Announcement Date: 2021-11-25
Announcement Type: Deposit Estimation
Announcement Code: NI43-101
Company name: Foran Mining Corp.
Project name: McIlvenna Bay
Location: Canada
Commodities: Gold,Silver,Copper,Lead,Zinc
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Vancouver, BC (October 14, 2021) – Foran Mining Corporation (TSX.V: FOM) (“Foran” or the “Company”) is pleased to announce an updated mineral resource estimate (the “2021 Resource Estimate”) for the Company’s 100%-owned McIlvenna Bay Deposit (“McIlvenna Bay” or the “Deposit”) located in east-central Saskatchewan. The 2021 Resource Estimate outlines significant changes to the resource at McIlvenna Bay compared to the previous resource estimate published in 2019, with over 25,000m of infill and expansion drilling in 36 holes were completed since the prior estimate. To date, the Deposit has been defined by approximately 152,000m of drilling within 285 holes. The mineral resource estimate was completed by Micon International Limited (“Micon”) and verified by Mr. William J. Lewis, P.Geo. of Micon, independent of Foran and a Qualified Person as defined within National Instrument 43-101 (“NI43-101”). The 2021 Resource Estimate will be used to support the upcoming feasibility study (“Feasibility Study”). The 2021 Resource Estimate is summarized in Table 1. See below for additional information with respect to Qualified Person, Estimation Methodology and Parameters.
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