VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 8, 2015) – Foran Mining Corporation (TSX VENTURE:FOM) (“Foran” or the “Company”) is pleased to provide an update on advancements at the Company’s 100% owned Bigstone copper-zinc deposit (“Bigstone”), located 25 kilometers southwest of Foran’s McIlvenna Bay deposit (“McIlvenna Bay”) in the Hanson Lake Camp of east-central Saskatchewan.
Foran has now completed a summer program which included the relogging/verification of select historic drill holes, petrographic studies of sulphide mineralization by an independent consultant, sampling of 2015 drill core for metallurgical testwork and the collection of detailed specific gravity data through the mineralized intervals from the 2015 winter drill program, in anticipation of completing a mineral resource estimate. Further compilation and geological interpretation of historic data to identify additional targets for subsequent exploration programs throughout Foran’s 11,126 hectare Bigstone property is ongoing.
Foran has awarded the contract for metallurgical testwork to Base Met Labs of Kamloops, BC. This work is well underway and a report is expected to be received by the Company in early Q4/15.
Pending positive metallurgical results, Foran intends to proceed with a mineral resource estimate for Bigstone.
Past work by previous operators has outlined an historic copper-zinc mineral resource for Bigstone (Table 1)(1). The historic mineral resource outlines a cylindrical shaped volcanogenic massive sulphide (“VMS”) deposit, in part drill tested between 100 and 700m below surface. Foran’s 2015 winter campaign tested the central part of the deposit at vertical depths of 200 to 350m with six drill holes, all of which intersected broad intervals of copper+/- zinc mineralization (see the Foran news release dated May 20, 2015). Highlights from the 2015 winter campaign included:
- 2.0% Cu over 105.0m, including 4.1% Cu over 20.4m in BS-15-239, and
- 18.4% Zn over 11.8m, including 27.0% Zn over 7.6m in BS-15-240(2)
|(1)||The Bigstone historic mineral resource was estimated in 1990; 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 the work described in this release, would be required to verify and upgrade the historic estimate to current.|
|(2)||Cu = copper, Zn = zinc, m = metres; true thickness estimated at approximately 60% of downhole distance.|
Table 1. Bigstone Historic Mineral Resource Estimate(1).
|Main Zone (formerly the Copper Zone)
1% Cu cutoff
|Zn-rich Massive Sulphides (formerly the Zinc Zone)
5% Zn cutoff
(1)The Bigstone historic mineral resource was estimated in 1990; 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 the work described in this release, would be required to verify and upgrade the historic estimate to current.
About Foran Mining
Foran is a copper-zinc exploration and development company with projects in the Flin Flon Mining Belt. McIlvenna Bay, Foran’s flagship deposit, is located in east-central Saskatchewan, 65 kilometres west of Flin Flon, Manitoba and is one of the largest undeveloped VMS deposits in Canada. On November 12, 2014, Foran announced a positive preliminary economic assessment for McIlvenna Bay.
Roger March, VP Project 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 Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
President & CEO
Foran Mining Corporation
VP, Corporate Development