Foran weighs drill program expansion for McIlvenna Bay on results, $100M investment June 1, 2021
Commodities
McIlvenna Bay. Credit: Foran Mining
Foran Mining (TSXV: FOM) is considering expanding the 30,000-metre drill program under way at its McIlvenna Bay project in Saskatchewan after receiving encouraging results and a deal with Fairfax Financial Holdings for a $100-million investment.
Drilling at McIlvenna Bay continues to define a band of thick, copper-rich mineralization in the Massive Sulphide (MS) and underlying Copper Stockwork zones (CSZ) at the project, including in Hole 216w1, which hit one of the widest high-grade copper intercepts to date.
The infill hole encountered all four zones of the VMS deposit with 40 metres of mineralization reported over a 45-metre length. That included 28.7 metres of continuous mineralization grading 2.05% copper equivalent crossing both the MS and CSZ. The bulk of the intercept, 25.3 metres of 1.72% copper eq
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Five years ago, a Foran drilling campaign in the region returned a 104.93 metre intercept with 2.03 per cent copper grade - plans are underway to hold further drilling at the site in 2021. According to the company, the Bigstone resource has an indicated tonnage of 1.98 million tonnes, with 1.88 per cent copper, .92 per cent zinc, .25 grams per tonne of gold and 9.5 grams per tonne silver. The resource includes a total inferred resource of 1.88 million tonnes. “While we are merely scratching the surface of this outstanding deposit, we are very excited to be adding Bigstone to our growing resource base,” said Foran executive chairman Dan Myerson in a press release.