Foran Mining Corporation is a TSX.V-listed zinc-copper exploration and development company headquartered in Vancouver, Canada.Led by a management team with a proven record of adding shareholder value and advancing projects to production, the Company is focused on advancing its flagship asset McIlvenna Bay to production. With 100% ownership of an emerging Canadian base metal camp, the McIlvenna Bay Project, located within the Hanson Lake District, is part of this world class VMS belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran’s ground in eastern Saskatchewan, a distance of over 225 kilometres. McIlvenna Bay is one of the largest undeveloped VMS deposits in Canada.
In December 2017, Foran announced the execution of a Technical Services Agreement with Glencore Canada Corporation (“Glencore”).Glencore has agreed to provide technical expertise and advice in order to advance the McIlvenna Bay deposit to feasibility in exchange for an off-take agreement on the metals and minerals produced from the deposit. The Company is currently conducting a resource definition and infill drilling program in preparation for producing the feasibility study.
In November 2014, Foran announced a positive preliminary economic assessment (“PEA”) for McIlvenna Bay, with an estimated pre-tax NPV7% of $382M ($263M after-tax) & 22% IRR (19% after-tax) at a Zinc price of US$1.06/lb and a copper price of $3.08/lb.