Foran Intersects 1.70% Cu and 0.46 g/t Au Over 47.55m at McIlvenna Bay
Published : May 10, 2011
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Copper | Diamond | Gold | Market | Silver | Storage | Zinc |

SASKATOON, SASKATCHEWAN--(Marketwire - May 10, 2011) - Foran Mining Corporation (News - Market indicators) ("Foran" or the "Company") is pleased to announce assay results from an additional three drill holes from the Company's 2011 spring drill program (the "Phase One Program") at its McIlvenna Bay Project ("McIlvenna Bay" or the "Project"), located in northeast Saskatchewan, 60 kilometres west of Flin Flon, Manitoba.

Drilling results continue to indicate good continuity and thickness, with wide intervals of elevated copper and gold, as highlighted by MB-11-139 which intersected a downhole length of 47.55 metres grading 1.70% copper and 0.46 g/t gold, including an 8.00 metre interval grading 3.24% copper and 0.92 g/t gold. A table of significant results from the Phase One Program is provided below:

Hole ID   From
(m
)   To
(m
)   Interval (m)1   Au2
(g/t
)   Ag2
(g/t
)   Cu2
(%
)   Zn2
(%
)
3MB-11-136   364.57     387.10     22.53   1.21     12.34     1.59     0.33  
Including   365.33     377.00     11.67   2.18     19.37     2.09     0.61  
3MB-11-137   298.93     327.17     28.24   0.31     9.05     1.30     0.24  
Including   300.08     303.61     3.53   0.79     25.17     2.88     0.65  
and   318.20     326.00     7.80   0.37     9.25     1.88     0.19  
MB-11-138   329.68     342.54     12.86   0.21     11.13     1.92     0.35  
MB-11-138   356.42     366.95     10.53   0.13     7.43     1.54     0.12  
MB-11-138   374.74     407.26     32.52   0.35     11.29     1.69     0.27  
including   375.74     383.74     8.00   0.40     24.79     3.19     0.59  
and   393.74     401.24     7.50   0.71     12.04     2.20     0.28  
MB-11-139   403.19     450.74     47.55   0.46     12.77     1.70     0.17  
including   404.19     412.19     8.00   0.92     25.79     3.24     0.54  
and   429.19     435.19     6.00   1.04     13.58     2.15     0.07  
MB-11-140   455.65     458.43     2.78   1.46     52.35     4.20     7.56  
MB-11-140   458.43     487.43     29.00   0.61     7.10     1.25     0.13  
including   458.43     470.43     12.00   1.26     12.42     1.73     0.24  
MB-11-140   506.10     520.10     14.00   0.43     5.44     1.30     0.06  
including   506.10     511.10     5.00   0.88     8.76     1.84     0.08  

1 True thickness is estimated to be approximately 80-85% of drill indicated length.

2 Au = gold, Ag = silver, Cu = copper, Zn = zinc.

3 Result previously released; see Foran's news release dated April 6, 2011.

McIlvenna Bay is host to significant volcanogenic massive sulphide ("VMS") mineralization, consisting of steeply dipping zinc-copper-gold-silver massive sulphide lenses underlain by a copper stringer zone (the "Zone") with significant gold values. The objective of the drill program is to test the continuity of the Zone and establish the geological controls on mineralization for resource modelling. 

Patrick Soares, President and CEO of Foran commented: "Our Phase One Program at McIlvenna Bay continues to demonstrate good width, grade and continuity, with potential to add to the Zone updip, at shallower depths from surface. The results from this program will assist Foran's geological team in determining how to incorporate the Zone into an updated mineral resource estimate."

A geological cross section is attached to this release which shows the results from the Phase One Program in context with historic drill holes in the area. Assay results from Foran's Phase One Program compare favourably with historic results and the drilling suggests that the Zone remains open towards surface for further expansion. 

The results contained in this release and in a Foran news release of April 6, 2011 are part of a ten drill hole (5,081 metre) Phase One Program that has recently been completed on the Project. The remainder of the results from the Phase One Program will be released as assay data becomes available. 

Quality Assurance, Quality Control, and Qualified Person

Drilling is completed using NQ size Diamond drill core. The core is currently logged by representatives of Equity Exploration Consultants Ltd., a geological consulting firm independent of the Company. During the logging process mineralized intersections are marked for sampling and given unique sample numbers. Sampled intervals are sawn in half by a Diamond blade saw. One half of the sawn core is placed in a plastic bag with the sample tag and sealed, while the second half is returned to the core box for storage on site. Sample analysis is performed by TSL Laboratories Ltd. ("TLS") in Saskatoon, Saskatchewan. TLS is a CAN-P-1579, CAN-P-4E(ISO/IEC 17025:2005) accredited laboratory and independent of Foran. Analysis for Ag, Cu, and Zn is performed using atomic absorption spectrometry ("AA") after multi-acid digestion. Au analysis is completed by fire assay with AA finish. Any samples which return results greater than 3.0 g/t Au are re-run using gravimetric finish. A complete suite of QA/QC reference materials (standards, blanks and pulp and field duplicates) are included in each batch of samples processed by the laboratory. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data.

The technical content of this new release has been verified and approved by Roger March, P.Geo. Mr. March is the Manager, Advanced Projects for Foran, a Qualified Person within the meaning of National Instrument 43-101 and has visited the Project. 

About Foran Mining

Foran is a diversified exploration company with exploration properties in the Flin Flon mining belt. The Company's flagship project is McIlvenna Bay, a VMS deposit located 60 kilometres west of Flin Flon, Manitoba.

McIlvenna Bay is one of the largest undeveloped VMS deposit in Canada, with an indicated mineral resource of 6.7 million tonnes grading 0.87% copper, 6.51% zinc and 26.0 g/t silver and a further 6.0 million tonnes grading 0.83% copper, 5.89% zinc and 24.8 g/t silver in the inferred category, using a cut-off grade of 4.0% zinc and 1.5% copper (as applicable). 

This resource estimate is presented in an independent National Instrument 43-101 technical report, dated November 2006 and authored by Scott Wilson Roscoe Postle and Associates Inc. The report is available on SEDAR at www.sedar.com or on the Company's website at www.forangold.com

Forward Looking Statements

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include, without limitation, statements regarding the company's plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

To view a map of the McIlvenna Bay Project, please visit the following link: http://media3.marketwire.com/docs/510fom_map.pdf.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Foran Mining Corporation
Patrick Soares
President and CEO
604-488-0008
psoares@foranmining.com
or
Foran Mining Corporation
Fiona Childe
VP, Corporate Development
604-488-0008
fchilde@foranmining.com
www.forangold.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Foran Mining Corp.

CODE : FOM.V
ISIN : CA3449112018
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Foran Mining is a copper exploration company based in Canada.

Foran Mining holds various exploration projects in Canada.

Its main exploration properties are KISSEYNEW, LEO LAKE and MCILVENNA BAY-HANSON LAKE in Canada.

Foran Mining is listed in Canada and in United States of America. Its market capitalisation is CA$ 294.9 millions as of today (US$ 235.8 millions, € 206.6 millions).

Its stock quote reached its highest recent level on February 13, 1998 at CA$ 9.80, and its lowest recent point on March 20, 2009 at CA$ 0.04.

Foran Mining has 98 970 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Nominations of Foran Mining Corp.
2/7/2013Appoints Technical Consultant
5/5/2011Continues to Build Management Team: Appoints CFO and VP Corp...
Financials of Foran Mining Corp.
5/23/2013Announces Results of Annual and Special Meeting of Sharehold...
2/22/2013Reports First Quarter 2013 Results
Corporate news of Foran Mining Corp.
7/1/2016Foran Announces Closing of Non-Brokered Financing for Procee...
6/15/2016Foran Announces $1,000,000 Non-Brokered Private Placement
5/30/2016Foran Reports First Quarter 2016 Results
5/30/2016Foran Response to Trading Activity
3/30/2016Foran Reports 2015 Annual Financial Results
3/23/2016Foran Announces Expiry of Stock Options
3/23/2016Foran Announces Grant of Stock Options
9/8/2015Foran Bigstone Deposit Update
8/24/2015Foran Reports Second Quarter 2015 Results
6/18/2015Foran to Commence Metallurgy at the Bigstone Copper-Zinc Dep...
4/20/2015Foran Announces Best Hole Drilled To Date in the Bigstone Co...
4/20/2015Foran Reports 2014 Year End Results
4/20/2015Foran Intersects High-Grade Zinc in First Drill Hole at Bigs...
4/17/2015Foran Announces Best Hole Drilled to Date in the Bigstone Co...
4/16/2015Foran Reports 2014 Year End Results
4/2/2015RETRANSMISSION: Foran Intersects High-Grade Zinc in First Dr...
4/2/2015RETRANSMISSION: Foran Intersects High-Grade Zinc in First Dr...
4/1/2015Foran Intersects High-Grade Zinc in First Drill Hole at Bigs...
4/1/2015Intersects High-Grade Zinc in First Drill Hole at Bigstone: ...
3/25/2015Foran Confirms and Expands Thunder Zone Copper-Zinc Discover...
3/25/2015Confirms and Expands Thunder Zone Copper-Zinc Discovery: Bui...
1/15/2015Commences Winter Exploration Program in the Hanson Lake Camp
10/31/2013DEEP-EM Survey Identifies Two High Priority Targets
9/24/2013Presents Traditional Land Use Study
9/18/2013Completes Summer Program at McIlvenna Bay
8/21/2013Forum Increases Financing to $2.25 Million
6/4/2013Completes Successful Infill Drill Program on the McIlvenna B...
5/16/2013Commences Engineering Studies at McIlvenna Bay
4/19/2013Notice of Annual and Special Meeting of Shareholders
4/8/2013Discovers New Zone of High-Grade Copper Mineralization at Ba...
3/27/2013Announces New McIlvenna Bay Resource
2/19/2013Commissions DEEP EM Geophysical Survey
1/25/2013Reports 2012 Year End Results & Granting of Stock Options
1/14/2013Commences Winter Drill Program
11/9/2012Retains Market Maker
10/1/2012Announces $5M Exploration & Development Program for 2013
7/20/2011Commissions Updated Mineral Resource Estimate for McIlvenna ...
7/19/2011Awards Environmental and Engineering Studies for McIlvenna B...
6/15/2011Completes Phase One Program at McIlvenna Bay with High Grade...
6/7/2011Phase One Drilling Continues to Intersect Good Grades & Widt...
6/6/2011Announces Appointment of Corporate Secretary and Grant of St...
5/10/2011Intersects 1.70% Cu and 0.46 g/t Au Over 47.55m at McIlvenna...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (FOM.V)Other OTC (FMCXF)
2.98-1.00%2.21-0.45%
TSX-V
CA$ 2.98
12/02 15:59 -0.030
-1%
Prev close Open
3.01 2.96
Low High
2.93 3.00
Year l/h YTD var.
2.01 -  3.10 16.41%
52 week l/h 52 week var.
2.01 -  3.10 15.06%
Volume 1 month var.
438,395 16.86%
24hGold TrendPower© : -4
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
202215.06%2.891.93
2021346.55%3.080.60
2020123.08%0.700.08
2019-25.71%0.360.22
2018-15.66%0.620.23
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.34+2.66%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 5.77-2.86%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.80-3.75%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.08-11.11%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.05+3.02%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.55+1.18%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.18+2.86%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.30-1.64%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.50+2.46%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 68.46+0.26%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :