With a feasibility study underway for its McIlvenna Bay copper-zinc project in eastern Saskatchewan, developer Foran Mining (TSXV: FOM) has released assay results for two infill holes. The holes were drilled as part of a 30,000-metre program and are expected to "positively impact" existing resources by growing the indicated inventory.
Drillholes MB-21-231a returned a 16.4-metre mineralized interval that includes an 8.7-metre section of 1.14% copper, 4.94% zinc, 16.58 grams silver per tonne and 0.59 gram gold per tonne (3.53% copper-equivalent) from the massive sulphide unit and a 7.7-metre interval of 1.21% copper, 1.23% zinc, 9.86 grams silver per tonne and 0.74 gram gold per tonne (2.17% copper-equivalent) from the copper stockwork zone.
Hole MB-21-236 hit 17 metres of continuous mineralization and returned 2.8 metres of 3.02% copper, 1.97% zinc, 25.46 grams silver and 1.51 grams gold (4.83% copper-equivalent) from the massive sulphides and 14.2 metres of 1% copper, 0.58% zinc, 7.8 grams silver and 0.33 gram gold (1.47% copper-equivalent) from the copper stockwork portion.
The infill drilling, along with the expansion work scheduled to start mid-May, is a key input for the feasibility, according to the company. The infill program has focused on upgrading inferred resources to the indicated category in the deeper part of the deposit. The study will include an updated resource and reserve statement.
"Our largest drill program to date at McIlvenna Bay continues to deliver far beyond our expectations," Dan Myerson, Foran's executive chairman, said in a press release. "Continuous intercepts over 10m provide us with more flexibility and the potential to mine more efficiently, reducing operating costs through economics of scale. These results provide us with additional confidence that we can enhance the value of this strategic asset."
Foran notes that McIlvenna Bay is the largest undeveloped volcanogenic massive sulphide (VMS) deposit in the 225-km Flin Flon greenstone belt. The company is working to develop "the world's first copper mine designed to be carbon-neutral from day one."
A March 2020 pre-feasibility for McIlvenna Bay outlined a nine-year underground mine producing an average of 89.2 million lb. of zinc and 27.9 million lb. of copper a year with a pre-production capital outlay of $261 million.