Foran Mining Corp. is touting the discovery of a new “high-priority” exploration target at its McIlvenna Bay property outside Flin Flon.
The Vancouver-based junior miner recently received the results of a deep-penetrating time-domain electromagnetic geophysical survey, also known as DEEP-EM survey.
Patrick Soares, president and CEO of Foran, said the target is “particularly exciting, as it has never been drill tested and has similarities” to the main McIlvenna Bay deposit.
The target consists of a group of conductors 1.5 kilometres southeast of the McIlvenna Bay deposit, on the McIlvenna Bay property.
“The source of (the target’s) conductors cannot be definitively established without drill testing,” Foran stated, “however the modeled plates are consistent with multiple sulphide lenses, a feature common in volcanogenic massive sulphide deposits, including those in the Flin Flon and Snow Lake areas.”
Despite a long history of exploration on the McIlvenna Bay property, no drilling has been conducted on the target.
Past ground-based electromagnetic surveys with relatively shallow depth penetration failed to detect the target.
Foran is now evaluating plans and budgets for follow-up on the target, which could include a further DEEP-EM survey for target definition prior to drill testing.
“DEEP-EM surveying has proven to be highly effective in the discovery of buried base metal deposits,” Soares said.
Located 65 kilometres west of Flin Flon in Saskatchewan, McIlvenna Bay is Foran’s flagship deposit.
It is “one of the largest undeveloped VMS (volcanogenic massive sulphide) deposits in Canada,” the company said.
In March, Foran announced an increased mineral resource estimate for McIlvenna Bay, with indicated resources of 13.9 million tonnes grading 1.96 per cent copper equivalent; and an inferred resource of 11.3 million tonnes grading 2.01 per cent copper equivalent.
Neither the TSX Venture Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of information supplied by Foran.
– Compiled from a Foran Mining Corp. news release
