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Foran Mining intersects copper at McIlvenna Bay

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Global Mining Review,

Foran Mining Corporation has announced that its 30 000 m winter drill programme at its 100% owned McIlvenna Bay deposit continues to deliver stellar results. The latest five holes, which are comprised of infill drilling and the first step out hole results, support the potential to increase the projected mine life of the deposit.

Hole MB-21-237 returned solid grades and significant thickness in the high-grade massive sulfide (MS) and the deeper, adjacent copper stockwork zone (CSZ), reinforcing the deposit’s strong geological credentials. Two additional infill holes were drilled along the upper edge of the Deposit. Both holes (MB21-232 and MB-21-240a) successfully intersected the CSZ with 17.77 m and 7.5 m thick intersections which should allow the conversion of additional inferred resources into the indicated category in that sector of the deposit.

The updip holes MB-21-239 and MB-21-241 represent 130 m and 200 m step-outs from the last holes drilled on their respective sections. The successful results, outlined below, further support that the deposit remains open for updip expansion along its plunge length with further drilling. An additional drill rig, for a total of four, has been brought to site on the back of these positive results to expedite the drill programme at McIlvenna Bay.


Infill drill results

  • MB-21-237: intersected two zones of mineralisation.
    • 1.16% copper (Cu), 0.67% zinc (Zn), 18.88 g/t silver (Ag) and 0.53 g/t gold (Au) (1.87% copper equivalent [CuEq]) over 14.78 m (CSZ), including:
      • 2.09% Cu, 1.88% Zn, 26.35 g/t Ag and 0.74 g/t Au (3.45% CuEq) over 2.45 m.
    • 0.46% Cu, 5.70% Zn, 12.62 g/t Ag and 0.13 g/t Au (2.89% CuEq) over 0.65 m (MS).
  • MB-21-232: intersected 17.77 m of CSZ grading 1.09% CuEq.
    • 0.87% Cu, 0.30% Zn, 5.06 g/t Ag, and 0.11 g/t Au over 17.77 m, including:
      • 2.06% Cu, 0.53% Zn, 13.45 g/t Ag and 0.56 g/t Au over 1.14 m.
  • MB-21-240a.
    • 0.82% Cu, 0.15% Zn, 5.13 g/t Ag, and 0.07 g/t Au over 7.50 m, including:
      • 1.41% Cu, 0.60% Zn, 13.70 g/t Ag and 0.11 g/t Au over 1 m.

Step out drill results

  • MB-21-239
    • 2.95% Cu, 0.45% Zn, 44.01 g/t Ag and 0.74 g/t Au (3.94% CuEq) over 1.15 m (CSZ), including:
      • 7.43% Cu, 1.17% Zn, 113.2 g/t Ag and 2.06 g/t Au (10.07% CuEq) over 0.40 m.
  • MB-21-241
    • 1.90% Cu, 1.01% Zn, 15.45 g/t Ag and 0.40 g/t Au (2.63% CuEq) over 0.75 m.

Dan Myerson, Executive Chairman of Foran, commented: “Momentum continues to gain rapidly at McIlvenna Bay and the rest of our world-class district. Having already achieved such value accretive results beyond our expectations from infill drilling, we are delighted to kick off the resource expansion section of our programme with further positive results. We remain focused on continuing to demonstrate the exceptional quality of the many other assets within our portfolio and the additional drill on site supports this goal.

“McIlvenna Bay is located in one of the world’s truly safe and premier mining jurisdictions and will represent the world’s first carbon-neutral copper mine from day one of production. Our short-term goals remain showcasing the ability to scale McIlvenna Bay along with our other deposits, and their associated potential production profiles. We are also progressing towards delivering our feasibility study later this year, and bringing this multi-generational camp into production, responsibly and economically, and thereby providing the critical metals society needs in order to sustainably decarbonise and electrify.

“The entire Foran team is tirelessly committed to best-in-class execution and delivery, in consideration of all our stakeholders and across everything that we do day in and day out. These key cornerstones of our culture underpin our work and we are incredibly grateful to all involved – thank you.”

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