Troilus Gold brings potential funding from ECAs to $1.3 billion
The company has signed an additional LOI with Export Development Canada worth $300 million.
Foran Mining’s (TSX: FOM) latest assays from its McIlvenna Bay copper project confirms the high-grade continuity of the Tesla zone. Highlighted intercepts included 31.2 metres at 2.7% copper equivalent and 3.4 metres at 6.6% copper equivalent.
The McIlvenna Bay property is in east-central Saskatchewan, about 65 km west of Flin Flon, Manitoba. The property covers approximately 20.9 sq. km.
Hole TS-24-30 intersected a wide zone of copper-rich breccia and stringer-style mineralization and zinc-rich massive sulphide. One 3.4-metre section of massive sulphide graded 4.29% copper, 8.21% zinc, 55.5 g/t silver and 0.03 g/t gold, including 0.8 metre at 7.61% copper, 9.11% zinc, 50.6 g/t silver, and 0.04 g/t gold.
A longer intersection measuring 31.2 metres of breccia and stringer mineralization graded 2.40% copper, 0.48% zinc, 19.2 g/t silver and 0.51 g/t gold, including higher-grade breccia at 4.68% copper, 0.56% zinc, 31.5 g/t silver and 1.03 g/t gold.
“The zonation from deeper zinc and gold-rich mineralization to shallower copper-dominant lenses is apparent. Through targeted infill drilling, we are enhancing our confidence and demonstrating the zone’s growing potential,” said Foran VP exploration Erin Carswell.
“These results underscore Tesla’s importance within our broader portfolio as we advance McIlvenna Bay’s construction alongside our ongoing exploration strategy, continuing to unlock the full potential of our growing district.”
Assay results are pending from six additional infill Tesla holes from this summer. Planning for he winter drill program will include more Tesla infill drilling and an expansion ice-based program from Hanson Lake.
McIlvenna Bay has probable reserves of 25.7 million tonnes at 2.51% copper equivalent containing 697 million lb. of copper and 1.4 billion lb. of zinc.
Reserves are included in an indicated resource of 39 million tonnes grading 2.04% copper equivalent for 1.0 billion lb. of copper and 1.9 billion lb. of zinc. There is also an inferred resource of 5 million tonnes grading 1.8% copper for 104 million lb. of copper and 282 million lb. of zinc.
