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Foran Mining announces significant increase in Resources for Mcllvenna Bay Deposit

Mining News - Published on Thu, 30 May 2019

Image Source: SteelGuru
Foran Mining Corporation announced an increased mineral resource estimate for the Company's 100%-owned Mcllvenna Bay Deposit located in east-central Saskatchewan. Mcllvenna Bay is one of the largest, undeveloped volcanogenic massive sulphide deposits in Canada. Mr Patrick Soares President and CEO ofForan commented: "In the past 18 months, Foran shareholders entrusted our management team with over CAD 14 million of new funds to unlock the value of the Mcllvenna Bay Deposit. Today, we reached our first critical milestone by issuing an updated mineral resource estimate. Infill drilling has increased indicated resources by 65% and improved our confidence in the grade and tonnage of the Deposit. Mcllvenna Bay is a large, cohesive VMS deposit, containing considerable amounts of copper and zinc, along with gold, silver and lead. The contained metal within the Deposit has significantly increased since our last resource update. We are now pulling this information into the delivery of another key milestone, a Feasibility Study, scheduled for release before the end of the year."

Highlights include:

• Indicated resources have increased 65%, from 13.9 million tonnes to 22.95Mt (compared to previous 2013 resource)
0 Grading 1.17% copper, 3.05% zinc, 0.19% lead, 0.44 grams per tonne gold and 16.68 g/t silver
0 Contains 1.5 billion pounds Zn and 590 million pounds Cu

• Inferred resources are now 11.15Mt
Grading 1.38% copper, 1.83% zinc, 0.10 % lead, 0.47 g/t gold and 14.81 g/t silver 0 Contains 450 million pounds Zn and 340 million pounds Cu

• Significant increase of contained metals within the Deposit compared to previous 2013 resource
° 89% increase in zinc, 52% increase in copper, 48% increase in gold and 61 % increase in silver in the indicated category

•The Deposit resources are defined by:
° over 115,000 metres of drilling in 239 holes
0 includes over 27,000m of infill and expansion drilling completed in 64 drill holes since the last resource update in 2013

• Main Lens massive sulphide and adjacent Copper Stockwork Zone together have an average combined thickness of 17.6m through the Deposit

• Deposit starts at the paleosurface (~25m below surface) and extends down-plunge approximately 2km, and

• The Deposit is open, with potential to further increase the size of the resource with additional drilling.

Source :

Posted By : Rabi Wangkhem on Thu, 30 May 2019
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