- Foran Mining Corporation (TSXV:FOM) has released the pre-feasibility study for The McIlvenna Bay zinc and copper project
- McIlvenna Bay has a present net value of C$219 million before tax, with copper and zinc reserves of 11.34 million tonnes, at $139 per tonne
- Foran expects that the site, located in Saskatchewan, will have a 9-year mine life
- The company is now looking to develop a feasibility study and is actively pursuing investment partners
- Foran Mining (FOM) is up 3.45 per cent, with shares trading at $0.15 and a market cap of 19.88 million
Foran Mining Corporation (TSXV:FOM) has released the pre-feasibility study for The McIlvenna Bay zinc and copper project.
The study was specifically investigating McIlvenna Bay’s volcanogenic massive sulphide deposit. The study estimates McIlvenna Bay’s present net value to be C$219 million before tax, based on the site’s expected three-year metal production.
Foran expects that developing the site to production level will cost $261 million, producing a nine-year mine life.
McIlvenna Bay’s copper and zinc reserves are around 11.34 million tonnes, at a grade of $139 per tonne. With these levels, the proposed mine would produce 89.2 million pounds of zinc and 27.9 million pounds of copper annually.
Foran President and CEO, Patrick Soares, finds the study incredibly encouraging.
“When we first invested in Foran, we envisioned McIlvenna Bay as the centre of operations for a new mining camp.
“A number of mining executives and friends shared our vision and invested with us in financings as we advanced the project.
“Today, we take a massive step towards realising our dream with the release of this Pre-Feasibility Study,” he said.
The company now hopes to develop a feasibility study, and is actively talking with interested parties to progress the project further.
The mine was originally explored between 1988 and 1991, after which it remained dormant until Foran optioned it in 1998. After a brief drill campaign, Foran mothballed the site until a new management team revived it in 2010.
Foran Mining Corporation (FOM) is up 3.45 per cent, with shares trading for $0.15 at 12:50pm EST.