April 6, 2011
Saskatoon, SK (April 6, 2011) - Foran Mining Corporation
(TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce assay results from the first two holes of an 8-10 hole 2011 Phase 1 spring drill program currently underway at its McIlvenna Bay Project, located in northeast Saskatchewan approximately 60 kilometres west of Flin Flon, Manitoba.
McIlvenna Bay is host to significant VMS mineralization consisting of steeply dipping Zn-Cu-Au-Ag massive sulphide lenses underlain by a copper stringer zone (“Zone”) with significant gold values. The objective of the drill program is to test the continuity of the Zone and establish geological controls on mineralization for resource modelling.
Results from the first two holes indicate good continuity and thickness with intervals of elevated copper and gold, as highlighted by MB-11-136
which intersected a core length of 22.53 metres grading 1.59% Cu and 1.21 g/t Au, including an 11.67 metre interval grading 2.09% Cu and 2.18 g/t Au
. A table of the significant results from the first two holes of the 2011 program are provided below:
*True thickness is estimated to be approximately 80-85% of the core length.
A geological cross section (see attached
) shows the results from the current drilling in context with historic drill holes in the area.
Roger March, Manager of Advanced Projects commented, “Initial drill results suggest the Zone may be wider than first indicated by historic drilling with intervals of higher grade copper and gold. We plan on reviewing all historic drill holes, using current economic parameters for copper and gold, to determine appropriate cut-off grades for further resource work on the deposit.”
Patrick Soares CEO of Foran said, “Results from the first two holes indicate that the McIlvenna Bay Deposit has plenty of room to grow. The current resource has excluded nearly all of the Zone and we believe that a systematic drill program on the near surface portion of the deposit will demonstrate the continuous nature of the Zone and have it added to the next resource estimate conducted on the deposit.”Quality Assurance and Quality Control
Diamond drilling within mineralization is completed using NQ size drill core. The core is currently logged by Equity Exploration Consultants Ltd. of Vancouver, B.C. During the logging process mineralized intersections are marked for sampling and given unique sample numbers. Sampled intervals are sawn in half by a diamond blade saw. One half of the sawn core is placed in a plastic bag with the sample tag and sealed, while the second half is returned to the core box for storage on site. Sample analysis is performed by TSL Laboratories Ltd. in Saskatoon, Saskatchewan. Analysis for Cu, Pb 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 are re-run using gravimetric finish. A complete suite of QAQC reference materials (standards, blanks and pulp and field duplicates) are included in each batch of samples processed by the lab. The results of the assaying of the QAQC materials included in each batch are tracked to ensure the integrity of the assay data. The technical content of this new release has been read and approved by Roger March, P.Geo., Manager, Advanced Projects for Foran Mining Corporation, a qualified person as defined by NI 43-101.About Foran Mining
Foran is a diversified exploration company with exploration properties in the Flin Flon mining belt. The Company’s flagship project is McIlvenna Bay, a Volcanogenic Massive Sulphide (VMS) Deposit located 60 kilometres west of Flin Flon, Manitoba. The McIlvenna Bay Deposit is one of the largest undeveloped VMS deposits in the region with a mineral resource of 6.7 million tonnes grading 0.87% copper, 6.51% Zinc and 26.0 g/t Silver in the indicated category and an inferred resource of 6.0 million tonnes grading 0.83% Copper, 5.89% Zinc and 24.8 g/t Silver at a cut-off grade of 4.0% Zn or 1.5% Cu as applicable. (Outlined in a NI 43-101 report in November 2006 by Scott Wilson Roscoe Postle and Associates Inc.).Patrick Soares
President & CEO
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.
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.
Back to the News page