Four Diamond Drill Rigs and up to 35,000m of Regional Drilling Planned for 2023
Tesla Drilling Already Underway Ahead of Winter Drill Program
Increased Drilling Capacity to Further Unlock Potential District Scale Opportunity
Long Lead-Time Items Procured at Prices In-Line with Feasibility Study Estimates
2023 Regional Exploration Plan
Overview
Year to date, Foran has been active across its properties drilling 12,610 metres ("m") using one drill rig, with the majority of drilling conducted at Tesla and Bigstone/Marconi. In 2023, Foran is targeting 35,000m in near-mine and regional exploration in addition to completing geophysics and compilation work, with a total direct spend of approximately
Following the new discovery of the
Foran anticipates drilling 12-15 holes during the winter program, beginning in mid-January, with the full length of the program to be determined by weather conditions supporting drilling on the ice.
Regional Program
With our land package totalling approximately 1,472 km2, Foran has strategically staked and consolidated a potentially transformational district. The Company has an extensive portfolio of claims in and around the
Detailed geological, geochemical and structural studies currently being conducted on both the McIlvenna Bay Deposit and region, the Bigstone Deposit and region, as well as the newly discovered
The recently acquired Galvani, Curie, and Becquerel claims have been under evaluation and priority areas have been identified for permitting and follow-up groundwork. In 2023 and 2024, Foran plans to conduct several exploration programs designed to further assess the identified targets on these mineral claims. Future adjustments to land holdings in the area may be completed to optimize Foran's position based on the results of those programs and the work of the project generation team.
TruScan Technology Opportunities
In
2022 Tesla Drilling
Following the discovery of the
Initial interpretations of geophysics, logging and oriented core data indicate the potential for a series of steeply dipping, stacked lenses or zones of disseminated and fracture fill sulphide mineralization, massive sulphides and stockwork veins within a package of highly altered volcanic sequences. Drilling at the Tesla target is still in its early days and these identified zones of mineralization remain open for potential expansion with further drilling.
Geophysical surveys outline a conductor with potential dimensions of ~900m (strike) by 300m (width) associated with the
Table 1 – Updated Tesla Assay Results1 (* Denotes previously released)
Hole | From_m | To_m | Interval_m | Cu % | Zn % | Ag g/t | Au g/t | CuEq % |
TS-21-01* | 947.3 | 949.3 | 2.0 | 0.05 | 1.27 | 1.21 | 0.01 | 0.5 |
TS-22-03* | 822.7 | 824.3 | 1.5 | 0.68 | 1.35 | 7.5 | 0.36 | 1.4 |
TS-22-03* | 866.1 | 897.4 | 31.4 | 1.05 | 0.20 | 8.5 | 0.19 | 1.3 |
Including | 872.2 | 873.4 | 1.2 | 7.80 | 0.64 | 42.3 | 0.61 | 8.5 |
TS-22-03* | 910.2 | 917.3 | 7.1 | 1.41 | 0.06 | 9.9 | 0.08 | 1.5 |
Including | 915.7 | 917.3 | 1.6 | 3.57 | 0.12 | 26.8 | 0.12 | 3.8 |
TS-22-03* | 927.1 | 928.9 | 1.8 | 1.39 | 8.99 | 17.0 | 0.13 | 4.9 |
Including | 927.9 | 928.9 | 1.0 | 1.49 | 15.88 | 18.4 | 0.17 | 7.6 |
TS-22-03* | 933.0 | 940.7 | 7.7 | 0.98 | 1.50 | 17.4 | 0.29 | 1.8 |
Including | 939.2 | 940.7 | 1.6 | 0.35 | 4.16 | 14.5 | 0.32 | 2.1 |
TS-22-03* | 948.2 | 953.1 | 5.0 | 0.71 | 2.62 | 21.8 | 0.32 | 1.9 |
Including | 948.2 | 950.2 | 2.0 | 1.36 | 1.58 | 26.1 | 0.45 | 2.3 |
And | 950.2 | 953.1 | 3.0 | 0.28 | 3.31 | 18.9 | 0.23 | 1.7 |
TS-22-03* | 955.1 | 960.5 | 5.4 | 2.29 | 1.66 | 19.2 | 0.96 | 3.4 |
Including | 959.1 | 960.2 | 1.1 | 7.19 | 3.62 | 44.2 | 3.63 | 10.4 |
TS-22-03w2* | 808.1 | 812.0 | 3.9 | 3.00 | 2.72 | 20.3 | 0.97 | 4.1 |
Including | 809.4 | 811.6 | 2.2 | 4.23 | 3.99 | 28.1 | 1.27 | 6.4 |
TS-22-03w2* | 831.5 | 834.9 | 3.4 | 1.44 | 1.09 | 11.4 | 0.29 | 2.0 |
Including | 833.8 | 834.3 | 0.6 | 3.25 | 0.60 | 23.7 | 0.86 | 4.0 |
TS-22-03w2* | 847.0 | 849.0 | 2.0 | 2.17 | 1.19 | 30.0 | 0.74 | 3.1 |
TS-22-03w2* | 860.9 | 871.0 | 10.1 | 1.39 | 0.32 | 12.8 | 0.29 | 1.7 |
Including | 861.4 | 863.8 | 2.4 | 2.21 | 0.36 | 15.5 | 0.46 | 2.6 |
TS-22-03w2* | 875.5 | 887.4 | 11.9 | 1.18 | 13.04 | 16.9 | 0.20 | 6.2 |
Including | 882.0 | 887.4 | 5.4 | 1.66 | 22.50 | 18.7 | 0.05 | 10.2 |
TS-22-03w2* | 887.4 | 904.5 | 17.2 | 0.86 | 0.26 | 8.2 | 0.03 | 1.0 |
Including | 900.6 | 904.5 | 3.9 | 1.13 | 0.43 | 10.2 | 0.07 | 1.4 |
TS-22-02w2* | 919.4 | 921.8 | 2.4 | 2.47 | 1.33 | 20.7 | 0.25 | 3.2 |
Including | 920.2 | 920.7 | 0.6 | 6.50 | 3.02 | 51.9 | 0.09 | 7.9 |
TS-22-03w2* | 957.7 | 960.0 | 2.3 | 0.01 | 1.80 | 13.4 | 0.08 | 0.8 |
Including | 957.7 | 958.5 | 0.8 | 0.01 | 2.38 | 26.0 | 0.13 | 1.2 |
TS-22-03w2* | 977.0 | 979.0 | 2.0 | 0.07 | 2.04 | 6.5 | 0.19 | 1.0 |
TS-22-03w2* | 1017.8 | 1021.8 | 4.0 | 0.02 | 1.04 | 4.3 | 0.10 | 0.5 |
TS-22-04 | 803.5 | 805.4 | 1.9 | 1.69 | 0.51 | 11.5 | 0.76 | 2.3 |
Including | 804.8 | 805.4 | 0.6 | 3.15 | 0.94 | 21.4 | 1.45 | 4.3 |
TS-22-04 | 926.4 | 935.4 | 9.0 | 0.89 | 0.57 | 7.6 | 0.01 | 1.2 |
Including | 927.1 | 932.0 | 4.8 | 1.11 | 0.25 | 8.1 | 0.01 | 1.3 |
TS-22-04 | 938.1 | 940.5 | 2.4 | 0.98 | 0.38 | 5.0 | 0.06 | 1.2 |
Including | 939.6 | 939.9 | 0.3 | 2.53 | 0.21 | 12.4 | 0.09 | 2.7 |
TS-22-04 | 952.9 | 955.0 | 2.1 | 0.83 | 0.18 | 6.9 | 0.16 | 1.0 |
Including | 952.9 | 953.9 | 0.9 | 1.36 | 0.33 | 11.3 | 0.26 | 1.7 |
Note: Intersections are not true width. Intervals generally composited using a 0.5% Cu cut-off grade. 1Copper Equivalent values calculated using metal prices of |
Advanced Exploration Decline Program Update
The Company's ongoing advanced exploration program has been proceeding well throughout 2022, with photo updates below. Development of the boxcut and portal has now been completed and the decline has been developed to approximately 130m in length. Importantly, the decline development has now proceeded through the previously identified sandstone layer, which progressed slower than planned due to the need for additional ground support, consumables and grouting. The exploration decline, surface preparation and the purchase of various equipment and infrastructure items are also expected to be used in future production if the project is fully approved for construction.
Development to-date has confirmed critical geotechnical and hydrogeological information that will support detailed engineering and be incorporated into the overall project design and schedule. Water is discharging from decline development to an on-surface containment pond at an average rate of ~200m3 per day, below planned flow rates of 300m3/day. As winter approaches, the Company has conservatively elected to pause decline development and focus on conducting a bulk sampling program using surface diamond drilling methodologies. It is anticipated that larger diameter (PQ) core will be utilized for the drilling, which will allow large samples to be collected from material scheduled in the first three years of anticipated production and provide a more representative sample suite for metallurgical and paste testwork. Considering work completed to-date, further development of the exploration decline is not anticipated to be on the critical path to the overall project schedule and the Company expects development to resume in spring 2023 once the required water discharge permits are received.
Detailed Engineering & Early Works
Foran is also pleased to announce the engagement of
Quality Assurance and Quality Control
Drilling was completed using NQ 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. 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 the
Qualified Person
Mr.
The Company's head office is located at
Neither the
About
Foran trades on the TSX.V under the symbol "FOM" and on the OTCQX under the symbol "FMCXF".
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking information and forward-looking statements, as defined under applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or to the future performance of
All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "potentially", "intends", "likely", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement.
Inherent in forward-looking statements are known and unknown risks, estimates, assumptions, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this news release. These factors include management's belief or expectations relating to the following and, in certain cases, management's response with regard to the following: The proposed strategic investment by Ontario Teaches Pension Plan; the status and progression of credit facility discussions; unlocking the untapped value of the Company's properties, delivery of superior or any investment returns; scale, scope and location of future exploration and drilling activities; the potential for the Company's land package to be transformational, the focus of the Company's future drill programs, the incorporation of geotechnical and hydrogeological information into the overall project design; The long-term investment horizon of shareholders; The growth of the Company from developer to producer; The certainty of funding; The future of the Company;
The forward-looking statements contained in this news release reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Readers are cautioned against undue reliance on forward-looking statements and should note that the assumptions and risk factors discussed above do not contain an exhaustive list of the factors or assumptions that may affect the forward-looking statements, and that the assumptions underlying such statements may prove to be incorrect. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in the Company's securities filings and this news release. All forward-looking statements herein are qualified by this cautionary statement. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.
SOURCE
© Canada Newswire, source