07:46 AM EST, 11/18/2024 (MT Newswires) -- Foran Mining Corporation ( FMCXF ) on Monday announced further copper-rich assay results from two new holes drilled into the Tesla Zone, part of Foran's 100%-owned McIlvenna Bay Property in Saskatchewan.

A statement noted these holes were designed to infill two 200 by 300 metre gaps in the drill hole spacing near the southern known margins of the Tesla Zone. It said the holes "successfully encountered" multiple zones of mineralization as expected, confirming the continuity of the Tesla Zone.

Foran said highlight intercepts include 8.4m at 3.7% CuEq and 6.8m at 3.2% CuEq, adding a new copper-Zinc lens was identified in the Tesla Footwall.

Erin Carswell, Foran's Vice President, Exploration, said: "This summer our exploration team experimented with new techniques that allowed us to drill Tesla effectively from its western side for the first time, reducing our reliance on ice drilling and providing an exciting glimpse of the southern Tesla 'footwall' rocks that we have not had before. As usual with the Tesla Zone, the surprises keep coming. In hole TS-24-34, this included the discovery of a new lens of mineralization sitting just below the main Tesla lenses at the southern end of the zone. In addition, the two holes presented in this release demonstrate yet again how robust the Tesla main lenses can be, boasting multiple zones of high-grade copper and high-grade zinc with pleasing thicknesses of mineralization. Recent results at Tesla underscore its remarkable continuity, unlocking possibilities for future value creation for our operations as we continue to explore this promising zone."

FOM was down $0.06 or 1.5% at $4.05 last Friday.