Foran Advances Regional Exploration Strategy to Unlock District-Scale Potential
Geophysics and Structural Geoscience Methodically Driving Future Growth Prospects
Advancements Reveal a Significant Number of Untapped Regional Opportunities
Airborne Electromagnetic Survey Set to Launch Over New Denare West Property
Key Highlights:
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Foran is leveraging its success from the
McIlvenna Bay Deposit-Tesla Zone mineralization corridor to drive exploration efforts and pursue new discoveries across the Properties. - To enhance targeting precision, Foran has completed over 17,800 line-kilometres of cutting-edge airborne geophysical surveys during 2023-2024, using advanced Falcon™ gravity gradiometry and HeliTEM2 and/or VTEM™ Max electromagnetic data.
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Permits have been secured to initiate an airborne electromagnetic survey over the Denare West property, targeting new exploration potential along strike from
McIlvenna Bay . - The Summer-Fall regional drill program is underway, focusing on locations of interest such as the Bacchus prospect, aiming to advance exploration success.
- Foran's regional exploration strategy is aiming to unlock significant opportunities, as new data and exploration insights shape the next phase of targeted drilling across certain of the Properties.
A Rare Exploration Opportunity
Source:
An important feature of
New Airborne Geophysical Surveys
Three new detailed airborne geophysical datasets (electromagnetics, aeromagnetics and gravity gradiometry) were collected across Foran's northern claims during 2023 and early 2024 (see electromagnetic and gravity data in Figure 3). Foran now boasts a highly specialized assemblage of data sets specifically selected as a platform for pursuing new VHMS discoveries. We can now detect anomalies through thin cover sequences more clearly, extrapolate Foran's proven discovery methodologies more confidently, and better resolve the Company's existing targets for higher drilling efficiency.
Each type of geophysical data collected measures an independent physical property of the subsurface geology, as described below:
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Electromagnetic (EM) data is the primary base metal targeting tool and measures the electrical conductivity of the Earth's crust. Highly conductive responses can be derived from native metals and metal sulphide minerals such as chalcopyrite and pyrrhotite, graphite or certain clay minerals. By flying 100m-spaced flight lines, our target is to detect sulphide mineralization in the trends where it occurs.
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Magnetic data measures the magnetic susceptibility of rocks and is the most common geophysical data collected to support geological mapping, interpretation and occasionally direct targeting of ore deposits. Typically, high magnetic signatures are caused by the presence of magnetite or, less commonly, pyrrhotite, in the host rocks. Within
Foran's Properties , magnetite commonly occurs in igneous rocks, in banded iron formations and can also form part of alteration and mineralization assemblages. While magnetic data already existed acrossForan's Properties , the new data was collected with more detailed resolution and provides additional granularity in key target areas. - Gravity Gradiometry data provides an important complementary regional dataset by measuring density contrasts in the subsurface rocks. Denser rocks are commonly those that contain higher proportions of iron or titanium-bearing minerals such as basalts, gabbros, iron formations and (less commonly) accumulations of iron or base metal sulphides. The Company's new FalconTM gravity gradiometry data highlights density anomalies and trends which are not always evident in the magnetic data and can provide insights into processes that change rock density such as weathering or alteration.
Table 1 below summarizes the recent geophysical surveys flown and their specifications, including the upcoming VTEMTM Max airborne electromagnetic survey over the Denare West property.
Table 1 – Completed and upcoming Airborne Geophysical Surveys flown in 2023-2024.
Survey |
FalconTM Gravity |
HeliTEM2 Transient |
VTEMTM Max Airborne |
Line km flown |
7,356 km |
6,007 km |
4,496 km plus 3,394 km |
Area Flown |
676 km2 (northern claims) |
550 km2 (northern claims) |
400 km2 (southern claims) |
Specifications |
100m spaced lines, 70m |
100m spaced lines, 35m |
100m spaced lines, 55m |
Together, these high-quality datasets allow us to differentiate geology, define mineralization signatures and follow prospective trends and structures. They will also provide an important basis for applying machine learning (a branch of artificial intelligence) and statistical multivariate analysis tools to uncover trends and relationships which may not be evident in the individual data sets. Three-dimensional modeling and integration of the full data sets will also be conducted during 2024-2025 as the Company's interpretation progresses. Finally, we will be integrating this data with other remote sensing and empirical datasets (such as regional biogeochemistry) to create a full suite of products to support best-practice exploration methodologies in the years ahead.
Finally, given Foran's growing understanding of the petrophysical signatures of the
High Priority Regional Exploration Target – Bacchus
The Bacchus target is located on what has historically been called the "North Trend", approximately 600m north of the Bigstone Deposit. Historic work in the area following the trend to the north has been limited to testing shallow IP targets from a survey in 2000, with drill results showing anomalous copper, zinc and gold. Review of new Heli-TEM data, in concert with the historic IP survey, indicated an anomaly with a signal similar to the Bigstone Deposit but with a physically larger response. Foran's drilling is testing the IP anomaly at depths greater than historic drill holes, as well as testing the deeper EM anomaly, in order to assess the possible continuation of the prospective Bigstone stratigraphy.
The initial drill hole, BC-24-01, intersected sulphide mineralization relating to both the historic IP target as well as the deeper EM anomaly. The IP anomaly is associated with approximately 10m of foliation bound disseminated pyrrhotite and pyrite which is interpreted to be related to the hanging-wall stratigraphy seen above the Bigstone Deposit to the south. The EM anomaly appears to coincide with similar stratigraphy identified at the Bigstone Deposit, including fragmental felsic rocks, rhyolite tuff/argillite, local massive sulphide containing sphalerite, and silicified felsic to mafic tuffs with local pyrrhotite, pyrite and chalcopyrite sulphide mineralization. Assays are currently pending for this drill hole. BC-24-02 was drilled down dip of BC-24-01 and intersected the same sequence.
Figure 5 provides a photo of the mineralized core interval from BC-24-01 (described above) along with the stratigraphic column from Bigstone, indicating the interpreted equivalent interval within the Bigstone Deposit. Assays are pending for this drill hole, The identification of sulphide mineralization at Bacchus with the same prospective stratigraphy 600m to the north of the Bigstone Deposit could indicate the area's potential to host additional mineralization. A borehole EM survey was conducted following the completion of drilling and interpretation of the results of the survey is also underway. The presence of satellite sulphide systems peripheral to major orebodies such as McIlvenna Bay Deposit, and now Bigstone Deposit, is typical of many mineral districts and highlights the broad geographical reach of the mineralizing fluids. The team will be diligently working to interpret the results and possible links to Bigstone in preparation for follow up exploration in 2025.
Foran's Current Exploration Pipeline
Foran will be generating, drilling, and evaluating a growing pipeline of targets across the Properties, extrapolating from known geology in the north to the under cover sections in the south as the Company advances its geophysical interpretations and exploration models. Leveraging new insights from the Company's work at Tesla and
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About
The McIlvenna Bay Deposit is a copper-zinc-gold-silver rich VHMS deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. The McIlvenna Bay Property sits just 65 km West of
The McIlvenna Bay Deposit is the largest undeveloped VHMS deposit in the region. The Company announced the results from its NI 43-101 compliant Technical Report on the 2022 Feasibility Study for the McIlvenna Bay Deposit ("2022 Feasibility Study") on
The Company's head office is located at
Forward Looking Statements
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This news release contains certain forward-looking information and forward-looking statements, as defined under applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or to the future performance of
Inherent in forward-looking statements are known and unknown risks, estimates, assumptions, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this news release. These factors include management's belief or expectations relating to the following and, in certain cases, management's response with regard to the following: the Company's reliance on the McIlvenna Bay Property; the Company is exposed to risks related to mineral resources exploration and development; the Company has no history of mineral production; the Company's operations are subject to extensive environmental, health and safety regulations; mining operations involve hazards and risks; and the additional risks identified in our filings with Canadian securities regulators on SEDAR+ in
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