Foran Mining provides additional drilling results

Five holes have now been completed and the results from an additional two holes drilled as part of the current drilling campaign, which is designed to expand the indicated resources in the McIlvenna Bay deposit (deposit), continue to define a high-grade copper and gold trend along the upper plunge line of the massive sulfide lens (MS). The overall tenor of the results, coupled with the increased density of drill holes, will positively impact the deposit and its economics when the definitive feasibility study (DFS) is published in 4Q21.

Highlights

• MB-21-238: intersected 22 m of continuous mineralization, including 2.95 m grading 6.88% copper equivalent (CuEq) of MS and 18.05 m grading 2.71% CuEq from the underlying Copper Stockwork Zone (CSZ), consisting of:
  • 5.17% copper (Cu), 1.67% zinc (Zn), 35.4 g/t silver (Ag) and 1.38 g/t gold (Au) over 2.95m (MS).
  • 2.02% Cu, 0.33% Zn, 12.8 g/t Ag and 0.82 g/t Au over 18.05 m (CSZ).
• Includes a composite result of 4.01 g/t Au and 7.91% Cu over a 0.6 m.
• MB-21-233: intersected 8.7 m grading 2.11% CuEq from the zinc-rich part of the MS at depth in the deposit, consisting of:
  • 0.18% Cu, 3.73% Zn, 32.05 g/t Ag and 0.15 g/t Au over 8.70 m, including 2.25 m grading 0.09% Cu, 7.64% Zn, 59.84 g/t Ag and 0.2 g/t Au.
• Infill drilling will be supplemented by an expansion drill programme planned to commence late spring.

Dan Myerson, Executive Chairman of Foran, commented: “Outstanding drill results continue to amass from our largest drill programme to date at McIlvenna Bay. They continue to define a high-grade copper and gold trend, underpinning our confidence that we are well positioned to significantly enhance the resources, and in turn, the value of this world-class deposit when we publish our DFS later in the year.

“These holes, which continue to deliver beyond our expectations, also reinforce some of McIlvenna Bay’s most attractive geological qualities; it is rich in high grade gold and copper mineralisation and the high-grade MS lens is adjacent to the deeper CSZ. The fact that the two zones are adjacent provides a thicker overall combined mining width that allows the stopes to be optimised and reduces dilution from mining separate zones. We look forward to providing additional results from our ongoing programme at McIlvenna Bay and moreover, are very excited to begin showcasing the many other world-class deposits we have in our prolific camp and how all these could come together to form one of the world’s greatest mining camps.”

Read the article online at: https://www.globalminingreview.com/exploration-development/08042021/foran-mining-provides-additional-drilling-results/