07:00 AM EDT, 09/04/2024 (MT Newswires) -- Foran Mining ( FMCXF ) on Wednesday said assay results from drilling to expand the Tesla Zone at the McIlvenna Bay property in Saskatchewan identified a new gold- and silver-rich zone and confirmed the extensions of the Tesla Zone.

The highlight intersection measures 22 meters at 5.6% copper equivalent. The Tesla Zone now measures 1,200 meters along strike and up to 700 meters down dip.

The new intersections suggest that the Tesla Zone remains open for potential expansion with further drilling, the company said.

"The Tesla Zone continues to surprise us, with the latest down-plunge expansion drillholes to the north displaying intense, thick intersections of high-grade mineralization and a parallel zone of gold-bearing veins that we are only beginning to understand," said Erin Carswell, Foran's vice president of exploration.

A summer exploration program is also underway with four drill rigs scheduled to continue drilling at Tesla and other regional targets through November.

The company's share price fell 8% to $3.68 yesterday.