Vancouver, British Columbia--(Newsfile Corp. - April 27, 2015) - Recent drill results from Foran Mining (TSXV: FOM) resulted in the significant increase in target prices from two Canadian Investment firms.
InvestmentPitch.com has produced a "video research alert" about Foran Mining based on these reports. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Foran" in the search box.
On April 1st, Foran released results from the first of 6 infill holes completed at the Bigstone deposit, on its 100% owned Bigstone property. The Bigstone deposit is located 25 kilometres southwest of Foran's flagship McIlvenna Bay deposit in east-central Saskatchewan, where the company announced the results of a positive preliminary economic assessment in late 2014. Highlights from this first hole included 18.4% zinc over 11.8 metres from the zinc zone, followed further downhole by 1.4% copper over 10.6 metres and 1.3% copper over 8.5 metres from the underlying copper zone.
This was followed by the April 17th results from the 2nd infill hole, which included 2.03% copper over 105 metres, including 4.1% copper over 20 metres.
Analyst Derek Macpherson, at M Partners increased his target price from $0.50 to $0.60, stating: "The two holes released suggest that the historic Bigstone resource ...is likely to be brought into compliance with current standards. As a result of our increased confidence we now give Bigstone an in-situ value of $14.6 billion."
Analyst Steven Ioannou at Haywood Securities increased his target price from $0.35 to $0.50, stating: "We anticipate additional drilling at Bigstone will delineate a ramp-accessible target, which could provide supplemental high-grade satellite feed to an operation at McIlvenna Bay. The Hanson Lake Camp is clearly demonstrating the potential to host a mining camp similar to the neighboring (world class) Flin Flon and Snow Lake camps in Manitoba."
In March, Foran released results of step out drilling at the Thunder Zone target on the Balsam property, an anomaly similar to the anomaly underpinning the company's McIlvenna Bay deposit located 7 kilometres to the northwest.
All 5 holes intersected additional VMS mineralization, confirming a significant new blind discovery close to McIlvenna Bay.
Patrick Soares, President and CEO commented: "The recent positive results from the Thunder Zone, combined with these first results from Bigstone, demonstrate that our exploration surrounding the McIlvenna Bay Deposit continues to be successful, providing us the opportunity to add to our existing large resource base."
Foran's shares recently traded up 71% to $0.48, which appeared to be driven in part by recent positive exploration news as well as improving copper/zinc sentiment. The share price has retreated giving investors a great entry point as the market awaits results from the next 4 holes at Bigstone.
For more information, please visit the company's website www.foranmining.com or contact Fiona Childe, VP Corporate Development at 416-363-9229 or email ir@foranmining.com.
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