Foran Mining (TSX: FOM; OTCQX: FMCXF) says winter expansion drilling at its 100%-owned McIlvenna Bay copper project in Saskatchewan has confirmed the continuity of the Tesla zone along strike and at depth.
The Tesla zone is now confirmed as measuring more than 500 metres in the dip direction and about 1,050 metres along strike. Those dimensions extend beyond the limits of the initial modelled conductive target. Moreover, the zone remains open in all directions.
Key highlights of recent assays include these holes:
- Hole TS-24-20: 26.9 metres grading 1.23% copper, 7.55% zinc, 38.4 g/t silver and 0.20 g/t gold (3.67% copper equivalent), including 2.5 metres grading 2.40% copper, 5.39% zinc, 62.5 g/t silver and 0.20 g/t gold (4.20% copper equivalent), and 4.7 metres grading 0.62% copper, 12.59% zinc, 26.8 g/t silver and 0.05 g/t gold (4.48% copper equivalent); also 10.0 metres grading 0.81% copper, 4.99% zinc, 31.4 g/t silver and 0.35 g/t gold (2.58% copper equivalent), including 2.7 metres grading 0.33% copper, 9.54% zinc, 21.1 g/t silver and 0.12 g/t gold (3.32% copper equivalent).
- Hole TS-24-15: 11.8 metres grading 0.75% copper, 8.22% zinc, 41.8 g/t silver and 0.12 g/t gold (3.41% copper equivalent), including 8.6 metres grading 0.70% copper, 10.01% zinc, 42.2 g/t silver and 0.14 g/t gold (3.91% copper equivalent); also 4.2 metres grading 0.17% copper, 8.63% zinc, 18.2 g/t silver and 0.03 g/t gold (2.84% copper equivalent), including 1.7 metres grading 0.15% copper, 13.79% zinc, 21.6 g/t silver and 0.03 g/t gold (4.38% copper equivalent)
- Hole TS-24-21: 11.9 metres grading 0.50% copper, 7.73% zinc, 35.7 g/t silver and 0.30 g/t gold (3.11% copper equivalent), including 5.1 metres grading 0.43% copper, 10.36% zinc, 52.4 g/t silver and 0.36 g/t gold (3.94% copper equivalent)
- Hole TS-24-17: 3.0 metres grading 2.60% copper, 0.72% zinc, 40.0 g/t silver and 0.66 g/t gold (3.15% copper equivalent), including 1.0 metres grading 6.53% copper, 1.87% zinc, 45.6 g/t silver and 1.23 g/t gold (7.43% copper equivalent); also 2.4 metres grading 0.56% copper, 3.26% zinc 31.4 g/t silver and 0.56 g/t gold (1.96% copper equivalent), including 1.6 metres grading 0.57% copper, 12.31% zinc, 57.4 g/t silver and 0.42 g/t gold (4.71% copper equivalent).
“Our bold strategy to define the potential scale of Tesla during the winter ice-drilling campaign has effectively doubled the size of the mineralized footprint,” said Erin Carswell, Foran’s VP exploration. “The expanding scale of Tesla and its potential to continue beyond the currently drilled dimensions represents significant upside for Foran.”
The company is planning a 28,000-metre summer drill program, divided between infill drilling at Tesla and high-priority regional targets.
Foran published a feasibility study in 2022 based on the McIlvenna Bay deposit for a mine with a life of 18 years and total production of 65 million lb. copper. It is based on probable reserves of 25.7 million tonnes and grading 2.51% copper equivalent, containing about 697 million lb. copper and 1.4 billion lb. zinc. Reserves are contained within an indicated resource of 39 million tonnes grading 2.04% copper equivalent, containing 1 billion lb. copper and 1.9 billion lb. zinc. There is also an inferred resource of 5 million tonnes grading 1.8% copper equivalent.
Read the complete McIlvenna Bay feasibility study on www.ForanMining.com.
