Foran Advances Regional Exploration Strategy to Unlock District-Scale Potential

Press Release

Vancouver, BC (September 19, 2024) – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to provide an update on its Regional Exploration Strategy across its properties (the “Properties”) in Saskatchewan, Canada. Building on two years of detailed geophysical analysis and critical insights from the Tesla Zone discovery, Foran is advancing high-priority anomalies to unlock further potential discoveries across its expansive land package. The Company’s ~8,000m Summer-Fall drill program is progressing well, with a robust pipeline of targets advancing through exploration.

Key Highlights:

• Foran is leveraging its success from the McIlvenna Bay Deposit-Tesla Zone mineralization corridor to drive exploration efforts and pursue new discoveries across the Properties.
• To enhance targeting precision, Foran has completed over 17,800 line-kilometres of cutting-edge airborne geophysical surveys during 2023-2024, using advanced Falcon™ gravity gradiometry and HeliTEM2 and/or VTEM™ Max electromagnetic data.
• Permits have been secured to initiate an airborne electromagnetic survey over the Denare West property, targeting new exploration potential along strike from McIlvenna Bay.
• The Summer-Fall regional drill program is underway, focusing on locations of interest such as the Bacchus prospect, aiming to advance exploration success.
• Foran’s regional exploration strategy is aiming to unlock significant opportunities, as new data and exploration insights shape the next phase of targeted drilling across certain of the Properties.

Erin Carswell, Foran’s Vice President, Exploration, commented: “As we continue to expand and delineate the Tesla Zone, we are also focused on advancing efforts to target our next major regional discovery. Over the past two years, we have employed a highly structured approach, combining insights from Tesla with geophysics and structural geoscience to demonstrate the potential of our properties. This approach underscores the prolific nature of our land package and the various opportunities for growth. Our sustained efforts, backed by advanced high-quality airborne datasets, are providing a solid foundation to explore for potential future discoveries. By optimizing opportunities for success, we are advancing our district-scale approach to realize Foran’s vision of a multi-decade mining complex, all while prioritizing risk-adjusted returns for our shareholders.”

A Rare Exploration Opportunity

Foran’s Properties encompass the under-explored western end of the renowned Flin Flon Greenstone Belt (Figure 1), one of the most prolific Cu-Zn-Au-Ag mining belts in the world which has seen production from 29 past and present producing mines and hosts multiple ‘camps’ of Volcanic-Hosted Massive Sulphide (VHMS) deposits across Manitoba and into Saskatchewan. Foran’s Properties, while historically receiving less exploration investment than neighboring camps, have taken on new significance in recent years with the discovery of the Tesla Zone which adds substantial scale potential to Foran when considering the already-robust McIlvenna Bay Deposit. Furthermore, new regional drilling results near the Bigstone Deposit and at other locations across our Properties indicate that mineralizing processes are more widespread than previously known.

Figure 1 – Clusters of VHMS deposits across the Flin Flon Greenstone belt, showing the comparatively low drilling density of Foran’s under-explored Properties.

An important feature of Foran’s Properties, and another reason for the historically low drilling density, is a thin layer of sand and dolomite that covers approximately 90% of the prospective basement geology (Figure 2). This cover sequence prevented on-ground prospecting during the previous century of exploration, which also means that any mineralization beneath remains there today for detection by modern geophysical techniques. For this reason, detailed and high-quality geophysical datasets are critical to Foran’s exploration strategy.

Figure 2 – Airborne magnetic data over Foran’s Properties is a fundamental dataset for interpreting geology and defining prospective corridors. Also shown are thin cover sequences (brown) which are transparent to modern geophysics.

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