Foran Mining Corporation (TSX VENTURE: FOM) ("Foran" or the "Company") announces the first of its 2017 budgeted field programs designed to advance exploration targets and deposits on its Saskatchewan properties.
"Extensive modelling of geophysical data in combination with revised geology and detailed lithogeochemistry at Target A continues to present a compelling exploration opportunity for the discovery of a new massive sulphide body proximal to the McIlvenna Bay deposit", said Patrick Soares President and CEO of Foran Mining. "Management and the Board have weighed the risks of drilling against the possible missed opportunity of making another new discovery on the property and have decided it is worth the risk," Mr. Soares concluded.
Deep penetrating pulse electromagnetic (DPEM) geophysics has led to the discovery of many "blind" massive sulphide deposits, most notably Hudbay Minerals Lalor deposit in the Flin Flon-Snow Lake belt. A 2013 DPEM surface survey on Foran's Hanson Lake project has resulted in the discovery of high-grade copper-zinc massive sulphide at Balsam (Thunder Zone) and identified a significant EM conductor target at depth near Foran's large McIlvenna Bay deposit with similar size and strength as at McIlvenna Bay.
Summary and Update: Exploration at Hanson Lake Properties
- A DPEM surface survey was completed in 2013 covering the 10 kilometre trend from the McIlvenna Bay deposit southeast to the Balsam deposit.
- Survey identifies three high priority sub-surface EM conductors, one associated with the McIlvenna Bay deposit, one at Target A and immediately northwest of Balsam (Figure 1).
- 2013 drilling at Balsam leads to a new massive sulfide discovery: 4.1% Cu and 0.43g/t gold over 3.7 metres. Drilling in 2015 extends this initial discovery, now termed the Thunder Zone. The Thunder zone remains open down-plunge to the northwest for further expansion.
- The 2013 DPEM survey also outlines a large EM conductor at depth located 1.5 kilometres southeast of McIlvenna Bay at Target A. This anomaly is similar in size and strength to the EM conductor associated with the McIlvenna Bay deposit.
- 2014 drilling tested the axial trace of the 1.2 kilometre long Target A conductor with a single deep hole collared central to the anomaly. Drill hole MR-14-08 is interpreted to have passed over the top of the source conductor.
- A 2014 borehole EM survey completed on MR-14-08 detects a strong late-time EM conductor response below the hole at 1200 metres. A felsic intrusive intersected from 1185-1233 metres downhole suggests the EM conductor horizon was "dyked out".
- 2016 EM modelling and reinterpretation of geology place the Target A conductor stratigraphically higher than the McIlvenna Bay deposit within a chemically similar sequence of basin fill volcaniclastics.
- For 2017 a second hole is planned to test the Target A EM conductor. The 2017 drill hole will be collared approximately 200 metres behind and 200 metres southeast of MR-14-08.
- Drilling to commence in early March 2017
Borehole EM Geophysics
Borehole EM surveying will be conducted upon completion of 2017 Target A drilling. In addition, hole MR-14-08 and all proximal exploration drill holes will be re-surveyed with borehole EM.