- Foran Mining (TSX:FOM) met numerous new construction milestones in August at its wholly owned Mcllvenna Bay critical minerals project in Saskatchewan
- First production at the project, which houses probable mineral reserves of 697 million pounds of copper and 1.4 billion pounds of zinc, is slated for 2025
- Foran is a copper, zinc, gold and silver mining company active in Saskatchewan
- Foran Mining stock has added 9.46 per cent year-over-year and 1,660.87 per cent since 2019
Foran Mining (TSX:FOM) met numerous new construction milestones in August at its wholly owned Mcllvenna Bay critical minerals project in Saskatchewan.
The company has advanced surface construction on the feasibility-stage project‘s processing plant, truck shop and contact water pond, while completing foundations for the Ball and SAG mills and nearing completion of concrete footings, with steel erection scheduled to begin in October. Major processing plant equipment and structural steel will begin to arrive on site in October.
Additional accomplishments at the project in August include completed construction of the sewage treatment and potable water plants, with permits pending for both, the successful delivery and commissioning of new Sandvik battery electric scoops and trucks, and progress on the collar sink for the fresh air raise, which is advancing through the sandstone layer to install the main surface ventilation fan.
Mcllvenna Bay is the largest undeveloped volcanic-hosted massive sulfide deposit along the prolific Flin Flon Greenstone Belt, housing probable mineral reserves of 697 million pounds of copper and 1.4 billion pounds of zinc, indicated resources of 1 billion pounds of copper and 1.9 billion pounds of zinc, and inferred resources of 104 million pounds of copper and 282 million pounds of zinc. This is in addition to value-accretive average annual gold and silver production of 17,500 ounces and 435,200 ounces, respectively.
According to Foran’s latest investor presentation, commissioning is slated to begin in Q2 2025, followed by initial production in the second half of 2025 and commercial production in the first half of 2026.
The project’s robust potential for near-term value creation – complemented by Foran’s eight other highly prospective properties in Saskatchewan – has attracted investments from high-profile allocators, including Fairfax Financial (22 per cent), Agnico Eagle (9 per cent) and Pierre Lassonde (4 per cent), with management and insiders heavily aligned with shareholders at a 12 per cent combined holding.
Investors can expect a detailed update on ongoing construction at Mcllvenna Bay after the quarter ending Sept. 30.
About Foran Mining
Foran is a copper, zinc, gold and silver mining company active in Saskatchewan.
Foran Mining Corp. stock (TSX:FOM) is up by 1 per cent, trading at C$4.05 per share as of 9:36 am ET. The stock has added 9.46 per cent year-over-year and 1,660.87 per cent since 2019.
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(Top photo of the main surface fresh air raise collar sinking at the Mcllvenna Bay critical minerals project in Saskatchewan: Foran Mining)