Foran Commences Summer Program at McIlvenna Bay
June 30 2014 - 9:00AM
Marketwired Canada
Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased
to announce a summer exploration program (the "Program") on the Company's
McIlvenna Bay, Balsam and Hanson properties (the "Properties") surrounding its
100% owned McIlvenna Bay deposit ("McIlvenna Bay" or the "Deposit") is underway.
The Program will include geological mapping and sampling of outcrop and drill
core for lithogeochemical analysis and interpretation.
The primary objectives of the Program are to better define the stratigraphy most
prospective for volcanogenic massive sulphide ("VMS") mineralization north and
south of the Deposit and to identify local hydrothermal alteration zones
associated with VMS mineralization. Ongoing exploration on the Properties is
focused on the discovery and delineation of satellite VMS deposits around
McIlvenna Bay, similar to the VMS camps in nearby Flin Flon and Snow Lake.
Key targets in the Program include the Thunder Zone, Target A and the Hanson
Lake area. At the Thunder Zone, located seven kilometres southeast of the
Deposit on the Balsam property, drilling in 2013 encountered high-grade copper
VMS mineralization of 4.1% Cu and 0.43 g/t Au, and 27 g/t Ag over 3.66m (see the
Foran news release dated April 8, 2013). Work in the Program at the Thunder Zone
will focus on follow-up of lithogeochemical studies conducted in 2013. At Target
A, located two kilometres southeast of McIlvenna Bay, borehole electromagnetic
surveys conducted in early 2014 confirmed the presence of a strong conductor at
depth. Detailed sampling of 2014 drill core from this area is aimed at better
defining the lithogeochemistry, chemostratigraphy and alteration character of
Target A. North of the Deposit, the Hanson Lake area hosts several VMS
occurrences and the past producing Hanson Lake Mine. Work in the Program will
build on historic lithogeochemical exploration conducted by Cameco in the late
1980's and early 1990's aimed at the identification of prospective geological
belts in the Hanson Lake area.
About Foran Mining
Foran is a diversified exploration and development company with projects in the
Flin Flon Mining Belt. McIlvenna Bay, the Company's flagship deposit, is 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
McIlvenna Bay, 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.
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 March 31, 2014 Foran had a treasury of $4.4 million in cash and cash
equivalents.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Foran Mining Corporation
Patrick Soares
President & CEO
409 Granville Street, Suite 904
Vancouver, BC, Canada, V6C 1T2
Foran Mining Corporation
Fiona Childe
VP, Corporate Development
199 Bay Street, Suite 2000, P.O. Box 285
Toronto, ON, Canada, M5L 1G9
Foran Mining Corporation
416-363-9229
ir@foranmining.com
www.foranmining.com
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