VANCOUVER – Foran Mining Corp. [FOM-TSXV] on Friday released drilling results from the Bigstone deposit, which is located 25 kilometres southwest of the company’s flagship McIlvenna Bay VMS (volcanogenic massive sulphide) project in east-central Saskatchewan.
Foran shares advanced on the news, rising 3.0% or $0.08 to $2.75 on volume of 252,430. The shares are currently trading in a 52-week range of $3.09 and 66 cents.
The property has been the subject of significant exploration by a number of different operators since the 1960s, dominantly focused on drilling electromagnetic (EM) conductors generated by both airborne and ground-based systems.
The Bigstone copper-zinc deposit, in the southern part of the property and holds great potential to serve as additional feed for a central mill at McIlvenna Bay, the company has said.
On Friday, Foran reported high grade intercepts from three holes drilled during the 2021 exploration program. It said highlight hole 21-245 included 9.5 metres of 14% zinc, 0.42% copper, 77 g/t silver, and 0.37 g/t gold, which compares to the existing massive sulphide grade there of 9.9% zinc, 0.25% copper and 16.5 g/t silver, 0.33 g/t gold.
The company said 5,716 metres in 14 holes were drilled at Bigstone in 2021 with assay results from 11 holes still pending.
“We are especially positively surprised by the high-grade zinc intercepts as well as encouraged by the continuation of significant copper values which continue to illustrate the robust nature of the Bigstone deposit, where we believe we are currently just scratching the surface of the potential of the entire Bigstone area,’’ said Foran Excecutive Chairman and CEO Dan Myerson.
The Bigstone deposit is host to an estimated resource of 1.98 million tonnes in the indicated category, grading 2.22% copper equivalent (CuEq) and an additional 1.88 million tonnes of inferred resources, grading 2.14% CuEq. The estimate is based on results from 55 drill holes.
Foran was in the news last year, when the company announced the completion of a $100 million strategic private placement by certain entities controlled by Fairfax Financial Holdings Ltd.
Foran Mining is a copper-zinc-gold-silver exploration and development company, which is planning to build the first mine in Canada designed to be carbon neutral from day one.
The company is currently in the feasibility stage of development at McIlvenna Bay. McIlvenna Bay is a copper-zinc-gold-silver-rich VMS deposit that is intended to be the centre of a new mining camp in a prolific district that is already been producing for 100 years.
McIlvenna Bay sits just 65 kilometres from Flin Flon, Manitoba, and is part of the world-class Flin Flon greenstone belt that extends from Snow Lake, Man., through Flin Flon to Foran’s ground in eastern Saskatchewan, a distance of over 225 kilometres.
Foran owns a 100% interest in the McIlvenna Bay property, subject to a 1% NSR held by Cameco Corp. [CCO-TSX, CCJ-NYSE] and BHP Billiton Ltd. [BHP-NYSE, BHPLF-OTCPK].