Foran advances McIlvenna

Deep drilling by Foran Mining (FOM-V) at its McIlvenna Bay zinc-copper-gold deposit in Saskatchewan continues to intersect polymetallic mineralization.

Hole 120A, drilled near the western edge of the deposit, intersected mineralization at a depth of 950 metres. The hole cut semi-massive mineralization grading 2.88% copper and 1.47% zinc, plus 0.85 gram gold per tonne, over 4.6 metres. This was underlain by a copper-stringer zone assaying 1.65% copper and 2.79 grams gold over 4.8 metres.

Foran says a down-hole pulse-electromagnetic survey of the hole suggests the presence of a larger mineralized zone.

Two additional holes, 118 and 119, were drilled to test the upper limits of the copper stringer zone. Hole 118 intersected two closely spaced zones of copper stringer mineralization. The first averaged 2% copper over 4 metres; the second, 2.26% copper over 3 metres. Hole 119, drilled 100 metres east of hole 118, intersected a wide copper-stringer zone grading 1.65% copper over 20 metres. Within this intersection were two discrete sub-intervals. The first assayed 3.63% copper and 0.53 gram gold over 3 metres; the second, 2.63% copper over 3 metres.

The copper-stringer zone remains open along strike to the west.

Nearly complete, hole 122 is targetting a conductive area between holes 67 and 111 at a depth of 1,100 metres.

Foran plans to develop a decline ramp from surface, extract a bulk sample for metallurgical processing and carry out underground infill drilling.

Meanwhile, former mining analyst Gorden Glenn has been appointed president and chief executive officer. He will establish a Toronto office, to replace the Vancouver office, which is scheduled to close.

Also, Neil Briggs, Greg Pearson and Greg Binning have resigned from their respective positions of chief executive officer, president and chief financial officer. Briggs and Binning will remain as directors.