Skip to content

Mining Report: Foran discovers new mineralization zone near McIlvenna Bay

Foran Mining is touting a new discovery near its McIlvenna Bay property that seems to show encouraging results.
GettyImages-1163905371 (1)
Core samples stored in a box.

Foran Mining is touting a new discovery near its McIlvenna Bay property that seems to show encouraging results.

The company announced that workers had found what was described as a “near-mine” discovery at what it calls the Tesla zone not far from the property, revealing partial assay results from a diamond drill hole at the area.

Those results, the company has stated, showed about 200 metres of continuous massive and disseminated sulphides intersected, as well as chalcopyrite and sphalerite. The first assay results show 12.4 metres at 1.8 per cent copper equivalent (CuEq), with 1.2 metres at 8.3 per cent CuEq, 7.71 metres at 1.7 per cent CuEq with 1.55 metres at 2.1 per cent CuEq and 5.4 metres at 3.3 per cent CuEq with 1.06 m at 10.2 per cent CuEq.

About 130 metres of assays from the first drill hole are still pending.

Foran’s initial statement on the findings states that the first assay results from the site could increase its presence in the area, which has been focused on McIlvenna Bay - the company refers to Tesla as “a new near-mine mineralized zone 600 metres from the currently defined McIlvenna Bay deposit.”

The zone is, at its closest, thought to be about 300 metres north of the McIlvenna Bay deposit - the area was first identified through magnetic and fixed-loop surface electromagnetic surveys. Further drilling will be needed to determine exactly how long, how deep and how high grade mineralization at the zone is.

“The Tesla zone, discovered in a very short period and so rapidly after the company has been re-focused with a fresh perspective and capital, is a true testament to the strength of our team and the significant untapped nature of our land package,” said Foran executive chairman and CEO Dan Myerson in a press release.

“While it is still early days, this new discovery is a potential game-changer and could drive future value from economies of scale under a centralized milling scenario with the planned and existing infrastructure at McIlvenna Bay.”

The news comes hot off the heels of Foran’s new Saskatchewan head office being opened June 1, located in the Stonebridge neighbourhood of Saskatoon. Foran has, for several years now, run exploration campaigns at the McIlvenna Bay site, located south of Hanson Lake about 60 kilometres due west of Flin Flon.