Tesla Zone Drilling Yields Highest Grade-Thickness Intercept to Date

Foran Mining Corporation has made a significant breakthrough in its exploration efforts at the Tesla Zone, part of its 100%-owned McIlvenna Bay Project in east-central Saskatchewan. The latest drilling results have revealed the highest grade-thickness intercept to date, marking a pivotal moment in the company's quest to delineate and expand the mineralization potential of the area.

The recent drilling program, which commenced in early January 2025, has been the largest in Foran's history, encompassing over 30,000 meters of drilling and utilizing eight drill rigs. The program's primary focus has been on confirming the continuity of Tesla mineralization and tightening up the drill hole spacing across central parts of the Tesla Zone. This intensive effort is aimed at supporting a future maiden resource estimate for the area.

One of the standout results from this program is the drill hole TS-25-37, which intersected multiple zones of massive and semi-massive sulphides and associated stringer and breccia zones. The intercepts in TS-25-37 represent the most significant mineralized intersection at Tesla by grade-thickness to date. Specifically, the hole yielded intervals such as "52.6m grading 1.75% Cu, 2.04% Zn, 22.0 g/t Ag and 0.41 g/t Au (2.54% CuEq), including 10.1m grading 3.17% Cu, 0.44% Zn, 36.1 g/t Ag and 1.04 g/t Au (3.79% CuEq); and 8.7m grading 1.68% Cu, 9.81% Zn, 21.8 g/t Ag and 0.15 g/t Au (4.65% CuEq)." These results are notably higher in both grade and thickness compared to previous intercepts, such as the 9.97% CuEq over 2.1m reported in May 2023.

The implications of these results are substantial for the overall mineralization potential of the area. Erin Carswell, Foran's Vice President, Exploration, commented, "Tesla has delivered another stunning surprise this winter, revealing an exceptionally thick intersection in the central part of the zone. The cumulative thickness of mineralization in hole TS-25-37 is twice that of our previous best intercept, significantly expanding a zone of high-grade copper mineralization that was previously discovered in Hole TS-23-10." This suggests that the Tesla Zone has a much larger and higher-grade mineralization potential than initially thought, which could lead to a more robust resource estimate in the future. The discovery of such thick and high-grade intercepts also indicates that the mineralization system at Tesla is more extensive and complex, with potential for further discoveries as drilling continues.



The key geological factors contributing to the high-grade intercept at the Tesla Zone include the presence of massive and semi-massive sulphides, stringer zones, and breccia zones. These factors are evident in the drill hole TS-25-37, which intersected multiple zones of almost-continuous mineralization over an unprecedented 143m of core length. The intercepts in TS-25-37 represent the most significant mineralized intersection at Tesla by grade-thickness to date, with significant assay results including:

- "52.6m grading 1.75% Cu, 2.04% Zn, 22.0 g/t Ag and 0.41 g/t Au (2.54% CuEq), including 10.1m grading 3.17% Cu, 0.44% Zn, 36.1 g/t Ag and 1.04 g/t Au (3.79% CuEq); and 8.7m grading 1.68% Cu, 9.81% Zn, 21.8 g/t Ag and 0.15 g/t Au (4.65% CuEq)"
- "37.5m grading 0.41% Cu, 7.76% Zn, 25.1 g/t Ag and 0.20 g/t Au (2.93% CuEq), including 24.9m grading 0.28% Cu, 10.62% Zn, 28.3 g/t Ag and 0.15 g/t Au (3.65% CuEq);"
- "22.3m grading 0.92% Cu, 0.16% Zn, 16.5 g/t Ag and 0.23 g/t Au (1.10% CuEq), including 5.5m grading 1.49% Cu, 0.30% Zn, 20.9 g/t Ag and 0.29 g/t Au (1.71% CuEq)"

These factors suggest that the Tesla Zone has a robust and continuous nature of mineralization, which is further supported by the continuity of mineralization along strike, currently up to 1,050 meters, beyond the limits of the modeled conductor. The success of these shallower holes has prompted more intensive updip exploration planning utilizing navigational drilling for the 2024 summer program. Additionally, the discovery of an additional deeper high-grade base and precious metal lens further augments its potential as we diligently carry out systematic drilling and extend our reach along the known geophysical conductor.

These geological factors will influence future exploration and development strategies at the Tesla Zone by guiding the Company to focus on confirming the continuity of Tesla mineralization and tightening up the drill hole spacing across central parts of the Tesla Zone as they work towards completing a maiden resource estimate. The winter program is targeting a series of larger 200-300m gaps in the current drill spacing across the Tesla and Bridge Zones, utilizing wedging and directional drilling technologies to maintain the efficiency and precision of the drilling at tighter spacings. This strategy will help to accurately assess the controls on this 143m thick package of mineralized rock, which will require further drilling, most likely from the footwall side of Tesla after ice melt.

The discovery of the high-grade intercept at the Tesla Zone has significantly impacted the timeline and scope of Foran Mining Corporation's plans for a maiden resource estimate. The intercept, which includes 52.6m grading 2.54% CuEq and 37.5m grading 2.93% CuEq, represents the most significant mineralized intersection at Tesla by grade-thickness to date. This discovery has underscored Tesla's expanding growth potential and has prompted Foran to accelerate its drilling efforts to further delineate the Zone.

Foran's current 2025 ice-based winter drill program is the largest in the Company's history, encompassing over 30,000m of drilling and utilizing eight drill rigs. This program is focused on confirming the continuity of Tesla mineralization and tightening up the drill hole spacing across central parts of the Tesla Zone as the Company works towards completing a maiden resource estimate. The program will target a series of larger 200-300m gaps in the current drill spacing across the Tesla and Bridge Zones, utilizing wedging and directional drilling technologies to maintain the efficiency and precision of the drilling at tighter spacings.

The discovery of the high-grade intercept has also led Foran to plan for further expansion drilling in subsequent programs. Erin Carswell, Foran's Vice President, Exploration, commented: "Tesla has delivered another stunning surprise this winter, revealing an exceptionally thick intersection in the central part of the zone. The cumulative thickness of mineralization in hole TS-25-37 is twice that of our previous best intercept, significantly expanding a zone of high-grade copper mineralization that was previously discovered in Hole TS-23-10. Additionally, a down-dip wedge hole has identified another broad interval of sulphides (assays pending) that should further strengthen the lenses. Accurately assessing the controls on this 143m thick package of mineralized rock will require further drilling, most likely from the footwall side of Tesla after ice melt. Most excitingly, it is an indication of the upside that still remains at Tesla and Bridge as we continue working towards our maiden resource estimate." This statement highlights the impact of the discovery on the timeline and scope of Foran's plans, as the Company now aims to further delineate the Zone and assess the controls on the mineralized rock package.



In conclusion, the recent high-grade intercept at the Tesla Zone represents a significant milestone for Foran Mining Corporation. The discovery not only underscores the potential of the Tesla Zone but also provides a strong foundation for future exploration and development efforts. As Foran continues to delve deeper into the Tesla Zone, the prospects for a robust resource estimate and potential expansion of the mineralization system look increasingly promising. Investors and industry observers will be closely watching the company's progress as it works towards unlocking the full potential of this exciting discovery.