Infill drilling by
The lens, discovered in hole 107, is situated 47.4 metres stratigraphically below lens 2 in the footwall of the deposit (T.N.M., June 28/99) and is believed to be a parallel and completely separate body.
Before intersecting the lens, hole 107 cut 17.1 metres of lens 2 mineralization grading 3.9% copper, 1.1% zinc, 2.2 grams gold and 26.8 grams silver per tonne at a depth 165 metres down-plunge from previously reported hole 99.
Within the new lens, hole 107 intersected 4.2 metres of semi-massive sulphides grading 1.43% copper, 8.94% zinc, 1.3 grams gold and 10.9 grams silver plus 11.2 metres of contiguous copper stringer material grading 2.03%
copper, 0.69% zinc, 1.4 grams gold and 11 grams silver.
Hole 108, drilled 70 metres west of hole 107, also intersected both lenses, which are about 50 metres apart. In the new lens, hole 108 cut 8 metres (from 437 metres) of copper-stringer mineralization grading 3.17% copper, 0.07% zinc, 0.66 gram gold and 13.43 grams silver.
Previous holes in this area appear to have stopped short of the new horizon, and Foran is working to deepen these holes.
The infill drilling at McIlvenna Bay is now complete and stepout work will begin shortly.
In mid-July, Foran reached an agreement-in-principle with Toronto-based brokerage firm Griffiths McBurney & Partners to arrange a private placement of 2-3 million special warrants priced at $1 each.
Each special warrant is convertible into either a flow-through unit or a non-flow-through unit. Each flow-through unit consists of a flow-through share and half a warrant, with a whole warrant allowing the holder to buy
another flow-through share for $1.25. Each non-flow-through unit consists of one share plus one warrant allowing the holder to buy another share for $1.25 over one year. Proceeds will be used to carry out follow-up drilling at McIlvenna Bay.
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