On June 17 (Tuesday), drilling results from Foran Mining's McIlvenna Bay project in east-central Saskatchewan, Canada, indicated an ore copper grade of 1.55%. The McIlvenna Bay project is located in the Flin-Flon greenstone belt, with resources totaling 39 million mt, featuring a copper grade of 1.2%, a zinc grade of 2.16%, 0.41 g/t of gold, and 14 g/t of silver. A feasibility study released by the company in 2022 revealed that the mine has an 18-year mining life, with an average annual production of 34.5 million pounds of copper, 58.6 million pounds of zinc, 17,500 ounces of gold, and 435,200 ounces of silver.

[Foran Mining to Raise C$350 Million for McIlvenna Bay Copper-Zinc Project] Canadian miner Foran Mining has announced a C$350 million non-brokered private placement to fund the development of its McIlvenna Bay copper-zinc project in Saskatchewan and exploration in the surrounding district. The financing is led by the Canada Growth Fund (CGF), which is contributing C$156 million, with participation from Agnico Eagle, Fairfax, and others. The project is expected to create around 400 permanent jobs and boost Canada’s copper and zinc output by approximately 4% and 22%, respectively. Foran has also revised the Phase 1 capital cost to C$1.08 billion, up from C$886 million, due to delays in construction, increased labor costs, and other factors. Despite this, construction progress remains steady, with about 32% already completed. The company maintains its target of achieving commercial production by mid-2026.

Foran Mining, listed on the TSX, has announced a C$350-million non-brokered private placement to fund the construction of its McIlvenna Bay project in Saskatchewan and support regional exploration, with a cornerstone C$156-million investment from the Canada Growth Fund (CGF). Other investors include Agnico Eagle Mines, Fairfax Financial affiliates, and a major institutional investor, with CEO Dan Myerson also expected to participate. The project, expected to create about 400 permanent jobs, could increase Canada’s copper and zinc output by 4% and 22%, respectively. Foran has also revised Phase 1 capital costs to C$1.08 billion, up from C$886 million, due to construction-related challenges. Despite this, the project remains on schedule for commercial production by mid-2026, with engineering and procurement nearly complete and 32% of construction already finished.