New Tesla Target Significant High Grade Intersections

VANCOUVER - Foran Mining Corporation reported on the 2023 winter drill program at the new Tesla target, which includes three new holes, along with additional significant new high-grade intersections from the bottom part of previously released TS-23-10. The Tesla Zone is located approximately 300 meters (m) north of  McIlvenna Bay Deposit in Saskatchewan.

Another new lens discovered at the northern end of Tesla shows that the Company could be entering the feeder part of the system, where we have encountered some of our highest-grade intercepts to date. Significant new assay results with new zones from the bottom of Hole TS-23-10: 3.5m grading 6.47% Cu, 1.49% Zn, 86.5 g/t Ag and 0.03 g/t Au (6.76% CuEq), including 2.1m grading 9.95% Cu, 0.99% Zn, 127.8 g/t Ag and 0.04 g/t Au (9.97% CuEq);and 9.4m grading 208 g/t Ag and 0.67 g/t Au, including 1.6m grading 355.5 g/t Ag and 0.82 g/t Au. Results from new wedge hole confirms continued up-dip extension of the main Tesla lens. 100% hit rate at Tesla over winter program with all drill holes intersecting sulphide mineralization. The upcoming 20,000m summer exploration drilling will focus on expansion drilling at Tesla and testing of high priority near-mine and regional targets.

Dan Myerson, Executive Chairman & CEO, said, "As our exploration efforts progress at Tesla and our understanding of this captivating discovery deepens, it continues to unveil exciting opportunities. 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. While we are in the initial phases of delineating this target, we are leveraging our expanding knowledge and extrapolating our findings to guide our exploration at other promising near-mine and regional targets in the upcoming summer season. Our commitment to maximizing risk-adjusted returns for our shareholders remains steadfast as we pursue the development of Canada's next critical minerals champion, and we look forward to providing further exciting exploration updates over the summer."