we move towards our goal of building and
operating a world-class mine at McIlvenna Bay."
Phase One Program Summary
McIlvenna Bay is a Volcanogenic Massive Sulphide ("VMS") deposit with lenses of
zinc-sliver+/-copper-gold ("Zn", "Ag", "Cu, "Au") massive sulphide
mineralization overlying a large copper-gold stockwork in the Copper Zone. The
deposit is overlain by a thin cap of younger sedimentary rocks. Mineralization
begins immediately below these sediments, at depths of 15-25 m below surface,
extends down plunge for at least 1,500 m and remains open to depth.
The current independent, National Instrument 43-101 compliant mineral resource
estimate for the Project, which was completed in 2006, includes an indicated
mineral resource of 6.7 million tonnes grading 6.51% Zn, 0.87% Cu, and 26.0 g/t
Ag and a further 6.0 million tonnes grading 5.89% Zn, 0.83% Cu, and 24.8 g/t Ag
in the inferred category (see below for additional information). This mineral
resource is contained almost exclusively within the massive sulphides, whereas
historic resources also included significant tonnage within the Copper Zone.
The primary objective of the ten drill hole (5,081 m) Phase One Program was to
test the grade, width and continuity of the Copper Zone on three 50 m spaced
lines (Sections 9400E to 9500E) and to establish geological controls on
mineralization for resource modelling. Nine holes targeted the Copper Zone
(MB-11-136 to MB-11-144), some of these holes also cut the overlying
zinc-silver+/-copper-gold massive sulphides (see attached summary table for
significant intercepts). Overall, the results of the Phase One Program
demonstrated excellent continuity over the portion of the Copper Zone tested.
Similar to the massive sulphides, the Copper Zone starts at a depth of 15-25 m
below surface and plunges to the north. The Copper Zone is known to be open down
plunge and locally down dip, however, Foran's technical team has concluded that
the upper boundary of the Copper Zone is poorly defined by past work, with only
very limited drilling along a 1,500 m extent. Phase One Program drilling on
Sections 9400E, 9450E and 9500E show the Zone widening updip, indicating the
zone is open towards surface. Drilling of this target holds the potential to add
near-surface tonnes to the mineral resource outside historic estimates.
The mineralized intercept in Phase One Program hole MB-11-144 was drilled within
approximately 10 m of historic hole MB-99-118 and provides an initial
verification of old versus new results. The two holes compared well, with the
intercept from the current program being slightly longer and higher grade (22.85
m of 1.52% Cu, 0.25 g/t Au, 9.38 g/t Ag in MB-11-144 versus 21.00 m of 1.17% Cu,
0.09 g/t Au, 5.66 g/t Ag in MB-99-118).
A secondary objective of the Phase One Program was to drill a deeper hole to
test an interpreted thickening of the Lens 2 massive sulphide lens along the
plunge of the horizon. This was achieved in the final hole of the program,
MB-11-145. This hole returned 13.33 m of massive sulphide grading 5.32% Zn and
54.1 g/t Ag, including 1.87 m of 10.80% Zn and 20.33 g/t Ag, directly overlying
the Copper Zone, which returned 4.10 m of 1.51% Cu and 0.51 g/t Au.
Overall, the Phase One Program exceeded the objectives as set out at the
beginning of the program. Most significantly: (1) the test drilling on 50 m
spaced lines will serve as a basis to begin NI 43-101 compliant resource
estimation of the Copper Zone, and (2) the widening of the Copper Zone along its
upper margin, where it was previously considered to be closed off, represents a
new area for potential expansion.
A table of significant intercepts from the Phase One Program is provided below:
----------------------------------------------------------------------------
From To Interval Cu Au Zn Ag
Hole ID (m) (m) (m)(1) (%) (g/t) (%) (g/t)
----------------------------------------------------------------------------
MB-11-136 364.57 387.10 22.53 1.59 1.21 0.33 12.34
Including 365.33 377.00 11.67 2.09 2.18 0.61 19.37
----------------------------------------------------------------------------
MB-11-137 298.93 327.17 28.24 1.30 0.31 0.24 9.05
Including 300.08 303.61 3.53 2.88 0.79 0.65 25.17
and 318.20 326.00 7.80 1.88 0.37 0.19 9.25
----------------------------------------------------------------------------
MB-11-138 329.68 342.54 12.86 1.92 0.21 0.35 11.13
MB-11-138 356.42 366.95 10.53 1.54 0.13 0.12 7.43
MB-11-138 374.74 407.26 32.52 1.69 0.35 0.27 11.29
including 375.74 383.74 8.00 3.19 0.40 0.59 24.79
and 393.74 401.24 7.50 2.20 0.71 0.28 12.04
----------------------------------------------------------------------------
MB-11-139 403.19 450.74 47.55 1.70 0.46 0.17 12.77
including 404.19 412.19 8.00 3.24 0.92 0.54 25.79
and 429.19 435.19 6.00 2.15 1.04 0.07 13.58
----------------------------------------------------------------------------
MB-11-140 455.65 458.43 2.78 4.20 1.46 7.56 52.35
MB-11-140 458.43 487.43 29.00 1.25 0.61 0.13 7.10
including 458.43 470.43 12.00 1.73 1.26 0.24 12.42
MB-11-140 506.10 520.10 14.00 1.30 0.43 0.06 5.44
including 506.10 511.10 5.00 1.84 0.88 0.08 8.76
----------------------------------------------------------------------------
MB-11-141 424.91 434.29 9.38 1.18 0.25 1.40 17.53
including 424.91 430.54 5.63 1.45 0.27 0.30 20.56
and 430.54 434.29 3.75 0.78 0.22 3.05 12.97
MB-11-141 445.97 450.06 4.09 1.18 0.55 0.93 16.90
MB-11-141 453.66 461.00 7.34 1.76 0.68 7.85 21.19
MB-11-141 461.00 491.00 30.00 1.22 0.44 0.08 5.31
MB-11-141 506.40 517.65 11.25 1.08 0.07 0.08 3.77
MB-11-141 530.34 536.45 6.11 0.90 0.10 0.17 3.25
----------------------------------------------------------------------------
MB-11-142 402.57 403.60 1.03 0.42 0.22 4.67 9.80
MB-11-142 418.55 421.02 2.47 1.10 1.00 11.76 16.74
MB-11-142 421.02 433.85 12.83 1.22 0.27 0.09 4.92
including 421.02 428.02 7.00 1.62 0.45 0.10 7.00
----------------------------------------------------------------------------
MB-11-143 428.44 429.78 1.34 0.64 0.27 8.27 19.20
MB-11-143 429.78 431.21 1.43 0.79 0.60 0.64 30.40
MB-11-143 450.75 453.75 3.00 0.46 0.26 9.72 18.1
MB-11-143 453.75 474.76 21.01 1.19 0.16 0.19 5.35
including 454.75 460.75 6.00 1.61 0.28 0.19 8.03
----------------------------------------------------------------------------
MB-11-144 291.92 293.92 2.00 1.06 0.08 0.21 8.65
MB-11-144 303.15 326.00 22.85 1.52 0.25 0.14 9.38
including 303.15 306.60 3.45 4.95 0.72 0.38 34.96
----------------------------------------------------------------------------
MB-11-145 660.48 673.81 13.33 0.24 0.38 5.32 54.14
including 661.21 663.08 1.87 0.16 0.13 10.80 20.33
MB-11-145 673.81 677.01 4.10 1.51 0.51 0.37 15.24
----------------------------------------------------------------------------
(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.
To view the image of drill section 9400E, please visit the following link:
http://media3.marketwire.com/docs/drill-section-9400E-3.jpg
To view the image of drill section 9450E, please visit the following link:
http://media3.marketwire.com/docs/drill-section-9450E-4.jpg
To view the image of drill section 9500E, please visit the following link:
http://media3.marketwire.com/docs/drill-section-9500E-5.jpg
To view the image of drill section 9550E, please visit the following link:
http://media3.marketwire.com/docs/drill-section-9550E-3.jpg
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 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 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".
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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