Robust Copper Intercepts and New Lens Discovery Strengthens Tesla Zone

Press Release

Vancouver, BC (November 18, 2024) – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to announce further copper-rich assay results from two new holes drilled into the Tesla Zone, part of Foran’s 100%-owned McIlvenna Bay Property (the “Project”) in Saskatchewan. These holes were designed to infill two 200 x 300m gaps in the drill hole spacing near the southern known margins of the Tesla Zone. The holes successfully encountered multiple zones of mineralization as expected, confirming the continuity of the Tesla Zone.

Click Here to Watch Erin Carswell, Foran’s VP Exploration, discuss the latest results.

The recent infill drilling program at the Tesla Zone was designed to improve confidence in its grade and continuity, while providing critical data for potential future resource estimates and potential operational expansion scenarios (see the Company’s July 15, 2024 news release). Both drill holes intersected the main mineralized target, followed by thick, copper-rich sections with additional gold content, confirming consistent mineralization across the zone and suggesting areas of higher copper-gold grades. Notably, drill hole TS-24-34 uncovered new copper-zinc mineralization below the current Tesla lenses. This new opportunity highlights the opportunity of additional mineralized lenses, enhancing Tesla’s growth prospects as it advances towards a potential future resource estimate.

Erin Carswell, Foran’s Vice President, Exploration, commented: “This summer our exploration team experimented with new techniques that allowed us to drill Tesla effectively from its western side for the first time, reducing our reliance on ice drilling and providing an exciting glimpse of the southern Tesla ‘footwall’ rocks that we have not had before. As usual with the Tesla Zone, the surprises keep coming. In hole TS-24-34, this included the discovery of a new lens of mineralization sitting just below the main Tesla lenses at the southern end of the zone. In addition, the two holes presented in this release demonstrate yet again how robust the Tesla main lenses can be, boasting multiple zones of high-grade copper and high-grade zinc with pleasing thicknesses of mineralization. Recent results at Tesla underscore its remarkable continuity, unlocking possibilities for future value creation for our operations as we continue to explore this promising zone.”

Key Highlights:

Hole TS-24-34 intersected two discrete zones of mineralization, including the expected Tesla Zone lenses plus an unexpected lower fault repetition of mineralized horizons. Highlights from the main Tesla lenses include:

o 6.8m of copper and zinc-rich massive sulphide grading 1.62% Cu, 4.84% Zn, 33.3 g/t Ag and 0.28 g/t Au (3.23% CuEq), which was followed by

4m of copper and gold-rich breccia and stringer mineralization grading 2.38% Cu,

0.96% Zn, 39.8 g/t Ag and 1.89 g/t Au (3.74% CuEq); as well as

A further 22.2m of copper stringer mineralization grading 1.30% Cu, 0.87% Zn, 13.3 g/t Ag and 0.30 g/t Au (1.68% CuEq)
The TS-24-34 fault repetition included a thin but very high-grade massive sulphide unit followed by a copper stringer zone. Assays include:
7m of massive sulphide grading 4.37% Cu, 15.47% Zn, 27.1 g/t Ag and 0.28 g/t Au

(8.90% CuEq), followed by

2m of copper stringer mineralization grading 1.52% Cu, 0.46% Zn, 5.9 g/t Ag and 0.01 g/t Au (1.55% CuEq), and
5m grading 1.11% Cu, 0.07% Zn, 7.1 g/t Ag and 0.01 g/t Au (1.07% CuEq).
Hole TS-24-29 intersected a wide zone of mineralization highlighted by:
4m of upper zinc-rich massive sulphide grading 0.64% Cu, 13.64% Zn 37.1 g/t Ag and 0.27 g/t Au (5.00% CuEq), followed by
2m of copper breccias and stringer mineralization grading 1.68% Cu, 1.18% Zn, 12.5 g/t Ag and 0.10 g/t Au (2.00% CuEq), including:
- 1m grading 4.11% Cu, 0.29% Zn, 24.0 g/t Ag and 0.02 g/t Au (3.96% CuEq)

2m grading 2.92% Cu, 1.16% Zn, 25.8 g/t Ag and 0.08 g/t Au (1.12% CuEq)
Planning is underway for an ice-based, infill winter drill program on Hanson Lake utilizing eight drill rigs, which is expected to commence in late-December.

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