Tesla Zone Delivers Down Dip Expansion Potential with Latest Drill Results
Press Release
Highlight Intercepts include 7.7m grading 2.03% Cu, 6.08% Zn, 26 g/t Ag and 0.5 g/t Au (4.07% CuEq)
Tesla Zone Remains Open Down Dip and Down Plunge
Inaugural Resource Estimate for the Tesla Zone Expected in H2 2026
2026 Drill Program Begins at First Near-Mine Target Thunder Zone
Vancouver, BC (February 20, 2026) – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to announce the final exploration results from the H2 2025 drill program at the Tesla Zone, part of the Company’s 100%-owned McIlvenna Bay Project located in east-central Saskatchewan.
Click Here to Watch Erin Carswell, Foran’s VP Exploration, discuss the Company’s latest exploration results.
Key Highlights:
- High grade copper results from Hole TS-25-45w2 confirm continued down dip expansion potential of the Tesla Main Lens. Hole TS-25-45w2 intersected three lenses of the Tesla mineralization, including a high-grade copper interval from the Main Lens massive sulphide unit. This intersection marks the farthest down dip intercept of the Main Lens drilled to date, indicating that the Tesla mineralizing system is still going strong at depth for potential further expansion. The results from TS-25-45w2 are highlighted by:
- 7.7m grading 2.03% Cu, 6.08% Zn, 26.2 g/t Ag and 0.49 g/t Au (4.07% CuEq) from the Main Lens massive sulphide, and
- 6.5m grading 1.05% Cu, 7.51% Zn, 56.3 g/t Ag and 0.37 g/t Au (3.68% CuEq), and a second interval of 2.3m grading 0.17% Cu, 6.55% Zn, 25.6 g/t Ag and 0.13 g/t Au (2.31% CuEq) from the Lower Lens
- Advancing towards an inaugural resource estimate for the Tesla Zone. Data compilations and modelling are currently underway for the Tesla Zone, incorporating all results up to the end of the 2025 program. The inaugural resource estimate is expected to be completed during H2 2026, with the results supporting the Company’s phased expansion opportunities as it advances McIlvenna Bay towards commercial production by mid-2026.
- Early 2026 drilling at hole BA-26-84 has encountered semi-massive to massive sulphides at Thunder Zone. Recent drilling has intercepted an interval of semi-massive to massive sulphides (assays pending) at Thunder Zone, with a 100m step-out along strike/down plunge to the north from the previous limits of drilling at the prospect. Advancement of high priority, advanced stage regional targets, including Thunder Zone and Flinty North within six kilometres of the McIlvenna Bay project site, forms an integral part of the Company’s broader exploration strategy informed by ongoing orebody knowledge studies and district-scale targeting. Our observation of sulphide minerals at hole BA-26-84 should not be construed as, nor does it imply any grade or potential discovery, with assays to be reported in a future exploration news release.
Erin Carswell, Foran’s Vice President, Exploration, commented: “With the release of our final Tesla Zone drill results for 2025, we are pleased to highlight the continued expansion potential of mineralization within a zone of copper enrichment that appears to strengthen with depth. Tesla remains open down-dip and down-plunge, with robust mineralization intersected in several of the deepest holes drilled to date. We have now achieved sufficient drill coverage to confidently commence technical studies in advance of an inaugural resource estimate targeted for H2 this year. In parallel, we will shift our focus to shallower, near-mine targets as we continue executing our strategy to unlock a broader camp of critical-metal deposits in Saskatchewan.”
Figure 1 – Plan view with the location of drill holes presented in this release, along with the surface projections of the interpreted Tesla Zone, McIlvenna Bay and Bridge Zone lenses.
H2 2025 Drill Program
Foran’s land-based H2 2025 drill program consisted of approximately 5,518m of drilling in six drill holes and wedges which were focused on infill and expansion drilling in the northern part of the Tesla Zone. A series of holes were designed to tighten up the drill hole spacing in an area of limited drilling in the up-dip portion of the currently defined Tesla Zone and test the down dip expansion potential of the mineralized horizons with several step out holes. The drilling successfully intersected multiple lenses of mineralization in all holes, confirming the continuity of the mineralized zones across Tesla. To date, Foran’s drilling has defined multiple lenses of zinc and/or copper-rich mineralization at the Tesla Zone over at least 1,350m along strike and 500-700m in the down dip direction.
A map highlighting the location and traces of the two drill holes and wedges included in this release is provided in Figure 1 above. A longitudinal view of the Tesla Main Lens is provided in Figure 2 below that demonstrates the locations of the pierce points of the new drill holes relative to the pierce points from prior drilling. Detailed descriptions of the newly released holes are provided in subsequent sections, along with geological cross sections to put these new holes in context. A table of assay composites for the drill holes is provided in Table 1.
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