Foran Announces Additional Winter Expansion Drill Results at the Tesla Zone

2024-05-28

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Significant Intervals Identified in Step-Out Holes Down-Dip

Tesla Zone Mineralization & Continuity Confirmed Along Strike and at Depth

Electromagnetic Surveys Outline a Further Potential +50m Up-Dip and +200m Down-Dip Continuation of Mineralization

Tesla Zone Continues to Remain Open in All Directions

VANCOUVER, BC , May 28, 2024 /CNW/ - Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) ("Foran" or the "Company") is pleased to report additional assay results from the ongoing 2024 exploration program at the Tesla and Bridge Zones, part of its 100%-owned McIlvenna Bay Property (the "Property") in Saskatchewan .

Results from our large ice-based winter drilling program continue to expand and confirm the continuity of Tesla Zone mineralization in large step-out holes up and down-dip of the central zone. Of particular significance are the thick intersections made in holes TS-24-20 and TS-24-15, which represent 230m and 320m down-dip step-outs from previously drilled mineralization, respectively. Tesla is now confirmed as measuring more than 500m in the dip direction and approximately 1,050m along strike, extending beyond the limits of the initial modelled conductive target.

The results from seven Tesla Zone winter drill holes are presented in this news release, which successfully targeted both up and down-dip expansions of the zone, along with the assay results from the lower zones from the two previously released holes drilled into the adjacent Bridge Zone (MB-24-290 and MB-24-292).

Key Highlights:

Hole TS-24-20, a 230m down-dip step-out hole returned multiple massive and semi-massive lenses over 123m in core length, including: 26.9m grading 1.23% Cu, 7.55% Zn, 38.4 g/t Ag and 0.20 g/t Au (3.67% CuEq), including 2.5m grading 2.40% Cu, 5.39% Zn, 62.5 g/t Ag and 0.20 g/t Au (4.20% CuEq), and 4.7m grading 0.62% Cu, 12.59% Zn, 26.8 g/t Ag and 0.05 g/t Au (4.48% CuEq); 10.0m grading 0.81% Cu, 4.99% Zn, 31.4 g/t Ag and 0.35 g/t Au (2.58% CuEq), including 2.7m grading 0.33% Cu, 9.54% Zn, 21.1 g/t Ag and 0.12 g/t Au (3.32% CuEq).

Hole TS-24-15, also a 320m down-dip and step-out hole from the main Tesla Zone, intersected multiple massive to semi-massive lenses approximately 120m southwards along strike from hole TS-24-20, highlighted by: 11.8m grading 0.75% Cu, 8.22% Zn, 41.8 g/t Ag and 0.12 g/t Au (3.41% CuEq), including 8.6m grading 0.70% Cu, 10.01% Zn, 42.2 g/t Ag and 0.14 g/t Au (3.91% CuEq); 4.2m grading 0.17% Cu, 8.63% Zn, 18.2 g/t Ag and 0.03 g/t Au (2.84% CuEq), including 1.7m grading 0.15% Cu, 13.79% Zn, 21.6 g/t Ag and 0.03 g/t Au (4.38% CuEq).

Hole TS-24-21, the southern most down-dip hole drilled to date, defining a 700m trend of deep intersections from HG-23-01, highlighted by: 11.9m grading 0.50% Cu, 7.73% Zn, 35.7 g/t Ag and 0.30 g/t Au (3.11% Cu Eq), including 5.1m grading 0.43% Cu, 10.36% Zn, 52.4 g/t Ag and 0.36 g/t Au (3.94% CuEq)

Hole TS-24-17, the northern most up-dip hole drilled, highlighted by: 3.0m grading 2.60% Cu, 0.72% Zn, 40.0 g/t Ag and 0.66 g/t Au (3.15% CuEq), including 1.0m grading 6.53% Cu, 1.87% Zn, 45.6 g/t Ag and 1.23 g/t Au (7.43% CuEq); 12.4m grading 0.56% Cu, 3.26% Zn 31.4 g/t Ag and 0.56 g/t Au (1.96% CuEq), including 1.6m grading 0.57% Cu, 12.31% Zn, 57.4 g/t Ag and 0.42 g/t Au (4.71% CuEq).

Lower zone from previously released hole MB-24-290 located near the southern end of Tesla – Bridge Zone transition, intersected significant mineralization in the Bridge Zone, highlighted by: 7.4m grading 1.04% Cu, 6.71% Zn, 22.1 g/t Ag and 0.47 g/t Au (3.33% CuEq), including 1.9m grading 1.54% Cu, 4.59% Zn, 23.9 g/t Ag and 0.75 g/t Au (3.32% CuEq).

Tesla expansion drilling continues with two drills targeting down-dip / along-strike extensions at the north end of the zone. Summer drilling program has commenced with four drills to be split between Tesla infill drilling and testing of high priority regional exploration targets.

Erin Carswell , Foran's Vice President, Exploration, commented: " Our bold strategy to define the potential scale of Tesla during the winter ice-drilling campaign has effectively doubled the size of the mineralized footprint as our outstanding exploration results continue. The major down-dip step-out holes released today have provided some of the thickest and highest-grade results at Tesla to date, while once again affirming the consistent presence of the mineralized zone across significant strike and dip extents. The expanding scale of Tesla and its potential to continue beyond the currently drilled dimensions represents significant upside for Foran as we progress our flagship development project at the adjacent McIlvenna Bay Deposit. Expansion drilling is ongoing as we continue to follow the zone north by drilling from the far shore of Hanson Lake. Meanwhile, the upcoming summer drilling season will see us commence land-based Tesla Zone infill drilling from the footwall to target what we expect could be more copper-gold rich mineralization in the upper parts of the zone, at the same time as progressing our regional program and our efforts to continue expanding this world-class mineral district ."

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2024 Winter Drill Program Results

The 2024 ice-based winter drill program was executed between January and April and was designed to evaluate the potential footprint of the Tesla Zone, with six drill rigs utilized to complete a series of up and down-dip step-out drill holes. Achieving a thorough understanding of Tesla's potential scale is an important precursor to ongoing exploration, especially given its close proximity to the McIlvenna Bay Project and its potential to influence ongoing advanced engineering and design work.

The 2024 winter program consisted of approximately 22,200m of drilling, completed in 18 drill holes and associated wedges, targeting the Tesla and Bridge Zones. Figure 1 below provides a plan map showing the location of drill holes targeting the Tesla Zone and the Bridge Zone areas adjacent to the McIlvenna Bay Deposit. The drilling was successful as we continued to confirm the continuity of the mineralized horizons and expand the Tesla zone.

The results for seven additional Tesla holes targeting the up and down-dip expansion of the zone are provided in this news release, along with the results from the lower zones in two previously released Bridge Zone holes (see News Release dated February 22, 2024 ). Assay composites from the Tesla and Bridge Zone drilling are provided in Table 1 below.

Tesla Zone – Down-Dip Expansion Results

A series of five drill holes (in order from south to north TS-24-21, -15, -15w1, -20, -16w1) were completed along the northeastern edge of Hanson Lake as wide step-out holes collared up to 400m down-dip from existing holes and spaced at 100- 200m intervals along a 650m section of the currently defined strike length (Figures 1 and 2). This series of holes was designed to enhance the definition and our understanding of the down-dip part of the zone and extend the mineralization across the lake, so that continued expansion drilling could be completed to extend mineralization further down-dip from the shore during the summer months following results. These widely spaced drill holes were all successful in intersecting one or more lenses of Tesla mineralization along the lower edge, confirming continuity of the zone and indicating further exploration upside in the down-dip direction to step out further on several thick intersections from the program.

All holes intersected massive and semi-massive sulphides related to the main Tesla lens, however two of the deep holes (TS-24-15 and TS-24-20) drilled in the central part of the zone intersected multiple horizons of zinc and/or zinc and copper-rich mineralization (see drill core photos of TS-24-20 in Figure 2). These intersections are located 200- 300m down-dip from previous holes and are expected to be followed up with infill drilling. For example, TS-24-20 intersected six discrete zones of massive to semi-massive and stringer sulphides over a core length of 122.8m (Table 1), including 26.9m grading 1.23% Cu, 7.55% Zn, 38.4 g/t Ag and 0.20 g/t Au (3.67% CuEq) and 10.0m grading 0.81% Cu, 4.99% Zn, 31.4 g/t Ag and 0.35 g/t Au (2.58% Cu), while TS-24-15 intersected four discrete zones over a 93.1m core length (Table 1), including 11.8m grading 0.75% Cu, 8.22% Zn, 41.8 g/t Ag and 0.12 g/t Au (3.41% CuEq) and 4.2m grading 0.17% Cu, 8.63% Zn, 18.2 g/t and 0.03 g/t Au (2.84% CuEq). The lower lenses of mineralization intersected in these new holes appear to correlate with the lower lenses intersected in previous drilling in the north central part of the Tesla Zone, including holes TS-23-10 (see Foran's May 25, 2023 news release) and TS-23-12 (see Foran's October 5, 2023 news release). Tighter drill spacing will be required in this sector of Tesla to confirm the controls and distribution of the mineralization, but the occurrence of multiple lenses in previous drilling increases our confidence in respect of planned future drilling as the Tesla Zone continues to grow.

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A longitudinal section across the Tesla Zone is provided in Figure 3, demonstrating the spatial relationships between the drill holes.

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Tesla Zone – Up-Dip Expansion

Holes TS-24-17 and TS-24-18 were collared 100m apart as up-dip step-outs from previous drill holes TS-24-12 and TS-23-10 (Figure 1, Foran's February 22, 2024 news release), and designed to assess the expansion potential of mineralization approximately 160m to 180m up-dip in the central part of the Tesla Zone. Assays confirmed copper +/- zinc-rich semi-massive sulphides and stringer style mineralization in multiple lenses as provided in Table 1. Results indicate Tesla Zone remains open up-dip, and is expected to be followed up with additional drilling.

As previously reported, borehole EM surveys completed after drilling TS-24-17 and TS-24-18 returned significant EM responses that indicate mineralization likely continues a minimum of 50- 75m further up-dip and 200m along strike in the up-plunge direction, providing a robust plate model for future drill targeting and potential expansion of the upper zones of Tesla. Furthermore, surveys conducted on the deeper holes in this news release indicate at least a further 100 to 200m of mineralization continuation down-dip.

Altogether, the results from the expansion drilling in 2024 have provided a clearer picture of Tesla's potential footprint and geometry. The new data has allowed definition of over 500m of dip extent, with multiple mineralized lenses now interpreted at Tesla. These lenses are shown in plan view (Figure 4) and in cross section (Figure 5) below.

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Bridge Zone Drill Results

Additional assay results have also been received from the lower intersections of the previously released Bridge Zone drill holes MB-24-290 and MB-24-292 (see Foran's February 22, 2024 news release). These two holes were drilled near the interpreted margins of the Bridge Zone with the McIlvenna Bay Deposit and Tesla, respectively, and appear to have drilled through the interpreted bounding faults for the Bridge Zone on either side. In both cases, the drilling has returned two significant zones of massive to semi-massive sulphides with associated stringer zones.

As described above, hole MB-24-290 was drilled near the interpreted northern transition from Tesla into the Bridge Zone. Following a 76m mineralized interval of the Tesla main lens, this hole intersected a lower lens of mineralization below the Tesla fault that is correlated with the Bridge Zone mineralization. This zone consists of massive to semi-massive sulphides with an underlying stringer zone over a 7.4m core length that graded 1.04% Cu, 6.71% Zn and 0.47 g/t Au.

Hole MB-24-292 was drilled at the south end of the Bridge Zone corridor near the McIlvenna Bay Deposit. Following an 8.5m -thick "orphaned" intersection in the hanging wall to the McIlvenna Bay Deposit, additional assays have now been received from a lower massive sulphide zone intersected in that hole that appears to correlate with the Main Lens of the McIlvenna Bay Deposit. This lower lens was made up of massive to semi-massive sulphides and the underlying Copper Stockwork Zone over a 7.9m core length, consisting of 2.7m of massive sulphide grading 0.63% Cu, 7.44% Zn, 16.7 g/t Ag and 0.30 g/t Au followed directly down-hole by 5.2m of copper stockwork mineralization grading 1.97% Cu, 2.79% Zn, 20.6 g/t Ag and 1.05 g/t Au. This intersection appears to correlate well with surrounding historic intersections in this part of the deposit.

Ongoing Interpretation

The 2024 winter drill program has been successful in growing the footprint of the Tesla Zone and significantly enhanced our understanding of both the geometry and the potential controls on the Tesla mineralizing system. Interpretation is ongoing, however, particularly regarding the relationship of the Bridge Zone to both Tesla and the McIlvenna Bay Deposit. It appears that the Bridge Zone is bound by two significant faults, the Tesla Fault to the south and the Koziol fault in the hanging wall to the north of McIlvenna Bay. These faults have been observed in a number of drill holes and are well established. Within this structural zone, evidence continues to suggest a fold in the host lithologies which could provide significant mineralization upside (see Figure 6), although the geometry and amplitude of the fold is still not yet understood and will require a higher drilling density to interpret more accurately.

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Table 1 – 2024 Winter Assay Results 1 (*Denotes Previously Released)

| Hole | Zone | From_m | To_m | Interval_m | Cu % | Zn % | Ag g/t | Au g/t | CuEq % | | MB-24-290* | MS/CS | 1021.8 | 1049.1 | 27.4 | 1.03 | 2.17 | 28.3 | 0.20 | 1.83 | | Including | MS | 1021.8 | 1030.1 | 8.3 | 1.28 | 3.62 | 35.7 | 0.03 | 2.43 | | And | CS | 1030.1 | 1049.1 | 19.0 | 0.91 | 1.54 | 25.0 | 0.27 | 1.56 | | MB-24-290* | CS | 1050.8 | 1098.3 | 47.5 | 0.50 | 0.65 | 9.5 | 0.05 | 0.72 | | MB-24-290* | CS | 1103.8 | 1105.2 | 1.4 | 3.06 | 0.16 | 21.4 | 0.01 | 2.94 | | MB-24-290 | MS/CS | 1276.0 | 1283.4 | 7.4 | 1.04 | 6.71 | 22.1 | 0.47 | 3.33 | | Including | MS | 1276.0 | 1281.5 | 5.5 | 0.86 | 7.46 | 21.5 | 0.37 | 3.33 | | And | CS | 1281.5 | 1283.4 | 1.9 | 1.54 | 4.59 | 23.9 | 0.75 | 3.32 | | MB-24-290 | MS | 1299.2 | 1300.8 | 1.6 | 0.84 | 6.32 | 25.8 | 0.18 | 2.88 | | MB-24-292* | MS | 871.6 | 880.0 | 8.5 | 1.56 | 2.05 | 24.3 | 0.65 | 2.52 | | Including | MS | 871.6 | 874.2 | 2.6 | 0.85 | 2.64 | 19.5 | 1.59 | 2.58 | | And | MS | 878.1 | 880.0 | 2.0 | 2.33 | 1.14 | 38.6 | 0.47 | 2.91 | | MB-24-292 | MS/CS | 1115.6 | 1123.5 | 7.9 | 1.51 | 4.38 | 19.2 | 0.79 | 3.23 | | Including | MS | 1115.6 | 1118.3 | 2.7 | 0.63 | 7.44 | 16.7 | 0.30 | 3.05 | | And | CS | 1118.3 | 1123.5 | 5.2 | 1.97 | 2.79 | 20.6 | 1.05 | 3.34 | | TS-24-15 | MS/CS | 1360.4 | 1372.3 | 11.8 | 0.75 | 8.22 | 41.8 | 0.12 | 3.41 | | Including | MS | 1360.4 | 1369.0 | 8.6 | 0.70 | 10.01 | 42.2 | 0.14 | 3.91 | | And | CS | 1369.0 | 1372.3 | 3.3 | 0.87 | 3.51 | 40.8 | 0.09 | 2.08 | | TS-24-15 | MS | 1377.4 | 1382.7 | 5.3 | 0.45 | 6.45 | 44.3 | 0.17 | 2.64 | | Including | MS | 1380.9 | 1382.7 | 1.8 | 0.66 | 9.94 | 59.0 | 0.25 | 3.99 | | TS-24-15 | MS | 1433.6 | 1437.8 | 4.2 | 0.17 | 8.63 | 18.2 | 0.03 | 2.84 | | Including | MS | 1434.5 | 1436.1 | 1.7 | 0.15 | 13.79 | 21.6 | 0.03 | 4.38 | | TS-24-15 | MS | 1451.1 | 1453.5 | 2.4 | 0.30 | 8.26 | 37.6 | 0.09 | 2.97 | | Including | MS | 1451.1 | 1452.6 | 1.5 | 0.30 | 11.45 | 45.4 | 0.10 | 3.97 | | TS-24-15w1 | MS | 1402.7 | 1418.9 | 16.3 | 0.51 | 9.44 | 31.1 | 0.39 | 3.66 | | Including | MS | 1402.7 | 1408.6 | 5.9 | 0.51 | 13.94 | 22.0 | 0.25 | 4.88 | | TS-24-16w1 | MS | 1487.0 | 1489.5 | 2.5 | 0.18 | 6.49 | 16.3 | 0.03 | 2.20 | | TS-24-16w1 | MS | 1647.3 | 1648.0 | 0.7 | 0.32 | 10.90 | 46.2 | 0.25 | 3.91 | | TS-24-17 | MS/CS | 902.4 | 905.4 | 3.0 | 2.60 | 0.72 | 40.0 | 0.66 | 3.15 | | Including | MS | 902.4 | 903.4 | 1.0 | 6.53 | 1.87 | 45.6 | 1.23 | 7.43 | | TS-24-17 | MS/CS | 909.3 | 921.7 | 12.4 | 0.56 | 3.26 | 31.4 | 0.56 | 1.96 | | Including | MS | 909.3 | 910.9 | 1.6 | 0.57 | 12.31 | 57.4 | 0.42 | 4.71 | | TS-24-17 | MS/CS | 926.0 | 928.3 | 2.3 | 0.06 | 4.68 | 39.3 | 0.18 | 1.74 | | TS-24-18 | MS | 843.8 | 846.8 | 3.0 | 1.73 | 1.63 | 9.8 | 0.57 | 2.44 | | Including | MS | 844.1 | 845.2 | 1.1 | 3.63 | 3.70 | 20.9 | 1.11 | 5.16 | | TS-24-18 | CS | 850.2 | 851.3 | 1.1 | 2.15 | 0.46 | 12.5 | 0.37 | 2.37 | | TS-24-18 | CS | 897.5 | 901.5 | 4.0 | 0.52 | 0.44 | 10.2 | 0.34 | 0.85 | | TS-24-18 | MS | 910.4 | 910.7 | 0.3 | 2.37 | 1.29 | 28.0 | 0.64 | 3.05 | | TS-24-20 | MS/CS | 1347.4 | 1357.4 | 10.0 | 0.81 | 4.99 | 31.4 | 0.35 | 2.58 | | Including | MS | 1352.7 | 1355.4 | 2.7 | 0.33 | 9.54 | 21.1 | 0.12 | 3.32 | | TS-24-20 | MS/CS | 1363.1 | 1375.5 | 12.4 | 0.59 | 3.55 | 21.4 | 0.20 | 1.81 | | TS-24-20 | MS | 1379.9 | 1381.5 | 1.6 | 0.16 | 5.10 | 14.0 | 0.07 | 1.78 | | TS-24-20 | MS/CS | 1395.2 | 1422.1 | 26.9 | 1.23 | 7.55 | 38.4 | 0.20 | 3.67 | | Including | MS | 1403.8 | 1406.3 | 2.5 | 2.40 | 5.39 | 62.5 | 0.20 | 4.20 | | And | MS | 1406.3 | 1411.1 | 4.7 | 0.62 | 12.59 | 26.8 | 0.05 | 4.48 | | And | MS | 1414.6 | 1419.8 | 5.2 | 0.99 | 10.29 | 30.1 | 0.01 | 4.13 | | TS-24-20 | MS | 1456.6 | 1460.6 | 4.0 | 0.51 | 11.52 | 26.5 | 0.04 | 4.06 | | TS-24-20 | MS | 1466.0 | 1470.2 | 4.1 | 0.15 | 5.41 | 16.1 | 0.03 | 1.85 | | TS-24-21 | MS | 1340.1 | 1352.0 | 11.9 | 0.50 | 7.73 | 35.7 | 0.30 | 3.11 | | Including | MS | 1344.6 | 1349.7 | 5.1 | 0.43 | 10.36 | 52.4 | 0.36 | 3.94 |

| Note 1: Composite widths are presented as core lengths. Additional drilling will be required to confirm the geometry of the mineralized zones, but generally true widths are thought to be 80-85% of core length. Intervals generally composited using a 0.5% Cu cut-off grade in stringer zones, except MB-24-290 from 1050.8-1098.3m that used a 0.3% Cu cut-off grade. Copper Equivalent values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $20.00/ounce Ag and $1,800/ounce Au and LOM metallurgical recovery rates derived from test work on blended ores for the McIlvenna Bay Deposit completed as part of our 2022 Feasibility Study: 91.1% Cu, 79.8% Zn, 88.6% Au and 62.3% Ag (MS – massive / semi-massive sulphide, CS – Copper Stockwork/Stringer). To date no metallurgical test work has been completed on the Tesla Zone or Bridge Zone mineralization. |

Tesla and Bridge Zones Discovery History

Since the initial discovery of the Tesla Zone (the "Tesla Zone" or "Tesla") in 2022, 31 drillholes and wedges have successfully intersected mineralization across multiple horizons that together measure over 1,050m in strike length and 500m in dip extent. Recent winter drilling included step-out holes (approximately 100- 400m spacings), with associated wedges, that have intersected multiple massive and semi-massive copper and zinc mineralized horizons and associated stringer zones which remain open in all directions for continued expansion. Plans for the coming summer drill program include the completion of a series of infill drill fences across the upper part of the Tesla Zone to begin to better define the lenses and continuity of mineralization in preparation for a potential future resource estimate.

The Bridge Zone (the "Bridge Zone") occurs in a ~300m long corridor between the current southernmost drilling at Tesla and the northernmost drilling at the McIlvenna Bay Deposit. Discovered in 2023 and now confirmed with five drillholes, the Bridge Zone is typically characterized by multiple lenses of massive, semi-massive and stringer style sulphide mineralization. Detailed core observations and the results from the ongoing McIlvenna Bay Orebody Knowledge Study, including Truscan ™ XRF analysis of the holes, have identified important geological marker units within the Bridge Zone that link Tesla with the McIlvenna Bay Deposit and suggest that a post-mineralization fold connects these areas.