Foran’s focus is the Hanson Lake VMS Camp in east-central Saskatchewan, Canada. Our flagship property is the McIlvenna Bay deposit, where a positive Preliminary Economic Assessment was completed in November 2014.

The Hanson Lake Camp is an emerging base metal district similar to nearby Flin Flon and Snow Lake. The formation of clusters of massive sulphide deposits is a common characteristic of VMS belts worldwide, which make them attractive targets areas for exploration and development. Foran is focused on advancing and developing district scale mining operations in the Hanson Lake area with the large tonnage McIlvenna Bay deposit providing the centre of gravity to support construction of a central mill and concentrator. Exploration in the area continues to identify new exploration targets and enhance both historic satellite deposits and mineral occurrences which could provide future mill feed to an operation at McIlvenna Bay.

The Hanson Lake area is situated in a safe, stable jurisdiction. The region has excellent infrastructure, including highways and secondary roads, access to low-cost hydroelectric power and a railhead. The McIlvenna Bay deposit is a one hour drive from the well-established mining centre of Flin Flon.

Foran has a management team with a proven record of adding shareholder value and advancing projects to production. With 100% ownership of an emerging Canadian base metal camp, the Company is focused on advancing McIlvenna Bay and the Hanson Lake VMS Camp to production.

Hanson Lake Camp

Foran’s Hanson Lake Camp is an emerging base metal district similar to the nearby world-class Flin Flon and Snow Lake Camps.

Each of these camps contains a cluster of copper- and/or zinc-rich volcanogenic massive sulphide (VMS) deposits. VMS mineralization in the Hanson Lake Camp includes the McIlvenna Bay and Bigstone deposits, as well as the recently discovered Thunder Zone.

The region has a long history of exploration and mining, with 2015 marking the centenary of the first discovery of VMS mineralization in the Flin Flon Camp.

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McIlvenna Bay Deposit

Foran’s McIlvenna Bay deposit is a large copper-zinc deposit with associated gold-silver.

The Company has recently completed a positive Preliminary Economic Assessment for the McIlvenna Bay deposit.

Key attributes are the large size, existing road access, proximity to infrastructure, clean, saleable concentrates, and a deposit geometry which could be amenable to cost-effective bulk underground mining methods.

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McIlvenna Bay PEA

Pre-Tax Post-Tax
NPV7% $382M $263M
IRR 22% 19%
Payback 4.1 years 4.1 years
Mine Life 14 years
Plant Throughput 5,000 tpd
CapEx C$249M Pre-Production / +C$150M Sustaining
OpEx C$51.03/t milled
Cu Cash Cost US$0.84/lb.
Zn Cash Cost (US$0.37/lb.)
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In 2015 Foran conducted infill drilling on the Bigstone deposit, where past operators have outlined an historic copper-zinc mineral resource.

All holes drilled into the Bigstone deposit by Foran in 2015 intersected high-grade copper+/-zinc mineralization and the results of initial metallurgy completed in late 2015 were positive.

The Bigstone deposit has the potential to represent a source of high-grade feed to a central concentrator within the Hanson Lake Camp.

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Thunder Zone

Drilling by Foran on a geophysical (DEEP-EM) anomaly between the McIlvenna Bay deposit and the historic Balsam deposit led to the discovery of the high-grade Thunder Zone in 2013. Additional drilling in 2015 confirmed and expanded this exciting new discovery.

Work to date has only begun to test the extents of the Thunder Zone, where high-grade zinc and copper intercepts indicate the potential to outline a new massive sulphide deposit on the Balsam Property, within 7 kilometres of the McIlvenna Bay deposit.

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Target A

Target A is a large geophysical (DEEP-EM) anomaly identified by Foran in 2013. Both the size and geophysical response of Target A are similar to that of the McIlvenna Bay deposit.

Target A is a high-priority target for comprehensive drill testing.

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Page Last Updated: Sep 11, 2018