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Foran Mining boosts copper resources 74% at McIlvenna Bay

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(Kitco News) - Foran Mining (TSX.V: FOM) today announced an updated mineral resource estimate for the company's 100%-owned McIlvenna Bay deposit located in east-central Saskatchewan, Canada.

The company said that the 2021 resource estimate outlines "significant changes" to the resource at McIlvenna Bay compared to the previous resource estimate published in 2019, including 74% increase in contained copper, 21% increase in contained zinc, 58% increase in contained gold and 47% increase in contained silver.

The project's indicated resources currently contain 1.03 billion pounds of copper, 1.9 billion pounds of zinc, 510 thousand ounces of gold and 18.1 million ounces of silver; whereas inferred resources contain 105 million pounds of copper, 284 million pounds of zinc, 40 thousand ounces of gold and 2.6 million ounces of silver.

The updated resource estimate and increased indicated resources will underpin the coming feasibility study and could support potential mine life extensions, the company said in its statement.

CEO and Executive Chairman Dan Myerson commented, "As demonstrated by the incredible success of our 2021 infill program, McIlvenna Bay has now proved itself to be a high-quality, large and cohesive deposit, which remains open and has the potential to grow. We are now integrating the data from this resource estimate into our coming feasibility study and are planning for an aggressive and exciting exploration program in 2022."

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