1NSV = no significant values; 2downhole distance (true thickness approx. 85% of downhole distance); 3CuEq = copper equivalent, ZnEq = zinc equivalent, CuEq and ZnEq calculations based on CU = $2.63/lb., Zn = -$0.90/lb., Pb = $0.78/lb., Au = $1164/oz., Ag = $16.00/oz.; 4 Cu = copper, Zn = zinc, Au = gold, Ag = silver; 5 MS = massive sulphide, SMS = semi-massive sulphide, DSS = disseminated and stringer sulphides.
Table 2. Thunder Zone Drill Hole Data.
Hole ID
|
UTM Zone 13
NAD 83 East
|
UTM Zone 13
NAD 83 North
|
Elevation
(m)
|
Azimuth
(oNorth UTM)
|
Dip
o
|
Length
(m)
|
BA-15-79
|
646,885
|
6,052,200
|
325
|
40.0
|
-70
|
344.0
|
BA-15-80
|
646,849
|
6,052,045
|
325
|
40.15
|
-65
|
391.6
|
BA-15-81
|
646,892
|
6,052,080
|
326
|
40.16
|
-65
|
343.6
|
BA-15-82
|
646,788
|
6,052,188
|
325
|
40.34
|
-68
|
385.8
|
BA-15-83
|
646,750
|
6,052,216
|
326
|
43.28
|
-70
|
449.2
|
Total
|
1,914.2
|
|
Drilling to date indicates the Thunder Zone massive sulphides strike northwest, dip approximately 35-45o to the southwest and lunge gently (approximately 7o) to the northwest. Drill indicated thicknesses of mineralization at the Thunder Zone range from approximately 4 to 15m. True thickness is interpreted to be approximately 85% of drill indicated. Mineralized intercepts start at depths of 265 to 350m below surface.
Thunder Zone massive sulphides appear to be thickening down plunge to the northwest and the zone is open in this direction. A fence of three holes drilled by Cameco in 1990 intersected strong VMS alteration and massive to disseminated and stringer-style mineralization 65m to the southeast of BA-15-80 and -82. Drill hole BA-03 intersected 10.9% Cu, 1.2% Zn, 0.75 g/t Au and 44.6 g/t Ag over 0.2m and 1.2% Cu over 1.9m. Up- and down-dip from BA-03, holes BA-05 and -06 intersected strong alteration, and intervals of disseminated to massive sulphide mineralization with low grades. The Thunder Zone remains open to the southeast beyond this fence of holes. Historic drill hole BA-07 intersected up to 2.60% Zn, 0.47% Cu, 0.82 g/t Au and 17.5 g/t Ag over 1.1m down dip from BA-13-77. Collar locations of these historic holes have been surveyed; however downhole surveys have not yet been attempted.
Program Update & Looking Ahead
Foran's winter 2015 exploration program commenced in January and includes drilling of both the Thunder Zone and the Bigstone deposit ("Bigstone"), an historic mineral resource on the Bigstone property1.
Following the completion of drilling, Foran plans to conduct borehole electromagnetic surveys on select drillholes from each of the areas drilled. A 50 line km large loop DEEP-EM survey (the same survey type that identified the Thunder Zone conductor) is scheduled for late March-early April 2015 to explore prospective stratigraphy 4 to 8 km north of McIlvenna Bay.
Drilling of the Thunder Zone is now complete, with 1,914.2m in five
Diamond drill holes; all assays from the Thunder Zone have now been received. Further drilling of the Thunder Zone is required to determine the extent of this deposit and management are currently evaluating next steps for follow-up work.
Drilling at Bigstone is currently ongoing, with four of six planned drill holes complete; assay results will be released once received. Bigstone drilling is being conducted with HQ diameter drill core to obtain sufficient material for initial metallurgical testwork.
Bigstone drilling is targeting an historic mineral resource located 25 km west of McIlvenna Bay. The historic mineral resource includes a copper zone with an estimated 3.75Mt grading 2.03% Cu and 0.33 g/t Au at a 1% Cu cutoff, and an adjacent zinc zone with an estimated 0.53Mt grading 9.62% Zn and 15.9 g/t Ag at a 5% Zn cutoff.
1The historic resource at Bigstone was estimated by Cameco 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. McIlvenna Bay, Foran's flagship 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 McIlvenna Bay.
Dave Fleming, VP 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.
As at September 30, 2014, the Company had a treasury of $3.36 million in cash and cash equivalents. On December 22, 2014 Foran announced the closing of a $1.6 million flow-through financing.
Foran trades on the TSX.V under the symbol "FOM".
For Additional Information Please Contact Foran Mining Corporation:
Patrick Soares
|
|
Fiona Childe
|
President & CEO
|
VP, Corporate Development
|
409 Granville Street, Suite 904
|
36 Toronto Street, Suite 1000
|
Vancouver, BC, Canada, V6C 1T2
|
Toronto, ON, Canada, M5C 2C5
|
416-363-9229
|
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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.