McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is
pleased to report positive exploration results from the 147NE
Target (see
Table 1), which was initially
discovered in 2018 (see news releases dated Sept 6, 2018 and May
23, 2019).
The Grey Fox Area is located 5 km (3 miles)
south of the Black Fox Mine and is comprised of three deposits:
147, Contact and
South, and two targets: 147NE and
Gibson (see Figure 1). The deposits cumulatively
host an estimated Indicated resource of 465,000 ounces
of gold (2.2 million tonnes at an average grade of
6.64 g/t). The Company is conducting a scoping study to evaluate
the economics of mining these three deposits and two target areas
via a central underground ramp system.
An infographic accompanying this announcement is
available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/57b40e86-85f1-4371-8a30-635cf9664b94
The known gold mineralization at the 147NE
Target occurs within a zone of altered mafic volcanics with veining
and brecciation. Currently this zone measures approximately 250 m
(820 ft) in strike length, 200 m (660 ft) in depth from surface,
and has an average thickness of approximately 10 m (33 ft).
Hole 19GF-1123 intersected an
upper and a lower mineralized interval. The upper mineralized
interval returned 95.2 g/t gold over 0.82
m. The lower mineralized interval intercepted 33.0
g/t gold over 3.14 m.
Hole 19GF-1133 (see
Figure 2) intersected multiple mineralized
intervals. An upper mineralized interval returned 47.4
g/t gold over 1.08 m. A lower zone, from
213 to 253.9 meters down-hole, returned an average composite grade
of 3.4 g/t gold over 36.78 m,
which included several higher-grade intersections ranging from 7 to
42 g/t gold over intervals ranging from 0.9 to 3.37 m.
An infographic accompanying this announcement is
available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/3f46918a-d09f-4bca-9523-35375f9788d5
The development of the geological model
indicates that in the areas where the mineralized structure cuts
iron-rich mafic volcanic flows, the mineralized zone may thicken to
form intervals of tens of meters (true width) with enhanced gold
grades (i.e. >3 g/t Au), which include the presence of visible
gold. Drilling is continuing in Q3 with the main objective of
extending the mineralization along strike and down plunge at
depth.
Table 1 – Drill Results from
the 147NE Target
HOLE-ID |
From (m) |
To (m) |
Length (m) |
True Width (m) |
Gold Grade (g/t) |
Gold Grade (opt) |
19GF-1110 |
217.63 |
221.00 |
3.27 |
2.83 |
4.59 |
0.15 |
19GF-1111 |
No significant values |
19GF-1115 |
281.00 |
286.00 |
5.00 |
4.12 |
5.90 |
0.19 |
Including |
281.00 |
282.00 |
1.00 |
0.82 |
12.00 |
0.39 |
19GF-1116 |
124.50 |
126.50 |
2.00 |
1.78 |
5.38 |
0.17 |
19GF-1121* |
199.00 |
202.10 |
3.10 |
2.74 |
5.14 |
0.17 |
19GF-1123* |
219.00 |
220.00 |
1.00 |
0.82 |
95.20 |
3.06 |
And |
325.00 |
328.80 |
3.80 |
3.14 |
33.01 |
1.06 |
Including |
327.80 |
328.80 |
1.00 |
0.83 |
118.50 |
3.81 |
19GF-1125 |
Significant hits but below the criteria of the composites |
19GF-1126 |
154.00 |
155.45 |
1.45 |
1.32 |
4.80 |
0.15 |
And |
213.00 |
214.00 |
1.00 |
0.91 |
14.65 |
0.47 |
19GF-1133 |
147.80 |
149.00 |
1.20 |
1.08 |
47.40 |
1.52 |
And |
195.00 |
199.00 |
4.00 |
3.59 |
9.19 |
0.30 |
Including |
195.00 |
196.00 |
1.00 |
0.90 |
32.80 |
1.05 |
And |
205.65 |
206.50 |
0.85 |
0.76 |
9.82 |
0.32 |
And** |
213.00 |
253.90 |
40.90 |
36.78 |
3.40 |
0.11 |
And |
214.00 |
217.75 |
3.75 |
3.37 |
7.00 |
0.23 |
Including |
214.00 |
215.00 |
1.00 |
0.90 |
12.35 |
0.40 |
And |
228.00 |
231.00 |
3.00 |
2.70 |
7.90 |
0.25 |
Including |
229.00 |
230.00 |
1.00 |
0.90 |
13.95 |
0.45 |
And |
236.00 |
238.00 |
2.00 |
1.80 |
4.67 |
0.15 |
And |
250.00 |
252.00 |
2.00 |
1.80 |
23.01 |
0.74 |
Including |
250.00 |
251.00 |
1.00 |
0.90 |
41.90 |
1.35 |
19GF-1140 |
228.00 |
229.00 |
1.00 |
0.80 |
29.90 |
0.96 |
And |
241.00 |
243.00 |
2.00 |
1.60 |
4.36 |
0.14 |
*Assays pending for part of the hole.**
Calculated with cut off grade 0.5 g/t Au, minimum length of 3m, and
maximum consecutive internal waste 3 m.
ABOUT MCEWEN MINING
McEwen Mining is a diversified gold and silver
producer with operating mines in Nevada, Canada, Mexico and
Argentina. It also owns a large copper deposit in Argentina.
McEwen’s goal is to qualify for inclusion in the S&P 500 Index
by creating a profitable gold and silver producer focused in the
Americas.
McEwen has approximately 362 million shares
outstanding. Rob McEwen, Chairman and Chief Owner, owns 22% of the
shares.
QUALIFIED PERSON
Technical information pertaining to geology and
exploration contained in this news release has been prepared under
the supervision of Ken Tylee, P.Geo. Mr. Tylee is a "qualified
person" within the meaning of NI 43-101.
TECHNICAL INFORMATION
For a list of technical terms and their
definitions, please consult our mining
glossary: https://www.mcewenmining.com/investor-relations/glossary/default.aspx
Grams per tonne (g/t) converted to Troy ounces
per tonne (opt) at ratio 31.1035 to 1.
All intercept widths are true widths unless
otherwise specified.
Composite criteria: Cut off grade 3g/t Au, minimum length 2m,
and maximum consecutive interval waste 3m. If grade x length > 6
the composite will be added.
All exploration drill core samples at
the Black Fox Complex were submitted as 1/2 core.
Analyses reported herein were performed by the independent
laboratories: ALS Laboratories, which is ISO
9001/IEC17025 certified, and AGAT Laboratories, which is ISO
9001/IEC17025 certified. McEwen’s quality control program includes
systematic insertion of blanks, standard reference material and
duplicates to ensure laboratory accuracy.
To determine the lengths of significant
mineralized intervals, the following composite criteria was
established: a minimum reportable interval length of 3 m was
determined by establishing a cut-off grade of 3g/t gold for
underground (1 g/t gold for near surface). A consecutive maximum
length of 3 m of internal waste, including sub cut-off grade
material, is allowed and incorporated into the reported
composites. Where an interval of less than 3 m is considered,
if the grade x length calculation is greater than 9 (3 for
surface), it may be reported. There is no top cutting or capping of
assays.
For further details about the Black Fox Complex
project including Grey Fox 147NE target area, please see our NI
43-101 technical report titled "Technical Report for the Black Fox
Complex, Canada" dated April 6th, 2018 with an effective date of
October 31st, 2017 available on SEDAR (www.sedar.com) under our
issuer profile.
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, factors associated with 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 corporation 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, 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, 2018 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 management of McEwen
Mining Inc.
CONTACT
INFORMATION: |
Mihaela IancuInvestor Relations(647)-258-0395 ext
320info@mcewenmining.com |
Website: www.mcewenmining.com
Facebook: facebook.com/mcewenminingFacebook:
facebook.com/mcewenrob Twitter:
twitter.com/mcewenminingTwitter: twitter.com/robmcewenmux
Instagram: instagram.com/mcewenmining |
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