Foran Mining Corporation is a zinc-copper exploration and development company headquartered in Vancouver, Canada and listed on the TSX-V under the trading symbol FOM. Led by a management team with a proven record of adding shareholder value and advancing projects to production, the Company is focused on advancing its flagship asset McIlvenna Bay to production.
In March 2020, Foran released the results of a Pre-Feasibility Study for the McIlvenna Bay deposit. Highlights included:
- Pre-tax $219 million NPV7.5% and 23.4% IRR
- After-tax $147 million NPV7.5% and 19.2% IRR
- Based on 3 year trailing average metal prices
- Capital expenditures: $261 million pre-production (including $30 million contingency)
- Probable Mineral Reserve: 11.34 million tonnes @ US$100/t NSR
- Contained within Indicated Resources of 22.95 million tonnes @US$60/t NSR
- Zinc and Copper Production
- Average Annual: 89.2 million lbs zinc, 27.9 million lbs copper
- Cash Cost (net of by product credits) – US$0.41/lb zinc OR US$0.44/lb copper
The Technical Report for the PFS is provided here.
The Company announced an updated resource estimate in May 2019. Indicated Resources increased over 65%, now standing at 22.95 million tonnes compared to 13.9 million tonnes in the previous 2013 Resource Estimate. This updated Indicated Resource contains 1.5 billion pounds zinc and 590 million pounds copper. Inferred Resources are now 11.15 million tonnes and contain 450 million pounds zinc and 340 million pounds copper. See full news release here and the Technical Report here.
With 100% ownership of an emerging Canadian base metal camp, the McIlvenna Bay Project, located within the Hanson Lake District, is part of the world class VMS belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran's ground in eastern Saskatchewan, a distance of over 225 kilometres. McIlvenna Bay is one of the largest undeveloped VMS deposits in Canada.