Foran Commences 2025 Winter Drill Program at Tesla Zone
Largest Drilling Program to Date to Support Future Resource Estimate
Final 2024 Assay Results Reveal Ongoing Upside at Tesla
Growing Precious Metals Zone Highlighted by 5.0m at 2.0 g/t Au and 57 g/t
Vancouver, BC (January 14, 2025) – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to announce that the 2025 winter drill program is now underway at the Tesla Zone, part of Foran’s 100%-owned McIlvenna Bay Project (the “Project”) located in east-central Saskatchewan. The drill program commenced in early January and is expected to be the largest in the Company’s history, encompassing over 30,000 metres (“m”) of drilling utilizing eight drills during the winter months. We are also pleased to announce final incremental assay results from the 2024 Tesla drilling program.
Key Highlights
⦁ All outstanding assays from the 2024 Tesla drill program have now been received. Highlights from new results include:
o Hole TS-24-32 confirming extension of the gold-bearing zone that was identified at the northwestern end of Tesla during 2024, intersecting 5.0m at 2.02 g/t Au and 56.8 g/t Ag, including 1.0m grading 5.76 g/t Au and 111.0 g/t Ag.
o Hole TS-24-30w1 continues to confirm the continuity of mineralization in the central
Tesla Zone, with assay results including:
⦁ 10.5m grading 0.69% Cu, 5.93% Zn, 17.6 g/t Ag and 0.02 g/t Au (2.50% CuEq), including 7.7m grading 0.53% Cu, 7.66% Zn, 20.3 g/t Ag and 0.03 g/t Au (2.88% CuEq); and
⦁ 6.2m grading 0.88% Cu and 3.24% Zn (1.81% CuEq), including 1.1m grading
1.20% Cu and 12.36% Zn (4.82% CuEq).
⦁ Commencing the largest drill program in Foran’s history with 30,000m of drilling and eight drill rigs; program will support a future maiden resource estimate at Tesla.
⦁ Program will target a series of 200-300m gaps in drilling to confirm continuity of copper and zinc-rich mineralization across the Tesla Zone and the Bridge Zone.
⦁ Tesla remains open in all directions for expansion. The 2025 winter program will focus on infill drilling while we have access to the optimal drill collar locations from the ice. Further expansion drilling is planned for subsequent programs.
⦁ Regional winter drilling will also test modelled undrilled targets within 5km of McIlvenna Bay. The targets have been prepared through rigorous interpretation of structural and geophysical geoscience data sets as we continue to evaluate the potential of our pipeline of high priority targets.
Erin Carswell, Foran’s Vice President, Exploration, commented: “We are thrilled to continue our drilling at Tesla with an unprecedented scale, deploying eight drills to undertake 30,000 meters of exploration. This marks a pivotal step in further exploring the robust and continuous nature of Tesla’s mineralization while also expanding the Bridge Zone as we progress toward a future resource estimate. In addition, this winter we will explore several highly promising targets within just five kilometres of our flagship McIlvenna Bay project—an area rich with untapped potential. Final results from 2024 including hole TS-24-32 are very encouraging as we continue to see evidence of precious metals mineralization in the newly discovered gold zone at Tesla. It is a reminder of the potential for richer growth at Tesla and supports further work to better understand the extent of this system. Our team is energized by the opportunity to both drill out the Tesla discovery and potentially uncover new mineralization on our extensive claims, driving Foran’s growth and unlocking further value for our stakeholders.”
2025 Winter Drill Program
Foran’s winter drill program is focused on confirming the continuity of Tesla mineralization and tightening up the drill hole spacing across central parts of the zone as we work towards completing a maiden resource estimate for Tesla. To date, Foran’s drilling has defined multiple lenses of copper and/or zinc rich mineralization over a strike length of at least 1,200m and 500-700m in the down dip direction. The program will target a series of larger 200-300m gaps in the current drill spacing across the Tesla Zone and the Bridge Zone, utilizing wedging and directional drilling technologies to maintain the efficiency and precision of the drilling at tighter spacings. A long section is provided in Figure 1 showing the target areas designated for the winter drill program.
The program began on January 2, 2025 and is expected to run until the end of March / early April, depending on ice conditions. The 2025 winter program is the largest drill program in the Company’s history, utilizing eight drill rigs to capitalize on the favourable frozen winter conditions and encompassing over 30,000m of drilling. Continued exploration success at Tesla has given the Company confidence to continue to strategically deploy exploration capital, with consecutive increases in year-over-year drilling at Tesla (~22,200m of winter drilling in 2024).
Figure 1 – Longitudinal cross section across the McIlvenna Bay Deposit and the adjacent Bridge and Tesla Zones showing the current density of drilling (pale grey traces), along with the target areas (white circles) and the planned drill holes (black Traces) for the winter 2025 program.
Final 2024 Tesla Zone Results
Final assay results have also been received from the 2024 infill drill program at the Tesla Zone. The summer drill program at Tesla was completed from land using directional drilling technologies to obtain perpendicular intersections through the zone from the footwall side and infill larger gaps within the current drill hole spacing that are accessible from land.
This news release provides the results from a series of wedged holes (TS-24-29w1, TS-24-29w2, TS-24-30w1 and TS-24-34w1) completed from previously released parent holes (see Table 1 below and Foran news releases from October 7th and November 18th, 2024 for details on the parent holes) that cover approximately 300m of strike length across the Tesla Zone, along with the results from one additional drill hole (TS-24-32) which was completed from the north shore of the lake, targeting the down dip expansion of the newly discovered gold zone. The new drilling builds on previous results and continues to confirm the continuity of mineralization across the Tesla Zone.
Since its discovery in 2022, the Tesla Zone has now been intersected by 51 drill holes and wedges (Figure 2) with mineralization defined in multiple lenses consisting of zinc and/or copper rich massive to semi-massive sulphides and associated copper-rich stringer and breccia zones over a strike length of 1,200m and 500-700m in the down dip direction where it remains open in all directions for continued expansion.
A total of approximately 10,810m of drilling was completed during the 2024 summer-fall program as a series of pilot holes and wedges from four main collars located in the central part of the Tesla Zone, targeting larger gaps in the current drill hole spacing. Drill holes were collared on land covering approximately 300m of strike
length along the zone and drilled from the footwall side using directional drilling to provide perpendicular intersections into the mineralized horizons. A total of eight pierce points were obtained through the Tesla mineralized zones during the program.
Figure 2 – Plan View of the Tesla Zone and Bridge Zone with location of drillholes TS-24-29w1, – 29w2, TS-24-34w1 and TS-24-32 referred to in this news release, also showing the surface projections of interpreted Tesla and McIlvenna Bay lenses.
A longitudinal section is shown in Figure 3 which provides the locations of the wedged hole intersections relative to previous drilling as we continue to infill the southern end of the current Tesla Zone mineralization and step out down dip to the north.
Figure 3 – Drilling density of the Tesla Zone displayed as coloured pierce points on a plane that represents the main lens of Tesla massive sulphide, with the traces for TS-24-29w1, 29w2, 30w1, and 34w1 shown in black. Areas shown in blue are greater than 50m from the nearest drill hole intersection and correspond to target areas for infill drilling.
2024 Drilling Results
TS-24-32 – Test of Gold Zone continuation at northwestern end of Tesla Zone
TS-24-32 was drilled from the northeast edge of Hanson Lake and targeted a thick package of gabbro which in nearby holes had hosted multiple occurrences of gold-rich mineralization related to moderate quartz-carbonate-albite alteration and veining (see Foran’s September 4, 2024 news release). TS-24-32 successfully intersected several zones of this style of mineralization, highlighted by 5.0m grading 2.02 g/t Au and 56.8 g/t Ag, including 1.0m grading 5.76 g/t Au and 111.0 g/t Ag along with several narrower zones of similar mineralization. This new gold zone appears to remain open for further expansion with additional drilling.
TS-24-30w1 – Central Tesla Zone
TS-24-30w1 was drilled as a downdip wedge hole from the previously released parent hole TS-24-30 (see Foran October 7, 2024 news release) which intersected a broad zone of mineralization, including a 3.4m massive to semi-massive sulphide lens grading 4.29% Cu, 8.21% Zn and 55.5 g/t Ag, underlain by a thick copper-rich breccia and stringer zone grading 2.40% Cu and 0.51 g/t Au over a 31.2m core length. The wedged hole (TS-24-30w1) intersected the Tesla Zone approximately 100m down dip, below the parent hole, where it intersected a thicker massive to semi-massive sulphide lens grading 7.66% Zn and 0.53% Cu over 7.7m followed by the lower copper zone mineralization. At this location, the copper zone was lacking the significant breccia intervals that were observed in the up-dip parent hole which tend to be associated with
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significant increases in copper grade. TS-24-30w1 returned several zones of lower grade stringer-style mineralization, including 6.2m grading 3.24% Zn and 0.88% Cu and 2.8m grading 1.15% Cu. A cross section showing the relationship of TS-24-30 and -30w1 to the other holes drilling in this sector of the Tesla Zone is shown in Figure 4.
Figure 4 – Geological cross section through the Tesla Zone, highlighting the relationship of drill holes TS-24-30 and TS-24-30w1 relative to the previous drilling in the area.
TS-24-34w1 – Upper southern edge of Tesla Zone
TS-24-34w1 was drilled as an up dip, wedged hole from TS-24-34 which had previously intersected the copper-rich central part of the Tesla Zone. The wedge was designed to test a large gap in the drilling above the parent hole near the southern edge of the Tesla Zone. TS-24-34w1 successfully intersected multiple zones of mineralization with a pierce point located approximately 100m vertically above the parent hole. At this location, the hole appears to have intersected the upper edge of the copper stringer zone above the edge of the massive sulphide horizon. TS-24-34w1 intersected a 10.0m interval of stringer style mineralization grading 0.62% copper, followed by several other narrow horizons above the 0.5% Cu cut-off grade for the zone within the mineralized package. Finally, TS-24-34w1 also intersected the upper edge of the newly discovered lower footwall zone with a 2.0m interval grading 1.43% copper.
TS-24-29w1 and -29w2 – Highest up-dip tests of Tesla Zone
TS-24-29w1 and TS-24-29w2 were completed as two major up-dip step-outs from previously released parent hole TS-24-29 (see Foran November 18, 2024 news release), which had intersected the heart of the Telsa mineralization. The two wedged holes both intersected the upper edge of the Telsa Zone approximately 150m north and 250m vertically above the parent hole.
In detail, TS-24-29w1 and -29w2 both intersected the main Tesla zinc-rich massive sulphide lens followed by the underlying copper stringer zone. TS-24-29w2 intersected a 2.1m interval of massive sulphide grading 5.65% Cu, 4.53% Zn, 34.6 g/t Ag and 1.85 g/t Au, followed downhole by several intervals of copper-rich stringer style mineralization, including 4.0m grading 0.91% Cu and 2.0m grading 1.73% Cu. TS-24-29w1 was drilled a further 25m up-dip of the intersection of TS-24-29w2 where it continued to intersect mineralization along the current upper edge of the zone. TS-24-29w1 returned a 1.1m interval of copper-rich massive sulphide grading 5.90% Cu, and 6.26% Zn, 36.5 g/t Ag and 0.94 g/t Au followed by several zones of copper stringer style mineralization, including 6.0m grading 0.55% Cu.
These two wedged holes successfully expanded the Tesla Zone up dip beyond the limits of previous drilling in this sector of the deposit, where it remains open for further expansion with additional drilling. A cross section through the Tesla Zone showing the relationship of TS-24-29w1 and -29w2 to the surrounding drill holes is provided in Figure 5 below.
Figure 5 – Geological cross section through the Tesla Zone, highlighting the copper-dominant mineralization intersected in TS-24-29.
Table 1 – 2024 Summer Tesla Assay Results (*Denotes Previously Released)
Hole Zone From_m To_m Interval_m Cu % Zn % Ag g/t Au g/t CuEq %
TS-24-29* CS 1270.4 1280.3 9.9 1.14 0.17 6.2 0.01 1.12
TS-24-29* CS 1283.5 1309.7 26.2 1.68 1.18 12.5 0.10 2.00
Including CS 1284.5 1286.6 2.1 4.11 0.29 24.0 0.02 3.96
And CS 1291.5 1297.7 6.2 2.92 1.16 25.8 0.08 3.17
TS-24-29* CS 1315.7 1320.1 4.3 0.89 0.62 27.6 0.34 1.32
TS-24-29* MS 1320.1 1322.4 2.4 0.64 13.64 27.6 0.27 5.00
TS-24-29* CS 1322.4 1324.4 2.0 0.76 0.49 12.8 0.26 1.05
TS-24-29w1 CS 972.5 973.5 1.0 0.69 0.14 9.3 0.07 0.75
TS-24-29w1 CS 977.5 983.5 6.0 0.55 0.41 12.2 0.30 0.85
TS-24-29w1 CS 1057.1 1060.5 3.4 0.46 0.13 5.0 0.19 0.59
TS-24-29w1 MS 1066.9 1068.0 1.1 5.90 6.26 36.5 0.94 7.96
TS-24-29w2 CS 998.0 1002.0 4.0 0.43 0.08 3.7 0.20 0.55
TS-24-29w2 CS 1006.0 1008.0 2.0 1.73 0.36 10.2 0.02 1.74
TS-24-29w2 CS 1029.3 1031.0 1.7 0.70 1.47 25.8 0.07 1.24
TS-24-29w2 CS 1037.0 1039.0 2.0 0.65 0.49 8.0 pending pending
TS-24-29w2 CS 1082.5 1086.5 4.0 0.91 0.91 7.4 0.14 1.21
TS-24-29w2 MS/CS 1108.3 1113.8 5.6 2.79 2.25 16.6 0.89 3.81
Including CS 1108.3 1109.7 1.5 1.63 1.20 9.2 0.46 2.15
And MS 1109.7 1111.8 2.1 5.65 4.53 34.6 1.85 7.73
And CS 1111.8 1113.8 2.0 0.68 0.68 3.3 0.23 0.97
TS-24-30* CS 1273.6 1304.8 31.2 2.40 0.48 19.2 0.51 2.72
Including CS 1278.9 1283.0 4.1 4.68 0.56 31.5 1.03 5.18
TS-24-30* MS 1304.8 1308.2 3.4 4.29 8.21 55.5 0.03 6.64
TS-24-30* CS 1308.2 1310.1 1.9 1.91 3.66 38.2 0.02 3.02
TS-24-30w1 CS 1319.9 1326.1 6.2 0.88 3.24 6.3 0.02 1.81
Including CS 1321.4 1322.5 1.1 1.20 12.36 6.4 0.01 4.82
TS-24-30w1 CS 1333.0 1334.0 1.0 0.52 0.86 3.6 0.003 0.75
TS-24-30w1 MS/CS 1358.0 1368.5 10.5 0.69 5.93 17.6 0.02 2.50
Including CS 1358.0 1360.8 2.8 1.15 1.11 10.1 0.004 1.43
And MS 1360.8 1368.5 7.7 0.53 7.66 20.3 0.03 2.88
TS-24-32 MS 1725.7 1726.2 0.5 0.34 4.12 12.3 0.16 1.69
TS-24-32 QV 1908.0 1910.0 2.0 0.06 0.02 14.6 0.80 0.59
TS-24-32 QV 1919.0 1920.0 1.0 0.16 0.04 154.0 pending pending
TS-24-32 QV 1934.0 1939.0 5.0 0.05 0.02 56.8 2.02 1.49
Including QV 1937.0 1938.0 1.0 0.10 0.02 111.0 5.76 3.96
TS-24-34* CS 954.9 960.4 5.5 1.11 0.07 7.1 0.01 1.07
TS-24-34* CS 964.1 966.3 2.2 1.52 0.46 5.9 0.01 1.55
TS-24-34* CS 969.3 970.8 1.5 1.11 0.10 4.9 0.003 1.06
TS-24-34* CS 973.8 977.7 3.9 0.63 0.34 4.7 0.004 0.70
TS-24-34* CS 1003.5 1005.1 1.7 1.06 0.18 2.2 0.01 1.04
TS-24-34* CS 1068.2 1069.2 1.0 1.95 0.06 7.6 0.003 1.83
TS-24-34* MS 1108.2 1109.8 1.7 4.37 15.47 27.1 0.28 8.90
TS-24-34* CS 1109.8 1111.8 2.0 0.71 0.90 5.4 0.10 1.00
TS-24-34* CS 1148.1 1154.3 6.2 0.66 0.45 6.1 0.04 0.78
TS-24-34* CS 1164.9 1187.1 22.2 1.30 0.87 13.3 0.30 1.68
Including CS 1173.9 1180.7 6.9 1.69 1.16 19.1 0.40 2.20
And CS 1185.7 1187.1 1.5 2.68 1.15 25.3 0.73 3.32
TS-24-34* CS 1193.7 1202.1 8.4 2.38 0.96 39.8 1.89 3.74
Including CS 1195.6 1198.5 2.9 1.78 0.35 51.8 3.20 3.82
TS-24-34* MS 1202.1 1208.8 6.8 1.62 4.84 33.3 0.28 3.23
Including MS 1204.7 1208.8 4.2 2.01 7.59 45.2 0.32 4.50
TS-24-34w1 CS 887.5 889.5 2.0 1.43 0.03 0.6 0.01 1.32
TS-24-34w1 CS 1009.0 1010.0 1.0 0.87 0.05 3.4 0.003 0.82
TS-24-34w1 CS 1047.6 1050.1 2.5 0.97 0.17 3.6 0.03 0.97
TS-24-34w1 CS 1086.7 1088.3 1.6 1.61 0.14 10.8 0.02 1.57
TS-24-34w1 CS 1102.7 1104.7 2.0 0.72 0.17 4.1 0.003 0.73
TS-24-34w1 CS 1113.0 1123.0 10.0 0.62 0.43 4.9 0.02 0.73
Including CS 1116.0 1117.0 1.0 2.12 0.93 16.6 0.01 2.29
Note 1: Composite widths are presented as core lengths. Additional drilling will be required to confirm the geometry of the mineralized zones, but generally true widths are thought to be 80-85% of core length. Intervals generally composited using a 0.5% Cu cut-off grade in stringer zone or a 0.5 g/t cut-off grade in the gold (QV) zones. Copper Equivalent values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $20.00/ounce Ag and $1,800/ounce Au and LOM metallurgical recovery rates derived from test work on blended ores for the McIlvenna Bay Deposit completed as part of our April 2022 Feasibility Study: 91.1% Cu, 79.8% Zn, 88.6% Au and 62.3% Ag (MS – massive / semi-massive sulphide, CS – Copper Stockwork/Stringer, QV – quartz-carbonate-albite alteration/veining). To date no metallurgical test work has been completed on the Tesla Zone or Bridge Zone mineralization.
Quality Assurance and Quality Control
Drilling was completed using NQ size diamond drill core and core was logged by employees of the Company. During the logging process, mineralized intersections were marked for sampling and given unique sample numbers. Sampled intervals were sawn in half using a diamond blade saw. One half of the sawn core was placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site. Sample assays are performed by the Saskatchewan Research Council (“SRC”) Geoanalytical Laboratory in Saskatoon, Saskatchewan. SRC is a Canadian accredited laboratory (ISO/IEC 17025:2017) and independent of Foran. Analysis for Ag, Cu, Pb and Zn is performed using ICP-OES after total multi-acid digestion. Au analysis is completed by fire assay with ICP-OES finish and any samples which return results greater than 1.0 g/t Au are re-run using gravimetric finish. A complete suite of QA/QC reference materials (standards, blanks, and duplicates) are included in each batch of samples processed by the laboratory. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data.
Qualified Person
Mr. Roger March, P. Geo., Principal Geoscientist for Foran, is the Qualified Person for all technical information herein and has reviewed and approved the technical information in this release.
FOR ADDITIONAL INFORMATION & MEDIA ENQUIRIES:
Foran:
Jonathan French, CFA
VP, Capital Markets & External Affairs
409 Granville Street, Suite 904
Vancouver, BC, Canada, V6C 1T2
jfrench@foranmining.com
+1 (306) 808-4051
NT4


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