Press release from Marketwire
Foran Completes Successful Infill Drill Program on the McIlvenna Bay Deposit
Tuesday, June 04, 2013
Foran Completes Successful Infill Drill Program on the McIlvenna Bay Deposit09:00 EDT Tuesday, June 04, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 4, 2013) - Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased to announce assay results for winter 2013 diamond drilling on the Company's McIlvenna Bay Deposit ("McIlvenna Bay" or the "Deposit").
A total of four holes (2,243 m) were drilled into the Deposit. Highlights include:
- 1.5% Cu over 11.0m, including 2.4% Cu over 3.6m in MB-13-180,
- 1.2% Cu over 12.7m, including 2.2% Cu over 1.4m and 1.9% Cu over 3.1m in MB-13-179,
- 1.2% Cu over 8.7m, including 4.3% Cu over 1.4m in MB-13-181, &
- 0.94% Cu over 23.1m in MB-13-182.
The primary objective of the program was to continue to conduct infill drilling within the inferred portions of the Copper Stockwork Zone ("CSZ") for future conversion of inferred mineral resources into the indicated category. All four holes drilled in the program were successful in intersecting the inferred portions of the CSZ and returned strong copper grades over good widths. Drill hole MB-13-181 intersected the CSZ within 15 m of the currently defined mineral resource boundary, demonstrating that the CSZ remains open on its updip edge, with potential for future resource expansion.
Patrick Soares, President and CEO of Foran, commented: "In this program we achieved our goal of continuing to infill drill inferred portions of the CSZ for future upgrading of the mineral resource at McIlvenna Bay. We took advantage of winter conditions and therefore more cost-effective drilling to get a jump on completing this work." Mr. Soares continued, "Drilling was completed not only on schedule, but also under budget. This is a significant consideration at any time, but even more so given current market conditions."
In addition to intersecting the CSZ, two of the four holes also intersected stringer-style mineralization associated with Lens 3, which lies in the hangingwall to the CSZ. The areas of the Deposit drilled in this program are located above the updip edge of the Main Lens massive sulphides, which lie directly above the CSZ; so as anticipated, the Main Lens was not intersected in these drill holes. Figure 1 shows the pierce points of the four holes into the CSZ on a longitudinal section and Table 1 summarizes significant drill intercepts.
Table 1: Significant drill intercepts from holes MB-13-179 to -1821-2
1 m = metres, Cu = copper, Au = gold, Ag = silver, Zn = zinc, CSZ = Copper Stockwork Zone; 2 T rue thickness is estimated to be approximately 80-85% of drill indicated.
The four holes drilled on the Deposit are part of a larger 15 hole (6,406m) drill program on Foran's McIlvenna Bay and Balsam properties completed between January and March, 2013. See the Foran news release dated April 9, 2013 with respect to the other 11 holes drilled in this program.
Quality Assurance and Quality Control
Drilling was completed using NQ sized 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 and 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. 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) is 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.
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.
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 McIlvenna Bay, one of the largest undeveloped volcanogenic massive sulphide ("VMS") deposits in Canada.
On March 27, 2013, Foran announced an increased mineral resource estimate for McIlvenna Bay (the "2013 Resource"), 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.
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.
To view Figure 1 accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/878141.pdf
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
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