Foran Mining (TSX: FOM; US-OTC: FMCXF) has secured ministerial approval for its McIlvenna Bay project under Saskatchewan’s Environmental Assessment Act, the company said on Wednesday. This marks the end of the environmental impact assessment (EIA) process for the project, representing a critical permitting milestone on the way to full development.
The McIlvenna Bay copper-zinc-gold-silver project has a projected 18-year mine life, over which it could produce 65 million lb. of copper-equivalent annually, according to the company’s February 2022 feasibility study.
Dan Myerson, Foran’s executive chairman and CEO, said the approval “speaks volumes about the importance of the collaborative work done … with local communities and Indigenous peoples throughout the process.”
With the ministerial approval in hand, Foran will continue with detailed engineering, procuring mining and processing equipment, installation of a permanent camp, and the continuation of advanced exploration as the company prepares and reviews the project control budget in advance of full development.
The Vancouver-based company’s winter drilling program this year yielded high grade results from its new Tesla target, south of McIlvenna Bay. On May 25, the company reported assay highlights including 3.5 metres grading 6.47% copper, 1.49% zinc, 86.5 grams silver per tonne and 0.03 gram gold (6.76% copper equivalent) in hole TS-23-10; including 2.1 metres at 9.95% copper, 0.99% zinc, 127.8 grams silver and 0.04 gram gold (9.97% copper equivalent).
Tesla is regarded as potentially supporting scalable operations in the future.
Probable mineral reserves total 25.7 million tonnes at 1.23% copper, 2.39% zinc, 0.47 gram gold per tonne and 15.35 grams silver for a copper-equivalent grade of 2.51%, according to the feasibility study.
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