Foran Drilling Continues to Confirm Robust Mineralization at McIlvenna Bay
04 June 2012 - 11:00PM
Marketwired Canada
Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased
to announce assay results for the final six holes of a winter 2012 drill program
(the "Program") at the Company's 100%-owned McIlvenna Bay deposit ("McIlvenna
Bay" or the "Deposit").
Highlights from zinc- and copper-rich massive to semi-massive sulphides in the
upper west zone ("UWZ") and adjacent copper stockwork zone ("CSZ") include:
-- 1.28% Cu over 26.90m, including 2.91% Cu over 5.57m in the CSZ in MB-12-
175,
-- 1.76% Cu, 0.44 g/t Au and 15.3 g/t Ag over 21.00m through the UWZ and
CSZ in MB-12-176, including 6.96% Cu, 1.34 g/t Au, 62.4 g/t Ag and 1.28%
Zn over 1.59m in the UWZ and 1.50% Cu and 0.43 g/t Au over 14.36m in the
CSZ, and
-- 1.17% Cu, 1.21 g/t Au, 63.1 g/t Ag and 5.85% Zn over 5.57m in the UWZ in
MB-12-174, including 0.63% Cu, 1.20 g/t Au, 81.8 g/t Ag and 10.02% Zn
over 2.66m(1).
(1) Zn = zinc, Ag = silver, Cu = copper, Au = gold, g/t = grams per tonne, m =
metres; true thickness is estimated to be approximately 80-85% of drill
indicated length.
Patrick Soares, President and CEO of Foran commented: "These final results from
our recently completed drill program at McIlvenna Bay continue to return
excellent grades and widths of mineralization." Mr. Soares continued, "Having
completed the winter 2012 campaign on the Deposit, our technical team will now
focus on re-logging and sampling portions of the almost 70,000m of historic
drill core we have for McIlvenna Bay. Once this work has been completed, we plan
to commence an updated resource estimate for McIlvenna Bay".
Drill Results
The Program was conducted between February and April, 2012 and consisted of
3,813 metres drilled in 15 diamond drill holes into the Deposit. All 15 holes in
the Program intersected massive to semi-massive sulphide mineralization and/or
CSZ mineralization. This release presents results for the final six holes of the
Program (Table 1), with Figure 1 showing all holes drilled in the Deposit in
longitudinal section and Figure 2 showing a cross section through the Deposit.
Results for the first nine holes of the Program were presented in the Company's
news release dated May 2, 2012 and significant intercepts from these nine holes
are reproduced here in Table 2.
The Program was designed with several key objectives, including: targeting a
near-surface area excluded from the current CSZ resource (MB-12-166 and -171),
upgrading resource classification around the near-surface, southeastern
boundaries of the CSZ (MB-12-164, -165, -167, -168, -169, -175, -178), infilling
gaps in the current dataset (MB-12-170, -172 to -174 and -176), and testing the
updip boundary of the CSZ resource (MB-12-177). In addition to expanding and
increasing the confidence in the mineral resource of the Deposit, the Program
was also designed to provide additional geotechnical data through detailed
geotechnical core logging of several holes, initial hydrogeological data through
Packer Testing of several holes and provide additional mineralized material for
further metallurgical testwork.
Table 1: Significant drill intercepts from holes MB-12-173 to -178:
----------------------------------------------------------------------------
From To Interval(2) Zn Ag Cu Au
Hole Zone(1) (m) (m) (m) (%) (g/t) (%) (g/t)
----------------------------------------------------------------------------
MB-12-173 Lens 3 278.87 279.26 0.39 8.68 9.7 0.31 0.34
MB-12-173 Lens 2 287.00 290.00 3.00 7.55 35.6 0.88 0.17
MB-12-173 CSZ 290.00 293.45 3.45 0.15 4.6 0.44 0.05
----------------------------------------------------------------------------
MB-12-174 Lens 3 159.00 162.85 3.85 0.16 7.49 0.84 0.09
MB-12-174 UWZ 190.35 195.92 5.57 5.85 63.1 1.17 1.21
MB-12-174 Incl. 192.73 195.39 2.66 10.02 81.8 0.63 1.20
MB-12-174 CSZ 204.15 210.28 6.13 0.03 2.3 0.49 0.09
MB-12-174 Incl. 204.15 206.34 2.19 0.03 4.0 0.77 0.17
----------------------------------------------------------------------------
MB-12-175 CSZ 57.00 83.90 26.90 0.11 6.6 1.28 0.12
MB-12-175 Incl. 63.43 69.00 5.57 0.16 14.3 2.91 0.20
----------------------------------------------------------------------------
MB-12-176 All 121.00 142.00 21.00 0.30 15.3 1.76 0.44
MB-12-176 CSZ 121.00 126.05 5.05 0.20 8.1 0.87 0.19
MB-12-176 UWZ 126.05 127.64 1.59 1.28 62.4 6.96 1.34
MB-12-176 CSZ 127.64 142.00 14.36 0.23 12.6 1.50 0.43
----------------------------------------------------------------------------
MB-12-177 Lens 3 275.58 277.00 1.42 0.09 5.3 0.59 0.21
MB-12-177 CSZ 286.00 296.43 10.43 0.13 3.0 0.54 0.07
MB-12-177 Incl. 294.60 296.43 1.83 0.31 6.1 1.33 0.22
MB-12-177 CSZ 308.00 311.45 3.45 0.52 4.9 0.72 0.10
----------------------------------------------------------------------------
MB-12-178 CSZ 127.94 145.43 17.49 0.09 4.3 1.02 0.08
MB-12-178 Incl. 136.00 139.40 3.40 0.19 9.5 2.33 0.18
----------------------------------------------------------------------------
(1) CSZ = Copper Stockwork Zone, UWZ = Upper West Zone; (2) True thickness
is estimated to be approximately 80-85% of drill indicated.
Drill holes MB-12-174 to -176 were drilled on Section 9750E, targeting a near
surface gap in the historic drilling. All three holes successfully intercepted
the upper part of the deposit within 45m to 150m of surface (Figure 2). The
deepest of these three holes, MB-12-174, returned 1.17% Cu, 1.21 g/t Au, 63.1
g/t Ag and 5.85% Zn over 5.57m in the UWZ, including 0.63% Cu, 1.20 g/t Au, 81.8
g/t Ag and 10.02% Zn over 2.66m. Approximately 9m further down this hole, the
CSZ returned 0.49% Cu over 6.13m, including 0.77% Cu over 2.19m. MB-12-176 was
drilled approximately 50m updip from hole MB-12-174 and returned 1.76% Cu, 0.44
g/t Au and 15.3 g/t Ag over a 21.00m interval of continuous mineralization. This
intercept includes 6.96% Cu, 1.34 g/t Au, 62.4 g/t Ag and 1.28% Zn over 1.59m in
the UWZ, which is flanked both above and below by CSZ-style mineralization,
returning 0.87% Cu and 0.19 g/t Au over 5.05m and 1.50% Cu and 0.43 g/t Au over
14.36m, respectively. Further updip, and within 45m of surface, hole MB-12-175
intersected a broad zone of CSZ mineralization, updip from the terminus of the
UWZ, yielding 1.28% Cu over 26.90m, including 2.91% Cu over 5.57m.
Downdip from holes MB-12-174 to -176, past drilling has also returned excellent
grades, widths and continuity of mineralization (see Figure 2 for past drill
intercepts). Together, the holes drilled to date on cross section 9750E show
almost 500m of continuous mineralization downdip.
Approximately 100m to the northwest, and close to a current indicated-inferred
boundary in the CSZ resource, hole MB-12-178 intersected a broad interval of
near-surface CSZ mineralization, returning 1.02% Cu over 17.49m, including 2.33%
Cu over 3.40m.
Hole MB-12-173 infilled a large gap in the historic drilling and intersected the
large zinc-rich Lens 2 massive sulphide zone underlain by CSZ. This hole
returned 7.55% Zn and 35.6 g/t Ag over 3.00m in Lens 2 and 0.44% Cu over 3.45m
directly below in the CSZ.
On the current updip boundary of the CSZ resource, hole MB-12-177 intersected
two intervals of CSZ mineralization. The first interval returned 0.54% Cu over
10.43m, including 1.33% Cu over 1.83m and the second returned 0.72% Cu over
3.45m.
Quality Assurance and Quality Control
Drilling was completed using NQ or HQ size diamond drill core and core was
logged by employees of the Company. During the logging process mineralized
intersections were marked for sampling and given unique sample numbers. Sampled
intervals were sawn in half using a diamond blade saw. For the NQ holes, 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.
For the HQ holes, one quarter of the sawn core was placed in a plastic bag with
the sample tag and sealed, while the remaining three-quarters of the core was
returned to the core box for storage on site. The larger diameter core was
drilled to provide sample material for metallurgical test work, and for select
samples, one-half of the original HQ core was collected for pending
metallurgical studies. In these instances, one quarter of the core will remain
in the box as a permanent reference. Sample assays are performed by TSL
Laboratories Ltd. ("TSL") in Saskatoon, Saskatchewan. TSL 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/or 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. Metallurgical testwork is being performed by G & T Metallurgical Services
Limited ("G & T") in Kamloops, British Columbia. G & T is independent of Foran.
Table 2: Significant drill intercepts from holes MB-12-164 to -172 (see May
2, 2012 news release):
----------------------------------------------------------------------------
From To Interval(3) Zn Ag Cu Au
Hole Zone(1,2) (m) (m) (m) (%) (g/t) (%) (g/t)
----------------------------------------------------------------------------
MB-12-164 Lens 2 177.11 181.62 4.51 8.80 9.5 0.12 0.14
MB-12-164 CSZ 181.62 184.68 3.06 0.06 5.3 1.08 0.22
----------------------------------------------------------------------------
MB-12-165 Lens 3 258.28 260.00 1.72 2.54 10.9 0.49 0.03
MB-12-165 Lens 2 263.78 267.30 3.52 6.84 19.8 0.13 0.33
MB-12-165 CSZ 267.30 272.30 5.00 0.12 5.0 0.67 0.09
----------------------------------------------------------------------------
MB-12-166 UWZ 73.08 80.04 6.96 7.30 105.2 0.96 2.08
MB-12-166 Incl. 77.23 80.04 2.81 17.78 212.4 1.29 3.72
MB-12-166 CSZ 80.04 84.00 3.96 0.46 18.5 1.14 0.15
----------------------------------------------------------------------------
MB-12-167 Lens 2 363.32 367.80 4.48 6.41 9.7 0.16 0.09
MB-12-167 CSZ 367.80 371.39 3.59 0.17 10.6 1.61 0.13
----------------------------------------------------------------------------
MB-12-168 Lens 3 70.00 72.10 2.10 7.32 9.9 0.26 0.21
MB-12-168 Lens 2 92.05 96.60 4.55 8.75 7.0 0.13 0.30
MB-12-168 CSZ 96.60 101.00 4.40 0.45 16.7 1.36 0.20
----------------------------------------------------------------------------
MB-12-169 40.00 43.50 3.50 0.03 18.2 2.70 0.59
MB-12-169 55.13 56.59 1.46 0.02 9.5 0.96 0.19
----------------------------------------------------------------------------
MB-12-170 Lens 2 261.87 265.04 3.17 7.49 16.4 0.37 0.22
MB-12-170 CSZ 265.04 266.62 1.58 0.16 14.1 1.20 0.18
----------------------------------------------------------------------------
MB-12-171 Lens 3 66.87 70.76 3.89 0.56 13.2 1.32 0.05
MB-12-171 UWZ 103.78 110.00 6.22 6.90 52.0 2.22 1.11
MB-12-171 Incl. 104.94 107.03 2.09 17.17 48.0 0.50 0.85
MB-12-171 & 109.04 110.00 0.96 1.19 120.2 7.14 1.78
MB-12-171 CSZ 110.00 116.54 6.54 0.08 13.0 0.97 0.52
MB-12-171 CSZ 120.87 124.55 3.68 0.02 3.1 0.82 0.08
----------------------------------------------------------------------------
MB-12-172 Lens 3 141.35 148.43 7.08 3.47 5.7 0.37 0.16
MB-12-172 Lens 2 177.48 180.66 3.18 7.24 70.7 0.45 0.56
MB-12-172 CSZ 180.66 185.32 4.66 0.08 10.65 0.65 0.32
----------------------------------------------------------------------------
(1) CSZ = Copper Stockwork Zone, UWZ = Upper West Zone; (2) CSZ intercepts
calculated using a 0.5% Cu cutoff; (3) True thickness is estimated to be
approximately 80-85% of drill indicated.
About Foran Mining
Foran is a diversified exploration and development company with projects in the
Flin Flon Mining Belt. The Company's flagship McIlvenna Bay Project is located
in east central Saskatchewan, 65 kilometres west of Flin Flon, Manitoba and
contains the McIlvenna Bay deposit, one of the largest undeveloped volcanogenic
massive sulphide ("VMS") deposits in Canada.
For additional information see the report entitled "Technical Report on the
McIlvenna Bay Project, Saskatchewan, Canada" dated December 9, 2011 at
www.sedar.com or www.foranmining.com. 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".
Forward Looking Statements
This news release contains forward-looking statements. These statements are
based on information currently available to the Company and the Company provides
no assurance that actual results will meet management's expectations.
Forward-looking statements include estimates and statements that describe the
Company's future plans, objectives or goals, including words to the effect that
the Company or management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would", "will", or
"plan". Since forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results relating to, among other things, results of
exploration, project development, reclamation and capital costs of the Company's
mineral properties, and the Company's financial condition and prospects, could
differ materially from those currently anticipated in such statements for many
reasons such as: changes in general economic conditions and conditions in the
financial markets; changes in demand and prices for minerals; litigation,
legislative, environmental and other judicial, regulatory, political and
competitive developments; technological and operational difficulties encountered
in connection with the activities of the Company; and other matters discussed in
this news release. This list is not exhaustive of the factors that may affect
any of the Company's forward-looking statements. These and other factors should
be considered carefully and readers should not place undue reliance on the
Company's forward-looking statements. The Company does not undertake to update
any forward-looking statement that may be made from time to time by the Company
or on its behalf, except in accordance with applicable securities law.
To view Figure 1: McIlvenna Bay Longitudinal Section, please visit the following
link: http://media3.marketwire.com/docs/FOM-F1.pdf.
To view Figure 2: McIlvenna Bay Cross Section 9750E, please visit the following
link: http://media3.marketwire.com/docs/FOM-F2.pdf.
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