Archive for July 13th, 2012

Drill Program after Interpretation of Airborne EM Data on Flin-Flon (Manitoba)

Posted by on Friday, 13 July, 2012
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Foran Mining Corporation announces the results of a spring 2012 regional drill program (the “Regional Program”) on its  McIlvenna Bay and Bigstone properties.

The Regional Program consisted of a total of eight diamond drill holes (2,387 metres), with four holes drilled on each of the two properties. The Regional Program was designed as an initial test of the numerous electromagnetic conductors identified from the interpretation of a helicopter-borne, versatile time domain magnetic and electromagnetic (“VTEM”) survey completed by Foran in fall 2011 (see Foran news release dated November 23, 2011).

Results for the Regional Program were positive, with sulphide conductors intersected on both properties. Pyrrhotite-dominant volcanogenic massive sulphide (“VMS”) style mineralization and associated alteration was encountered, with minor amounts of base metal sulphides and locally elevated concentrations of zinc, copper, and gold.

Patrick Soares, President and CEO of Foran commented: “Encountering VMS-style mineralization and alteration in this limited initial test of conductors is very encouraging. The Regional Program was both a technical success and an endorsement of these methods towards the discovery of new zones of VMS mineralization in Foran’s large and highly prospective landholdings surrounding our 100% owned McIlvenna Bay VMS deposit.”

The McIlvenna Bay and Bigstone properties are located in east central Saskatchewan. The 20,382 hectare (“ha”) McIlvenna Bay property, which hosts Foran’s McIlvenna Bay deposit, is located 65 kilometres (“km”) west of Flin Flon, Manitoba. The 11,126 ha Bigstone property is located a further 25 km to the west. Past exploration by previous operators on the Bigstone property has outlined zones of both copper- and zinc-rich VMS mineralization, including a 2002 historic mineral resource at the Bigstone deposit.

The Regional Program was conducted between April 9, and May 5, 2012, following the successful completion of a winter 2012 drill program on the McIlvenna Bay deposit (see Foran news release dated June 4, 2012). The Regional Program was helicopter-supported due to unseasonably warm weather though the winter and spring.

McIlvenna Bay Property

Four holes (1,211 metres) were drilled to test VTEM conductors on the McIlvenna Bay property; the holes were collared 1 to 7 km away from Foran’s McIlvenna Bay deposit (Figure 1).

To view Figure 1: Location of Regional Program drill holes, please visit the following link:http://media3.marketwire.com/docs/FOMF1.pdf.

Drill holes MR-12-01 and -02 targeted stratigraphically discordant VTEM conductors up to 2 km east and southeast of the McIlvenna Bay deposit, within interpreted hangingwall stratigraphy. Both holes intersected iron sulphide-bearing iron formation and felsic tuffs with trace amounts of sphalerite and chalcopyrite. No significant assay results were obtained (Table 1).

Drill holes MR-12-03 and -04 targeted north-trending conductors with coincident magnetic highs. The holes were collared 830 metres apart and approximately 7 km southwest of the McIlvenna Bay deposit. Volcanic stratigraphy intersected in both holes appears to be upright, west facing and bimodal-pyroclastic in character. Intervals of iron sulphide-mineralized carbonaceous mudstone, siliceous exhalite and attendant silica-carbonate-amphibole+/-magnetite alteration were intersected in both drill holes. Sulphide mineralization consists principally of banded and brecciated pyrrhotite with local semi-massive (up to 35%) sulphide. These intervals contained lesser amounts of pyrite, with trace amounts of sphalerite and chalcopyrite. Locally elevated gold concentrations in the sulphide zones ranged up to 870 ppb Au (0.87 g/t Au) over 0.73 metres in MR-12-03, within a broader interval averaging 236 ppb Au (0.24 g/t Au) over 8.17 metres.

Bigstone Property

Drilling on the Bigstone property consisted of four holes (1,176 metres) targeting three north-south oriented VTEM conductor trends in the northern part of the property. This target area was previously tested in the 1970′s and 1980′s by predecessor companies and referred to historically as the Freeport Zone.

Regional Program drilling intersected iron sulphide-rich mineralized horizons in three of the four holes drilled, all of which contained traces amounts of sphalerite and chalcopyrite. Sulphide host rocks are felsic volcanic, within intermediate to mafic dominated volcanic stratigraphy.

Drill hole BG-12-01 tested the westernmost conductor trend. No significant base metal sulphide mineralization was noted in this hole, which ended in granite at a downhole depth of 324 metres.

Approximately 170 metres northeast of BG-12-01, drill holes BG-12-02 and BG-12-03 were drilled from a common collar location. These holes intersected several massive pyrrhotite-dominant sulphide horizons, each approximately 1 metre in downhole thickness, within an overall iron sulphide-mineralized felsic volcanic package ranging from 12 to 23 metres true thickness. In holes BG-12-02 and BG-12-03, iron sulphide mineralization began at downhole depths of 158.82 metres and 216.79 metres, respectively, and contained trace to 1% sphalerite-chalcopyrite within massive, semi-massive and finely laminated to disseminated pyrrhotite and lesser pyrite. Massive sulphides occur as a fine- to medium-grained matrix to rounded and sub-rounded felsic volcanic clasts. Footwall alteration to this zone is moderate intensity fracture- and foliation-controlled black chlorite.

Drill hole BG-12-04 intersected approximately 2 metres of semi-massive to massive iron sulphide starting at a downhole depth of 198.9 metres. Rounded felsic volcanic clasts occur in massive pyrrhotite with lesser pyrite and trace to 1% sphalerite-chalcopyrite.

Past exploration by previous operators on the Bigstone property has outlined zones of both copper- and zinc-rich VMS mineralization. In 2002, Aur Resources Inc. outlined a mineral resource at the Bigstone deposit in the southern part of the property, with 1.45 million tonnes grading 2.90% Cu in a copper-rich zone and 308,000 tonnes grading 11.2% Zn in a separate zinc-rich zone. The Bigstone deposit mineral resource is historic and the Company is not treating it as current; Foran has not done sufficient work to classify it as a current resource estimate. A program of drill hole re-surveying, re-logging and drill core QAQC is required to qualify the historic resource and identify areas for expansion through exploration drilling. The Bigstone property is subject to a back-in held by Teck Resources Ltd.