Foran Mining Corp. has commenced a winter exploration program focused on the Bigstone and Balsam properties at its Hanson Lake property west of Flin Flon.
The Hanson Lake property covers over 40,000 hectares of what Foran calls ground “highly prospective” for base metal mineralization, including the McIlvenna Bay deposit.
“In late 2014 Foran announced robust preliminary economics for McIlvenna Bay, our flagship stand-alone asset,” said Patrick Soares, president and CEO of Foran. “Following our strategy of developing and building a new base metal mining camp, we have commenced a winter program aimed at delineating additional deposits and zones of mineralization around McIlvenna Bay.”
Objectives
Foran said the primary objectives of the program are to drill-test and continue to validate a historic mineral resource on the Bigstone property, and conduct follow-up drilling on a copper discovery at the Thunder Zone on the Balsam Property.
About 4,000 metres of diamond drilling is planned, with the Vancouver-based Foran leaving the door open to increasing the scale of the program.
Within the scope of the program, Foran also plans to extend its program of time-domain electromagnetic surveying over targeted stratigraphy north of McIlvenna Bay.
Required permits for drilling have been received and ground preparation is well underway. Drilling is expected to commence in late January.
McIlvenna Bay, Foran’s flagship deposit, is located in east-central Saskatchewan, 65 km west of Flin Flon.
In November, Foran announced what it termed a positive preliminary economic assessment for McIlvenna Bay.
The assessment is considered preliminary in nature and includes mineral resources, including inferred resources that are considered too speculative to have the economic considerations applied that would see them categorized as mineral reserves.
“There is no certainty,” Foran said, that the results in the assessment will be realized.
Neither the TSX Venture Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of information supplied by Foran.
