07:33 AM EDT, 10/07/2024 (MT Newswires) -- Foran Mining ( FMCXF ) on Monday released additional assay results from the summer drill program at the Tesla Zone, part of Foran's 100%-owned McIlvenna Bay property in Saskatchewan.

A statement noted the infill summer drill program at Tesla was completed from land using directional drilling technologies and designed to further understand and confirm the continuity of Tesla between existing wider spaced drill holes. It said Hole TS-24-30 targeted a 200 metres by 150 metres area and "successfully intersected a wide lens of copper-rich mineralization, further demonstrating the strength and potential scale of the Tesla Zone".

Foran in the statement said highlight intercepts include 31.2m at 2.7% CuEq and 3.4m at 6.6% CuEq and results "further demonstrate the robust nature of mineralization" at Tesla. It added assays are pending from six additional holes, with further results expected "soon".

Erin Carswell, Foran's Vice President, Exploration, said: " Returning to the central Tesla Zone, our latest drilling results have reaffirmed Tesla's copper potential. The zonation from deeper zinc and gold-rich mineralization to shallower copper-dominant lenses is apparent, with TS-24-30 providing a new and important intersection through copper-rich breccias and a thickened copper lens as our program confirms mineralization continuity between existing holes. Through targeted infill drilling, we are enhancing our confidence and demonstrating the Zone's growing potential. 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."

Foran saw its shares rise $0.12 or 3% to $4.14.