VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2012) -
Editors Note: There are two photos associated with this press release.
Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased to announce that the Company has engaged Roscoe Postle Associates Inc. ("RPA") to complete an updated mineral resource estimate (the "Updated Resource") on its 100% owned McIlvenna Bay Deposit ("McIlvenna Bay" or the "Deposit") in Saskatchewan. It is anticipated the Updated Resource will be completed in the first quarter of 2013.
On November 2, 2011, Foran announced the first mineral resource estimate for the Copper Stockwork Zone ("CSZ") under National Instrument 43-101 (the "2011 Resource"). In addition to the CSZ, the 2011 Resource included mineral resources originally estimated for zinc+/-copper-rich massive to semi-massive sulphides by RPA's predecessor company, Scott Wilson Roscoe Postle Associates Inc. ("Scott Wilson RPA") in 2006.
The Updated Resource will be based on current long-term metal price projections and new and updated information for the Deposit, including:
- 11,971 metres of core from 33 diamond drill holes completed between August, 2011 and April, 2012 and not included in the 2011 Resource. This drilling primarily targeted the upper portions and edges of the deposit and brings the total drilling for the deposit since discovery in 1988 to 86,320 metres in 184 holes;
- New sampling of historic drill core, consisting of 581 samples collected from 612 metres of core in 65 holes drilled between 1988 and 2008 and assayed between July and September, 2012, including some previously unsampled, sulphide-bearing shoulder samples of CSZ mineralization and infill samples between previously sampled mineralized intercepts;
- Revised geology and wireframe modelling for the mineralized horizons to ensure a consistent interpretation for all zones in the deposit; and
- Resurveying of all collar locations, along with downhole deviation surveys of a significant number of pre-2011 drill holes with a Gyroscopic survey tool.
Patrick Soares, President and CEO of Foran commented: "We are fortunate to have access to almost all the historic drill core for the Deposit, as well as the drill sites to resurvey using modern instruments. Over the past several months, our technical team has worked diligently to preserve and review the historic drill core, enhance the quality of the McIlvenna Bay database and complete the sampling of mineralized zones prior to launching the Updated Resource. This resource will form the basis of a Preliminary Economic Assessment at McIlvenna Bay in the new year."
Photo 1: Over 75% of the +86,000m of core drilled on the Deposit was racked and archived in 2012.
Photo 2: Aerial view of the McIlvenna Bay Camp.
Quality Assurance and Quality Control
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. 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 assays are 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.
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 property is located in east central Saskatchewan, 65 kilometres west of Flin Flon, Manitoba and contains McIlvenna Bay, one of the largest undeveloped volcanogenic massive sulphide deposits in Canada.
For additional information on McIlvenna Bay, 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".
RPA is a global geological and mining consultancy with offices in North America and the United Kingdom. RPA has extensive experience in the mineral resource estimation of base metal projects, including volcanogenic massive sulphide deposits. RPA and Scott Wilson RPA are independent of Foran.
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 law.
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