Foran Mining (TSX:FOM) has reported initial assay results from the 2024 winter drilling program at the Tesla and Bridge Zones, which are part of the company’s 100% owned McIlvenna Bay Project in Saskatchewan. The initial results from recent Tesla Zone drilling continue to confirm the continuity of mineralization along strike, currently up to 1,050 meters, beyond the limits of the modeled conductor.

Erin Carswell, Foran’s Vice President, Exploration, commented in a press release: “The 2024 Winter drill program has started on an exceptionally positive note, with results from hole MB-24-290 representing a significant strike extension of the Tesla Zone. Now measuring over one kilometre long and extending beyond the original EM target length, Tesla is rapidly expanding beyond our expectations as a zone of strategic importance for future growth initiatives. Additionally, two new up-dip intersections have extended Tesla towards surface confirming the potential for shallower mineralization, with assays from these latter intervals expected shortly. Of particular interest, the southernmost Bridge Zone intercept encountered elevated gold mineralization when compared to McIlvenna Bay reserve grades, highlighting the possibility of growing precious metal credits. We are looking forward to maintaining this momentum and provide updates on our developments from Tesla and the Bridge Zone as the important ice drilling season unfolds”.

The winter drill program began on January 11, 2024 with six drill rigs currently active. Four drills are focused on expanding the main Tesla Zone with step-out drilling along strike, up-dip and down-dip, while the remaining two drills are focused on definition drilling of the Bridge Zone. Foran plans to complete up to 20,000 meters of drilling during this winter program, with initial assay results from the first two holes reported here.

The Tesla Zone, discovered in 2022, lies adjacent to and approximately 300 meters north of the McIlvenna Bay Deposit. Since discovery, the Tesla Zone has been successfully intersected by 20 drill holes defining mineralization over a 1,050 meter strike length and 500 meters of dip extent. These holes have intersected multiple massive and semi-massive copper and zinc mineralized horizons and associated stringer zones that remain open in all directions.

The Bridge Zone occurs in a ~300 meter corridor between the current southernmost drilling at Tesla and the northernmost drilling at McIlvenna Bay. Discovered in 2023 and confirmed with three drill holes, the Bridge Zone typically contains multiple lenses of massive, semi-massive and stringer style sulfide mineralization. Detailed core observations and results from the ongoing McIlvenna Bay Orebody Knowledge Study have identified important geological markers within the Bridge Zone that link the two areas. This suggests a post-mineralization fold connects Tesla and McIlvenna Bay. Mineralization in the Bridge Zone appears to correlate with ore zones in the McIlvenna Bay Deposit.

The recently completed holes TS-24-17 and TS-24-18 targeted Tesla’s up-dip expansion potential from known mineralized zones. While assays are pending, logging, XRF and EM data confirm successful intersections of the main Tesla Zone horizon an average of ~160 meters up-dip from existing mineralized intersections in the central Tesla Zone. Significantly, EM surveys indicate mineralization continues at least 50-75 meters further up-dip and 200 meters along strike, providing a robust target model.

TS-24-17 intersected mineralization related to the main Tesla Zone approximately 179 meters updip from a 7.1 meter intersection grading 3.51% CuEq from 2023 drilling. TS-24-18, 100 meters southeast, also intersected massive and semi-massive sulfides with stringer zones related to Tesla, 171 meters updip from a 2023 intersection grading 4.11% CuEq over 34.3 meters. The success of these shallower holes has prompted more intensive updip exploration planning utilizing navigational drilling for the 2024 summer program. Historic northern McIlvenna Bay drilling, which intersected shallow copper outside current resources, will also be reviewed.

The current winter drill program is focused on Tesla and the Bridge Zone with two main strategies:

• Continue assessing Tesla through wide-spaced step-outs to expand known mineralization along strike and up/down dip, increasing definition of known horizons.
• Target Bridge Zone connections with Tesla and McIlvenna Bay to understand stratigraphic/structural relationships, fold/fault geometry and potential for upgrading mineralization in structural traps.

Drilling continues with six rigs. To date, ten holes plus one wedge have been completed encompassing 11,900 meters. Two rigs target the Bridge Zone, while four focus on Tesla step-outs. The ice-based program is anticipated to run until early April 2024, subject to ice conditions.

Following ice-based drilling, work will transition to land-based collars to continue Tesla Zone definition through summer. Several twinned wedges are also planned to provide mineralized material for early metallurgical testing. Expansion drilling will continue to focus on the target areas shown in the accompanying figure.

Foran will report further assay results from the winter program as they become available over the coming weeks. The success of the initial holes, particularly the Tesla Zone intersections and updip extensions, continues to demonstrate the potential for significant expansion of the deposit. The company remains well-funded to advance this large-scale exploration and development project.

Highlights from the results are as follows: 

• Drilling at Tesla encountered thick zones of mineralization, with the uppermost zone representing a 140m strike extension of the Tesla Zone to the southeast, expanding the strike length of Tesla to 1,050m. Highlight intercepts from MB-24-290:
  • 27.4m grading 1.03% Cu, 2.17% Zn, 28.3 g/t Ag and 0.20 g/t Au (1.83% CuEq), including 8.3m grading 1.28% Cu, 3.62% Zn, 35.7 g/t Ag and 0.03 g/t Au (2.43% CuEq).    
  • Mineralization has now extended beyond the original bounds of the 900m-long surface Electro-Magnetic (“EM”) conductor target.
  • Assays for lower zone are pending.
• Drilling at the transition zone between the McIlvenna Bay Deposit and the Bridge Zone intersected two mineralized intervals, highlights from MB-24-292 below include elevated gold intercepts:
  • 8.5m grading 1.56% Cu, 2.05% Zn, 24.3 g/t Ag and 0.65 g/t Au (2.52% CuEq), including 2.6m grading 0.85% Cu, 2.64% Zn, 19.5 g/t Ag and 1.59 g/t Au (2.58% CuEq).
  • Assays for the lower zone are pending.
• Assays are also pending from two drillholes targeting Tesla up-dip extensions which intersected significant thicknesses of mineralization located approximately 160m up-dip of previously drilled mineralization, indicating a total up/down dip extent for the Tesla Zone of at least 500m in this location. Subsequent borehole EM surveys on these holes indicate that mineralization likely continues at least 50-75m further up-dip and at least 200m along strike in the up-plunge direction in the central part of Tesla.
• Tesla remains open in all directions for expansion and increased understanding of the zone is the focus of the current program.

Table 1 – 2024 Winter Bridge Zone Assay Results¹