Press release from Marketwire
Foran Completes Summer Program at McIlvenna Bay
Wednesday, September 18, 2013
Foran Completes Summer Program at McIlvenna Bay09:00 EDT Wednesday, September 18, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 18, 2013) - Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased to announce the completion of a summer exploration program (the "Program") on the Company's landholdings surrounding its 100% owned McIlvenna Bay Deposit ("McIlvenna Bay" or the "Deposit"). The Program focused on geological mapping and the collection of surface and drill core samples for lithogeochemical analysis targeting the Hanson Lake area to the north of the Deposit, as well as the collection of drill core samples south of the Deposit in the vicinity of the Thunder Zone. The Thunder Zone is a recent high-grade copper discovery, where drilling by Foran in early 2013 returned 4.1% Cu over 3.7m, including 10.6% Cu over 1.1m (see the Foran news release dated April 8, 2013).
The objective of the Program is to aid in target generation for the discovery of additional volcanogenic massive sulphide ("VMS") deposits in Foran's landholdings. Numerous VMS showings and occurrences, as well as a small, high-grade past producing mine are known within 10 kilometres of the Deposit. Several of these zones of VMS mineralization are hosted within similar stratigraphy to the Deposit. However, direct correlation is hampered by the lack of continuous outcrop exposure, deformation, and presence of younger intrusive rocks. Future exploration will be aided through obtaining a better understanding of the location of stratigraphy with potential to host VMS mineralization, identification of related hydrothermal alteration and characterization of the nature and intensity of the hydrothermal alteration. Approximately 300 surface and 200 drill core samples were collected for lithogeochemical analysis during the Program in conjunction with a M.Sc. thesis.
The results of the Program will be interpreted in combination with various geophysical surveys conducted on Foran's landholdings. This includes a ground-based, deep-penetrating time-domain electromagnetic ("DEEP-EM") geophysical survey conducted in spring 2013, the final results of which are expected to be received by the Company in the coming weeks.
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 VMS deposits in Canada.
On March 27, 2013, Foran announced an 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. 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.
As at June 30, 2013, the Company had a total of $5.2 million in cash, cash equivalents and short-term investments.
Foran trades on the TSX.V under the symbol "FOM".
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
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