The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Foran Drilling Continues to Confirm Robust Mineralization at McIlvenna Bay

Monday, June 04, 2012

Foran Drilling Continues to Confirm Robust Mineralization at McIlvenna Bay09:00 EDT Monday, June 04, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 4, 2012) -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% Znover 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 2.66m1.1Zn = 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:HoleZone1From (m)To (m)Interval2 (m)Zn (%)Ag (g/t)Cu (%)Au (g/t)MB-12-173Lens 3278.87279.260.398.689.70.310.34MB-12-173Lens 2287.00290.003.007.5535.60.880.17MB-12-173CSZ290.00293.453.450.154.60.440.05MB-12-174Lens 3159.00162.853.850.167.490.840.09MB-12-174UWZ190.35195.925.575.8563.11.171.21MB-12-174Incl.192.73195.392.6610.0281.80.631.20MB-12-174CSZ204.15210. 3275.58277.001.420.095.30.590.21MB-12-177CSZ286.00296.4310.430.133.00.540.07MB-12-177Incl.294.60296.431.830.316.11.330.22MB-12-177CSZ308.00311.453.450.524.90.720.10MB-12-178CSZ127.94145.4317.490. = Copper Stockwork Zone, UWZ = Upper West Zone; 2True 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):HoleZone1,2From (m)To (m)Interval3 (m)Zn (%)Ag (g/t)Cu (%)Au (g/t)MB-12-164Lens 2177.11181.624.518.809.50.120.14MB-12-164CSZ181.62184.683. 3258.28260.001.722.5410.90.490.03MB-12-165Lens 2263.78267.303.526.8419.80.130.33MB-12-165CSZ267.30272.305. 2363.32367.804.486.419.70.160.09MB-12-167CSZ367.80371.393.590.1710.61.610.13MB-12-168Lens 370.0072.102.107.329.90.260.21MB-12-168Lens 292.0596.604.558.757.00.130.30MB-12-168CSZ96.60101.004.400.4516.71.360.20MB-12-16940.0043.503.500.0318.22.700.59MB-12-16955.1356.591.460.029.50.960.19MB-12-170Lens 2261.87265.043.177.4916.40.370.22MB-12-170CSZ265.04266.621.580.1614.11.200.18MB-12-171Lens 366.8770.763.890.5613.21.320.05MB-12-171UWZ103.78110.006.226.9052.02.221.11MB-12-171Incl.104.94107.032.0917.1748.00.500.85MB-12-171&109.04110.000.961.19120.27.141.78MB-12-171CSZ110.00116.546.540.0813.00.970.52MB-12-171CSZ120.87124.553.680.023.10.820.08MB-12-172Lens 3141.35148.437.083.475.70.370.16MB-12-172Lens 2177.48180.663.187.2470.70.450.56MB-12-172CSZ180.66185.324.660.0810.650.650.321CSZ = Copper Stockwork Zone, UWZ = Upper West Zone; 2CSZ intercepts calculated using a 0.5% Cu cutoff; 3True 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 or 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: view Figure 2: McIlvenna Bay Cross Section 9750E, please visit the following link: FURTHER INFORMATION PLEASE CONTACT: Patrick Soares, President & CEOForan Mining Corporation409 Granville Street, Suite 904Vancouver, BC, Canada, V6T 1T2416-847-7310ORFiona Childe, VP, Corporate DevelopmentForan Mining Corporation120 Adelaide Street West, Suite 2500Toronto, ON, Canada, M5H 1T1416-847-7310ir@foranmining.comNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.