Market cap: $26 million
Cash estimate: $3.4 million
Country: Saskatchewan, Canada
Ownership: 100 percent
Historical resources: 3.75 MT @ 2.03% Cu, 0.33 g/t Au; 0.53 MT @ 9.26% Zn, 15.9 g/t Ag
Project status: Resource confirmation
Foran Mining announced the third of six infill holes from its 2015 drilling program on the 100% owned Bigstone project in east central Saskatchewan. The project is located 80 kilometres west of Flin Flon Manitoba and 25 kilometres west of Foran's McIlvenna Bay deposit. The Bigstone project is subject to a 2% NSR. Resource confirmation drilling returned three closely spaced intervals of 31.0 metres, grading 2.59% Cu, 0.14% Zn, 0.67 g/t Au and 10.8 g/t Ag, starting at an estimated vertical depth of 170 metres. A second confirmed interval 3.5 metres further down the hole of 31.50 metres of 1.17% Cu, 0.09% Zn, 0.12 g/t Au and 6.2 g/t Ag and a third interval of 23.50 metres grading 1.54% Cu, 0.51% Zn, 0.36 g/t Au and 13.9 g/t Ag. The true thickness of the zone is estimated by the Company to be approximately 60% of core length. In 1990, Cameco outlined a historical resource (not considered current) on Bigstone of 3.75 million tonnes, grading 2.03% Cu and 0.33 g/t Au using a 1% Cu cut-off. There is also a separate zinc resource of 0.53 million tonnes of 9.62% Zn and 15.9 g/t Ag using a 5% Zn cut-off. The area was initially discovered by Saskatchewan Mining and Development Company (SMDC) which later became Cameco. In November 2014, the Company announced the results of a PEA on the nearby McIlvenna Bay project. The PEA estimates an after-tax NPV (7%) of $263 million, with an IRR of 19%. The project is projected to have cash costs (net of by-products) of negative $0.37 per pound Zn or $0.84 per pound Cu. The economic evaluation was based on $3.08/lb Cu, Cu, $1.06/lb Zn, $1,238/oz. Au and $17/oz. Ag. Total pre-production capital at McIlvenna Bay is projected at $249 million.
Discovery history: Mineralization in the belt discovered in the 1950's by Saskatchewan Mineral Development Corporation (later became Cameco). Cameco completed historical resource in 1990. Foran acquired option in 1998.
Current drilling (3 closely spaced intervals in one hole): 31.0 metres @ 2.59% Cu, 0.14% Zn, 0.67 g/t Au, 10.8 g/t Ag from 234 metres and 31.50 metres @ 1.17% Cu, 0.09% Zn, 0.12 g/t Au, 6.2 g/t Ag from 268 metres and 23.5 metres @ 1.54% Cu, 0.51% Zn, 0.36 g/t Au, 13.9 g/t Ag.