Foran cuts more high-grade copper in Tesla zone at McIlvenna Bay

Drill results from Foran Mining (TSX: FOM; US-OTC: FMCXF) on Monday confirmed the high-grade continuity of the Tesla zone at its McIlvenna Bay copper project in east-central Saskatchewan. Its shares rose.

Highlight hole TS-24-30 cut 31.2 metres grading 4.29% copper, 8.21% zinc, 55.5 grams silver per tonne and 0.03 gram gold, including 0.8 metre at 7.61% copper, 9.11% zinc, 50.6 grams silver, and 0.04 gram gold. A longer intersection of 31.2 metres returned 2.4% copper, 0.48% zinc, 19.2 grams silver, and 0.51 gram gold, including higher-grade breccia at 4.68% copper, 0.56% zinc, 31.5 grams silver, and 1.03 grams gold.

“The zonation from deeper zinc and gold-rich mineralization to shallower copper-dominant lenses is apparent,” Erin Carswell, Foran’s vice-president of exploration said in a release. “Through targeted infill drilling, we are enhancing our confidence and demonstrating the zone’s growing potential. These results underscore Tesla’s importance within our broader portfolio as we advance McIlvenna Bay’s construction alongside our ongoing exploration strategy, continuing to unlock the full potential of our growing district.”

Company shares gained 2.6% to $4.25 on Monday afternoon in Toronto, valuing the company at $1.6 billion. Its shares traded in a 52-week range of $3.43 to $4.67. 

Foran’s flagship McIlvenna Bay project received a boost in July 2023 when the provincial government approved its environmental impact assessment, putting it on the path of construction of its mine located 65 km west of Flin Flon, Man. The mine could produce 65 million lb. of copper-equivalent annually over an 18-year life, according to a February 2022 feasibility study. The property covers about 209 sq. km.

Assay results are pending from six additional infill Tesla holes from this summer. Planning for the winter drill program will include more Tesla infill drilling and an expansion ice-based program from Hanson Lake.

McIlvenna Bay hosts 25.7 million tonnes of probable reserves at 2.51% copper equivalent containing 697 million lb. of copper and 1.4 billion lb. of zinc, according to the feasibility study. Reserves are included in an indicated resource of 39 million tonnes grading 2.04% copper equivalent for 1 billion lb. of copper and 1.9 billion lb. of zinc. There is also an inferred resource of 5 million tonnes grading 1.8% copper for 104 million lb. of copper and 282 million lb. of zinc.