Key Highlights:
- The receipt of initial permits represents a significant milestone for the Company as we continue to advance the
McIlvenna Bay Project towards full construction. - Underground development associated with the exploration decline is planned to be ~1,475 metres ("m") in length, and is expected to reach the orebody in H2/22.
- Upon completion, Foran plans to extract a ~4,400 tonne bulk sample for metallurgical testing and conduct underground drilling.
- In addition to the physical construction of the decline, the pre-development program will include surface preparation work and the purchase of various equipment and infrastructure items that would also be used once in production.
- Foran has awarded contracts related to land clearing, earthworks and civil construction to the Hanson Lake Northern JV, a partnership between
Peter Ballantyne Group of Companies ,CPI Construction andThreeoSix Industrial . - The process to secure the Approval to Operate is underway. Foran will advance Environmental Assessment activities concurrent with development of the exploration decline.
- Surface preparation associated with the program has already commenced (see Figures 1-7).
Exploration Decline Technical Overview
McIlvenna Bay's exploration decline is expected to be ~1,475m in length down to a depth of ~90m below surface. Approximately 850m of ramp development is required to access the deposit where a single 100m cross-cut will be developed into the hanging wall to facilitate bulk sample collection. The remaining development metres are attributable to a planned exploration drift. The Company expects to mine a 4,400 tonne bulk sample that will be used to confirm metallurgical test-work and further optimize processing design. The sample will also provide the opportunity to complete ore sorting test-work, and verify characterizations of mill tailings product to accurately define long-term dry-stack tailings management requirements. Underground mapping and drilling will also be conducted to improve the Company's knowledge of the deposit.
Surface work has already commenced, with blasting and clearing of the boxcut ongoing. Key contracts have been awarded, including to the Hanson Lake Northern Joint Venture ("HLNJV"), of which the
Remaining Permit Approval Process
Foran has been working collaboratively with the
The Company is advancing the Saskatchewan Environmental Assessment ("EA") process required for subsequent mine construction concurrent with the exploration decline construction and operation.
Upon submission of the EIS, which Foran expects to complete in Q2/22, a technical review is completed through the
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About
Our goal is to build the first carbon neutral copper mine in
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 from
McIlvenna Bay is the largest undeveloped VHMS deposit in the region. The Company filed a NI 43-101 Technical Report for the updated resource estimate for the McIlvenna Bay deposit on
Foran trades on the TSX.V under the symbol "FOM" and on the OTCQX under the symbol "FMCXF".
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.
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, undertaking the advanced exploration program and decline; extract the required amount of material for testwork; receipt of permits in a timely manner; 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
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