Foran Phase One Drilling Continues to Intersect Good Grades & Widths at McIlvenna Bay
Published : June 07, 2011
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Keywords :   Canada | Copper | Diamond | Gold | Market | Silver | Storage | Zinc |

SASKATOON, SASKATCHEWAN--(Marketwire - June 7, 2011) - Foran Mining Corporation (News - Market indicators) ("Foran" or the "Company") is pleased to announce assay results from an additional four 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 north central Saskatchewan, 60 kilometres west of Flin Flon, Manitoba.

These four holes, which were designed to target the Copper Stringer Zone (the "Zone"), also intersected overlying lenses of massive sulphide mineralization in several of the holes. Highlights include:

  • 7.34 m of massive sulphide grading 7.85% zinc ("Zn"), 1.76% copper ("Cu"), 21.2 g/t silver ("Ag"), and 0.68 g/t gold ("Au") directly overlying 30.00 m of the Zone grading 1.22% Cu and 0.44 g/t Au in hole MB-11-141;
  • 9.38 m grading 1.40% Zn, 1.18% Cu, 17.5 g/t Ag and 0.25% Au from an upper lens in hole MB-11-141. This intercept is comprised of a 5.63m interval of copper-rich disseminated and stringer style mineralization, grading 1.45% Cu and 0.30% Zn, directly overlying a 3.75m zinc-rich semi-massive interval grading 3.05% Zn and 0.78% Cu;
  • 2.47 m of massive sulphide grading 11.76% Zn, 1.10% Cu, 16.7 g/t Ag and 1.00 g/t Au directly overlying 12.83 m of the Zone grading 1.22% Cu in hole MB-11-142;
  • 22.85 m of the Zone grading 1.52% Cu and 0.25 g/t Au, including 3.45 m grading 4.95% Cu and 0.72 g/t Au in hole MB-11-144.

Patrick Soares, President and CEO of Foran commented: "These most recent holes from our Phase One program at McIlvenna Bay continue to return robust copper grades and widths, along with good continuity in the Zone, our primary target in this program. With the deeper holes we are also drilling into zones of high-grade massive sulphide mineralization, on which the current NI 43-101 compliant mineral resource for the Project is based."

McIlvenna Bay is host to significant volcanogenic massive sulphide ("VMS") mineralization, consisting of steeply dipping zinc-copper-gold-silver massive sulphide lenses underlain by the Zone, which contains significant copper and gold values. The objective of the Phase One Program is to test the continuity of the Zone and establish the geological controls on mineralization for resource modelling. 

A table of significant intercepts from the four drill holes in this release is provided below:

Hole ID From
(m)
To
(m)
Interval
(m)
1
Au
(g/t)
Ag
(g/t)
Cu
(%)
Zn
(%)
MB-11-141 424.91 434.29 9.38 0.25 17.53 1.18 1.40
including 424.91 430.54 5.63 0.27 20.56 1.45 0.30
and 430.54 434.29 3.75 0.22 12.97 0.78 3.05
MB-11-141 445.97 450.06 4.09 0.55 16.90 1.18 0.93
MB-11-141 453.66 461.00 7.34 0.68 21.19 1.76 7.85
MB-11-141 461.00 491.00 30.00 0.44 5.31 1.22 0.08
MB-11-141 506.40 517.65 11.25 0.069 3.77 1.08 0.076
MB-11-141 530.34 536.45 6.11 0.10 3.25 0.90 0.17
MB-11-142 402.57 403.60 1.03 0.22 9.80 0.42 4.67
MB-11-142 418.55 421.02 2.47 1.00 16.74 1.10 11.76
MB-11-142 421.02 433.85 12.83 0.27 4.92 1.22 0.08
including 421.02 428.02 7.00 0.45 7.00 1.62 0.10
MB-11-143 428.44 429.78 1.34 0.27 19.20 0.64 8.27
MB-11-143 429.78 431.21 1.43 0.60 30.40 0.79 0.64
MB-11-143 450.75 453.75 3.00 0.26 18.1 0.46 9.72
MB-11-143 453.75 474.76 21.01 0.16 5.35 1.19 0.19
including 454.75 460.75 6.00 0.28 8.03 1.61 0.19
MB-11-144 291.92 293.92 2.00 0.078 8.65 1.06 0.21
MB-11-144 303.15 326.00 22.85 0.25 9.38 1.52 0.14
including 303.15 306.60 3.45 0.72 34.96 4.95 0.38
 
1 True thickness is estimated to be approximately 80-85% of drill indicated length.

Drill holes MB-11-141 and MB-11-144 were drilled on section 9450E; drill holes MB-11-142 and MB-11-143 were drilled 50 m to the east on section 9500E. On May 10, 2011, Foran released the results of drill holes MB-11-136 and MB-11-137, which were also drilled on section 9500E. Geological cross sections are attached to this release, and show the results from the Phase One Program in context with historic drill holes.

The four holes from the Phase One Program drilled on section 9500E (MB-11-136, -137, -142, and -143) cover an approximately 200m downdip extent in the Zone. The results from these holes demonstrate the excellent continuity displayed by this style of mineralization at McIlvenna Bay.

The results contained in this release and in Foran news releases of April 6, 2011 and May 10, 2011 are part of a ten drill hole (5,081 metre) Phase One Program that has recently been completed on the Project. The results for one final drill hole from the Phase One Program will be released as assay data becomes available. 

A table of previously released significant intercepts from the Phase One Program is provided below (see Foran news releases dated April 6, 2011 and May 10, 2011 for additional information):

Hole ID From
(m)
To
(m)
Interval (m)1 Au
(g/t)
Ag
(g/t)
Cu
(%)
Zn
(%)
MB-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
MB-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.

Quality Assurance, Quality Control, and Qualified Person

Drilling is completed using NQ size Diamond drill core. The core was logged by representatives of Equity Exploration Consultants Ltd., a geological consulting firm independent of the Company. During the logging process mineralized intersections were marked for sampling and given unique sample numbers. Sampled intervals were sawn in half by 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 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 and development company with projects in the Flin Flon mining belt. The Company's flagship project is McIlvenna Bay, a Volcanogenic Massive Sulphide ("VMS") deposit located in east central Saskatchewan, 60 kilometres west of Flin Flon, Manitoba.

McIlvenna Bay is one of the largest undeveloped VMS deposits 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, based on copper and zinc prices of US$1.50/lb. and US$0.70/lb., respectively, and recoveries of 81% for copper and 72% for zinc. The resource estimate calculated NSR values based on projected mining and milling costs and used an NSR cut-off of $50/tonne. Cut-off grades of 1.5% copper and 4.0% zinc were used for the massive and semi-massive sulphide zones. For the Copper Stringer Zone, the cut-off was based on geological boundaries, entire intersections, and a minimum width of three metres, rather than on a specific cut-off grade. This resource estimate is presented in an independent National Instrument 43-101 technical report, dated November 27, 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.foranmining.com

Foran trades on the TSX.V under the symbol "FOM".

To view Figure 1 (Drill Section 9540E), please visit the following link:

http://media3.marketwire.com/docs/drill-section-9450E-3.pdf

To view Figure 2 (Drill Section 9500E), please visit the following link:

http://media3.marketwire.com/docs/drill-section-9500E-3.pdf

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.

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.foranmining.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
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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.

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