Drilling Continues To Define High-Grade Copper And Gold Trend
Foran Mining Corporation (TSXV: FOM) continues to deliver high grade copper and gold results over significant widths at the McIlvenna Bay deposit near Flin Flon, Manitoba
Five holes have now been completed and the latest results from an additional two holes drilled as part of the current drilling campaign, which is designed to expand the Indicated resources in the McIlvenna Bay deposit, continue to define a high-grade copper and gold trend along the upper plunge line of the massive sulphide lens.
Executive Chairman, Dan Myerson, said the overall tenor of the results, coupled with the increased density of drill holes, will positively impact the Deposit and its economics when the definitive feasibility study (DFS) is published in Q4 2021.
“Outstanding drill results continue to amass from our largest drill programme to date at McIlvenna Bay,” Mr Myerson said.
“They continue to define a high-grade copper and gold trend, underpinning our confidence that we are well positioned to significantly enhance the resources, and in turn, the value of this world-class Deposit when we publish our DFS later in the year.
“These holes, which continue to deliver beyond our expectations, also reinforce some of McIlvenna Bay’s most attractive geological qualities; it is rich in high grade gold and copper mineralisation and the high-grade MS lens is adjacent to the deeper CSZ.
“The fact that the two zones are adjacent provides a thicker overall combined mining width that allows the stopes to be optimised and reduces dilution from mining separate zones.
“We look forward to providing additional results from our ongoing program at McIlvenna Bay and moreover, are very excited to begin showcasing the many other world-class deposits we have in our prolific camp and how all these could come together to form one of the world’s greatest mining camps.”
The winter drill programme at McIlvenna Bay has been underway since mid-January. The infill segment of the 30,000 m drill program has focused on increasing Foran’s knowledge of the deeper parts of the Deposit to convert current inferred resources to the indicated category. All five holes drilled to date have returned high-grade results.
Hole MB-21-238 – intersected 22.00m of continuous mineralisation including 2.95m grading 6.88% copper equivalent (CuEq) of MS and 18.05m grading 2.71% CuEq from the underlying Copper Stockwork Zone (“CSZ”), consisting of:
- 5.17% Cu, 1.67% Zn, 35.4 g/t Ag and 1.38 g/t Au over 2.95m (MS), and
- 2.02% Cu, 0.33% Zn, 12.8 g/t Ag and 0.82 g/t Au over 18.05m (CSZ)
- Includes a composite result of 4.01 g/t Au and 7.91% Cu over a 0.60m
Hole MB-21-233 – intersected 8.70m grading 2.11% CuEq from the zinc-rich part of the MS at depth in the Deposit, consisting of:
- 0.18% Cu, 3.73% Zn, 32.05 g/t Ag and 0.15 g/t Au over 8.70m, including 2.25m grading 0.09% Cu, 7.64% Zn, 59.84 g/t Ag and 0.20 g/t Au
Drill hole MB-21-238 intersected the upper edge of the massive sulphide lens where the company continues to define a zone of high-grade copper and gold in this sector of the Deposit. Drilling at the Deposit continues with three drills. It is anticipated that the infill drill programme will continue until June, when the focus of the programme will shift to expansion of the deposit with step-out holes designed to expand the resources. The drilling at McIlvenna Bay is anticipated to continue through the summer of 2021