SYS-CON MEDIA Authors: Kevin Benedict, Rich Waidmann, Pat Romanski, Michael Jannery, Javier Paniza

News Feed Item

Foran Winter Exploration Program Underway

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/18/14 -- Foran Mining Corporation (TSX VENTURE:FOM) ("Foran" or the "Company") is pleased to announce it has commenced a winter exploration program on its McIlvenna Bay and Bigstone properties in east-central Saskatchewan. Exploration activities will include diamond drilling on Target A, a recently identified high-priority geophysical target on the McIlvenna Bay property, as well as geophysical surveys on both the McIlvenna Bay and Bigstone properties.

Patrick Soares, President and CEO of Foran commented, "In 2013 Foran identified Target A, a large geophysical anomaly with strong similarities to the signature of our McIlvenna Bay deposit. We are looking forward to conducting an initial drill test of this high-priority target."

McIlvenna Bay Property

Work on the McIlvenna Bay property in the winter program will focus on Target A, a group of conductors located approximately 1.5 kilometres ("km") southeast of the McIlvenna Bay deposit (the "Deposit"). As discussed in the Foran news release dated October 31, 2013, Target A was identified by a deep-penetrating time-domain electromagnetic ("DEEP-EM") geophysical survey, is similar in size, orientation and character to McIlvenna Bay, and has not been previously drill tested.

The main conductor within Target A appears to occur at the same stratigraphic horizon as the Deposit, with a similar orientation. Geophysical modelling suggests the target is a series of sub-parallel plates that define multiple conductor trends. The upper edges of these plates are estimated to lie approximately 300 to 800m below surface, with the down-dip extent of individual plates exceeding 600m.

Approximately 15 line km of detailed large loop time-domain electromagnetics ("EM") will be conducted directly over Target A to determine the optimum depth and orientation for drilling. Following completion of the geophysical survey, Foran plans to conduct 1,500 to 2,000 metres ("m") of diamond drilling in two to three drill holes. Results of the drilling will be released once assay results have been received.

Bigstone Property

Foran's Bigstone property, located 10 km west of the McIlvenna Bay property, contains several occurrences of volcanogenic massive sulphide ("VMS") mineralization associated with extensive zinc-rich felsic volcanic stratigraphy. Significant potential for discovery of economic base metal deposits at Bigstone is highlighted by copper-rich stockwork and copper- and/or zinc-rich VMS mineralization at the historic Bigstone deposit. In 1990, past operators estimated an historic mineral resource for the Bigstone deposit of 3.75 million tonnes grading 2.03% Cu and 0.33 g/t Au using a 1.0% Cu cut-off1. A sensitivity analysis was also completed at that time using cut-off grades from 1.0% to 2.5% Cu which is presented in the table below.


Bigstone deposit historic resource estimate sensitivity analysis1           
                                                                            
----------------------------------------------------------------------------
                                                  Cu      Zn      Au      Ag
Cu Cut-off (%Cu)                     Tonnage     (%)     (%)   (g/t)   (g/t)
----------------------------------------------------------------------------
1.0                                3,747,500    2.03    0.14    0.33     9.3
1.5                                3,136,600    2.26    0.15    0.36     9.9
2.0                                1,983,600    2.57    0.17    0.48    11.3
2.5                                1,199,300    3.11    0.20    0.61    13.5
----------------------------------------------------------------------------

1 Foran is not treating the historic estimate as current; a Qualified Person within the meaning of National Instrument 43-101 has not completed sufficient work to classify the historic estimate as current; additional work, including re-surveying, re-logging and drill core QA/QC would be required to verify and upgrade the historic estimate to current.

Work on the Bigstone property in the winter program will consist of approximately 45 line km of large loop time-domain EM. Detailed surveying will be conducted over the historic mineral resource and regional-scale surveying will be conducted along strike.

EM surveying has proven to be highly effective in the discovery of buried VMS deposits in the region and worldwide, with technical advancements and optimization contributing to better depth penetration and resolution. The objective of the current survey on the Bigstone property is to better resolve the nature and extent of the conductors associated with the copper-rich historic Bigstone resource, as well as identify other conductors in the area.

About Foran Mining

Foran is a diversified exploration and development company with projects in the Flin Flon Mining Belt. The Company's flagship McIlvenna Bay Deposit, located in east-central Saskatchewan, 65 kilometres west of Flin Flon, Manitoba, is one of the largest undeveloped VMS deposits in Canada.

On March 27, 2013, Foran announced an increased mineral resource estimate for the McIlvenna Bay Deposit, with indicated resources of 13.9 million tonnes grading 1.96% copper equivalent or 13.19% zinc equivalent (1.28% Cu, 2.67% Zn, 0.49 g/t Au, 17 g/t Ag) and an inferred resource of 11.3 million tonnes grading 2.01% copper equivalent or 13.52% zinc equivalent (1.32% Cu, 2.97% Zn, 0.43 g/t Au, 17 g/t Ag). For additional information, see the Foran news release dated March 27, 2013 or the report entitled "Technical Report on the McIlvenna Bay Project, Saskatchewan, Canada" dated December 9, 2011 at www.sedar.com or www.foranmining.com. David Fleming, VP Exploration for Foran and a Qualified Person within the meaning of National Instrument 43-101, has reviewed and approved the technical information in this release.

As at September 30, 2013 Foran had a treasury of $4.6 million in cash and cash equivalents. Subsequently, on February 11, 2014, the Company announced the closing of a non-brokered flow-through financing for proceeds of $1.2M.

Foran trades on the TSX.V under the symbol "FOM".

To view Figure 1, "DEEP-EM conductor response relief map for Target A and the McIlvenna Bay deposit, looking east. Data is gridded mid- to late-time EM channel 20 - component X utilizing a compressed linear colour scale.; drill hole traces shown in black," please visit the following link: http://media3.marketwire.com/docs/FOMFig1.pdf.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward-Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Foran's objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in Foran's public documents filed on SEDAR. Although Foran believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Foran disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
AppDynamics, the application intelligence leader for software-defined businesses, announced the general availability of the AppDynamics Fall '14 Release. Serving the combined needs of IT and business teams across the enterprise, the latest release provides a comprehensive view across all aspects of digital performance in ultra large scale deployments. AppDynamics delivers Application Intelligence by building out advanced capabilities across the key areas of analytics, unified monitoring and D...
CloudBees, Inc., has announced a $23.5 million financing round, led by longtime CloudBees investor Lightspeed Venture Partners. Existing investors Matrix Partners, Verizon Ventures and Blue Cloud Ventures also participated in the round. The latest funding announcement follows earlier rounds of $4 million, $10.5 million and $10.8 million, bringing the total investment in CloudBees to just under $50 million since the company’s inception in 2010. Previous venture investment rounds were led by Ma...
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the tec...
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise be...
The cloud is becoming the de-facto way for enterprises to leverage common infrastructure while innovating and one of the biggest obstacles facing public cloud computing is security. In his session at 15th Cloud Expo, Jeff Aliber, a global marketing executive at Verizon, discussed how the best place for web security is in the cloud. Benefits include: Functions as the first layer of defense Easy operation –CNAME change Implement an integrated solution Best architecture for addressing network-l...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Amazon, Google and Facebook are household names in part because of their mastery of Big Data. But what about organizations without billions of dollars to spend on Big Data tools - how can they extract value from their data? In his session at 6th Big Data Expo®, Ali Ghodsi, Co-Founder and Head of Engineering at Databricks, discussed how the zero management cost and scalability of the cloud is addressing the challenges and pain points that data engineers face when working with Big Data. He also s...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of present...
IBM has announced a new strategic technology services agreement with Anthem, Inc., a health benefits company in the U.S. IBM has been selected to provide operational services for Anthem's mainframe and data center server and storage infrastructure for the next five years. Among the benefits of the relationship, Anthem has the ability to leverage IBM Cloud solutions that will help increase the ease, availability and speed of adding infrastructure to support new business requirements.
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
DevOps means different things to different people. Qubell defines DevOps as the ability for the developer teams to do what they need to do to have this level of self-service. At DevOps Summit, Stan Klimoff, CTO of Qubell, demos the enterprise DevOps platform.
Cloud computing started a technology revolution; now DevOps is driving that revolution forward. By enabling new approaches to service delivery, cloud and DevOps together are delivering even greater speed, agility, and efficiency. No wonder leading innovators are adopting DevOps and cloud together! In his session at DevOps Summit, Andi Mann, Vice President of Strategic Solutions at CA Technologies, explored the synergies in these two approaches, with practical tips, techniques, research data, wa...