Foran Mining (TSXV: FOM) has updated the indicated resource at its 100%-owned McIlvenna Bay copper-zinc project in east-central Saskatchewan, reporting a 70% increase in indicated tonnage. Foran is working towards completing a feasibility study for the project before the end of the year.
McIlvenna Bay sits just 65 km from Flin Flon, Manitoba and is part of the Flin Flon Greenstone Belt, which extends from Snow Lake, Manitoba, through Flin Flon to Foran's ground in Saskatchewan, a distance of over 225 kilometres.
The indicated resource has increased to 39.1 million tonnes from 223 million tonnes. The material grades 1.2% copper, 2.16% zinc, 0.41 gram gold per tonne, and 14 grams silver per tonne, or 2.04% copper-equivalent. The company completed over 25,000 metres of drilling in 36 holes since the earlier estimate was published in 2019.
There is also a significant increase in contained metal in the indicated resource - a 74% increase in copper (103 billion lb), a 21% jump in zinc (284 million lb), a 58% increase in gold (40,000 oz.), and 47% rise in silver (18.1 million ounces).
Inferred resources total 5 million tonnes at 0.95% copper, 2.56% zinc, 0.27 gram gold per tonne, and 16 grams silver per tonne, or 1.77% copper-equivalent.
The McIlvenna Bay mineralization begins about 25 metres below surface and has been traced 2 km down-plunge, where it remains open in all directions.
One of the best hole results released in September was from hole MB-21-247d1, which intersected over 44 metres of continuous mineralization. It cut 2.5 metres averaging 1.13% copper, 1.66% zinc, 0.2 gram gold per tonne, and 10.3 grams silver per tonne from the massive sulphide zone plus 41.7 metres grading 0.92% copper, 0.21% zinc, 0.11 gram gold per tonne, and 7.8 grams silver per tonne from the copper stockwork zone.
The company is planning to make McIlvenna Bay the world's first carbon neutral copper development project. Ten years' worth of carbon emissions from exploration activities have been offset.