Near Mine Exploration

Foran optimizes its investment in exploration through a disciplined approach to target generation and prioritization, integration of multidisciplinary data, and staged drilling campaigns so that learnings can be incorporated into subsequent targeting. Ongoing exploration is critical to identify future feed for the McIlvenna Bay processing facility.

Expansion of exploration activities into the rest of Foran’s extensive ground holdings will continue in 2022.

Several highly prospective targets have been identified throughout Foran’s land holdings.

Tesla

Proximity

Adjacent to and north of McIlvenna Bay deposit

Planned Work

Late 2021, drill to depth and lower an EM probe close to the target area

Characteristics

Ground EM anomaly, extends 1000m along a structure that separates magnetic gabbros in the east from volcanics to the west

Comments

The interpreted structural setting aligns with our understanding of the structural controls of mineralization for the McIlvenna Bay deposit

Volta

Proximity

1500m east of McIlvenna Bay deposit

Planned Work

2022, drill to depth and lower EM probe to better target follow up drilling

Characteristics

Numerous overlapping EM responses

Faraday

Proximity

4km east of McIlvenna Bay deposit

Planned Work

Downhole EM surveys were completed in 2021. Modelling data, awaiting assay results.

Characteristics

Two holes drilled in 2021. Intersected sulphidic sediment/volcanic contact with evidence of pillow basalts.

Comments

Appears to be the right geologic environment for development and preservation of a VHMS system.

Ampere

Proximity

7km east of McIlvenna Bay deposit

Planned Work

Follow up on downhole EM surveys.

Characteristics

Similar target to Faraday. 2021 drilling based on modeled data from surface EM survey. Drilled two holes – first hole intersected up to 12% pyrite in a graphitic argillite above an interbedded package of volcanics and sediment. Second hole intersected weak mineralized BIF that may be contributing to surface anomaly.

Comments

Favourable geologic setting. Assess further work once assays are received.

Flinty

Proximity

6.5km south of McIlvenna Bay deposit

Planned Work

Both targets at Flinty will be tested in 2022.

Characteristics

Three historic drill holes intersected stockwork sulphides (4.6m @0.62% Cu, 0.55% Zn and 3.0m of 2.25% Zn). Downhole EM survey was completed. Surface EM survey done in early 2021, conductor modeled consistent with historic downhole EM. A second conductor was modeled from surface EM approximately 400 m south

Marconi

Proximity

600m east of Bigstone deposit

Planned Work

Two holes were drilled in 2021. Downhole EM surveys planned for early 2022 to inform future drilling. Assay results are pending.

Characteristics

900m long trend consistently mineralized over 9 drill sections. Historic drilling intersected anomalous copper over approximately 800m strike length

Babbage

Proximity

600m south of Bigstone deposit

Planned Work

Additional surface EM survey work required.

Characteristics

Nearby historic hole intersected porphyry style quartz vein controlled Cu-Mo mineralization. Also denoted by a surface EM target. Downhole EM survey results were indeterminate.

Ada

Proximity

11km northwest of McIlvenna Bay deposit

Planned Work

Currently being formulated.

Characteristics

1.8km long VTEM and magnetic anomaly outside of the Phanerozoic cover. Massive sulphide has been intersected in limited historic drilling. Interpretation of magnetic data indicates Ada is in a similar structural position to McIlvenna Bay deposit.