Ongoing work at McIlvenna Bay has raised a pretty penny for Foran Mining Corporation.
The Vancouver-based company held the second portion of a non-brokered private placement on July 5, selling more than 4.5 million common shares and raising almost $3 million in gross proceeds.
Combined with the company’s first private placement in June, Foran has raised around $9.4 million in gross proceeds.
The offer was bolstered by the company’s ongoing work at McIlvenna Bay, where Foran owns and operates a zinc-copper deposit. In Foran press materials, the company lists the site as the largest undeveloped volcanogenic massive sulphide (VMS) deposit in the Flin Flon Greenstone Belt.
In May, Foran released results from the McIlvenna Bay site, finding zinc concentration as high as 9.63 per cent in one of the company’s final four holes.
“We are delighted that investors continue to have confidence in McIlvenna Bay, as demonstrated by the significant oversubscription to this latest financing,” said Patrick Soares, Foran president and CEO, in a press release.
Alberts gold
Tests from a property near Flin Flon operated by Copper Reef Mining have revealed high gold and silver results.
The company announced early results from the Alberts Gold Property on July 9, located on Alberts Lake about 20 kilometres east of Flin Flon.
A press release issued by Copper Reef states that three samples from the site returned results of 11.35, 18.79 and 19.48 grams per tonne of gold and 75.5, 81.1 and 73.7 grams per tonne of silver along a 25 metre strike length along the vein.
Other minerals, including galena, bismuth, copper and lead were also found in the samples.
Copper Reef plans to extend the existing Alberts Gold Zone grid north by 300 metres, based partially on the company’s latest results. According to a Copper Reef press release, surveys conducted in May have shown a versatile time domain electromagnetic (VTEM) anomaly that will be covered by the grid extension.
Snow Lake gold
Last month, Rockcliff announced sample assay results from two gold properties it owns and operates west of Snow Lake.
At the DSN Gold Property, eight samples from near Corley Lake showed between trace amounts and 4.9 grams per tonne of gold. Nineteen more samples from near Lake Vena found gold along an exposed vein of quartz, finding between .11 grams per tonne and 22.63 grams per tonne of gold along the vein.
Over the coming year, Rockcliff will continue work on the Corley Lake and Lake Vena gold zones, including surface geophysics, geological mapping, trenching and sampling.
At the second area owned and operated by Rockcliff, fifteen samples from the Morgan Gold/VMS Property turned up at least trace amounts of gold. More work at the site will take place over the next year.
Lithium
Meanwhile, Far Resources has reported new findings from its Zoro Lithium project, located about 15 kilometres directly east of Snow Lake.
Far announced the discovery of a geochemical anomaly for lithium about 1.5 km long on July 10. The area was spotted after soil sample testing conducted in fall and winter 2017 and is defined by the company as “very significant.”
