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Foran announces 70% increase in indicated resources at McIlvenna Bay

Published by
Global Mining Review,


Foran Mining Corporation has announced an updated mineral resource estimate (the 2021 resource estimate) for the company’s 100%-owned McIlvenna Bay Deposit located in east-central Saskatchewan, Canada. The 2021 resource estimate outlines significant changes to the resource at McIlvenna Bay compared to the previous resource estimate published in 2019, with over 25 000 m of infill and expansion drilling in 36 holes were completed since the prior estimate. To date, the deposit has been defined by approximately 152 000 m of drilling within 285 holes.

Highlights

  • Indicated resources increased by 70% to 39.1 million t from 23.0 million t:
    • Indicated resources now grade 1.2% copper (Cu), 2.16% zinc (Zn), 0.41 g/t gold (Au) and 14 g/t silver (Ag) or 2.04% copper equivalent (CuEq).
    • Indicated resources contain 1.03 billion lbs Cu, 1.9 billion lbs Zn, 510 000 oz Au and 18.1 million oz Ag.
  • Inferred resources total 5 million t at 0.94% Cu, 2.56% Zn, 0.17% Pb, 0.27 g/t Au and 16 g/t Ag (1.77% CuEq).
    • Inferred resources contain 105 million lbs Cu, 284 million lbs Zn, 40 000 oz Au and 2.6 million oz Ag.
  • Significant Increase in indicated contained metal.
    • 74% increase in contained Cu, 21% increase in contained Zn, 58% increase in contained Au and 47% increase in contained Ag relative to the 2019 resource estimate.
  • Mineralisation starts near surface and remains open at depth.
    • Mineralisation begins ~25 m below surface and extends down-plunge approximately 2 km, where it remains open in all directions.
  • Feasibility study remains on track and 2022 regional exploration campaign planning underway.
    • The updated resource estimate and increased indicated resources will underpin the coming feasibility study and could support potential mine life extensions.

Dan Myerson, CEO and Executive Chairman, commented: “As demonstrated by the incredible success of our 2021 infill programme, McIlvenna Bay has now proved itself to be a high-quality, large and cohesive deposit, that will act as the first mining operation for our planned and scalable centralised processing facility at the Hanson Lake District. The significant increase in indicated resources from our ~25 000 m programme in 2021 is a testament to the skill and efforts of our world-class exploration team and showcases the continuous nature of the deposit, which remains open and has the potential to grow. We are now integrating the data from this resource estimate into our coming feasibility study and are planning for an aggressive and exciting exploration programme in 2022.”

Read the article online at: https://www.globalminingreview.com/exploration-development/15102021/foran-announces-70-increase-in-indicated-resources-at-mcilvenna-bay/

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