Foran announces follow-up drill results from Tesla Zone

Highlights

• Assay results from wedge hole 30 m up-dip (TS-22-03w2) include:
  • 11.9 m grading 6.2% copper equivalent (CuEq), including 5.4 m at 10.2% CuEq.
  • 17.2 m at 1% CuEq, including 3.9 m at 1.4% CuEq.
  • 3.9 m at 4.1% CuEq, including 2.2 m at 5.9% CuEq.
• Assays from initial discovery hole (TS-22-03) now complete:
  • Expanded preliminary intersection (12.4 m at 1.8% CuEq) to 31.4 m (from 12.4 m), at 1.3% CuEq, including 1.2 m at 8.5% CuEq.
  • Also expanded preliminary intersection of 3.1 m at 2.2% CuEq to 7.1 m at 1.5% CuEq, including 1.6 m at 3.8% CuEq.
• Up-dip step-out hole TS-22-04 testing 200 m strike appears to have intersected the Tesla Zone, with assays pending.
• Drilling provides further validation of the original geophysical modelling of a 900 m strike x 300 m wide conductor with true widths estimated to be ~25 – 50 m.

Dan Myerson, Foran’s Executive Chairman and CEO, commented: “To achieve these success rates and intercept these robust zones, at such an early stage in a new discovery, is truly remarkable. These results demonstrate the growing potential at the near-mine newly discovered Tesla Zone, and further illustrates the rarity of this tremendous scaleable discovery. Additionally, and what is even more exciting, is that we have encountered high-temperature alterations at Tesla, which could correlate with higher-grade gold and copper values, similar to other base and precious metal deposits within the Flin Flon Terrane. Our exploration team and strategy are working, and we are successfully unlocking this prolific district on our path towards building Canada’s next great mining camp, we look forward to sharing more exciting exploration results later this year, throughout 2023, and beyond.”

Tesla drill programme complete

Assay results have now been received for the Tesla Zone discovery hole (TS-22-03), resulting in a significant expansion of the mineralised intervals. Results have also been received for the first wedge hole (TS-22-03w2) completed as follow up on the discovery, which intersected the Tesla mineralisation to the north of the original drill hole.

The full assay results from TS-22-03 indicate that the Tesla Zone consists of continuous disseminated and fracture filling sulphide mineralisation containing significant copper and zinc over approximately 100 m of core length with several high-grade intervals of semi-massive to massive sulfide mineralisation.

Results from TS-21-01 have also been received, which contained a narrow zone of anomalous zinc mineralisation near the bottom of the hole, which appears to be located stratigraphically below the Tesla zone mineralisation in TS-22-03. Additional drilling will be required to determine the significance of this mineralisation.

Since the initial discovery of mineralisation in the Tesla Zone, the company has continued with follow up drilling to better understand the controls on the mineralisation and the potential geometry of the zone. To date, one wedge (TS-21-03w2) has been completed from the original discovery hole and a second hole (TS-22-04) has been drilled from surface from the same drill pad, oriented to obtain a larger spacing of the intersections along the mineralised horizon. Both holes appear to have intersected the Tesla Zone.

TS-22-03w2 intersected the Tesla Zone approximately 30 m northwest of TS-22-03, further validating the proposed geophysical model. Mineralisation is of the same style as TS-22-03 with significant copper and zinc over approximately 80 m before terminating at the boundary of the geophysical model.

TS-22-04 was completed from surface from the same drill pad at a shallower angle than the original hole in an attempt to obtain a spread of the intersections along the mineralised horizon. The hole intersected the mineralised horizon approximately 100 m up-dip from the discovery hole and approximately 200 m away from TS-22-03w2, where it encountered a zone of significant alteration and several zones of disseminated and fracture fill sulfide mineralisation, indicating that the intersection lies on the periphery of the mineralisation. Assays are pending from the laboratory, but it is currently interpreted that this drill hole intersected the upper margin of the Tesla Zone, which is consistent with the geophysics model and helps to confirm the north-east dipping geometry of the mineralization. Geophysical surveys outline a conductor with potential dimensions of ~900 m (strike) by 300 m (depth) associated with the Tesla Zone. The results herein confirm that this conductor is, in part at least, a well mineralised zone of copper and zinc sulfides. In order to properly test the conductor, given its geometry and location adjacent to the shoreline, future drill holes will need to be completed from Hanson Lake. An application is being finalised for a winter exploration permit that will allow for a large winter drill programme to be completed targeting expansion of the Tesla zone.

Summer drill programme underway

Additional follow up drilling at Tesla is planned for later in the year after the winter freeze. Foran’s helicopter-supported 7000 m summer drill programme is currently underway at the Marconi Prospect located on the Bigstone Property, 25 km west of McIlvenna Bay. It is currently anticipated that the summer programme will continue into the fall and also include further testing of the Flinty Prospect, located 7 km to the southeast of McIlvenna Bay, and other regional target areas in the Hanson Lake District as the company continues to build on its exploration pipeline to support the potential development of a central milling facility envisioned for the McIlvenna Bay deposit.

Read the article online at: https://www.globalminingreview.com/exploration-development/18082022/foran-announces-follow-up-drill-results-from-tesla-zone/