Drilling at newly discovered
Assays received to-date highlight significant copper-zinc-gold mineralization
Geophysical modelling suggests zone could reach to ~300m from Foran's McIlvenna Bay Deposit
Additional drill rig ordered to expand the 2022 drill program
Key Highlights:
- ~200 metres ("m") of continuous massive and disseminated sulphides intersected, including chalcopyrite and sphalerite.
- Initial assay results include:
- 12.4m at 1.8% copper equivalent ("CuEq") including 1.2m at 8.3% CuEq;
- 7.71m at 1.7% CuEq including 1.55m at 2.1% CuEq; and
- 5.40m at 3.3% CuEq including 1.06m at 10.2% CuEq.
- Approximately 130m of assays from hole TS-22-03 remain pending.
- Initial assays validate a new near-mine mineralized zone 600m from the currently defined McIlvenna Bay Deposit. Geophysical modelling indicates the zone may come to within 300m of the deposit. The proximity of the newly discovered zone suggests potential future mining could benefit from economies of scale and the existing and planned infrastructure at McIlvenna Bay.
- Geophysics modelling of a 900m strike x 300m depth conductor provides a significant volume to extend mineralization. True width of the sulphide mineralization is estimated to be ~25-50m.
- A follow up wedge hole program is now underway, designed to test for a potential up-dip extension of the zone. A second drill rig has been ordered to further test Tesla and expand the regional exploration program.
- Foran's exploration methodology, validated with the new discovery, which could unlock future significant opportunities as we test targets across our land package.
Tesla Background
The Tesla modelled conductor begins ~300m north of the McIlvenna Bay deposit and was initially interpreted from magnetic and fixed-loop surface electromagnetic ("EM") data combined with our geological knowledge of the project area. An initial hole, TS-21-01, was drilled as a platform for downhole geophysics and, based on borehole EM modelling, the target was refined. Follow-up hole TS-21-02 deviated and was abandoned at 45m. The hole was restarted as TS-22-03, which successfully intercepted the mineralization located approximately 600m north of McIlvenna Bay, as shown in Figure 1 above.
Based on our current understanding of the anomaly, geophysics outlines potential dimensions of ~900m strike by 300m depth. True width of the sulphide mineralization is estimated to be ~25-50m, however follow-up drilling is required to generate an accurate determination of geometry. This discovery hole, in conjunction with the interpretation of the geophysics, indicates potential for mineralization on multiple horizons for approximately 1km along strike to the northwest from McIlvenna Bay, which also remains open. Additional drilling will be required to develop a full understanding of the new zone and its relationship to the known deposit.
Table 1 – Tesla Assay Results
Hole | From_m | To_m | Interval_m | Cu % | Zn % | Au g/t | CuEq % |
TS-22-03 | 866.05 | 878.44 | 12.39 | 1.64 | 0.17 | 0.30 | 1.8 |
Including | 872.24 | 873.44 | 1.20 | 7.80 | 0.64 | 0.61 | 8.3 |
TS-22-03 | 914.16 | 917.26 | 3.10 | 2.19 | 0.08 | pending | 2.2 |
Including | 915.68 | 917.26 | 1.58 | 3.57 | 0.12 | pending | 3.6 |
TS-22-03 | 927.11 | 928.88 | 1.77 | 1.39 | 8.99 | 0.13 | 4.8 |
Including | 927.92 | 928.88 | 0.96 | 1.49 | 15.88 | 0.17 | 7.5 |
TS-22-03 | 933.00 | 940.71 | 7.71 | 0.98 | 1.50 | 0.29 | 1.7 |
Including | 939.16 | 940.71 | 1.55 | 0.35 | 4.16 | 0.32 | 2.1 |
TS-22-03 | 948.15 | 953.14 | 4.99 | 0.71 | 2.62 | 0.32 | 1.8 |
Including | 948.15 | 950.15 | 2.00 | 1.36 | 1.58 | 0.45 | 2.2 |
And | 950.15 | 953.14 | 2.99 | 0.28 | 3.31 | 0.23 | 1.6 |
TS-22-03 | 955.14 | 960.54 | 5.40 | 2.29 | 1.66 | 0.96 | 3.3 |
Including | 959.09 | 960.15 | 1.06 | 7.19 | 3.62 | 3.63 | 10.2 |
Note: Intersections are not true width. Intervals composited using a 0.5% Cu cut-off grade. Results are preliminary with the analysis of additional elements (including gravimetric finish for Au results >1 g/t) pending, along with the results for the remaining samples for TS-21-03.1Copper Equivalent values calculated using metal prices of |
Hole TS-22-03 was drilled to a depth of 1,256m, targeting a downhole EM conductor. Visually significant chalcopyrite & sphalerite have been identified within the zone of sulphides intersected from 822m to 1,022m (~200m). Assays received to date represent two sub-intervals of the sulphide intercept. Samples from the remainder of the hole, consisting of ~130 meters, have been submitted for analysis and results are pending.
A preliminary geological assessment of the new zone indicates the presence of multiple overprinting events of sulphide mineralization and alteration, as well as remobilization of copper and zinc sulphides, similar to other notable VHMS deposits along the
The discovery of Tesla validates Foran's exploration methodology of integrating innovative geophysical interpretation with geological understanding of the area. Foran continues to explore and test multiple targets both at McIlvenna Bay and other brownfields areas in the
Summer Drill Program Underway
Foran is currently in the process of completing a wedge off hole TS-22-03, which is planned to intersect the discovery zone 75m up-dip of the recent intersection. The company plans to drill an additional ~3,000m on Tesla by the end of 2022, evaluating the new discovery and new exploration space in and around McIlvenna Bay. This is additional to ~7,000m of planned drill testing of established targets at Bigstone and Marconi on our Bigstone Property, 25km west of McIlvenna Bay, and drilling at the Flinty Prospect located 7km SE of McIlvenna Bay.
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
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McIlvenna Bay is a copper-zinc-gold-silver rich VHMS deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. McIlvenna Bay sits just 65km West of
McIlvenna Bay is the largest undeveloped VHMS deposit in the region. The Company announced the results from its Feasibility Study on
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