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Haywood Securities has updated coverage on Foran Mining Corporation (TSXV: FOM)

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Company: Foran Mining Corporation
Website: http://www.foranmining.com/s/Home.asp
Stock Symbol: TSXV: FOM
Date Published: Apr 1, 2015
Transcript: Available

Video Transcript:

I’m Samantha Deutscher for InvestmentPitch Media
Haywood Securities has updated coverage on Foran Mining Corporation, symbol FOM on the TSX Venture Exchange.
Following additional drill results from the company’s Thunder Zone copper-zinc discovery, analyst Stefan Ioannou gives a target price of $0.35, a premium of 46% to the $0.24 price on March 25th, the day the report was issued.
Foran’s 100% owned flagship McIlvenna Bay Project is located in Canada’s prolific Flin Flon mining belt in east central Saskatchewan, an easy 60 minute drive from the town of Flin Flon, Manitoba, which hosts Hudbay Mining’s triple 7 mine and zinc smelter.
Step out drilling at the Thunder Zone target on the Balsam property has intersected additional volcanogenic massive sulphide mineralization in multiple holes, confirming a significant new blind discovery close to McIlvenna Bay.
Highlights include Hole BA-15-80 with 2.62 metres grading 5.0% copper, 2.1% zinc, 0.84 grams per tonne gold, and 41 grams per tonne silver, within a sulphide-rich interval, approximately 12 metres thick, commencing 315 metres downhole..
Patrick Soares, President & CEO stated: “Our 2015 winter exploration program has successfully achieved its goal of expanding the Thunder Zone massive sulphide mineralization on the Balsam property.”
The Thunder Zone anomaly is similar to the anomaly underpinning the company’s flagship 25.2 million tonne McIlvenna Bay deposit located 7 kilometres to the northwest.
Drilling is now underway on the Bigstone deposit, located 25 kilometres to the west, with results expected in the coming weeks.
Foran is drilling 6 holes into the Bigstone deposit in order to upgrade the historic resource to NI 43-101 compliant status.
The historic resource estimate included a 3.75 million tonne copper zone grading 2.03% copper and 0.33 grams per tonne gold, using a 1.0% copper cut-off grade.
An adjacent 530,000 tonne zinc zone graded 9.62% zinc and 15.9 grams per tonne silver using a 5.0% zinc cut-off grade.
Analyst Stefan Ioannou stated: “Foran’s 2015 winter exploration program successfully expanded the Thunder Zone, which appears to be thickening down plunge to the northwest and is open to the northwest and southeast. With multiple VMS discoveries at/around 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.”
The shares are currently trading at $0.25, a significant discount to the $0.35 target price, and with approximately 90.8 million shares outstanding, the company is capitalized at approximately $22.7 million.
For more information, including the company’s Preliminary Economic Assessment, 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..
For more information about Haywood Securities or to obtain a copy of their research report, contact your nearest Haywood office. Their branches are listed on their website at www.haywood.com.
I’m Samantha Deutscher for InvestmentPitch Media
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