VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 2, 2012) - Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased to announce the first assay results from a winter 2012 drill program (the "Program") at the Company's 100%-owned McIlvenna Bay deposit ("McIlvenna Bay" or the "Deposit"), including near-surface, high-grade massive sulphide mineralization.
Highlights from near-surface, in-fill drilling of the zinc-rich Lens 2 and adjacent zinc-copper-rich Upper West Zone massive to semi-massive sulphides from the first nine holes of the Program include:
- 7.30% Zn, 105.2 g/t Ag, 0.96% Cu and 2.08 g/t Au over 6.96m, including 17.78% Zn, 212.4 g/t Ag, 1.29% Cu and 3.72 g/t Au over 2.81m in MB-12-166,
- 6.90% Zn, 52.0 g/t Ag, 2.22% Cu and 1.11 g/t Au over 6.22m, including 17.17% Zn and 48.0 g/t Ag over 2.09m and 7.14% Cu, 120.2 g/t Ag and 1.78 g/t Au over 0.96m in MB-12-171,
- 8.80% Zn over 4.51m in MB-12-164, and
- 8.75% Zn over 4.55m in MB-12-1681.
1 Zn = zinc, Ag = silver, Cu = copper, Au = gold, g/t = grams per tonne, m = metres; true thickness is estimated to be approximately 80-85% of drill indicated length
Patrick Soares, President and CEO of Foran commented: "We are very pleased with the first results from our recent drilling at McIlvenna Bay. These high-grade intercepts continue to demonstrate the robust nature of the Deposit. We look forward to having these new results incorporated into the next resource estimate for McIlvenna Bay, as we continue to advance in de-risking this large and well-located base metal deposit".
The Program was conducted between February and April, 2012 and consisted of 3,813 metres drilled in 15 diamond drill holes into the Deposit. This release includes results for the first nine holes of the Program. Table 1 contains a summary of significant intercepts for these holes and Figure 1 shows the holes in a longitudinal section. Results for the final six holes of the Program are pending.
The first nine holes of the Program were designed for several key objectives including: targeting a near-surface area excluded from the current Copper Stockwork Zone resource (MB-12-166 and -171), upgrading resource classification around the near-surface, southeastern boundaries of the Copper Stockwork Zone (MB-12-164, -165, -167, -168, -169) and infilling gaps in the current dataset (MB-12-170 and -172). In addition to expanding and increasing the confidence in the mineral resource of the Deposit, the Program was also designed to provide additional geotechnical data through detailed geotechnical core logging of several holes, initial hydrogeological data through Packer Testing of several holes and provide additional mineralized material for further metallurgical testwork.
|Table 1: Significant drill intercepts from holes MB-12-164 to -172:
|1 CSZ = Copper Stockwork Zone, UWZ = Upper West Zone; 2 CSZ intercepts calculated using a 0.5% Cu cutoff; 3 True thickness is estimated to be approximately 80-85% of drill indicated length.|
Drill holes MB-12-166 and -171 targeted a near-surface area excluded from the 2012 Copper Stockwork Zone resource estimate due to insufficient drill spacing. Both holes intersected high-grade zinc-silver-copper-gold mineralization in the Upper West Zone, as well as the immediately underlying Copper Stockwork Zone, within 60 to 85m of surface, respectively. Hole MB-12-171 also intersected significant massive to semi-massive sulphide mineralization in Lens 3, which lies in the hangingwall, above the main zones of mineralization (see Figure 2).
Hole MB-12-166 returned 7.30% Zn, 105.2 g/t Ag, 0.96% Cu and 2.08 g/t Au over 6.96m, including 17.78% Zn, 212.4 g/t Ag, 1.29% Cu and 3.72 g/t Au over 2.81m from the Upper West Zone and 1.14% Cu and 18.5 g/t Ag over 3.96m from the immediately underlying Copper Stockwork Zone.
Approximately 50m to the northwest, hole MB-12-171 also returned high-grade zinc-silver-copper-gold mineralization, with 6.90% Zn, 52.0 g/t Ag, 2.22% Cu and 1.11 g/t Au over 6.22m, including 17.17% Zn and 48.01 g/t Ag over 2.09m. The final sample of the 6.22m interval returned 7.14% Cu, 120.2 g/t Ag and 1.78 g/t Au over 0.96m. Directly below, two zones of Copper Stockwork Zone mineralization were encountered in this hole, returning 0.97% Cu, 0.52 g/t Au and 13.0 g/t Ag over 6.54m, followed approximately 4m further downhole by 0.87% Cu over 3.68m.
Drill holes MB-12-164, -165, -167, -168, -170, -172 all intersected the large zinc-rich massive to semi-massive sulphide Lens 2, underlain by the Copper Stockwork Zone. The shallower holes also intersected Lens 3 in the hangingwall to the other zones of mineralization. A summary of significant intercepts is presented in Table 1. Drill hole MB-12-169 returned two intervals of semi-massive sulphides; further drilling will be required to determine how these intercepts relate to known zones of mineralization. Localized faulting in this hole suggests structural modification in this restricted area of the Deposit.
Quality Assurance and Quality Control
Drilling was completed using NQ or HQ size diamond drill core and 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. For the NQ holes, 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. For the HQ holes, one quarter of the sawn core was placed in a plastic bag with the sample tag and sealed, while the remaining three-quarters of the core was returned to the core box for storage on site. The larger diameter core was drilled to provide sample material for metallurgical test work, and for select samples, one-half of the original HQ core was collected for pending metallurgical studies. In these instances, one quarter of the core will remain in the box as a permanent reference. Sample assays are performed by TSL Laboratories Ltd. ("TSL") in Saskatoon, Saskatchewan. TSL 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. Metallurgical testwork is being performed by G & T Metallurgical Services Limited ("G & T") in Kamloops, British Columbia. G & T is independent of Foran.
About Foran Mining
Foran is a diversified exploration and development company with projects in the Flin Flon Mining Belt. The Company's flagship McIlvenna Bay Project is located in east central Saskatchewan, 65 kilometres west of Flin Flon, Manitoba and contains the McIlvenna Bay deposit, a large volcanogenic massive sulphide ("VMS") deposit.
McIlvenna Bay is one of the largest undeveloped VMS deposits in Canada, with total indicated resources of over 12 million tonnes ("Mt") and total inferred resources of almost 10 Mt (12.07Mt of 1.16% Cu, 3.69% Zn and 19 g/t Ag (or 2.50% CuEq) indicated and 9.57 Mt of 1.07% Cu, 3.86% Zn, and 19 g/t Ag (or 2.42% CuEq) inferred, where provisions for metallurgical recovery and smelter returns are included in the copper equivalence estimation). For additional information see the report entitled "Technical Report on the McIlvenna Bay Project, Saskatchewan, Canada" dated December 9, 2011 at www.sedar.com or www.foranmining.com. Roger March, VP Project Exploration for Foran and a Qualified Person within the meaning of National Instrument 43-101 has reviewed and approved the technical information in this release.
Foran trades on the TSX.V under the symbol "FOM".
Forward Looking Statements
This news release contains forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/ForanMiningFigure1.pdf.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/ForanMiningFigure2.pdf.