Foran Mining Corporation (TSX: FOM | (OTCQX: FMCXF) has reported ministerial approval for its 100% owned McIlvenna Bay Project in Saskatchewan, Canada under the Environmental Assessment Act.
It marks the end of the environmental impact assessment process for the project, a critical permitting milestone and the approval enables the company to address required conditions and secure necessary approvals to construct and operate prior to entering full construction.
“This accomplishment speaks volumes about the importance of the collaborative work done by our team with local communities and Indigenous peoples throughout the process,” commented Foran’s executive chairman and CEO, Dan Myerson.
“As we proceed in developing this project and continue to explore and grow this world-class multi-generational district, we look forward to showcasing the potential of McIlvenna Bay as Canada’s next great critical minerals champion.”
McIlvenna Bay is a copper-zinc-gold-silver rich VHMS deposit intended to be the centre of a new mining camp in a district that has already been producing for 100 years. McIlvenna Bay is the largest undeveloped VHMS deposit in the region.
The McIlvenna Bay project is 65km west of Flin Flon, Manitoba and is part of the world class Flin Flon Greenstone Belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran’s ground in eastern Saskatchewan, over 225km.
The project has a projected 18-year mine life, over which it could produce 65Mlb of copper-equivalent annually, according to its 2022 feasibility study.
With ministerial approval, Foran will continue execute on its early works campaign which includes detailed engineering, procuring mining and processing equipment, installation of a permanent camp, and the continuation of advanced exploration as the company prepares and reviews the project budget in advance of full development.
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