Foran Mining boosts copper resources 74% at McIlvenna Bay

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(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 Basov

For Kitco News

Follow kitconewsnow vbasov@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Silver inventories rebound in UK, output from major producers rises

Silver's three-month outperformance continues

Silver & Copper Supply Distortions Continue

Gold stocks down in risk-on shift

Gold stocks rocket on metal rebound and equities jump