VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/08/13 -- Foran Mining Corporation (TSX VENTURE: FOM) ("Foran" or the "Company") is pleased to announce the results of a recently completed regional drill program (the "Program") on Foran's Balsam and McIlvenna Bay properties in east-central Saskatchewan. Highlights from the Balsam Property include:
-- Thunder Zone: Discovery of high-grade copper mineralization with 4.08% Cu, 0.43 g/t Au and 27.0 g/t Ag over 3.66m, including 10.60% Cu, 0.70 g/t Au and 62.5 g/t Ag over 1.10m in drillhole BA-13-77 at a vertical depth of 205m. This hole was drilled to test a newly-identified, high- priority geophysical target from a recent DEEP EM survey on the property and this zone is open in multiple directions(1).-- B2 Zone: 1.29% Cu, 0.28 g/t Au and 12.3 g/t Ag over 4.56m, including 3.97% Cu, 0.84 g/t Au and 39.1 g/t Ag over 0.85m in hole BA-13-74 at a vertical depth of 100m, and 8.40% Zn, 0.28 g/t Au, 12.6 g/t Ag over 3.21m, followed approximately 3m further down-hole by 6.66% Zn, 0.27 g/t Au, 10.6 g/t Ag and over 0.78m in hole BA-13-78 at vertical depths of 125 to 130m.
The Thunder and B2 Zones contain volcanogenic massive sulphide ("VMS") mineralization, similar to Foran's McIlvenna Bay deposit ("McIlvenna Bay" or the "Deposit"). McIlvenna Bay is a large VMS deposit located 65km west of Flin Flon, Manitoba and approximately 7km northwest of the Thunder and B2 Zones. Foran recently announced an increased mineral resource for McIlvenna Bay of 13.9 Mt grading 1.96% CuEq in the indicated category and a further 11.3 Mt grading 2.01 CuEq in inferred (see below).
Patrick Soares, President and CEO of Foran, commented: "We are extremely pleased by the discovery of high-grade copper mineralization in the Thunder Zone at Balsam. The discovery was made by drill testing a geophysical anomaly outlined by the recently completed DEEP EM geophysical survey on the property. Copper mineralization within the Thunder Zone has the potential to be extended toward surface and on either side of the discovery hole. The geophysical survey also outlined several other target areas which we will model to delineate drill targets." Mr. Soares continued: "Foran's new discovery announced today clearly demonstrates the potential to develop a VMS camp centered around McIlvenna Bay."
(1)m = metre, Cu = copper, Zn = Zinc, Au = gold, Ag = silver, g/t = grams per tonne, DEEP EM = deep-penetrating time-domain electromagnetic geophysical survey
The Program consisted of 11 diamond drill holes (4,163m) completed between February 9 and March 17, 2013 on Foran's Balsam and McIlvenna Bay properties. Significant intercepts from the 11 holes are summarized in Table 1; collar and orientation data is presented in Table 2. Results for an additional four diamond drill holes (2,243m) on the Deposit are pending and will be released in the coming weeks. The Program was conducted concurrently with a ground-based, deep-penetrating time-domain electromagnetic ("DEEP EM") geophysical survey, as announced by the Company on February 19, 2013.
Four target zones in and around the Balsam area (Thunder, Balsam, B2 and B4 Zones) were drill tested in nine holes (BA-13-70 to -78) based on new geological interpretation and geophysics (Figure 1). In addition, one historic surface EM conductor and one VTEM conductor were tested between McIlvenna Bay and the Balsam area (MR-13-05 and -06, respectively).