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www.foranmining.com
Bigstone: A High Grade VMS
Deposit in the Western Flin Flon-
Glennie Complex
Dave Fleming, VP Exploration
*Roger March, VP Project Exploration
Saskatchewan Geological Survey Open House
December 1, 2015
* Presenter
Forward Looking Statements
2
This presentation contains "forward-looking information" (also referred to as "forward looking statements") which may include,
but are not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries
and its projects, the future price of metals, the estimation of mineral reserves and resources, the realization of mineral reserve
estimates, costs and timing of future exploration, the timing of the development of new deposits, requirements for additional
capital, foreign exchange risk, government regulation of mining and exploration operations, environmental risks, reclamation
expenses, title disputes or claims, insurance coverage and regulatory matters. Often, but not always, forward-looking statements
can be identified by the use of words such as "plans", "hopes", "expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state
that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking information involves and is subject to known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any
future results, performance or achievements expressed or implied by the forward-looking information. Such factors include,
among others, general business, economic, competitive, political and social uncertainties; the actual results of current
exploration activities and feasibility studies; assumptions in economic evaluations which prove to be inaccurate; fluctuations in
the value of the United States dollar and the Canadian dollar relative to each other; future prices of metals; possible variations of
ore grade or recovery rates; accidents, labour disputes or slow downs and other risks of the mining industry; climatic conditions;
political instability, insurrection or war; arbitrary decisions by governmental authorities; delays in obtaining governmental
approvals or financing or in the completion of development or construction activities. Although the Company has attempted to
identify important factors that could cause actual actions, events or results to differ materially from those described in forward-
looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated
or intended. Forward-looking information contained herein is made as of the date of this presentation and the Company
disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or
results or otherwise. There can be no assurance that forward-looking information or statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such information or statements. Accordingly,
readers should not place undue reliance on forward-looking statements.
Dr. Fiona Childe (Ph.D., P. Geo), VP of Corporate Development for the Company, is a Qualified Person as defined in National
Instrument 43-101 and has reviewed the disclosure of a technical or scientific nature contained in this presentation. Mr. Roger
March (B.Sc. (Hons.), P. Geo), VP Project Exploration for the Company, is a Qualified Person as defined in National Instrument 43-
101 and is the Qualified Person for the McIlvenna Bay Deposit.
3
Location and Infrastructure
Saskatchewan Manitoba
4
Reindeer Zone – Trans Hudson Orogen
Tectonic Setting
GD
Foran
Dispositions
Snow Lake Belt
Flin Flon Belt * modified after Corrigan et al, 2010
Brabant Lake
5
BG BA
Flin Flon
Snow Lake Deschambault Lake
Flin Flon-Glennie Complex Paleoproterozoic Juvenile Arc Assemblages
Western Assemblages are poorly
explored under Phanerozoic Cover
-29 present and past producing mines
- ~170MT of production
Bir
ch L
ake
Bel
t
Hanson Lake
Camp
6
Flin Flon-Glennie Complex Large VMS Deposits – Long Sections
Worldwide, the average size of a
VMS deposit is 3-5 MT
With a resource base of
13.9 MT Indicated + 11.3 MT Inferred,
Foran’s McIlvenna Bay deposit is one of
five largest VMS deposits in the FFGC
MB Zone 2 massive sulphide lens is
classified as Zn-rich comprised of:
3.39 MT indicated @ 7.15 % Zn
2.80 MT inferred @ 7.13% Zn
777/Callinan McIlvenna Bay
Lalor
7
Thunder Zone
McIlvenna Bay
Bigstone
Northern Lights Assemblage
F3
F2
F3
Hanson Lake Assemblage
HL Mine
Regional Geology- Hanson Lake Camp
8
Thunder Zone
McIlvenna Bay
Bigstone
Northern Lights Assemblage
Hanson Lake Assemblage
HLA volcanic sequences are mafic dominated, tholeiitic to the west - calc-alkaline, felsic dominated to the east (arc rift-related furthest east?)
NLA sub-alkaline, tholeiites, mafic dominant, primitive arc
Zn>Cu
Cu>Zn
Cu>Zn?
Zn-Pb-Cu
Volcanic Arc Evolution
McIlvenna Bay Deposit Overview
9
Mineral Resource:
13.9Mt of 13.2% ZnEq (2.0% CuEq) indicated
11.3Mt of 13.5% ZnEq (2.0% CuEq) inferred
Metallurgy:
Good recoveries, saleable copper and zinc concentrates with silver and gold credits
Positive PEA1:
NPV7% of $382M ($263M post-tax)
IRR of 22% (19% post-tax)
Initial CapEx: $249M; Sustaining CapEx $150M2
5000 tpd, 14 year mine life, 4.1 year payback
Cash costs: US$0.84/lb Cu; -US$0.37/lb Zn3
Zn production: 59Mlbs pa (805M lbs LOM)
Cu production: 38Mlbs pa (514M lbs LOM)
56% 30%
10% Copper
Zinc
Gold
Silver
Lead
Payable Metal Production (LOM)
1 The PEA is considered preliminary in nature and includes mineral resources, including inferred mineral resources that are considered too speculative geologically to
have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves
have not yet demonstrated economic viability. Due to the uncertainty that may be attached to mineral resources, it cannot be assumed that all or any part of a
mineral resource will be upgraded to mineral reserves. Therefore, there is no certainty that the results concluded in the PEA will be realized. 2 Includes 20%
contingency. 3 Net of by-product, includes all TC/RC, operating costs & royalties. All figures are quoted in CDN$ unless otherwise noted; base case metal prices of
US$3.08/lb. Cu, US$1.06/lb., Zn, US$0.93/lb. Pb, US$1,238/oz. Au and US$17/oz. Ag and exchange rate of 0.89 based on spot as at Oct. 15, 2014.
Foran’s flagship property and the center of gravity for potential
development in the Hanson Lake VMS Camp
10
Satellite Deposits: Resource Growth for the Hanson Lake Camp
Bigstone Deposit
25km southwest of McIlvenna Bay
High-grade historic mineral resource
2015 infill drilling – 6 holes for 2,545m:
• All holes hit high-grade mineralization
• 18.4% Zn over 12m in the Massive Sulphide
(Zinc) Zone
• 2.0% Cu over 105m, incl. 4.1% Cu over 20m +
3.4% Cu over 19.0m in the Main Zone (Copper)
Growth potential - deposit not fully defined
Positive Metallurgy
Thunder Zone
7km southeast of McIlvenna Bay
2013 discovery hole: BA-13-77
• 4.1% Cu, 0.43g/t Au over 3.7m
2015 follow-up drilling – 5 holes for 1,914m:
• Massive sulphide in 4 of 5 holes
• 5.0% Cu, 2.1% Zn over 2.26m in BA-15-80
• 2.0% Cu, 3.5% Zn over 3.46m, followed downhole
by 7.2% Zn over 3.70m in BA-15-83
Open along strike & thickening down-plunge
BA-15-80
BS-15-241
11
Bigstone - Exploration History 1963: Selco - airborne (INPUT) survey and drilling
1966-67: Western Nuclear - diamond drilling
1968: Inco - diamond drilling
1971-74: HBED - drill tested EM conductors
1975: Freeport - Turam EM survey, diamond drilling
1982-94: Granges/SMDC JV - conducted extensive
ground geophysics, diamond drilling (over 200 holes)
Bigstone deposit discovered in 1983 through drill
testing a 1963 Selco EM conductor
1995-2002: Aur Resources/Cameco JV - digital
compilation, ground geophysics, diamond drilling
2007: Foran - VTEM airborne geophysical survey
Foran corporate re-organization in 2010
2011-14: Foran - VTEM survey, diamond drilling,
surface TDEM survey over the Bigstone deposit
2015: Foran - 2,545 metres of drilling in 6 holes +
borehole TDEM
12
Cu cut-off
(%Cu)
Tonnage
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
1.0 3,747,500 2.03 0.14 0.33 9.3
1.5 3,136,600 2.26 0.15 0.36 9.9
2.0 1,983,600 2.57 0.17 0.48 11.3
2.5 1,199,300 3.11 0.20 0.61 13.5
Copper Zone historic resource estimate sensitivity analysis
Zn cut-off
(%Zn)
Tonnage
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
2.0 755,200 0.20 7.75 0.27 11.7
3.0 692,600 0.21 8.22 0.28 12.6
4.0 611,500 0.21 8.87 0.30 13.9
5.0 525,300 0.24 9.62 0.34 15.9
Zinc Zone historic resource estimate sensitivity analysis
1 43-101 non-compliant historic resource by Cameco, 1990 (sectional method); Foran is not treating historic resource
estimates as current, additional work is required to bring historic resources to current : 3.0 m minimum true thickness
Bigstone - Historic Mineral Resource1
SG
2.8
SG
3.5
13
2015 Bigstone Program
First drilling at the Bigstone deposit since 2000
2,545 metres of HQ drilling in 6 holes targeting deposit
Borehole TDEM
Quantitative Mineralogy - Predictive Metallurgy
Preliminary metallurgical test work (566kg of HQ core)
Recovery and re-logging of historic drill core
Historic database validated and re-built
14
Bigstone Geology
Main Zone
Stratigraphy is west facing,
north trending and vertical
to steeply west dipping
Amphibolite grade
metamorphism
Large tonalite body to the
east may represent the
sub-volcanic intrusion
which was the heat engine
for the mineralizing system
Zone of strong shearing to
the West associated with
diorite intrusion; gold
associated with shear zone locally (Tabbernor Splay?)
-50m level plan
15
Geophysics
Main Zone
TDEM - HT Squid_X _Channel 29
Deposit has strong EM response: Fe-
sulphides and magnetite
EM response indicates that alteration
assemblage continues along strike from
the currently defined deposit
Response from East Zone more subtle –
alteration less intense with a potential
shallow plunge to the south
Main Zone
VTEM MAG_30m grid_Plateau Filter
Deposit has strong magnetic expression
- Fe-sulphides and magnetite
Eastern tonalite body peripheral to the
East Zone has strong magnetic
expression
Tonalite cut-off to the north by
magnetically positive gabbro unit
16
Deposit Stratigraphy
Hanging wall
Mafic volcanics and mixed upper sequence cut by FP
porphyritic diorite. Felsic lapilli and ash tuffs with
interbedded graphitic or carbonaceous argillite
(silicified)
Base of last argillite bed defines the hanging wall
contact above the Zn-rich Massive Sulphide
Silicified argillite forms the cap to massive sulphide;
critical for building large, high grade zinc-rich VMS
deposits
Bigstone Formation
Host to mineralization. Intensely altered dacite-
andesite volcaniclastics. Alteration: silica-sericite
transitional to chlorite-chloritoid-garnet-magnetite.
Footwall
QFP, intermediate lapilli tuff and subordinate
mafic volcanic units. Chlorite-biotite +/- qtz-
sericite, tourmaline alteration
17
Bigstone – Mineralization
• Mineralization consists of coarse grained red sphalerite with laminated pyrrhotite
• Local crosscutting silver sulphosalt, galena mineralization
• Horizon laterally extensive up to 10m thick
• High grades: individual assays >40% zinc from 2015 drilling
1) Massive Sulphide: High grade zinc-rich massive sulphide horizon
Two zones present: Massive sulphide sheet underlain by sub-seafloor replacement
style sulphide body (“Main Zone”)
18
Bigstone – Mineralization
Main Zone (copper) mineralization consists of
pyrrhotite, chalcopyrite (+/- aspy, sphal, py);
associated with 2 main alteration
assemblages:
• chlorite-chloritoid-garnet-magnetite
(+/- silica)
• silica-sericite
2) Main Zone: Two styles of mineralization present Disseminated to semi-massive copper and stringer-style zinc
-Transitional to-
Main Zone (zinc) stringer-style
mineralization, consists of red sphalerite
(+/- gahnite), pyrrhotite, pyrite (+/- cpy);
associated with strong silica – sericite
alteration
Alteration through the Main Zone is intense and texturally destructive
making identification of primary lithologies difficult
Section 1675 N
19
2015 drilling intersected thick zones
of mineralization in all holes
Numerous intervals of +2% Cu
intersected over significant widths
The Main Zone is a vertically oriented,
flattened cylinder ~ 150m along strike,
up to 60m in true thickness, and
plunges to depth beyond 500 vertical
metres
Main Zone Cu Specific Gravity
estimated to be ~3.3, a 15% increase
from an SG of 2.8 used in the 1990
resource calculation
1.17; 0.09; 0.12; 6.21
31.50
1.54; 0.51; 0.36; 13.91
23.50
2.59; 0.13; 0.67; 10.80
31.00
2.03; 0.12; 0.10; 6.40
104.94
0.21; 4.59; 0.03; 4.98
2.10
0.11; 2.17; 0.07; 5.06
3.37
0.34; 8.98; 0.07; 2.47
1.50
1.61; 0.10; 0.21; 6.11
90.18
0.02; 10.73; 0.05; 1.00
1.40
0.16; 6.20; 0.05; 2.20
1.13
Looking northeast
20
Main Zone (Copper)
BS-15-239 : 370.12-379.5m
9.38m @ 3.42% Cu, 0.24% Zn, 0.08 g/t Au, 10.62 g/t Ag
Length Weighted SG = 3.26
Section 1625 N
21
Main Zone (Copper) mineralization is
transitional to zinc stringer-style
sulphides peripheral to the core of
the Main Zone
This peripheral Main Zone (Zinc)
mineralization may not have been
fully represented in historic resource
estimates
Massive Sulphide (Zinc) horizon
forms a 200 x 400m sheet; currently
more extensive than the underlying
Main Zone mineralization
2.54; 0.11; 0.21; 14.70
53.57
1.19; 0.09; 0.14; 9.40
8.86
0.81; 0.11; 0.06; 5.70
9.94
0.21; 5.03; 0.15; 2.30
8.30
1.28; 0.09; 0.17; 8.90
8.47
1.42; 0.08; 0.06; 5.20
10.59
0.11; 2.09; 0.04; 2.15
10.62
0.26; 18.42; 0.38; 32.40
11.78
0.24; 18.51; 0.49; 52.10
2.48
0.02; 10.85; 0.05; 14.60
2.70
0.31; 6.90; 0.05; 7.60
6.60
0.02; 16.43; 0.05; 23.00
1.10
0.11; 2.91; 0.05; 0.20
2.00
Looking northeast
22
BS-15-240: 339.85-347.47m
7.62m @ 27.03% Zn, 0.31% Cu, 0.37 g/t Au, 45.26 g/t Ag
Length Weighted SG= 3.82
3.68% Zn 18.56% Zn
30.65% Zn
30.69% Zn 19.27% Zn
28.81% Zn
24.77% Zn
41.65% Zn
24.05% Zn
22.02% Zn
32.26% Zn 21.85% Zn 3.22% Zn
0.10% Zn
4.77% Zn 2.97% Zn
Massive Sulphide (Zinc)
23
BS-15-244: 367.75-376.76m
9.01m @ 0.99% Cu, 12.11% Zn, 0.21g/t Au, 9.71 g/t Ag
Length Weighted SG = 3.04
Main Zone (Zinc)
24
Longitudinal Sections Grade x True Width Contours
Massive Sulphide - zinc Main Zone - copper
45.53% Zn; 36.0g/t Ag
4.0m
9.65% Zn; 40.9g/t Ag
9.30m
26.73% Zn; 13.5g/t Ag
7.53m
2.03% Cu; 0.10g/t Au
104.94m
2.87% Cu; 0.36g/t Au
64.50m
-and-
4.09% Cu; 0.37g/t Au
31.00m
3.88% Cu; 0.25g/t Au
22.89m
BS-40:
BS-58w1:
BS-15-239:
BS-72:
BS-29:
BS-74:
25
Metallurgy
• 566kg of material collected from ¼ HQ core from 2015 drilling
• 3 composites: Main Zone (copper), Main Zone (zinc), Massive Sulphide
• Scoping level metallurgical testing utilizing conventional floatation,
followed by locked cycle tests to produce copper and zinc concentrates
• Good Recoveries and high grade concentrates produced for all zones
Bigstone Metallurgy
26
Zone Copper Concentrates Zinc Concentrates
Main Zone (Copper)
Composite Head Grade:
1.85% Cu, 0.21g/t Au, 9g/t Ag
Cu Conc. #1
Grade:
29.2% Cu, 1.8g/t Au, 118g/t Ag
Recoveries:
93% Cu, 52% Au, 82% Ag
N/A
Main Zone (Zinc)
Composite Head Grade:
5.22% Zn, 0.70% Cu, 0.16g/t Au,
6g/t Ag
Cu Conc. #2
Grade:
29.4% Cu, 7.7g/t Au, 238g/t Ag
Recoveries:
43% Cu, 48% Au, 38% Ag
Zn Conc. #1
Grade: 55.3% Zn, 0.32g/t Au,
24g/t Ag
Recoveries:
90% Zn, 17% Au, 32%Ag
Massive Sulphides (Zinc)
Composite Head Grade:
10.1% Zn, 0.24% Cu, 0.29g/t Au,
108g/t Ag
N/A Zn Conc. #2
Grade:
54.1% Zn, 1.1g/t Au, 471g/t Ag
Recoveries:
89% Zn, 65% Au, 73% Ag
Testwork conducted by Base Metallurgical Laboratories Ltd.; for additional information see Foran November 17, 2015 news release.
Good Recoveries and marketable concentrates
amenable to conventional grinding & flotation
27
VTEM Airborne Magnetics
+
Ch 29_X TDEM contours
Tonalite
Resource growth potential with
additional drilling at the deposit
Exploration potential to the north:
historic drilling along trend from
Bigstone is shallow (<150m);
intersecting graphitic argillite/iron
formation (hangingwall rocks?);
formational Fe-sulphides +/-
sphalerite suggesting distal VMS
East zone potential: Altered tonalite
footwall intrusive is magnetic (both
hosting and marginal to East Zone
stringer style po-cpy). Unit cut off
by gabbro – where did it go?
VTEM AGG_30m grid_Plateau Filter
Exploration Potential
The Road Ahead
28
Positive PEA demonstrates that the McIlvenna
Bay deposit should advance to a feasibility study
Resource growth potential through continued
exploration both at McIlvenna Bay and satellite
deposits (Bigstone, Thunder, etc.)
Bigstone metallurgy indicates good recoveries;
potential for high grade mill feed to supplement
McIlvenna Bay
Foran is focused on developing Canada’s next
base metal mining camp at Hanson Lake
29
Thanks to:
Major Drilling CPI Construction
Foran Exploration Team