Foran Mining Corporation
TSX VENTURE : FOM

Foran Mining Corporation

June 18, 2015 08:00 ET

Foran to Commence Metallurgy at the Bigstone Copper-Zinc Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 18, 2015) - Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased to announce that based on positive results from the 2015 winter drill campaign, the Company plans to commence metallurgical studies on the Bigstone deposit ("Bigstone"), located in east-central Saskatchewan, 25 km southwest of Foran's McIlvenna Bay deposit.

Past work by previous operators has outlined an historic copper-zinc mineral resource for Bigstone (Table 1)1. The historic mineral resource outlines a vertically oriented, flattened, cylindrical shaped volcanogenic massive sulphide ("VMS") deposit, in part drill tested between 100 and 700m below surface. The 2015 winter campaign tested the central part of the deposit at vertical depths of 200 to 350m with six drill holes, all of which intersected broad intervals of copper+/- zinc mineralization (see the Foran news release dated May 20, 2015); highlights include:

  • 2.0% Cu over 105.0m, including 4.1% Cu over 20.4m in BS-15-239, and
  • 18.4% Zn over 11.8m, including 270% Zn over 7.6m in BS-15-2402

Patrick Soares, President and CEO of Foran commented "The exceptional results from our winter 2015 program clearly demonstrate that the Bigstone deposit merits further work. As such, we plan to advance this deposit using a step by step approach, commencing with metallurgical testwork. Pending positive results, the next step would be to conduct an independent mineral resource estimate."

Samples of the main styles of mineralization at Bigstone are being submitted for scoping level metallurgical testwork. Representative composite samples will be selected from the 2015 drill core for both the copper-rich Main Zone and the zinc-rich Massive Sulphide horizon. Testwork will include an initial assessment of the metal recovery and grinding characteristics of the mineralized zones. The results are expected to be received by fall 2015.

An independent consultant has recently completed the compilation and validation of historic drill data from Bigstone. With this database in place, Foran plans to conduct a summer program which will include logging and sampling of historic drill core, combined with further geological interpretation. This data can form the basis for an independent mineral resource estimate at Bigstone.

1 The Bigstone historic mineral resource was estimated in 1990; Foran is not treating the historic estimate as current; a Qualified Person within the meaning of National Instrument 43-101 has not completed sufficient work to classify the historic estimate as current; additional work, including re-surveying, re-logging and drill core QA/QC would be required to verify and upgrade the historic estimate to current.
2 Cu = copper, Zn = zinc, m = metres; true thickness estimated at approximately 60% of downhole distance.

Table 1. Bigstone Historic Mineral Resource Estimate1.

Zone Tonnage
(Mt)
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Main Zone
(formerly the Copper Zone)
1% Cu cutoff
3.75 2.03 0.14 0.33 9.3
Zn-rich Massive Sulphides (formerly the Zinc Zone)
5% Zn cutoff
0.53 0.24 9.62 0.34 15.9

1 The Bigstone historic mineral resource was estimated in 1990; Foran is not treating the historic estimate as current; a Qualified Person within the meaning of National Instrument 43-101 has not completed sufficient work to classify the historic estimate as current; additional work, including re-surveying, re-logging and drill core QA/QC would be required to verify and upgrade the historic estimate to current.

About Foran Mining

Foran is a copper-zinc exploration and development company with projects in the Flin Flon Mining Belt. Foran's flagship McIlvenna Bay deposit is located in east-central Saskatchewan, 65 kilometres west of Flin Flon, Manitoba and is one of the largest undeveloped VMS deposits in Canada. On November 12, 2014, Foran announced a positive preliminary economic assessment for the McIlvenna Bay deposit.

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

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.

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.

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Foran's objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in Foran's public documents filed on SEDAR. Although Foran believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Foran disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Contact Information

  • Foran Mining Corporation
    Patrick Soares
    President & CEO
    409 Granville Street, Suite 904
    Vancouver, BC, Canada, V6C 1T2

    Foran Mining Corporation
    Fiona Childe
    VP, Corporate Development
    36 Toronto St, Suite 1000
    Toronto, ON, Canada, M5C 2C5

    Foran Mining Corporation
    416-363-9229
    ir@foranmining.com