Apr 18 2017
Foran Mining Corporation ("Foran" or the "Company") reports that an early onset of spring break up has postponed the conclusion of the winter 2017 exploration program at Target A. Drill hole MR-17-09 was stopped short of the interpreted depth of the Target A electromagnetic (EM) conductor. Excessive melting and run-off degraded the drill set up and access road to the point that it was not safe to continue drilling. A borehole electromagnetic survey (BHEM) will be conducted to better ascertain the location and characteristics of the deep conductor. Foran will assess its options to extend this drill hole after spring thaw.
The winter drill program consisted of one deep drill hole focused on a large geophysical anomaly (Target A) identified by a ground based time-domain electromagnetic (TEM) geophysical survey conducted on the property in 2013 along strike from our flagship McIlvenna Bay Zn-Cu-Au-Ag deposit.
The Target A EM conductor suggests potential for a second large massive sulphide body 1500 metres to the southeast of the McIlvenna Bay deposit. The conductor associated with this TEM anomaly exhibits a strong late time response typical of those exhibited by massive sulphide deposits. Foran's Thunder Zone massive sulphide discovery was made by drilling into a similar strong late time response EM target.
Foran is finalizing plans for a summer drill program at its 100% owned Bigstone project. In 2015, an infill drill program completed at the historic Bigstone deposit confirmed the robust nature of this copper and zinc-rich resource. Drilling confirmed the historic results by intersecting broad widths of high grade copper mineralization which runs in excess of 3% copper over significant intervals in a number of the drill holes. The summer 2017 drill program is expected to consist of 7,000-8,000m of drilling. Drilling is expected to be completed with sufficient density to allow for the completion of a NI 43-101 compliant resource estimate for the deposit. The Bigstone deposit could ultimately provide high-grade satellite mill feed for an operation at McIlvenna Bay.
David Fleming, P.Geo., Vice-president, 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.
Source: http://www.foranmining.com/