Foran Mining Corporation (TSXV:FOM) announced that their winter 2013 drill program has started and two drill rigs are active on the McIlvenna Bay deposit.
As quoted in the press release:
Drilling on the Deposit will consist of 3 to 4 holes designed to intersect the Deposit at depths of 400 to 500 m, near and below the main boundary between indicated and inferred resources. The primary objective of this drilling is to upgrade additional resources into the indicated category for potential conversion to reserves in feasibility-level work.
Foran’s President and CEO, Patrick Soares, said:
A large part of the mineral resource outlined to date on the Deposit is already in the indicated category; we are using the opportunity this winter to look ahead to the development of McIlvenna Bay, with the objective of upgrading additional inferred resources for inclusion in future feasibility studies.
| Updated December 2015
Get Our Expert Guide to Copper Investing FREE!Download this FREE Special Report, From LME Copper to Copper ETFs: Understanding Today’s Copper Price for Investing in Copper.