EXPLORATION 1999 – Foran to raise $4.5m for McIlvenna

Junior Foran Mining (FOM-V) intends to raise $4.5 million in a private placement, with most of the proceeds earmarked for ongoing drilling at the McIlvenna polymetallic deposit in northeastern Saskatchewan.

The placement will consist of 4.5 million units priced at $1 each. A unit will consist of one share, and one share purchase warrant exercisable at $1.25 one year from the closing date of the transaction.

The Mcllvenna Bay deposit is in the Flin Flon greenstone belt and has a geological resource of 27 million tonnes grading 0.9% copper and 3.27% zinc, as well as 0.37 gram gold and 16.63 grams silver per tonne.

The Lens-2 zone holds an inferred resource of 13.5 million tonnes averaging 5.86% zinc, 0.57% copper, 0.33 gram gold and 16.6 grams silver, and Foran plans to classify a portion of the zone as a probable reserve.

The private placement remains subject to final agreements and regulatory approval.