Press release from Marketwire
Foran Discovers New Zone of High-Grade Copper Mineralization at Balsam: 4.1% Cu Over 3.7m, Including 10.6% Cu Over 1.1m in the Thunder Zone
Monday, April 08, 2013
Foran Discovers New Zone of High-Grade Copper Mineralization at Balsam: 4.1% Cu Over 3.7m, Including 10.6% Cu Over 1.1m in the Thunder Zone16:14 EDT Monday, April 08, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 8, 2013) - Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased to announce the results of a recently completed regional drill program (the "Program") on Foran's Balsam and McIlvenna Bay properties in east-central Saskatchewan. Highlights from the Balsam Property include:
- Thunder Zone: Discovery of high-grade copper mineralization with 4.08% Cu, 0.43 g/t Au and 27.0 g/t Ag over 3.66m, including 10.60% Cu, 0.70 g/t Au and 62.5 g/t Ag over 1.10m in drillhole BA-13-77 at a vertical depth of 205m. This hole was drilled to test a newly-identified, high-priority geophysical target from a recent DEEP EM survey on the property and this zone is open in multiple directions(1).
- B2 Zone: 1.29% Cu, 0.28 g/t Au and 12.3 g/t Ag over 4.56m, including 3.97% Cu, 0.84 g/t Au and 39.1 g/t Ag over 0.85m in hole BA-13-74 at a vertical depth of 100m, and 8.40% Zn, 0.28 g/t Au, 12.6 g/t Ag over 3.21m, followed approximately 3m further down-hole by 6.66% Zn, 0.27 g/t Au, 10.6 g/t Ag and over 0.78m in hole BA-13-78 at vertical depths of 125 to 130m.
The Thunder and B2 Zones contain volcanogenic massive sulphide ("VMS") mineralization, similar to Foran's McIlvenna Bay deposit ("McIlvenna Bay" or the "Deposit"). McIlvenna Bay is a large VMS deposit located 65km west of Flin Flon, Manitoba and approximately 7km northwest of the Thunder and B2 Zones. Foran recently announced an increased mineral resource for McIlvenna Bay of 13.9 Mt grading 1.96% CuEq in the indicated category and a further 11.3 Mt grading 2.01 CuEq in inferred (see below).
Patrick Soares, President and CEO of Foran, commented: "We are extremely pleased by the discovery of high-grade copper mineralization in the Thunder Zone at Balsam. The discovery was made by drill testing a geophysical anomaly outlined by the recently completed DEEP EM geophysical survey on the property. Copper mineralization within the Thunder Zone has the potential to be extended toward surface and on either side of the discovery hole. The geophysical survey also outlined several other target areas which we will model to delineate drill targets." Mr. Soares continued: "Foran's new discovery announced today clearly demonstrates the potential to develop a VMS camp centered around McIlvenna Bay."
(1) m = metre, Cu = copper, Zn = Zinc, Au = gold, Ag = silver, g/t = grams per tonne, DEEP EM = deep-penetrating time-domain electromagnetic geophysical survey
The Program consisted of 11 diamond drill holes (4,163m) completed between February 9 and March 17, 2013 on Foran's Balsam and McIlvenna Bay properties. Significant intercepts from the 11 holes are summarized in Table 1; collar and orientation data is presented in Table 2. Results for an additional four diamond drill holes (2,243m) on the Deposit are pending and will be released in the coming weeks. The Program was conducted concurrently with a ground-based, deep-penetrating time-domain electromagnetic ("DEEP EM") geophysical survey, as announced by the Company on February 19, 2013.
Four target zones in and around the Balsam area (Thunder, Balsam, B2 and B4 Zones) were drill tested in nine holes (BA-13-70 to -78) based on new geological interpretation and geophysics (Figure 1). In addition, one historic surface EM conductor and one VTEM conductor were tested between McIlvenna Bay and the Balsam area (MR-13-05 and -06, respectively).
In the final completed drill hole of the Program (BA-13-77), an initial test of a new, high-priority conductor identified by the DEEP EM survey was achieved by reorienting a previously planned hole at the Thunder Zone (Figure 1). Six holes drilled by Cameco in 1990-1991 in this area intersected several narrow intervals of low-grade mineralization. The re-oriented hole BA-13-77 intersected 1.10m of copper-rich massive sulphide mineralization starting at 356.96m downhole (205m vertical depth) at the top of a broader interval of semi-massive sulphide. Assays for the hole returned 4.08% Cu, 0.43 g/t Au and 27.0 g/t Ag over 3.66 m, including 10.60% Cu, 0.70 g/t Au and 62.5 g/t Ag over 1.10m.
Massive sulphide mineralization in hole BA-13-77 is comprised of chalcopyrite (up to 40%)-pyrrhotite-magnetite-arsenopyrite-pyrite-sphalerite hosted within andalusite-chlorite-sericite altered felsic volcanics (Figure 3). Alteration intensity and mineral assemblages are similar to those at McIlvenna Bay.
A borehole electromagnetic survey was conducted on hole BA-13-77 and both the borehole and DEEP EM geophysical survey data is currently being modelled and interpreted by Foran's geophysical consultants with the objective of better quantifying the potential size, strength and orientation of the conductor associated with the Thunder Zone.
Drill holes BA-13-74, -75, -76, and -78 tested the B2 Zone, situated immediately southeast of the Thunder Zone (Figure 1). B2 Zone massive sulphide mineralization is hosted within an interpreted stratigraphically lower interval below the Balsam Zone. Drill testing of the B2 Zone by previous operators returned 3.32% Cu and 1.10 g/t Au over 3.32m in hole 96-BAL-60.
Highlights from the B2 Zone in the Program include:
- Hole BA-13-74: 1.29% Cu, 0.28 g/t Au and 12.3 g/t Ag over 4.56m, including a massive sulphide interval of 3.97% Cu, 0.84 g/t Au and 39.1 g/t Ag over 0.85m
- Hole BA-13-78: 8.40% Zn, 0.28 g/t Au and 12.6 g/t Ag over 3.21m of semi-massive sulphide, followed approximately 3m further down-hole by massive sulphide with 6.66% Zn, 0.27 g/t Au, 10.6 g/t Ag over 0.78m
- Hole BA-13-75: copper stockwork mineralization with 0.47% Cu and 0.30 g/t Au over 6.31m, including 1.34% Cu and 0.73 g/t Au over 1.87m
- Hole BA-13-76: massive sulphide grading 4.11% Zn over 2.23m.
The mineralized intervals in the B2 Zone consist of sphalerite-chalcopyrite-pyrite-pyrrhotite massive sulphides hosted within felsic volcanics and underlain by copper stockwork. Within the B2 Zone, a lateral transition from copper-rich mineralization in the south in BA-13-74 to zinc-rich mineralization in the north is indicated. Results of 2013 drilling suggest shallow depths to B2 Zone massive sulphide with at least 400 metres of strike length and open to the northwest beyond BA-13-78.
Holes BA-13-72 and -73 were drilled to test the up-plunge, southeast strike extent of the Balsam Zone near surface, where the 1984 discovery hole for this area intersected 3.19% Cu, 3.30% Zn, 3.60 g/t Au and 52.48 g/t Ag over 6.50m in hole BAL-11.
Hole BA-13-72 returned 2.28% Cu, 1.3 g/t Au and 13.8 g/t Ag over 0.43m; no significant values were returned from hole BA-13-73.
Holes BA-13-70 and -71 were drilled to test the southeastern strike extent of the B4 Zone, where 1996 drill hole BAL-96-53 intersected multiple narrow intervals (0.61 to 1.27m) of zinc mineralization within a 49m section of altered felsic volcanics with grades of trace to 3.91% Zn.
Hole BA-13-71 intersected several zones of vein stockwork with elevated concentrations of zinc; the best intercept returned 1.66% Zn, 0.29 g/t Au and 21.7 g/t Ag over 6.02m, including a short interval with very high precious metal values (2.22% Zn, 3.36 g/t Au, and 414.0 g/t Ag over 0.26m) associated with galena-arsenopyrite veining.
Foran and its geophysical consultants are currently modeling and interpreting the results of the DEEP EM and borehole surveys, which have already outlined several preliminary target areas. The objective of this work will be to delineate additional drill targets in the 7km corridor between McIlvenna Bay and the Balsam area, as well as investigate the potential for hangingwall/footwall lenses at McIlvenna Bay.
The Thunder Zone is situated within a strong, prominent conductor of greater size and intensity than the conductor associated with the Balsam, B2 and B4 Zones, where drilling by Foran and past operators has identified multiple horizons of felsic volcanic-hosted copper-zinc-gold-silver mineralization. The objective of modeling this target is to better define the potential size and delineate additional drill targets to expand this new discovery.
In the Balsam area, a second prominent conductor was identified to the southeast of the Balsam, B2 and B4 Zones (Figure 1). Modeling of this new target is also underway.
Table 1. Regional Program Drill Results.
|(1)downhole distance, true thickness unknown, NSV = no significant values, Cu = copper, Zn = zinc, Au = gold, Ag = silver, MS = massive sulphide, SMS = semi-massive sulphide, CS = copper stockwork, VN = vein.|
To view Figure 1, "Thunder, B2, Balsam and B4 Zone drill plan, Balsam Property (Underlay: DEEP EM Z Component, db/dt Channel 20)," please visit the following link: http://media3.marketwire.com/docs/FOMimage1.pdf.
To view Figure 2, "VMS mineralization on Foran's 27,000 hectare McIlvenna Bay, Balsam and Hanson properties," please visit the following link: http://media3.marketwire.com/docs/FOMimage2.pdf.
To view Figure 3, "Copper-rich VMS mineralization from drill hole BA-13-77 in the Thunder Zone, Balsam Property," please visit the following link: http://media3.marketwire.com/docs/FOMimage3.pdf.
Table 2. Drill Hole Data.
|Hole ID||UTM Zone 13 NAD 83 East||UTM Zone 13 NAD 83 North||Elevation
(° North UTM)
Quality Assurance, Quality Control, and Qualified Person
Drilling was completed using NQ size diamond drill core. 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. 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. 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. 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.
Dave Fleming, P.Geo., VP Exploration for Foran and a Qualified Person within the meaning of National Instrument 43-101 supervised the Program and has approved the technical information in this release.
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 property is located in east central Saskatchewan, 65km west of Flin Flon, Manitoba and contains McIlvenna Bay, one of the largest undeveloped VMS deposits in Canada.
On March 27, 2013 Foran announced a new, increased mineral resource estimate for McIlvenna Bay, with indicated resources of 13.9 million tonnes grading 1.96% copper equivalent (1.28% Cu, 2.67% Zn, 0.49 g/t Au, 17 g/t Ag) and an inferred resource of 11.3 million tonnes grading 2.01% copper equivalent (1.32% Cu, 2.97% Zn, 0.43 g/t Au, 17 g/t Ag). For additional information on McIlvenna Bay, see the Foran news release dated March 27, 2013 or the report entitled "Technical Report on the McIlvenna Bay Project, Saskatchewan, Canada" dated December 9, 2011 at www.sedar.com or www.foranmining.com.
The McIlvenna Bay and Balsam properties are owned 100% by Foran; Teck Resources Limited holds a back-in right on the Balsam property.
Foran trades on the TSX.V under the symbol "FOM".
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Neither 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.Contact Information:
Foran Mining Corporation
Patrick Soares, President & CEO
409 Granville Street, Suite 904
Vancouver, BC, Canada, V6C 1T2
Foran Mining Corporation
Fiona Childe, VP, Corporate Development
120 Adelaide Street West, Suite 2500
Toronto, ON, Canada, M5H 1T1