(Kitco News) - Foran Mining (TSX.V: FOM)today announced an updated mineral resource estimate for the company's100%-owned McIlvenna Bay deposit located in east-central Saskatchewan, Canada.
The company said that the2021 resource estimate outlines "significant changes" to the resource atMcIlvenna Bay compared to the previous resource estimate published in 2019,including 74% increase in contained copper, 21% increase in contained zinc, 58%increase in contained gold and 47% increase in contained silver.
The project's indicatedresources currently contain 1.03 billion pounds of copper, 1.9 billion poundsof zinc, 510 thousand ounces of gold and 18.1 million ounces of silver; whereasinferred resources contain 105 million pounds of copper, 284 million pounds ofzinc, 40 thousand ounces of gold and 2.6 million ounces of silver.
The updated resource estimateand increased indicated resources will underpin the coming feasibility studyand could support potential mine life extensions, the company said in itsstatement.
CEO and Executive Chairman DanMyerson commented, "As demonstrated by the incredible success of our 2021infill program, McIlvenna Bay has now proved itself to be a high-quality, largeand cohesive deposit, which remains open and has the potential to grow. We arenow integrating the data from this resource estimate into our comingfeasibility study and are planning for an aggressive and exciting explorationprogram in 2022."
By Vladimir BasovFor Kitco News
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