Click here to close now.

SYS-CON MEDIA Authors: Carmen Gonzalez, Kevin Jackson, Peter Silva, Greg Wind, Glenn Rossman

News Feed Item

Foran Completes Winter Exploration Program

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/01/14 -- Foran Mining Corporation (TSX VENTURE: FOM) ("Foran" or the "Company") has completed the previously announced winter exploration program (the "Program") on its McIlvenna Bay and Bigstone properties in east-central Saskatchewan. Exploration activities included initial diamond drilling on Target A, as well as geophysical surveys on both the McIlvenna Bay and Bigstone properties.

Patrick Soares, President and CEO of Foran commented "In the recently completed Program we conducted an initial drill test of Target A. The single hole completed to a depth sufficient to reach the principal conductor appears to have hit a late, potentially crosscutting intrusive unit at our target depth. The results of surface and borehole geophysics continue to point to a strong conductor in this area of similar character and size to that associated with our large McIlvenna Bay deposit". Mr. Soares continued "Although we are disappointed that our initial test did not intersect massive sulphides, Target A remains a high-priority target for further drill testing."

McIlvenna Bay Property

On the McIlvenna Bay property the Program included large loop time-domain electromagnetic ("TDEM") surveying in advance of drilling two diamond drill holes. Borehole electromagnetic ("EM") surveys were also conducted to track the EM response downhole.

Both drill holes were collared from a common platform and designed to test Target A, a group of conductors located approximately 2 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 regional scale TDEM survey in 2013. Target A has a similar geophysical response to the Deposit, and at 1.6 km in length, is similar in size.

The first hole was abandoned at 211 metres ("m") due to excessive flattening. The second hole was drilled to a depth of 1,683 m and encountered geology consistent with the hangingwall stratigraphy above the McIlvenna Bay deposit, including several key marker units. A felsic fragmental with chlorite-pyrrhotite and a quartz feldspar porphyry ("QFP") body were encountered at the targeted depth of the main conductor. The QFP unit is interpreted to have cut the volcanics and displaced the conductive source at this location. Minor base metal sulphides were observed in hole MR-14-08; however no significant assay values were returned.

Preliminary modelling of the borehole EM survey data indicates a strong off-hole conductor below the trace of the drill hole at approximately 1,200 m downhole. This is interpreted to be the source of the principal Target A conductor.

A total of 17.1 line km of detailed large loop TDEM surveying at 100 m line spacing was conducted over Target A using an HT Squid B-field sensor. Data from this survey was interpreted on site to refine targets in advance of drilling. Borehole EM surveys were conducted with a DigiAtlantis B-field probe at intermediate to final depths on drill hole MR-14-08 to track the EM response downhole. Borehole EM surveying indicates a strong off-hole EM conductor at a downhole depth of approximately 1,200 m with exceptional late-time decay characteristics. This decay profile suggests a source other than graphitic zones, which give early to mid-time EM responses. The final interpretation of this data is in progress, but it is clear that the source of the strong conductor associated with the Target A anomaly remains unexplained and additional drilling to identify the source is warranted.

Table 1. Target A Drillhole data


----------------------------------------------------------------------------
                              Elevation          Azimuth          Dip  Depth
Hole #    Easting   Northing        (m)    UTM (degrees)    (degrees)    (m)
----------------------------------------------------------------------------
MR-14-07  643,594  6,055,490        336            204.8          -70    211
----------------------------------------------------------------------------
MR-14-08  643,594  6,055,490        336            204.8          -77  1,683
----------------------------------------------------------------------------
Total Meterage                                                         1,894
----------------------------------------------------------------------------

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. 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-off(1).

On the Bigstone property the Program included 45 line km of TDEM surveying over and along strike from the historic resource using an HT Squid B-field sensor. Preliminary interpretation of the survey results indicate the historic resource is effectively defined by the TDEM. Detailed modeling of the survey data will be conducted to delineate targets for drill testing.

(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. For additional information see the Foran news release dated Feb. 18, 2014.

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.

As at December 31, 2013 Foran had a treasury of $4.3 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.

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.

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

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
WSM International is launching a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. This is the first independent services company to create a dedicated practice to help organizations looking to transition to the DevOps model. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of ...
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborat...
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things...
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Hosted PaaS providers have given independent developers and startups huge advantages in efficiency and reduced time-to-market over their more process-bound counterparts in enterprises. Software frameworks are now available that allow enterprise IT departments to provide these same advantages for developers in their own organization. In his workshop session at DevOps Summit, Troy Topnik, ActiveState’s Technical Product Manager, will show how on-prem or cloud-hosted Private PaaS can enable organ...
DevOps tasked with driving success in the cloud need a solution to efficiently leverage multiple clouds while avoiding cloud lock-in. Flexiant today announces the commercial availability of Flexiant Concerto. With Flexiant Concerto, DevOps have cloud freedom to automate the build, deployment and operations of applications consistently across multiple clouds. Concerto is available through four disruptive pricing models aimed to deliver multi-cloud at a price point everyone can afford.
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...
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed...
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting we...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Are your applications getting in the way of your business strategy? It’s time to rethink your IT approach. In his session at 16th Cloud Expo, Madhukar Kumar, Vice President, Product Management at Liaison Technologies, will discuss a new data-centric approach to IT that allows your data, not applications, to inform business strategy. By moving away from an application-centric IT model where data integration and analysis are subservient to the constraints of applications, your organization will b...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...