Infill drilling confirms and supports resource and mine life expansion potential
First step out hole delivers 7% copper intercept and near-surface updip extension
Foran adds an additional (fourth) drill rig to follow up positive results to date
Hole MB-21-237 returned solid grades and significant thickness in the high-grade massive sulphide ("MS") and the deeper, adjacent copper stockwork zone ("CSZ"), reinforcing the Deposit's strong geological credentials. Two additional infill holes were drilled along the upper edge of the Deposit. Both holes (MB-21-232 and MB-21-240a) successfully intersected the CSZ with 17.77m and 7.50m thick intersections which should allow the conversion of additional inferred resources into the indicated category in that sector of the deposit.
The updip holes MB-21-239 and MB-21-241 represent 130m and 200m step-outs from the last holes drilled on their respective sections (Figure 1). The successful results, outlined below, further support that the deposit remains open for updip expansion along its plunge length with further drilling. An additional drill rig, for a total of four, has been brought to site on the back of these positive results to expedite the drill program at
Highlights:
Infill Drill Results
- MB-21-237 – intersected two zones of mineralization:
- 1.16% Cu, 0.67% Zn, 18.88 g/t Ag and 0.53 g/t Au (1.87% CuEq) over 14.78m (CSZ), including,
- 2.09% Cu, 1.88% Zn, 26.35 g/t Ag and 0.74 g/t Au (3.45% CuEq) over 2.45m, and
- 0.46% Cu, 5.70% Zn, 12.62 g/t Ag and 0.13 g/t Au (2.89% CuEq) over 0.65m (MS),
- MB-21-232 - intersected 17.77m of CSZ grading1.09% CuEq,
- 0.87% Cu, 0.30% Zn, 5.06 g/t Ag, and 0.11 g/t Au over 17.77m, including,
- 2.06% Cu, 0.53% Zn, 13.45 g/t Ag and 0.56 g/t Au over 1.14m,
- MB-21-240a
- 0.82% Cu, 0.15% Zn, 5.13 g/t Ag, and 0.07 g/t Au over 7.50m, including,
- 1.41% Cu, 0.60% Zn, 13.70 g/t Ag and 0.11 g/t Au over 1.00m,
Step Out Drill Results
- MB-21-239
- 2.95% Cu, 0.45% Zn, 44.01 g/t Ag and 0.74 g/t Au (3.94% CuEq) over 1.15m (CSZ), including,
- 7.43% Cu, 1.17% Zn, 113.2 g/t Ag and 2.06 g/t Au (10.07% CuEq) over 0.40m
- MB-21-241
- 1.90% Cu, 1.01% Zn, 15.45 g/t Ag and 0.40 g/t Au (2.63% CuEq) over 0.75m
"
"The entire Foran team is tirelessly committed to best-in-class execution and delivery, in consideration of all our stakeholders and across everything that we do day in and day out. These key cornerstones of our culture underpin our work and we are incredibly grateful to all involved – thank you."
Another geologist excited about the results from Hole MB-21-237
Further Information
The winter drill program at
The expansion program is focused on growing the size of the overall deposit through substantial step-outs both up and down dip and along the plunge. It is focused on creating additional upside for investors.
Table 1 below provides a detailed overview of the assay results.
Table 1: Significant Drill Intercepts from the
Hole | Zone | From | To | Interval | Cu | Zn | Ag | Au | CuEq |
MB-21-237 | MS | 899.90 | 900.55 | 0.65 | 0.46 | 5.70 | 12.62 | 0.13 | 2.89 |
MB-21-237 | CSZ | 903.22 | 918.00 | 14.78 | 1.16 | 0.67 | 18.88 | 0.53 | 1.87 |
Including | CSZ | 909.20 | 911.65 | 2.45 | 2.09 | 1.88 | 26.35 | 0.74 | 3.45 |
MB-21-239 | CSZ | 303.00 | 304.15 | 1.15 | 2.95 | 0.45 | 44.01 | 0.74 | 3.94 |
Including | CSZ | 303.35 | 303.75 | 0.40 | 7.43 | 1.17 | 113.2 | 2.06 | 10.07 |
MB-21-241 | CSZ | 204.12 | 204.87 | 0.75 | 1.90 | 1.01 | 15.45 | 0.40 | 2.63 |
MB-21-240a | CSZ | 560.00 | 567.50 | 7.50 | 0.82 | 0.15 | 5.13 | 0.07 | 0.96 |
Including | CSZ | 562.50 | 565.00 | 2.50 | 1.04 | 0.13 | 4.42 | 0.10 | 1.18 |
And | CSZ | 566.50 | 567.50 | 1.00 | 1.41 | 0.60 | 13.70 | 0.11 | 1.82 |
MB-21-232 | CSZ | 491.23 | 509.00 | 17.77 | 0.87 | 0.30 | 5.06 | 0.11 | 1.09 |
Including | CSZ | 491.23 | 492.37 | 1.14 | 2.06 | 0.53 | 13.45 | 0.56 | 2.68 |
And | CSZ | 503.50 | 504.47 | 0.97 | 1.84 | 0.72 | 10.03 | 0.35 | 2.39 |
And | CSZ | 507.00 | 508.03 | 1.03 | 2.98 | 0.20 | 11.87 | 0.32 | 3.33 |
**MB-21-238 | Lens 3 | 748.50 | 749.50 | 1.00 | 2.14 | 2.16 | 18.2 | 0.13 | 3.19 |
**MB-21-238 | SZ | 754.00 | 755.00 | 1.00 | 1.26 | 0.23 | 12.2 | 0.22 | 1.58 |
**MB-21-238 | MS | 755.00 | 757.95 | 2.95 | 5.17 | 1.67 | 35.4 | 1.38 | 6.88 |
Including | MS | 755.30 | 755.90 | 0.60 | 7.91 | 1.89 | 59.1 | 4.01 | 11.37 |
**MB-21-238 | CSZ | 757.95 | 776.00 | 18.05 | 2.02 | 0.33 | 12.8 | 0.82 | 2.71 |
Including | CSZ | 762.00 | 767.70 | 5.70 | 2.71 | 0.45 | 15.7 | 1.43 | 3.80 |
**MB-21-233 | Lens 3 | 1135.45 | 1138.15 | 2.70 | 0.04 | 2.62 | 20.04 | 0.15 | 1.35 |
**MB-21-233 | MS | 1144.90 | 1153.60 | 8.70 | 0.18 | 3.73 | 32.05 | 0.15 | 2.11 |
Including | MS | 1144.90 | 1147.15 | 2.25 | 0.09 | 7.64 | 59.84 | 0.20 | 3.99 |
**MB-21-231a | MS | 728.61 | 737.35 | 8.74 | 1.14 | 4.94 | 16.58 | 0.59 | 3.53 |
Including | MS | 733.71 | 734.87 | 1.16 | 0.52 | 12.81 | 23.06 | 0.24 | 5.86 |
**MB-21-231a | CSZ | 737.35 | 745.03 | 7.68 | 1.21 | 1.23 | 9.86 | 0.74 | 2.17 |
**MB-21-231a | CSZ | 746.70 | 751.90 | 5.20 | 0.58 | 0.43 | 5.08 | 0.07 | 0.83 |
**MB-21-236 | MS | 740.50 | 743.30 | 2.80 | 3.02 | 1.97 | 25.46 | 1.51 | 4.83 |
Including | MS | 741.35 | 741.95 | 0.60 | 5.42 | 1.16 | 32.95 | 3.52 | 8.08 |
**MB-21-236 | CSZ | 743.30 | 757.50 | 14.20 | 1.00 | 0.58 | 7.80 | 0.33 | 1.47 |
Including | CSZ | 746.00 | 747.00 | 1.00 | 2.41 | 0.60 | 24.95 | 1.84 | 3.87 |
**MB-21-234 | MS | 643.60 | 648.50 | 4.90 | 4.76 | 3.75 | 41.87 | 2.31 | 7.99 |
Including | MS | 644.80 | 646.40 | 1.60 | 7.89 | 1.58 | 63.62 | 5.42 | 12.08 |
**MB-21-234 | CSZ | 648.50 | 669.50 | 21.00 | 1.52 | 0.38 | 9.92 | 0.67 | 2.12 |
Including | CSZ | 650.40 | 657.70 | 7.30 | 2.65 | 0.69 | 20.45 | 1.52 | 3.94 |
1 True thickness is estimated to be approximately 80-85% of drill indicated. Copper Equivalent (CuEq) values are based on the following metal prices |
**Indicates previously released drill hole. See News Releases dated |
Quality Assurance and Quality Control
Drilling was completed using NQ size diamond drill core. And the 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 being performed by
Figure 1: Copper Stockwork Zone Long Section
Qualified Person
Mr.
About
Our goal is to build the first mine in
Foran trades on the TSX.V under the symbol "FOM".
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains "forward-looking information" (also referred to as "forward looking statements"), which relate to future events or future performance and reflect management's current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "hopes", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: complete the feasibility study in a timely manner, and the anticipated capital and operating costs, sustaining costs, net present value, internal rate of return, payback period, process capacity, average annual metal production, average process recoveries, anticipated mining and processing methods, proposed PFS production schedule and metal production profile, anticipated construction period, anticipated mine life, expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact studies, the intention to achieve carbon neutral production from day one, future financial or operating performance of the Company, subsidiaries and its projects, estimation of mineral resources, exploration results, opportunities for exploration, development and expansion of the
These forward-looking statements and information 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. These assumptions include: our mineral reserve and resource estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; success of the Company's projects, including the
The Company cautions the reader that forward-looking statements and information include known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the projected and actual effects of the COVID-19 coronavirus on the factors relevant to the business of the Corporation, including the effect on supply chains, labour market, currency and commodity prices and global and Canadian capital markets, fluctuations in zinc, copper, gold and silver prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the
These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information.
SOURCE
© Canada Newswire, source