Foran Mining (TSXV:FOM) Announces Drill Results From Tesla Zone at McIlvenna Bay Project in Saskatchewan

Figure 1 – Plan View of Tesla and McIlvenna Bay (Source: Foran Mining Corporation)

Foran Mining (TSXV:FOM) has announced additional results from ongoing drilling at its recently discovered Tesla Zone on the McIlvenna Bay Project in Saskatchewan. The results include the remaining intercepts from the initial discovery hole and initial assays from a wedge hole testing up-dip potential. 

Dan Myerson, Foran Mining Executive Chairman & CEO, commented in a press release: “To achieve these success rates and intercept these robust zones, at such an early stage in a new discovery, is truly remarkable. These results demonstrate the growing potential at the near-mine newly discovered Tesla Zone, and further illustrates the rarity of this tremendous scalable discovery. Additionally, and what is even more exciting, is that we have encountered high-temperature alterations at Tesla, which could correlate with higher-grade gold and copper values, similar to other base and precious metal deposits within the Flin Flon Terrane. Our exploration team and strategy are working, and we are successfully unlocking this prolific district on our path towards building Canada’s next great mining camp, we look forward to sharing more exciting exploration results later this year, throughout 2023, and beyond.”

The complete assay results for the Tesla Zone discovery hole (TS-22-03) have been received, and the company has created a significant expansion of the mineralized intervals. Foran also received results for the first wedge hole (TS-22-03w2) which were completed as follow-up on the discovery. This wedge hole intersected the Tesla mineralization to the north of the original drill hole. 

Highlights from the results are as follows: 

  • Assay results from wedge hole 30m up-dip (TS-22-03w2) include:
    • 11.9 metres (“m”) grading 6.2% Copper Equivalent (“CuEq”), including 5.4m at 10.2% CuEq;
    • 17.2m at 1.0% CuEq, including 3.9m at 1.4% CuEq; and
    • 3.9m at 4.1% CuEq, including 2.2m at 5.9% CuEq.
  • Assays from initial discovery hole (TS-22-03) now complete:
    • Expanded preliminary intersection (12.4m at 1.8% CuEq) to 31.4m (from 12.4m), at 1.3% CuEq, including 1.2m at 8.5% CuEq; and
    • Also expanded preliminary intersection of 3.1m at 2.2% CuEq to 7.1m at 1.5% CuEq, including 1.6m at 3.8% CuEq.
  • Up-dip step-out hole TS-22-04 testing 200m strike appears to have intersected the Tesla Zone, with assays pending.
  • Drilling provides further validation of the original geophysical modelling of a 900m strike x 300m wide conductor with true widths estimated to be ~25-50m (Figure 1).

The full assay results from TS-22-03 indicate that the Tesla Zone consists of continuous disseminated and fracture filling sulphide mineralization containing significant copper and zinc over approximately 100m of core length with several high-grade intervals of semi-massive to massive sulphide mineralization (Figure 2). Results from TS-21-01 have also been received, which contained a narrow zone of anomalous zinc mineralization near the bottom of the hole (Table 1) which appears to be located stratigraphically below the Tesla zone mineralization in TS-22-03. Additional drilling will be required to determine the significance of this mineralization.  

Since the initial discovery of mineralization in the Tesla Zone, the Company has continued with follow up drilling to better understand the controls on the mineralization and the potential geometry of the zone. To date, one wedge (TS-21-03w2) has been completed from the original discovery hole and a second hole (TS-22-04) has been drilled from surface from the same drill pad, oriented to obtain a larger spacing of the intersections along the mineralized horizon. Both holes appear to have intersected the Tesla Zone.

TS-22-03w2 intersected the Tesla Zone approximately 30m northwest of TS-22-03, further validating the proposed geophysical model (Figure 3). Mineralization is of the same style as TS-22-03 with significant copper and zinc over approximately 80m before terminating at the boundary of the geophysical model. 

TS-22-04 was completed from surface from the same drill pad at a shallower angle than the original hole in an attempt to obtain a spread of the intersections along the mineralized horizon. The hole intersected the mineralized horizon approximately 100m up-dip from the discovery hole and approximately 200m away from TS-22-03w2, where it encountered a zone of significant alteration and several zones of disseminated and fracture fill sulphide mineralization, indicating that the intersection lies on the periphery of the mineralization. Assays are pending from the laboratory, but it is currently interpreted that this drill hole intersected the upper margin of the Tesla Zone which is consistent with the geophysics model and helps to confirm the northeast dipping geometry of the mineralization.

Geophysical surveys outline a conductor with potential dimensions of ~900m (strike) by 300m (depth) associated with the Tesla Zone (Figure 1). The results herein confirm that this conductor is, in part at least, a well mineralized zone of copper and zinc sulphides. In order to properly test the conductor, given its geometry and location adjacent to the shoreline, future drill holes will need to be completed from Hanson Lake. An application is being finalized for a winter exploration permit that will allow for a large winter drill program to be completed targeting expansion of the Tesla zone.  

Table 1 – Updated Tesla Assay Results1 (* Denotes previously released values)

Hole From_m To_m Interval_m Cu % Zn % Ag g/t Au g/t CuEq %
TS-21-01 947.3 949.3 2.0 0.05 1.27 1.21 0.01 0.5
TS-22-03 822.7 824.3 1.5 0.68 1.35 7.5 0.36 1.4
TS-22-03 866.1* 897.4 31.4 1.05 0.20 8.5 pending 1.3
Including 872.2* 873.4* 1.2* 7.80* 0.64* 42.3 0.61* 8.5
TS-22-03 910.2 917.3* 7.1 1.41 0.06 9.9 0.08 1.5
Including 915.7* 917.3* 1.6* 3.57* 0.12* 26.8 0.12 3.8
TS-22-03 927.1* 928.9* 1.8* 1.39* 8.99* 17.0 0.13* 4.9
Including 927.9* 928.9* 1.0* 1.49* 15.88* 18.4 0.17* 7.6
TS-22-03 933.0* 940.7* 7.7* 0.98* 1.50* 17.4 0.29* 1.8
Including 939.2* 940.7* 1.6* 0.35* 4.16* 14.5 0.32* 2.1
TS-22-03 948.2* 953.1* 5.0* 0.71* 2.62* 21.8 0.32* 1.9
Including 948.2* 950.2* 2.0* 1.36* 1.58* 26.1 0.45* 2.3
And 950.2* 953.1* 3.0* 0.28* 3.31* 18.9 0.23* 1.7
TS-22-03 955.1* 960.5* 5.4* 2.29* 1.66* 19.2 0.96* 3.4
Including 959.1* 960.2* 1.1* 7.19* 3.62* 44.2 3.63* 10.4
TS-22-03 973.4 974.5 1.1 0.54 0.06 4.6 0.16 0.7
TS-22-03 977.9 978.6 0.7 0.74 0.08 5.2 0.13 0.9
TS-22-03 983.2 984.7 1.5 1.03 0.13 9.0 0.12 1.2
TS-22-03w2 808.1 812.0 3.9 3.00 2.72 20.3 pending 4.1
Including 809.4 811.6 2.2 4.23 3.99 28.1 pending 5.9
TS-22-03w2 831.5 834.9 3.4 1.44 1.09 11.4 0.29 2.0
Including 833.8 834.3 0.6 3.25 0.60 23.7 0.86 4.0
TS-22-03w2 847.0 849.0 2.0 2.17 1.19 30.0 0.74 3.1
TS-22-03w2 860.9 871.0 10.1 1.39 0.32 12.8 0.29 1.7
Including 861.4 863.8 2.4 2.21 0.36 15.5 0.46 2.6
TS-22-03w2 875.5 887.4 11.9 1.18 13.04 16.9 0.20 6.2
Including 882.0 887.4 5.4 1.66 22.50 18.7 0.05 10.2
TS-22-03w2 887.4 904.5 17.2 0.86 0.26 8.2 0.03 1.0
Including 900.6 904.5 3.9 1.13 0.43 10.2 0.07 1.4
TS-22-02w2 919.4 921.8 2.4 2.47 1.33 20.7 pending 3.1
Including 920.2 920.7 0.6 6.50 3.02 51.9 pending 7.9
TS-22-03w2 957.7 960.0 2.3 0.01 1.80 13.4 0.08 0.8
Including 957.7 958.5 0.8 0.01 2.38 26.0 0.13 1.2
TS-22-03w2 977.0 979.0 2.0 0.07 2.04 6.5 0.19 1.0
TS-22-03w2 1017.8 1021.8 4.0 0.02 1.04 4.3 0.10 0.5

Note: Intersections are not true width. Intervals generally composited using a 0.5% Cu cut-off grade. 1Copper Equivalent values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $20.00/ounce Ag and $1,800/ounce Au. 

Summer Drill Program Underway

Additional follow-up drilling at Tesla is planned for later in the year after the winter freeze. Foran’s helicopter-supported 7,000m summer drill program is currently underway at the Marconi Prospect located on the Bigstone Property, 25km west of McIlvenna Bay. It is currently anticipated that the summer program will continue into the fall and also include further testing of the Flinty Prospect, located 7km to the southeast of McIlvenna Bay, and other regional target areas in the Hanson Lake District as the Company continues to build on its exploration pipeline to support the potential development of a central milling facility envisioned for the McIlvenna Bay deposit.

Source: Foran Mining Corporation

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

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