Drill Tracker Weekly: Foran Completes Confirmation Infill Drilling At Bigstone


Drill Tracker Weekly is not exclusive to Resource Investing News and is published with permission from Mackie Research Capital Corporation. It highlights drilling results in context with our database of over 10,000 drilling and trenching results. The purpose of this report is to highlight drilling and trenching results that stand out from the pack and compare them to their peer group. This report does not constitute initiation of coverage or a recommendation.

Foran Mining (TSXV:FOM)

Price: $0.24

Market cap: $21 million

Cash estimate: $3.4 million

Project: Bigstone

Country: Saskatchewan, Canada

Ownership: 100 percent

Resources: 3.75 MT @ 2.03% Cu, 0.33 g/t Au and 0.53 MT @ 9.26% Zn, 15.9 g/t Ag (historical)

Project status: Resource confirmation

foran 1 Foran Mining announced results from the final three infill holes on its 100% owned Bigstone VMS 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 two intervals of 58.0 metres grading 2.49% Cu, 0.14% Zn, 0.17 g/t Au and 7.9 g/t Ag starting at a depth of 331 metres and 53.57 metres of 2.54% Cu, 0.11% Zn, 0.21 g/t Au and 14.7 g/t Ag . Drilling also intersected the high-grade zinc zone situated above the copper zone returning 4.84 metres grading 15.1% Zn, 777 g/t Ag and 0.32 g/t Au. Based on the previous wide spaced exploration drilling outside of the main zone, the Company believes there is room to add additional mineralization along the boundaries of the current model. 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 Company believes there may be synergies that would see early high-grade production from Bigstone trucked to their nearby McIlvenna Bay project for processing 25 kilometres to the east. 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.

foran 2

Discovery hole: 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: 58 metres @ 2.49% Cu, 0.14% Zn, 0.017 g/t Au, 7.9 g/t Ag; 4.84 metres @ 15.1% Zn, 0.32 g/t Au, 777 g/t Ag