Foran Announces Additional Winter Expansion Drill Results at the Tesla Zone
Significant Intervals Identified in Step-Out Holes Down-Dip
Tesla Zone Mineralization & Continuity Confirmed Along Strike and at Depth
Electromagnetic Surveys Outline a Further Potential +50m Up-Dip and +200m Down-Dip Continuation of Mineralization
Tesla Zone Continues to Remain Open in All Directions
Results from our large ice-based winter drilling program continue to expand and confirm the continuity of
The results from seven
Key Highlights:
-
Hole TS-24-20, a 230m down-dip step-out hole returned multiple massive and semi-massive lenses over 123m in core length, including:
- 26.9m grading 1.23% Cu, 7.55% Zn, 38.4 g/t Ag and 0.20 g/t Au (3.67% CuEq), including 2.5m grading 2.40% Cu, 5.39% Zn, 62.5 g/t Ag and 0.20 g/t Au (4.20% CuEq), and 4.7m grading 0.62% Cu, 12.59% Zn, 26.8 g/t Ag and 0.05 g/t Au (4.48% CuEq);
- 10.0m grading 0.81% Cu, 4.99% Zn, 31.4 g/t Ag and 0.35 g/t Au (2.58% CuEq), including 2.7m grading 0.33% Cu, 9.54% Zn, 21.1 g/t Ag and 0.12 g/t Au (3.32% CuEq).
-
Hole TS-24-15, also a 320m down-dip and step-out hole from the main
Tesla Zone , intersected multiple massive to semi-massive lenses approximately 120m southwards along strike from hole TS-24-20, highlighted by:- 11.8m grading 0.75% Cu, 8.22% Zn, 41.8 g/t Ag and 0.12 g/t Au (3.41% CuEq), including 8.6m grading 0.70% Cu, 10.01% Zn, 42.2 g/t Ag and 0.14 g/t Au (3.91% CuEq);
- 4.2m grading 0.17% Cu, 8.63% Zn, 18.2 g/t Ag and 0.03 g/t Au (2.84% CuEq), including 1.7m grading 0.15% Cu, 13.79% Zn, 21.6 g/t Ag and 0.03 g/t Au (4.38% CuEq).
-
Hole TS-24-21, the southern most down-dip hole drilled to date, defining a 700m trend of deep intersections from HG-23-01, highlighted by:
- 11.9m grading 0.50% Cu, 7.73% Zn, 35.7 g/t Ag and 0.30 g/t Au (3.11% Cu Eq), including 5.1m grading 0.43% Cu, 10.36% Zn, 52.4 g/t Ag and 0.36 g/t Au (3.94% CuEq)
-
Hole TS-24-17, the northern most up-dip hole drilled, highlighted by:
- 3.0m grading 2.60% Cu, 0.72% Zn, 40.0 g/t Ag and 0.66 g/t Au (3.15% CuEq), including 1.0m grading 6.53% Cu, 1.87% Zn, 45.6 g/t Ag and 1.23 g/t Au (7.43% CuEq);
- 12.4m grading 0.56% Cu, 3.26% Zn 31.4 g/t Ag and 0.56 g/t Au (1.96% CuEq), including 1.6m grading 0.57% Cu, 12.31% Zn, 57.4 g/t Ag and 0.42 g/t Au (4.71% CuEq).
-
Lower zone from previously released hole MB-24-290 located near the southern end of Tesla –
Bridge Zone transition, intersected significant mineralization in theBridge Zone , highlighted by:- 7.4m grading 1.04% Cu, 6.71% Zn, 22.1 g/t Ag and 0.47 g/t Au (3.33% CuEq), including 1.9m grading 1.54% Cu, 4.59% Zn, 23.9 g/t Ag and 0.75 g/t Au (3.32% CuEq).
- Tesla expansion drilling continues with two drills targeting down-dip / along-strike extensions at the north end of the zone.
- Summer drilling program has commenced with four drills to be split between Tesla infill drilling and testing of high priority regional exploration targets.
The 2024 ice-based winter drill program was executed between January and April and was designed to evaluate the potential footprint of the
The 2024 winter program consisted of approximately 22,200m of drilling, completed in 18 drill holes and associated wedges, targeting the Tesla and Bridge Zones. Figure 1 below provides a plan map showing the location of drill holes targeting the
The results for seven additional Tesla holes targeting the up and down-dip expansion of the zone are provided in this news release, along with the results from the lower zones in two previously released
A series of five drill holes (in order from south to north TS-24-21, -15, -15w1, -20, -16w1) were completed along the northeastern edge of
All holes intersected massive and semi-massive sulphides related to the main Tesla lens, however two of the deep holes (TS-24-15 and TS-24-20) drilled in the central part of the zone intersected multiple horizons of zinc and/or zinc and copper-rich mineralization (see drill core photos of TS-24-20 in Figure 2). These intersections are located 200-300m down-dip from previous holes and are expected to be followed up with infill drilling. For example, TS-24-20 intersected six discrete zones of massive to semi-massive and stringer sulphides over a core length of 122.8m (Table 1), including 26.9m grading 1.23% Cu, 7.55% Zn, 38.4 g/t Ag and 0.20 g/t Au (3.67% CuEq) and 10.0m grading 0.81% Cu, 4.99% Zn, 31.4 g/t Ag and 0.35 g/t Au (2.58% Cu), while TS-24-15 intersected four discrete zones over a 93.1m core length (Table 1), including 11.8m grading 0.75% Cu, 8.22% Zn, 41.8 g/t Ag and 0.12 g/t Au (3.41% CuEq) and 4.2m grading 0.17% Cu, 8.63% Zn, 18.2 g/t and 0.03 g/t Au (2.84% CuEq). The lower lenses of mineralization intersected in these new holes appear to correlate with the lower lenses intersected in previous drilling in the north central part of the
A longitudinal section across the
Holes TS-24-17 and TS-24-18 were collared 100m apart as up-dip step-outs from previous drill holes TS-24-12 and TS-23-10 (Figure 1, Foran's
As previously reported, borehole EM surveys completed after drilling TS-24-17 and TS-24-18 returned significant EM responses that indicate mineralization likely continues a minimum of 50-75m further up-dip and 200m along strike in the up-plunge direction, providing a robust plate model for future drill targeting and potential expansion of the upper zones of Tesla. Furthermore, surveys conducted on the deeper holes in this news release indicate at least a further 100 to 200m of mineralization continuation down-dip.
Altogether, the results from the expansion drilling in 2024 have provided a clearer picture of Tesla's potential footprint and geometry. The new data has allowed definition of over 500m of dip extent, with multiple mineralized lenses now interpreted at Tesla. These lenses are shown in plan view (Figure 4) and in cross section (Figure 5) below.
Bridge Zone Drill Results
Additional assay results have also been received from the lower intersections of the previously released
As described above, hole MB-24-290 was drilled near the interpreted northern transition from Tesla into the
Hole MB-24-292 was drilled at the south end of the
Ongoing Interpretation
The 2024 winter drill program has been successful in growing the footprint of the
Table 1 – 2024 Winter Assay Results1 (*Denotes Previously Released)
Hole |
Zone |
From_m |
To_m |
Interval_m |
Cu % |
Zn % |
Ag g/t |
Au g/t |
CuEq % |
MB-24-290* |
MS/CS |
1021.8 |
1049.1 |
27.4 |
1.03 |
2.17 |
28.3 |
0.20 |
1.83 |
Including |
MS |
1021.8 |
1030.1 |
8.3 |
1.28 |
3.62 |
35.7 |
0.03 |
2.43 |
And |
CS |
1030.1 |
1049.1 |
19.0 |
0.91 |
1.54 |
25.0 |
0.27 |
1.56 |
MB-24-290* |
CS |
1050.8 |
1098.3 |
47.5 |
0.50 |
0.65 |
9.5 |
0.05 |
0.72 |
MB-24-290* |
CS |
1103.8 |
1105.2 |
1.4 |
3.06 |
0.16 |
21.4 |
0.01 |
2.94 |
MB-24-290 |
MS/CS |
1276.0 |
1283.4 |
7.4 |
1.04 |
6.71 |
22.1 |
0.47 |
3.33 |
Including |
MS |
1276.0 |
1281.5 |
5.5 |
0.86 |
7.46 |
21.5 |
0.37 |
3.33 |
And |
CS |
1281.5 |
1283.4 |
1.9 |
1.54 |
4.59 |
23.9 |
0.75 |
3.32 |
MB-24-290 |
MS |
1299.2 |
1300.8 |
1.6 |
0.84 |
6.32 |
25.8 |
0.18 |
2.88 |
MB-24-292* |
MS |
871.6 |
880.0 |
8.5 |
1.56 |
2.05 |
24.3 |
0.65 |
2.52 |
Including |
MS |
871.6 |
874.2 |
2.6 |
0.85 |
2.64 |
19.5 |
1.59 |
2.58 |
And |
MS |
878.1 |
880.0 |
2.0 |
2.33 |
1.14 |
38.6 |
0.47 |
2.91 |
MB-24-292 |
MS/CS |
1115.6 |
1123.5 |
7.9 |
1.51 |
4.38 |
19.2 |
0.79 |
3.23 |
Including |
MS |
1115.6 |
1118.3 |
2.7 |
0.63 |
7.44 |
16.7 |
0.30 |
3.05 |
And |
CS |
1118.3 |
1123.5 |
5.2 |
1.97 |
2.79 |
20.6 |
1.05 |
3.34 |
TS-24-15 |
MS/CS |
1360.4 |
1372.3 |
11.8 |
0.75 |
8.22 |
41.8 |
0.12 |
3.41 |
Including |
MS |
1360.4 |
1369.0 |
8.6 |
0.70 |
10.01 |
42.2 |
0.14 |
3.91 |
And |
CS |
1369.0 |
1372.3 |
3.3 |
0.87 |
3.51 |
40.8 |
0.09 |
2.08 |
TS-24-15 |
MS |
1377.4 |
1382.7 |
5.3 |
0.45 |
6.45 |
44.3 |
0.17 |
2.64 |
Including |
MS |
1380.9 |
1382.7 |
1.8 |
0.66 |
9.94 |
59.0 |
0.25 |
3.99 |
TS-24-15 |
MS |
1433.6 |
1437.8 |
4.2 |
0.17 |
8.63 |
18.2 |
0.03 |
2.84 |
Including |
MS |
1434.5 |
1436.1 |
1.7 |
0.15 |
13.79 |
21.6 |
0.03 |
4.38 |
TS-24-15 |
MS |
1451.1 |
1453.5 |
2.4 |
0.30 |
8.26 |
37.6 |
0.09 |
2.97 |
Including |
MS |
1451.1 |
1452.6 |
1.5 |
0.30 |
11.45 |
45.4 |
0.10 |
3.97 |
TS-24-15w1 |
MS |
1402.7 |
1418.9 |
16.3 |
0.51 |
9.44 |
31.1 |
0.39 |
3.66 |
Including |
MS |
1402.7 |
1408.6 |
5.9 |
0.51 |
13.94 |
22.0 |
0.25 |
4.88 |
TS-24-16w1 |
MS |
1487.0 |
1489.5 |
2.5 |
0.18 |
6.49 |
16.3 |
0.03 |
2.20 |
TS-24-16w1 |
MS |
1647.3 |
1648.0 |
0.7 |
0.32 |
10.90 |
46.2 |
0.25 |
3.91 |
TS-24-17 |
MS/CS |
902.4 |
905.4 |
3.0 |
2.60 |
0.72 |
40.0 |
0.66 |
3.15 |
Including |
MS |
902.4 |
903.4 |
1.0 |
6.53 |
1.87 |
45.6 |
1.23 |
7.43 |
TS-24-17 |
MS/CS |
909.3 |
921.7 |
12.4 |
0.56 |
3.26 |
31.4 |
0.56 |
1.96 |
Including |
MS |
909.3 |
910.9 |
1.6 |
0.57 |
12.31 |
57.4 |
0.42 |
4.71 |
TS-24-17 |
MS/CS |
926.0 |
928.3 |
2.3 |
0.06 |
4.68 |
39.3 |
0.18 |
1.74 |
TS-24-18 |
MS |
843.8 |
846.8 |
3.0 |
1.73 |
1.63 |
9.8 |
0.57 |
2.44 |
Including |
MS |
844.1 |
845.2 |
1.1 |
3.63 |
3.70 |
20.9 |
1.11 |
5.16 |
TS-24-18 |
CS |
850.2 |
851.3 |
1.1 |
2.15 |
0.46 |
12.5 |
0.37 |
2.37 |
TS-24-18 |
CS |
897.5 |
901.5 |
4.0 |
0.52 |
0.44 |
10.2 |
0.34 |
0.85 |
TS-24-18 |
MS |
910.4 |
910.7 |
0.3 |
2.37 |
1.29 |
28.0 |
0.64 |
3.05 |
TS-24-20 |
MS/CS |
1347.4 |
1357.4 |
10.0 |
0.81 |
4.99 |
31.4 |
0.35 |
2.58 |
Including |
MS |
1352.7 |
1355.4 |
2.7 |
0.33 |
9.54 |
21.1 |
0.12 |
3.32 |
TS-24-20 |
MS/CS |
1363.1 |
1375.5 |
12.4 |
0.59 |
3.55 |
21.4 |
0.20 |
1.81 |
TS-24-20 |
MS |
1379.9 |
1381.5 |
1.6 |
0.16 |
5.10 |
14.0 |
0.07 |
1.78 |
TS-24-20 |
MS/CS |
1395.2 |
1422.1 |
26.9 |
1.23 |
7.55 |
38.4 |
0.20 |
3.67 |
Including |
MS |
1403.8 |
1406.3 |
2.5 |
2.40 |
5.39 |
62.5 |
0.20 |
4.20 |
And |
MS |
1406.3 |
1411.1 |
4.7 |
0.62 |
12.59 |
26.8 |
0.05 |
4.48 |
And |
MS |
1414.6 |
1419.8 |
5.2 |
0.99 |
10.29 |
30.1 |
0.01 |
4.13 |
TS-24-20 |
MS |
1456.6 |
1460.6 |
4.0 |
0.51 |
11.52 |
26.5 |
0.04 |
4.06 |
TS-24-20 |
MS |
1466.0 |
1470.2 |
4.1 |
0.15 |
5.41 |
16.1 |
0.03 |
1.85 |
TS-24-21 |
MS |
1340.1 |
1352.0 |
11.9 |
0.50 |
7.73 |
35.7 |
0.30 |
3.11 |
Including |
MS |
1344.6 |
1349.7 |
5.1 |
0.43 |
10.36 |
52.4 |
0.36 |
3.94 |
Note 1: Composite widths are presented as core lengths. Additional drilling will be required to confirm the geometry of the mineralized zones, but generally true widths are thought to be 80-85% of core length. Intervals generally composited using a 0.5% Cu cut-off grade in stringer zones, except MB-24-290 from 1050.8-1098.3m that used a 0.3% Cu cut-off grade. Copper Equivalent values calculated using metal prices of
|
Since the initial discovery of the
While the ice-based winter program is now complete, Foran's exploration program is continuing through spring breakup with the early conversion of two drills to fly setups to continue targeting large down-dip / down-plunge extensions of the zone from the north shore of the lake.
In parallel, preparations are underway to commence our large summer exploration program in June this year, with a total of four drill rigs scheduled to continue through to
Drilling was completed using NQ size diamond drill core and core was logged by employees of the Company. During the logging process, mineralized intersections were marked for sampling and given unique sample numbers. Sampled intervals were sawn in half using a diamond blade saw. One half of the sawn core was placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site. Sample assays are performed by the
Mr.
The Company's head office is located at
The McIlvenna Bay Deposit is a copper-zinc-gold-silver rich VHMS deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. The McIlvenna Bay Property sits just 65km West of
The McIlvenna Bay Deposit is the largest undeveloped VHMS deposit in the region. The Company announced the results from its NI 43-101 compliant Technical Report on the Feasibility Study for the McIlvenna Bay Deposit (the "McIlvenna Feasibility Study") on
The Company's head office is located at
This news release contains certain forward-looking information and forward-looking statements, as defined under applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or to the future performance of the Company and reflect management's expectations and assumptions as of the date hereof or as of the date of such forward-looking statement.
All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward looking statements in this news release include, but are not limited to, statements regarding our objectives and our strategies to achieve such objectives; our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, including in respect of exploration objectives and expectations; as well as specific statements in respect of our expectations in respect of our exploration operations, assays and electromagnetic surveys, including in respect of the
Inherent in forward-looking statements are known and unknown risks, estimates, assumptions, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this news release. These factors include, but are not limited to, management's belief, expectations and response to the following and, in certain cases, management's response with regard to the following: the Company's reliance on the McIlvenna Bay Property; the Company has a history of losses and may not be able to generate sufficient revenue to be profitable or to generate positive cash flow on a sustained basis; the Company is exposed to risks related to mineral resources exploration and development; the Company has no history of mineral production; the Company is subject to government regulation and failure to comply could have an adverse effect on the Company's operations; the Company's operations are subject to extensive environmental, health and safety regulations; mining operations involve hazards and risks; the Company may not be able to acquire or maintain satisfactory mining title rights to its property interests; indigenous peoples' title claims may adversely affect the Company's ability to pursue exploration, development and mining on the Company's mineral properties; the Company's operations require the acquisition and maintenance of permits and licenses, and strict regulatory requirements must be adhered to; mineral resource and mineral reserve estimates are based on interpretations and assumptions that may not be accurate; uncertainties and risks relating to the technical report entitled the "Technical Report on the Feasibility Study for the
The forward-looking statements contained in this news release reflect the Company's current views with respect to future events and are based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the accuracy of mineral reserve and resource estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rocks confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; success of the Company's projects, including the
Readers are cautioned not to place undue reliance on forward-looking statements and should note that the assumptions and risk factors discussed in this news release are not exhaustive. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. All forward-looking statements herein are qualified by this cautionary statement. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law. Additional information about these assumptions, risks and uncertainties is contained in our filings with Canadian securities regulators on SEDAR+ at www.sedarplus.ca.
SOURCE