The 2013 Resource includes several distinct zones of Volcanogenic Massive Sulphide ("VMS") mineralization, including massive to semi-massive sulphide mineralization in the Main Lens and Lens 3, as well as footwall stockwork-style sulphide mineralization in the underlying CSZ (Figure 1). The Main Lens is comprised of the UWZ and Zone 2 (previously termed Lens 2). The 2013 Resource builds on and supersedes the first comprehensive National Instrument 43-101 ("NI 43-101") mineral resource estimate for the CSZ, announced by the Company on November 11, 2011 (the "2011 Resource") and a previous NI-43-101 mineral resource focused on the massive sulphide zones announced by the Company on December 5, 2006 (the "2006 Resource").
The 2013 Resource was estimated using long-term metal price projections of US$3.25/lb. for Cu, US$1.10/lb. for Zn, US$1,400/oz. for Au and US$25/oz. for Ag. The base case uses a US$60/t NSR cut-off using provisions for metallurgical recoveries, smelter payables, refining costs, freight, and applicable royalties.
Roger March, VP Project Exploration of Foran commented "The new drilling we have completed over the last two years, the shoulder and additional sampling of core from previous campaigns, the database validation, and our extensive program of re-surveying of the majority of the drill holes in the 178 diamond drill hole database have all contributed to the high-quality mineral resource estimate announced today." Mr. March continued, "The US$60/t NSR cutoff we have selected as the base case for the Deposit is approximately equivalent to the 1.10% CuEq cutoff used in the 2011 Resource on the CSZ. However, we have seen a large increase in the CSZ in the 2013 Resource as a result of additional drilling along a portion of the up-dip extent of the CSZ and the inclusion of deeper, previously unclassified portions of this zone. In contrast, the US$60/t NSR is higher than that of the 2006 Resource for the massive sulphide zones. This new resource for the massive sulphide zones reflects this change in cutoff, combined with variation due to new drill results, shoulder sampling and database verification."
The Main Lens is a large massive to semi-massive sulphide lens comprised of two distinct zones, the Cu-Au-rich UWZ and the Zn-Ag-dominant Zone 2. The UWZ varies from 1.6 to 13.3m in true thickness and averages 4.8m true thickness (6.0m horizontal thickness), with a strike length of 150 to 300m. The UWZ extends from 35 to 1,230m below surface and has a strike length of approximately 400m. Zone 2 ranges in true thickness in the wireframe model from 1.6m to over 20m, averaging 6.5m (approximately 8.1m horizontal thickness). Zone 2 extends between 35 and 1,200m below surface, along an overall plunge distance of approximately 1,880m. Spatially, the UWZ comprises the up-dip portion of the Main Lens and Zone 2 comprises the down-dip (Figure 1).
The Main Lens is underlain by the Cu-Au-rich CSZ; this zone typically occurs in direct contact with the footwall of either the UWZ or Zone 2, although minor gaps between these zones do exist locally. The CSZ has a strike length of approximately 850m, has been traced for a horizontal distance of 1,750m and a down-plunge distance of 1,950m, from 35m below surface to an approximate depth of 1,150m below surface. The CSZ measures approximately 500m at its widest point, ranges up to 34.6m in true thickness, and averages 9.7m in true thickness (12.1m horizontal thickness). Highest grades and thickness define a linear trend down-plunge near the up-dip portion of the CSZ.
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