SMDI #

2169

Historical Showing Names

McIlvenna Bay Base Metals Deposit

Project Name

McIlvenna Bay

UTM Northing (NAD83 Z13)

6055314.6800

TRM (Township-Range-Meridian)

65-06-2

Associated Commodities

Copper, Gold, Lead, Silver

Status

Deposit: Development

Geological Domain

Flin Flon

Host Minerals

Exploration History

12/1/2023 Foran Mining Corp.’s McIlvenna Bay copper-zinc deposit is the most advanced base metals project in the province. The company has received provincial approval of its environmental impact assessment as it continues to advance the project toward a production decision. In the interim, Foran has undertaken extensive exploration in the area, finding new resources at nearby deposits such as Bigstone and the more recently discovered Tesla and Bridge zones. (Saskatchewan Exploration and Development Highlights 2023, p.4) After receiving environmental assessment approval for their carbon-neutral mining operation proposal, Foran Mining Corp. continued to move forward with development at the McIlvenna Bay copper-zinc volcanogenic massive sulfide (VMS) project, located 85 km west of Flin Flon. Exploration in the Tesla zone, located 300 m north of the McIlvenna Bay deposit, has also advanced where Foran completed their 2023 winter and summer drill programs. Key findings from Foran’s exploration activities at the Tesla zone included the identification of a new copper-gold–rich lens that may represent a second lens of mineralization; promising assay results in the Tesla zone; and the confirmation of sulfide mineralization in the zone between the Tesla zone and the McIlvenna Bay deposit (Bridge zone). Drill programs have extended the Tesla zone along a strike of 750 m, although it remains open in all directions. Foran also completed its regional FALCON gravity gradiometry survey over the McIlvenna Bay and Bigstone properties (located 20 km west of McIlvenna Bay) and has commenced flying a versatile time domain electromagnetic (VTEM) survey across its southernmost claims areas. (Saskatchewan Exploration and Development Highlights 2023, p.13) 12/1/2024 Foran Mining Corporation continues to advance its 100% owned McIlvenna Bay project located 65 km west of Flin Flon in the western part of the Flin Flon Domain. Based on a 2022 initial-phase feasibility study, the McIlvenna Bay volcanogenic massive sulfide (VMS) deposit has Probable Mineral Reserves of 25.7 Mt with grades of 1.23% Cu, 2.39% Zn, 0.47 g/t Au and 15.3 g/t Ag. This is part of a larger Indicated Mineral Resource of 39.1 Mt grading 1.20% Cu, 2.16% Zn, 0.14% Pb, 0.41 g/t Au and 14 g/t Ag. Recent exploration was aimed at expanding the Tesla zone, which now measures 1200 m along strike, up to 700 m down dip and remains open in all directions. Additionally, in late 2023, Foran announced the discovery of the Bridge zone, which links the McIlvenna Bay deposit and the Tesla zone. In addition to VMS mineralization within the Tesla zone, gold and silver veining have been identified above the lower Tesla lenses. To help its exploration efforts, Foran flew 17 800 line-kilometres of airborne geophysical surveys in 2023 and 2024, covering the areas hosting the McIlvenna Bay and Bigstone (located 20 km wets of McIlvenna Bay) deposits. (Saskatchewan Exploration and Development Highlights 2024, p.14) 4/14/2022 Technical Report on the Feasibility Study for the McIlvenna Bay Project, Saskatchewan Canada Publication Date: 2022-04-14 Effective Date: 2022-02-28 https://foranmining.com/wp-content/uploads/2022/04/McIlvenna-Bay-Feasibility-Study.pdf 8/20/1990 In 1983, SMDC flew an INPUT and magnetic survey over the Hanson Lake area. In the winter of 1987 to 1988, SMDC completed a follow-up program of ground EM and magnetic surveys on behalf of a SMDC (50%) - Esso Minerals Canada (25.5%) - Tri Gold Industries Inc. (24.5%) joint venture (AF 63L10-0087). In 1984, S M D C continued the ground follow-up program of geological mapping, prospecting and rock sampling (AF 63L10-0095). By 1988, the follow-up program consisted of completing ground HLEM and magnetic surveys and drilling (AF 63L10-0108). In April 1988, the joint venture partners announced the discovery of significant mineralization in 6 drill holes that had been completed southeast of McIlvenna Bay. By the end of 1988, 27 drill holes, totalling 8,600 m, had outlined a deposit with a strike length of 600 m that extended to a depth of 500 m (AF 63L10-0111). In December 1988, potential reserves the three lenses were given. Between January and April 1989, Cameco (67.11%) and Trimin Resources Inc. (32.89%0 completed a further 14 holes, totalling 8,850 m, were completed to delineate the deposit at depth. Drill core petrographic studies, mine feasibility studies, and ore reserves calculations were also completed (AF 63L10-0110). In March 1989, Tri Gold changed its name to Trimin Resources Inc. In August 1990, Cameco and Trimin Resources Incorporated purchased Esso Minerals share of the deposit. Cameco now controlled 67.1% and Trimin Resources controlled 32.9% of the deposit. In the fall to winter of 1989, Cameco completed a further 15 infill drill holes, totalling 5,764 m, on the deposit (AF 63L10-0112). New reserves figures were announced in January of 1990. An environmental impact study was completed. At this time, Cameco envisioned entering production with a 3,000 ton-per-day mine and mill in 1992. In the Northern Miner (27/08/90 p1) Trimin Resources announced plans to sell it's 32.9% interest in the deposit to the Shell Group affiliate Billiton Resources Canada Incorporated for $17.5 million. In 1990, Cameco completed a further 7 drill holes on the deposit. At this time, the Lens 2, which contains the bulk of the reserves, had been tested over a strike length of 650 m to a depth of 900 m. The lens, which plunged 45°N, was found to be of consistant width and grade over the 650 m. The 11 hole winter drill program was completed to test the northwest and southeast strike extensions and the plunge of the deposit (AF 63L10-0119). Cameco released revised ore reserves calculations in January 1990. In 1991, Cameco completed a drill program to test the down plunge extension of Lens 2 (AF 63L10-0121). Ground TDEM and magnetic surveys were completed over grid 89-1 (AF 63L10-0120). On February 24, 1993, Cameco announced new deposit reserves values. In April of 1998, Foran Mining Corporation announced their purchase of the deposit for $3 million dollars on closing plus an additional $7 million dollars to be paid during the next three years in conjunction with a feasibility study. Between December 1998 and August 1999, Foran completed an infill drilling program on the upper 650 m of a 6.5 tonne portion of the No. 2 lens. The program delineated mineralization the Upper West Zone over a strike length of 200 m (656.2 ft) to a depth of 500 m or 1,640.4 ft (and still open at depth). Infill drill hole MB-99-107 intersected a new lens of mineralization which is, stratigraphically, 47.7 m (156.5 ft) below any previously intersected mineralization. The drill hole intersected 6.86 m (22.5 ft) of solid sulphide mineralization and 14.6 m (47.9 ft) of stringer Cu. Mineralization. On 10 August 1998, Foran released new deposit reserves calculations. At this point, Foran commenced phase II or stepout drilling to further expand the known geological resource. On 4 November 1999, Foran Mining announced new deposit reserves. The total combined indicated and inferred resources for the 2 Lens and the Upper West Zone are 11.4 million tonnes grading 6.08% Zn, 0.94% Cu, 0.45% Pb, 0.45 g/t Au, and 24.40 g/t Ag. The indicated resource for the underlying Copper Stringer Zone is 4.7 million tonnes averaging 1.95% Cu, 0.40% Zn, 0.73 g/t Au, and 12.35 g/t Ag. The inferred resource for the Copper Stringer Zone is 7.1 million tonnes at 1.68% Cu, 0.53% Zn, 0.47 g/t Au, and 11.71 g/t Ag. These resources were calculated using a 1.5% Cu and 4.0% Zn cut-off. In the Saskatoon Star Phoenix (4 Jan. 2000, Pb14). Foran announced that they had received environmental approval from Saskatchewan Environment and Resource Management to proceed with an underground test mine on the property. They plan to commence work on an all weather access road immediately and to commence tunneling a decline ramp by summer. The decline will be used to extract a bulk sample for metallurgical testing. On the following day, Foran released revised reserves calculations. On 25 April 2000, Foran Mining announced that drill hole MB-00-124 discovered a new, previously undetected massive sulphide horizon in the hanging wall of Lens 2 which graded 6.10% Zn, 0.31% Cu, 6.58 g/t Ag, and 0.17 g/t Au over 5.62 m (18.4 ft). In 2004, Foran completed drill holes MB-00-124 and MB-00-125 on the deposit and a follow-up resource estimate (AF 63L10-NW-0147). The COMBINED indicated resource, above the 580 M level, for the Lens 2 Massive Sulphide Zone, The Upper West Zone, and Lens 3 Zone is given as 6,904,364 tonnes assaying 6.59% Zn, 0.89% Cu, 0.45% Pb, 0.51 g/t Au, and 24.17 g/t Ag. The combined Infered Resource for these zones, mainly below the 580 m level, is 7,602,473 tones grading 5.61% Zn, 0.93% Cu, 0.35% Pb, 0.40 g/t Au, and 23.28 g/t Ag. The Indicated Resource for the Copper Stringer Zone above the 580 M level is 4,363,067 tonnes grading 1.82% Cu, 0.32% Zn, 0.67 g/t Au, and 12.15 g/t Ag. The Inferred Resource for the Copper Stringer Zone (mainly below 580 m) is 7,463,827 tonnes grading 1.80% Cu, 0.65% Zn, 0.60 g/t Au, and 12.75 g/t Ag. The total Inferrwed and Indicated resources for the Copper Stringer Zone and Lens 4 Zone is estimated at 12,154,985 tonnes grading 1.81% Cu, 0.54% Zn, 0.63 g/t Au, and 12.47 g/t Ag. In a Stockwatch report issued on 5 April 2002, it was announced that Foran officially returned the McIlvenna project to Cameco and Billiton on failure to raise the $ 4 million payment due. Foran and Cameco/Billiton are open to renewing the option should base metal prices and other factors change. In 2002, Foran Mining completed 57 delineation drill holes on the deposit, borehole TEM surveys, a proposal for underground exploration, and they announced a new resource estimate [calculations completed in 1999] (AF 63L10-NW-0145). No work was completed at the site in 2003. On 18 November 2004, Foran Mining Corporation announced that they had reached a definitive agreement with BHP Billiton and Cameco to secure the deposit upon initial payment of $1.5 million plus a second payment of $2.0 million before 31 May 2006. Cameco and Billiton retain a 1% NSR. A 2011 drill program by Foran with a 9 hole program to examine the Cu Stringer Zone and one hole targeting the Lens 2 massive sulphide (63L10-0153).

Reserves and/or Resources

2024-12-01 Summary: McIlvenna Bay: Indicated Mineral Resource of 39,100,000.00 tonne - Copper @ 1.2 % - Gold @ 0.41 g/tonne - Lead @ 0.14 % - Silver @ 14 g/tonne - Zinc @ 2.16 % McIlvenna Bay: Probable Mineral Reserve of 25,700,000.00 tonne - Copper @ 1.23 % - Gold @ 0.47 g/tonne - Silver @ 15.3 g/tonne - Zinc @ 2.39 % 2022-02-28 Summary: MS/CSZ: Inferred Mineral Resource of 5,040,000.00 tonne - Copper @ 0.94 % - Gold @ 0.27 g/tonne - Lead @ 0.17 % - Silver @ 15.85 g/tonne - Zinc @ 2.56 % MS/CSZ/SZ/L3/FW: Indicated Mineral Resource of 39,060,000.00 tonne - Copper @ 1.2 % - Gold @ 0.41 g/tonne - Lead @ 0.14 % - Silver @ 14.39 g/tonne - Zinc @ 2.16 % Massive Sulphide/Copper Stockwork: Proven and Probable Mineral Reserve of 25,703,062.00 tonne - Copper @ 1.23 % - Zinc @ 2.39 % 2019-05-01 NI 43-101-compliant Mineral Resource Estimate with an Indicated Resource of 22.95 M tonnes grading 1.17% Cu, 3.05% Zn, 0.19% Pb, 0.44 g/t Au, 16.68 g/t Ag. Inferred Resource of 11.15 M tonnes grading 1.38% Cu, 1.88% Zn, 0.10% Pb, 0.47 g/t Au, 14.31 g/t Ag. Summary: Indicated Mineral Resource of 22,950,000.00 tonne - Copper @ 1.17 % - Gold @ 0.44 g/tonne - Lead @ 0.19 % - Silver @ 16.68 g/tonne - Zinc @ 3.05 % Inferred Mineral Resource of 11,150,000.00 tonne - Copper @ 1.38 % - Gold @ 0.47 g/tonne - Lead @ 0.1 % - Silver @ 14.31 g/tonne - Zinc @ 1.88 % 2019-01-01 NI 43-101 compliant Indicated Resource of 22.95 Mt grading 1.17% Cu, 3.05% Zn, 0.19% Pb, 0.44 g/t Au, 16.7 g/t Ag. Inferred Resource of 11.15 Mt grading 1.38% Cu, 1.83% Zn, 0.10% Pb, 0.47 g/t Au, 14.8 g/t Ag. Summary: Indicated Mineral Resource of 22,950,000.00 tonne - Copper @ 1.17 % - Gold @ 0.44 g/tonne - Lead @ 0.19 % - Silver @ 16.7 g/tonne - Zinc @ 3.05 % Inferred Mineral Resource of 11,500,000.00 tonne - Copper @ 1.38 % - Gold @ 0.47 g/tonne - Lead @ 0.1 % - Silver @ 14.8 g/tonne - Zinc @ 1.83 % 2013-01-01 NI 43-101 compliant Mineral Resource Estimate with an Indicated Resource of 13,900,000 tonnes grading 1.28% Cu, 2.67% Zn, 0.49 g/t Au, 17.1 g/t Ag and an Inferred Resource of 11,300,000 tonnes grading 1.32% Cu, 2.97% Zn, 0.43 g/t Au, 17.5 g/t Ag. Summary: Indicated Mineral Resource of 13,900,000.00 tonne - Copper @ 1.28 % - Gold @ 0.49 g/tonne - Silver @ 17.1 g/tonne - Zinc @ 2.67 % Inferred Mineral Resource of 11,300,000.00 tonne - Copper @ 1.32 % - Gold @ 0.43 g/tonne - Silver @ 17.5 g/tonne - Zinc @ 2.97 % 2003-12-01 A mineable reserve of 14,500,000 tonnes grading 0.91% Cu, 6.08% Zn, 0.40% Pb, 0.45 g/t Au, and 23.70 g/t Ag. Summary: Historic reserve (unspecified) of 14,500,000.00 tonne - Copper @ 0.91 % - Gold @ 0.45 g/tonne - Lead @ 0.4 % - Silver @ 23.7 g/tonne - Zinc @ 6.08 % 2000-01-05 Total indicated and infered resources of Lens 2, Upper West Zone, Lens 3: 14.5 million tonnes grading 0.91% Cu, 6.08% Zn, 0.40% Pb, 0.45 g/t Au, 23.70 g/t Ag. Indicated resources of the Cu-Au Stringer Zone: 4.4 million tonnes grading 1.82% Cu, 0.32% Zn, 0.67 g/t Au, and 12.15 g/t Ag. Inferred resources of the Cu-Au Stringer Zone: 7.5 million tonnes grading 0.93% Cu, 5.61% Zn, 0.35% Pb, 0.40 g/t Au, and 23.28 g/t Ag. Summary: Indicated resources of the Cu-Au Stringer Zone: Historic indicated resource of 4,400,000.00 tonne - Copper @ 1.82 % - Gold @ 0.67 g/tonne - Silver @ 12.15 g/tonne - Zinc @ 0.32 % Inferred resources of the Cu-Au Stringer Zone: Historic reserve (unspecified) of 7,500,000.00 tonne - Copper @ 0.93 % - Gold @ 0.4 g/tonne - Lead @ 0.35 % - Silver @ 23.28 g/tonne - Zinc @ 5.61 % Total indicated and infered resources of Lens 2, Upper West Zone, Lens 3: Historic reserve (unspecified) of 14,500,000.00 tonne - Copper @ 0.91 % - Gold @ 0.45 g/tonne - Lead @ 0.4 % - Silver @ 23.7 g/tonne - Zinc @ 6.08 % 1999-11-04 Total combined indicated and inferred resources for lens 2 and the Upper West Zone (calculated using a cut-off of 1.5% Cu and 4.0% Zn): 11.4 million tonnes grading 0.94% Cu, 6.08% Zn, 0.45% Pb, 0.45 g/t Au, and 24.40 g/t Ag. Indicated resource Copper Stringer Zone: 4.7 million tonnes averaging 1.95% Cu, 0.40% Zn, 0.73 g/t Au, 12.35 g/t Ag. Inferred resource Copper Stringer Zone: 7.1 million tonnes grading 1.68% Cu, 0.53% Zn, 0.47g/t Au, and 11.71 g/t Ag. Summary: Inferred resource Copper Stringer Zone:: Historic reserve (unspecified) of 7,100,000.00 tonne - Copper @ 1.68 % - Gold @ 0.47 g/tonne - Silver @ 11.71 g/tonne - Zinc @ 0.53 % Total combined indicated and inferred resources for lens 2 and the Upper West: Historic reserve (unspecified) of 11,400,000.00 tonne - Copper @ 1.5 % (Cutoff: 0.94) - Gold @ 0.45 g/tonne - Lead @ 0.45 % - Silver @ 24.4 g/tonne - Zinc @ 6.08 % (Cutoff: 4) Indicated resource Copper Stringer Zone:: Historic indicated resource of 4,700,000.00 tonne - Copper @ 1.95 % - Gold @ 0.73 g/tonne - Silver @ 12.35 g/tonne - Zinc @ 0.4 % 1998-08-10 27,225,000 tonnes ore grading 0.90% Cu, 3.27% Zn, 0.34 g/t Au and 16.43 g/t Ag. Summary: Historic reserve (unspecified) of 27,225,000.00 tonne - Copper @ 0.9 % - Gold @ 0.34 g/tonne - Silver @ 16.43 g/tonne - Zinc @ 3.27 % 1993-02-24 13,080,000 tonnes grading 0.52 g/t Au, 24.3 g/t Ag, 1.26% Cu, and 4.95% Zn. Summary: Historic reserve (unspecified) of 13,080,000.00 tonne - Copper @ 1.26 % - Gold @ 0.52 g/tonne - Silver @ 24.3 g/tonne - Zinc @ 4.95 % 1990-01-01 Lens 1 possible reserves: 900,000 tons grading 2.23% Cu, 0.84% Zn, 0.03% Pb, 0.02 oz/ton Au, and 0.45 oz/ton Ag. Lens 2 probable reserves: 10,000,000 tons grading 0.95% Cu, 5.76% Zn, 0.42% Pb, 0.015 oz/ton Au, and 0.73 oz/ton Ag. Lens 3: 550,000 tons grading over 2% Cu. Summary: Lens 2: Historic probable reserve of 10,000,000.00 ton - Copper @ 0.95 % - Gold @ 0.015 oz/ton - Lead @ 0.42 % - Silver @ 0.73 oz/ton - Zinc @ 5.76 % Lens 1: Historic possible reserve of 900,000.00 ton - Copper @ 2.23 % - Gold @ 0.02 oz/ton - Lead @ 0.03 % - Silver @ 0.45 oz/ton - Zinc @ 0.84 % Lens 3`: Historic reserve (unspecified) of 550,000.00 ton - Copper: 550,000.00 ton @ 2 % 1989-01-01 Cameco – Trimin Res. Geological reserves of: Lens 1: 800,000 tons grading 2.23% Cu, 0.84% Zn, 0.74 g/t Au, and 15.3 g/t Ag. Lens 2: 9,800,000 tons grading 0.95% Cu, 5.76% Zn, 0.49 g/t Au, and 24.7 g/t Ag. Lens 3: 40,000 tons grading 1.60% Cu and 8.10% Zn. Summary: Lens 1: Historic reserve (unspecified) of 800,000.00 ton - Copper @ 2.23 % - Gold @ 0.74 g/tonne - Silver @ 15.3 g/tonne - Zinc @ 0.84 % Lens 3: Historic reserve (unspecified) of 40,000.00 ton - Copper @ 1.6 % - Zinc @ 8.1 % Lens 2: Historic reserve (unspecified) of 9,800,000.00 ton - Copper @ 0.95 % - Gold @ 0.49 g/tonne - Silver @ 24.7 g/tonne - Zinc @ 5.76 %