The report entitled "Technical Report on the
Highlights of the 2020 Bigstone Resource Estimate include:
- Indicated resources estimated at 1.98 million tonnes ("Mt") grading 2.22% Copper Equivalent, which includes:
- 1.88% Copper ("Cu"), 0.92% Zinc ("Zn"), 0.25 g/t gold ("Au") and 9.5 g/t Silver ("Ag")
- Containing 81.9 million pounds ("Mlb") Cu, 40.2 Mlb Zn, 16,000 ounces ("oz") Au and 603,000 oz Ag
- Inferred resources estimated at 1.88Mt grading 2.14% Copper Equivalent, which includes:
- 1.35% Cu, 2.75% Zn, 0.32 g/t Au and 12.0 g/t Ag
- Containing 55.9 Mlb Cu, 114.4 Mlb Zn, 19,000 oz Au and 729,000 oz Ag
- The Deposit is open, with potential to increase with additional drilling
- A follow up drill program is planned for summer 2021
In 2015, Foran drilled one of the longest intersections ever in the region, which returned a 104.95 metre ("m") intercept grading 2.03% copper. This result is an example of the tenor of mineralization that has been intersected during drilling to define the deposit. Bigstone represents the second NI 43-101 compliant resource defined by Foran within the
Foran is planning to return to Bigstone for another round of drilling during the summer of 2021. The summer drill program will focus on growing and upgrading resources at the Deposit as the company continues to advance its
The Company engaged
Table 1. Bigstone 2020 Mineral Resource Estimate (
Zone | Tonnage (Mt) | Cu (%) | Zn (%) | Au (g/t) | Ag (g/t) | CuEq (%) |
0.15 | 0.25 | 9.87 | 0.33 | 16.5 | 2.82 | |
1.83 | 2.01 | 0.19 | 0.24 | 8.9 | 2.18 | |
Total Indicated | 1.98 | 1.88 | 0.92 | 0.25 | 9.5 | 2.22 |
0.42 | 0.25 | 8.43 | 0.36 | 15.9 | 2.42 | |
1.23 | 1.89 | 0.33 | 0.34 | 11.9 | 2.11 | |
0.24 | 0.50 | 5.29 | 0.17 | 6.0 | 1.79 | |
Total Inferred | 1.88 | 1.35 | 2.75 | 0.32 | 12.0 | 2.14 |
1 Effective date |
2 The mineral resource is estimated based on 54 diamond drill holes (with 12 wedges) and a NSR cut-off grade of |
3Mineral Resources are constrained using underground mining shapes for reporting. |
4 Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing or other issues. |
5Copper equivalents and NSR values are based on metallurgical recoveries and smelter terms by zones, long-term metal prices and off-property costs. Copper in the |
6Numbers may not add due to rounding. |
The 2020 Bigstone Resource Estimate is estimated using long-term metal price projections of
Table 2. Contained Metal (
Zone | Resource | Cu | Zn | Au | Ag | ||
Classification | Mlb | Tonnes | Mlb | Tonnes | Koz | Koz | |
Massive Sulphide | Indicated | 0.8 | 363 | 32.4 | 14,696 | 2 | 79 |
Inferred | 2.3 | 1,043 | 77 | 34,927 | 5 | 211 | |
Indicated | 81.1 | 36,786 | 7.8 | 3,538 | 14 | 525 | |
Inferred | 50.9 | 23,088 | 8.9 | 4,037 | 13 | 470 | |
Zinc Stringer | Indicated | - | - | - | - | ||
Inferred | 2.7 | 1,225 | 28.4 | 12,882 | 1 | 47 | |
Total | Indicated | 81.9 | 37,149 | 40.2 | 18,234 | 16 | 603 |
Inferred | 55.9 | 25,356 | 114.4 | 51,891 | 19 | 729 |
1 See footnotes 1-6 for Table 1 |
Eleven mineralized domains were defined in the deposit representing the three zones of mineralization:
Copper Zone – Three wireframes have been modelled to approximately 600m below surface, extending <50m to approximately 200m along strike, with thickness ranging from less than one metre to greater than 50m, with an average thickness of 17.7m.Zinc Stringer Zone – Seven wireframes have been modelled with individual strike lengths ranging from 75m to 200m along strike and 50m to 350m down dip. Thickness ranges from less than one metre to greater than approximately five metres thick, with an average thickness of 5.2m.Massive Sulphide Zone – Single wireframe comprising high-grade zinc which stratigraphically overlays and overlaps theCopper Zone andZinc Stringer Zone . The zone is variable in thickness with intersections from less than one metre to greater than 15m and an average thickness of 5.9m.
Qualified Persons
The 2020 Bigstone Resource Estimate meets the guidelines as set out in CIM (2014) definitions for Mineral Resources and the work was completed by RPA. The 2020 Bigstone Resource Estimate was verified by Ms.
Mr.
About
Foran trades on the TSX.V under the symbol "FOM".
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CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains "forward-looking information" (also referred to as "forward looking statements"), which relate to future events or future performance and reflect management's current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "hopes", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: complete the feasibility study in a timely manner, and the anticipated capital and operating costs, sustaining costs, net present value, internal rate of return, payback period, process capacity, average annual metal production, average process recoveries, anticipated mining and processing methods, proposed PFS production schedule and metal production profile, anticipated construction period, anticipated mine life, expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact studies, future financial or operating performance of the Company, subsidiaries and its projects, estimation of mineral resources, exploration results, opportunities for exploration, development and expansion of the
These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our mineral reserve and resource estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; success of the Company's projects, including the
The Company cautions the reader that forward-looking statements and information include known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the projected and actual effects of the COVID-19 coronavirus on the factors relevant to the business of the Corporation, including the effect on supply chains, labour market, currency and commodity prices and global and Canadian capital markets, fluctuations in zinc, copper, gold and silver prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the
These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information.
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