McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is
pleased to provide new assay results from its Grey Fox deposit,
part of the Fox Complex located in the Timmins region of Ontario,
Canada. Grey Fox is located in the southern part of the Black Fox
property and comprises six zones, known as Gibson, Whiskey Jack,
Contact, 147, 147NE and Grey Fox South (see
Figure
1).
Highlights:
- High-grade drill
hole results include: 10.2 grams per tonne (g/t)
Au over 11.1 m at Whiskey Jack.
- Geological
investigations demonstrate similarities between the Grey Fox
Deposit and the Hishikari Gold Mine.
- Potential for
stacked epithermal gold-bearing veins over & adjacent to an
orogenic gold system.
- An example of
the potential for additional orogenic gold mineralization similar
to the Black Fox Mine can be seen in Figures 5 and
6.
- An updated
Mineral Resource estimate for the entire Fox Complex will be
released in Q1 of 2025, including Grey Fox (current resource of
1.4 million Indicated and Inferred gold ounces)
and Stock (current resource of 0.46 million
Indicated and Inferred gold ounces) (see Table
2).
- The Black Fox
Mine was a 1-million-ounce orogenic gold producer. The Black Fox
Exploration Horizon extends from the Black Fox Mine for 3
kilometers to the Grey Fox Deposit (see Figure
1).
Rob McEwen, Chairman and Chief Owner said,
“Our investment in exploration at Grey
Fox, in the southern portion of the Black Fox property, is
generating an exciting future for two specific
reasons. Firstly, our team is focused on drilling to add gold
ounces into our production pipeline. Secondly, we are impressed
by the depth potential. There are two styles of
gold mineralization, epithermal veining and orogenic lenses, both
gold-rich at the top of the systems. Based on our past and recent
drilling, it appears that the Fox Complex has
the opportunity to expand its production profile, and the depth
potential is still wide open.”
Current geological modeling of Grey Fox
indicates the presence of over 50 distinct mineralized lenses in an
area of only about 1.3 square kilometers in size, with many of the
lenses extending to the bedrock surface.
In addition, over 90% of the current Grey Fox
resource, of about 1.4 million ounces of gold, lies within the top
300 meters from the surface in epithermal-style quartz breccia
veins. Drill core from the epithermal vein systems suggests that
the bulk of the deposit that has been tested to date is still above
the ‘boiling zone’, typical of an epithermal system, yet has high
gold grades with potential mineralization continuing deeper.
Surface expressions of the modelled mineralized
zones are generally parallel and strike northeast to southwest
suggesting a strong, long-lived mineralizing system. Geological
investigations suggest two distinct gold mineralizing systems of
stacked epithermal veins and orogenic zones within close proximity.
This observation opens the potential for a ‘Hishikari-type'
epithermal vein system beside orogenic gold zones.
The Hishikari gold mine in Japan is one of the
richest gold mines in the world, in production since 1985. To date,
the mine produced 8.6 million ounces of gold, with an average
grade of 30-40 g/t gold. It has a cluster of 125 low-sulphidation
epithermal veins, within an area measuring 500 to 1,000 meters wide
by 3,000 meters long. The veins are 1 to 3 meters wide to a maximum
of 8 meters, and are ’blind’, as they don’t come to the
surface, starting at 100 metres below the surface, with the top of
the boiling zone at approximately 200 meters below the surface. In
the boiling zone at Hishikari, the quartz veins are noted for
having crustiform banding, while at Grey Fox only thin
intersections of similar textures have generally been intersected
to date, which suggests that most of the current drilling is still
above the boiling zone.
Table 1 below shows recent
assay results and some previously released key assay intercepts
received for the Grey Fox Deposit.
Table 1. Drill Results From the
Grey Fox Deposit
|
Hole ID |
From(m) |
To(m) |
CoreLength(m) |
TrueWidth(m) |
TrueWidth(ft) |
AuGrade(g/t) |
Grade xTrue Width(GxM) |
|
24GF-1517 |
558.5 |
561.5 |
3.0 |
2.4 |
7.8 |
7.5 |
17.9 |
|
Including |
560.5 |
561.5 |
1.0 |
0.8 |
2.6 |
16.0 |
12.7 |
|
24GF-1516 |
105.2 |
107.6 |
2.4 |
1.9 |
6.1 |
10.7 |
20.0 |
|
Including |
106.9 |
107.6 |
0.7 |
0.5 |
1.7 |
16.1 |
8.2 |
|
24GF-1513 |
114.0 |
118.0 |
4.0 |
2.8 |
9.2 |
5.1 |
14.3 |
|
Including |
115.1 |
118.0 |
2.9 |
2.1 |
6.7 |
6.0 |
12.4 |
|
&Including |
115.1 |
116.0 |
0.9 |
0.7 |
2.2 |
15.5 |
10.3 |
|
And |
139.0 |
145.0 |
6.0 |
4.3 |
14.0 |
6.3 |
27.0 |
|
Including |
139.0 |
141.0 |
2.0 |
1.4 |
4.7 |
17.8 |
25.3 |
|
And |
442.0 |
450.0 |
8.0 |
5.8 |
18.9 |
11.2 |
64.8 |
|
Including |
444.9 |
450.0 |
5.1 |
3.7 |
12.0 |
17.2 |
63.0 |
|
&Including |
446.0 |
447.0 |
1.0 |
0.7 |
2.4 |
72.7 |
52.5 |
|
24GF-1512 |
107.4 |
111.5 |
4.1 |
3.7 |
12.2 |
7.5 |
27.8 |
|
Including |
107.4 |
108.2 |
0.8 |
0.7 |
2.4 |
37.1 |
26.9 |
|
And |
156.6 |
164.0 |
7.5 |
6.6 |
21.7 |
4.6 |
30.4 |
|
Including |
160.4 |
161.2 |
0.8 |
0.7 |
2.3 |
39.6 |
28.1 |
|
24GF-1511 |
241.0 |
243.0 |
2.0 |
1.3 |
4.2 |
46.3 |
59.2 |
|
Including |
241.0 |
242.0 |
1.0 |
0.7 |
2.2 |
88.3 |
58.7 |
|
And |
334.0 |
336.2 |
2.2 |
1.5 |
5.0 |
9.6 |
14.6 |
|
Including |
334.0 |
335.0 |
0.9 |
0.7 |
2.2 |
16.1 |
10.8 |
|
24GF-1510 |
106.0 |
108.0 |
2.0 |
1.8 |
5.8 |
8.4 |
14.9 |
|
Including |
107.0 |
108.0 |
1.0 |
0.9 |
2.9 |
12.3 |
10.9 |
|
And |
118.0 |
121.0 |
3.0 |
2.7 |
8.7 |
5.3 |
14.1 |
|
Including |
119.1 |
120.0 |
0.9 |
0.8 |
2.7 |
15.5 |
12.6 |
|
24GF-1508 |
149.4 |
163.9 |
14.5 |
11.1 |
36.5 |
10.2 |
113.3 |
|
Including |
149.4 |
154.3 |
5.0 |
3.8 |
12.5 |
27.7 |
105.4 |
|
24GF-1500 |
116.5 |
117.6 |
1.1 |
0.9 |
3.0 |
54.4 |
49.5 |
|
And |
176.0 |
178.0 |
2.0 |
1.7 |
5.5 |
13.2 |
22.0 |
|
Including |
176.0 |
177.0 |
1.0 |
0.8 |
2.7 |
24.5 |
20.4 |
|
24GF-1498 |
120.0 |
124.9 |
4.9 |
4.3 |
14.3 |
4.1 |
17.8 |
|
And |
132.0 |
139.1 |
7.1 |
6.3 |
20.8 |
4.7 |
29.7 |
|
Including |
135.0 |
136.5 |
1.5 |
1.3 |
4.4 |
19.0 |
25.4 |
|
24GF-1495 |
73.0 |
75.0 |
2.0 |
1.6 |
5.2 |
8.4 |
13.5 |
|
24GF-1484 |
153.0 |
159.0 |
6.0 |
4.4 |
14.3 |
3.1 |
13.6 |
|
Including |
153.0 |
154.0 |
1.0 |
0.7 |
2.4 |
16.1 |
11.7 |
|
24GF-1473 |
170.0 |
175.0 |
5.0 |
3.9 |
12.7 |
4.2 |
16.1 |
|
Including |
173.0 |
174.0 |
1.0 |
0.8 |
2.5 |
17.5 |
13.5 |
|
24GF-1466 |
287.3 |
290.0 |
2.8 |
2.2 |
7.2 |
5.3 |
11.8 |
|
Including |
289.0 |
290.0 |
1.0 |
0.8 |
2.6 |
14.0 |
11.2 |
|
24GF-1459 |
100.0 |
105.0 |
5.0 |
4.2 |
13.8 |
4.7 |
19.9 |
|
Including |
102.0 |
103.0 |
1.0 |
0.8 |
2.8 |
18.0 |
15.1 |
|
And |
139.0 |
143.0 |
4.0 |
3.4 |
11.0 |
3.3 |
11.2 |
|
Including |
139.0 |
140.0 |
1.0 |
0.8 |
2.8 |
10.3 |
8.7 |
|
24GF-1457 |
276.0 |
279.0 |
3.0 |
2.6 |
8.6 |
6.7 |
17.6 |
|
Including |
276.0 |
277.0 |
1.0 |
0.9 |
2.9 |
13.0 |
11.4 |
|
24GF-1455 |
195.0 |
198.7 |
3.7 |
3.3 |
10.7 |
5.7 |
18.5 |
|
24GF-1449 |
73.0 |
80.0 |
7.0 |
5.9 |
19.2 |
4.2 |
24.7 |
|
Including |
74.0 |
75.0 |
1.0 |
0.8 |
2.7 |
21.1 |
17.7 |
|
21GF-1333* |
378.4 |
403.6 |
25.2 |
19.0 |
62.2 |
4.8 |
90.4 |
|
21GF-1353* |
231.9 |
236.9 |
5.0 |
4.1 |
13.5 |
17.8 |
73.3 |
|
21GF-1359* |
246.0 |
259.1 |
13.1 |
10.0 |
32.7 |
18.3 |
182.1 |
|
22GF-1363* |
442.4 |
447.4 |
5.0 |
4.4 |
14.4 |
15.5 |
68.3 |
|
22GF-1365* |
144.9 |
157.1 |
12.2 |
9.3 |
30.6 |
13.1 |
122.3 |
|
24GF-1397* |
154.0 |
156.0 |
2.0 |
1.3 |
4.3 |
50.7 |
66.2 |
|
24GF-1424* |
93.0 |
102.5 |
9.5 |
8.4 |
27.4 |
10.0 |
83.6 |
|
24GF-1426* |
200.3 |
200.9 |
0.7 |
0.5 |
1.8 |
586.7 |
315.2 |
|
Gold grades in the table are uncapped. * indicates previously
reported drill results. GxM over 50 are highlighted in bold. |
Figure 1 is a plan view map
showing the multiple zones at Grey Fox in relation to the rest of
the Fox Complex, also demonstrating that the Fox Complex can be
divided into the Grey Fox Exploration Horizon and the Black Fox
Exploration Horizon, based on geological similarities to the
current Grey Fox resource and the Black Fox Mine, respectively.
Minimal drilling has been completed between the Black Fox mine and
the current Grey Fox resource. When looking at Figure
1 it can also be seen that between the Black Fox Mine and
the current Grey Fox resource area there are similarities in terms
of structure (faults) and rock types.
Much of the drilling since 2021 was concentrated
at the Gibson and Whiskey Jack zones. Many of the new results
reported in this news release from recent drilling confirm
promising grades of mineralization for both zones e.g., 24GF-1508:
10.2 g/t Au over 11.1 m at
Whiskey Jack (see Figure 2) and 24GF-1513:
11.2 g/t Au over 5.8 m at Gibson
(see Figure 2).
Figure 1. Plan View Map for the Fox Complex
Figure 2. Plan View Surface Geology Map
with New and Previously Released Results for Its Various Zones. *
Denotes Previously Released Intercepts. Note: TW = True Width; COG
= Cut Off Grade.
Of the 50 lenses identified at Grey Fox,
multiple new lenses have been identified for the Gibson zone since
the last resource update at Grey Fox, released in 2021. The
mineralization within the Gibson zone is characterized by narrow,
steeply dipping, continuous, epithermal vein sets and is still open
to the northwest and down-dip (see Figure 2).
Many of these new mineralized lenses are in close proximity to the
historical Gibson Ramp and could be accessed via underground or
open pit mining methods.
Figure 3. Zoomed in Plan View Map for
the Gibson & Whiskey Jack Zones at Grey Fox, Showing New (Red)
and Existing (Grey) Lenses.
The entrance to the Gibson Ramp is about 350
meters from the central portion of the Whiskey Jack zone.
There are multiple newly defined epithermal vein sets between the
ramp entrance and the Whiskey Jack zone.
Figure 2 demonstrates that drillhole
intercepts like 22GF-1365 (13.1 g/t Au over
9.3 m) and 21GF-1333
(4.8 g/t Au over 19.0
m) lie on some of these newly defined epithermal vein sets
between the Gibson Ramp and the Whiskey Jack zone. The Gibson ramp
is well located and a suitable platform for additional exploration
and future production.
Figure 4 is a cross section
through the Gibson zone at Grey Fox. Many of the mineralized lenses
are close to the Gibson Ramp. These lenses could offer the
flexibility of multiple production areas.
Figure 4. Grey Fox-Gibson Zone
Cross Section (Looking NE). The Mineralized Lenses Are Open
at Depth. Note their Close Proximity to the Gibson Ramp
(Shown in Blue).
Figure 5. Plan View Map for the Areas
Under and Adjacent to the Grey Fox Deposit. A-A' Denotes a Cross
Section Represented in Figure 6, Showing the Locations of Some of
the Historic Orogenic Intercepts Adjacent to and Under the Grey Fox
Deposit.
Referring to Figures 5 & 6, it can be seen
that there are orogenic-style intercepts located in the Black Fox
Horizon adjacent to the current Grey Fox deposit. These intercepts
represent a good exploration target to expand the current Grey Fox
resource especially at depth, as these orogenic systems are known
to often extend for many kilometers below the surface.
Figure 6. Cross Section Looking NW for the Black Fox
Exploration Horizon Adjacent to the Grey Fox Deposit.
Resource Updates
The drill results from 2021 to October 21st,
2024 will be incorporated into the latest Grey Fox resource update,
which will be released in Q1 2025, as part of an updated total
Mineral Resources Estimate for the Fox Complex, portions of which
have been disclosed in 2024.
Table 2. Current Gold Resources at the
Fox Complex
|
|
MEASURED |
INDICATED |
MEASURED + INDICATED |
INFERRED |
|
|
Tonnes(000s) |
AuGrade(g/t) |
ContainedAu (oz) |
Tonnes(000s) |
AuGrade(g/t) |
ContainedAu (oz) |
Tonnes(000s) |
AuGrade(g/t) |
ContainedAu (oz) |
Tonnes(000s) |
AuGrade(g/t) |
ContainedAu (oz) |
|
Froome |
378 |
3.88 |
47,000 |
265 |
3.93 |
34,000 |
643 |
3.90 |
81,000 |
143 |
3.44 |
16,000 |
|
Grey Fox |
|
|
|
7,566 |
4.80 |
1,168,000 |
7,566 |
4.80 |
1,168,000 |
1,685 |
4.35 |
236,000 |
|
Stock West & Main |
|
|
|
1,938 |
3.31 |
206,000 |
1,938 |
3.31 |
206,000 |
1,386 |
2.96 |
132,000 |
|
Fuller |
|
|
|
1,149 |
4.25 |
157,000 |
1,149 |
4.25 |
157,000 |
693 |
3.41 |
76,000 |
|
Stock East |
|
|
|
866 |
2.70 |
75,000 |
866 |
2.70 |
75,000 |
579 |
2.66 |
50,000 |
|
Others |
504 |
6.42 |
104,000 |
1,221 |
2.19 |
86,000 |
1,725 |
3.43 |
190,000 |
254 |
5.02 |
41,000 |
|
Total Fox Complex |
882 |
5.32 |
151,000 |
13,005 |
4.13 |
1,726,000 |
13,887 |
4.20 |
1,877,000 |
4,740 |
3.62 |
551,000 |
Outline of the 2025 Drill Campaign
The 2025 exploration campaign at Grey Fox will
begin on January 6th with a budget of $9.7 million for
69,500 meters of drilling, and its goals are two-fold: One,
continue to identify potential near-term production gold ounces
that could be accessed using the Gibson Ramp at the Gibson and
Whiskey Jack zones. Two, test for mineralization based on
geophysical anomalies from existing and upcoming geophysical
surveys.
The upcoming surveys are designed to extend the
geophysical data into areas that had previously not been covered.
This will allow for the creation of a much more robust model that
integrates our better understanding of the geology and geophysics
at the Grey Fox deposit. These surveys will aid in identifying
Black Fox-style mineralization, which lies stratigraphically below
Grey Fox, both towards the northwest and also back to the southeast
towards Grey Fox (described in the press release dated September
11th, 2024).
Technical Information
Technical information pertaining to the Fox
Complex exploration contained in this news release has been
prepared under the supervision of Sean Farrell, P.Geo., Chief
Exploration Geologist, who is a Qualified Person as defined by
Canadian Securities Administrators National Instrument 43-101
"Standards of Disclosure for Mineral Projects."
The technical information related to resource
and reserve estimates in this news release has been reviewed and
approved by Luke Willis, P.Geo., McEwen Mining’s Director of
Resource Modelling and is a Qualified Person as defined by SEC S-K
1300 and Canadian Securities Administrators National Instrument
43-101 "Standards of Disclosure for Mineral Projects."
New analyses reported herein were submitted as ½
core samples and assayed by the photon assay method at the
accredited laboratory MSA Labs (ISO 9001 & ISO 17025) in
Timmins, Ontario, Canada.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTS
This news release contains certain
forward-looking statements and information, including
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements and information expressed, as at the date of this news
release, McEwen Mining Inc.'s (the "Company") estimates, forecasts,
projections, expectations or beliefs as to future events and
results. Forward-looking statements and information are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties, risks
and contingencies, and there can be no assurance that such
statements and information will prove to be accurate. Therefore,
actual results and future events could differ materially from those
anticipated in such statements and information. Risks and
uncertainties that could cause results or future events to differ
materially from current expectations expressed or implied by the
forward-looking statements and information include, but are not
limited to, fluctuations in the market price of precious metals,
mining industry risks, political, economic, social and security
risks associated with foreign operations, the ability of the
Company to receive or receive in a timely manner permits or other
approvals required in connection with operations, risks associated
with the construction of mining operations and commencement of
production and the projected costs thereof, risks related to
litigation, the state of the capital markets, environmental risks
and hazards, uncertainty as to calculation of mineral resources and
reserves, foreign exchange volatility, foreign exchange controls,
foreign currency risk, and other risks. Readers should not place
undue reliance on forward-looking statements or information
included herein, which speak only as of the date hereof. The
Company undertakes no obligation to reissue or update
forward-looking statements or information as a result of new
information or events after the date hereof except as may be
required by law. See McEwen Mining's Annual Report on Form 10-K for
the fiscal year ended December 31, 2023, Quarterly Report on Form
10-Q for the three months ended March 31, 2024, June 30, 2024, and
September 30, 2024, and other filings with the Securities and
Exchange Commission, under the caption "Risk Factors", for
additional information on risks, uncertainties and other factors
relating to the forward-looking statements and information
regarding the Company. All forward-looking statements and
information made in this news release are qualified by this
cautionary statement.
The NYSE and TSX have not reviewed and do not
accept responsibility for the adequacy or accuracy of the contents
of this news release, which has been prepared by the management of
McEwen Mining Inc.
ABOUT MCEWEN MINING
McEwen Mining Inc. is a gold and silver producer
with operations in Nevada (USA), Canada, Mexico, and Argentina. The
company also owns 46.4% of McEwen Copper, which develops the large,
advanced-stage Los Azules copper project. Los Azules aims to become
Argentina's first regenerative copper mine and is committed to
achieving carbon neutrality by 2038.
Focused on enhancing productivity and extending
the life of its assets, the Company's goal is to increase its share
price and provide investor yield. Rob McEwen, Chairman and Chief
Owner, has a personal investment in the companies of US$225
million. His annual salary is US$1.
McEwen Mining's shares are publicly traded on
the New York Stock Exchange (NYSE) and the Toronto Stock Exchange
(TSX) under the symbol "MUX".
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CONTACT
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Toronto, ON, Canada |
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McEwen Copper |
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M5H 1J9 |
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Figures accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/8e0db487-7576-4efa-afc1-6d348c34c32d
https://www.globenewswire.com/NewsRoom/AttachmentNg/fb92f8f1-d2b5-4d93-878b-afa07cfcdc3a
https://www.globenewswire.com/NewsRoom/AttachmentNg/152b4c28-e194-4c33-9ae2-cf08ccfad27b
https://www.globenewswire.com/NewsRoom/AttachmentNg/136ade32-7863-4dd4-9f66-67d7f8b4e1bc
https://www.globenewswire.com/NewsRoom/AttachmentNg/35cdd797-bf2d-4cb4-94f8-420daab5e8b1
https://www.globenewswire.com/NewsRoom/AttachmentNg/adef3ae0-4c2f-4e43-b3f2-7a8b07c9e1c4
Grafico Azioni McEwen Mining (NYSE:MUX)
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