McEwen Mining: Gold Bar Update
August 20 2019 - 6:00AM
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is
pleased to report on progress at various exploration targets on its
Gold Bar Mine property
(Figure 1). At the Gold Bar
South oxide gold deposit located 3.5 miles southeast of
our Gold Bar Mine, a program of 125 drill holes
was recently completed. 25% of the new drill
intersections were higher grade than the current resource
average of 0.029 ounces per ton (1 g/t). In addition, several drill
holes encountered significant mineralization outside the
existing resource
(Figures 2 &
3), including several notable intersections
highlighted in
Table 1 below. These results
suggest that there is potential to increase the size of the Gold
Bar South resource beyond the current
Indicated
estimate of 3,488 ktons at 0.029 opt (1 g/t) for 100
koz. Economic studies and permitting are underway with the
objective of incorporating Gold Bar South into the overall mine
plan this year, and having permitting in place so that open pit
development could begin in late 2020.
Table 1 – 10 Best Intersections
from the Gold Bar South Drill Program
HOLE-ID |
From (ft) |
To (ft) |
Length (ft) |
Gold Grade (opt) |
From (m) |
To (m) |
Length (m) |
Gold Grade (g/t) |
GB365 |
60 |
|
130 |
|
70 |
|
0.071 |
|
18.3 |
|
39.6 |
|
21.3 |
|
2.45 |
|
GB367 |
0 |
|
125 |
|
125 |
|
0.049 |
|
0 |
|
38.1 |
|
38.1 |
|
1.67 |
|
GB378 |
70 |
|
175 |
|
105 |
|
0.072 |
|
21.3 |
|
53.2 |
|
32.0 |
|
2.47 |
|
GB389 |
50 |
|
230 |
|
180 |
|
0.062 |
|
15.2 |
|
70.1 |
|
54.9 |
|
2.13 |
|
GB404 |
60 |
|
180 |
|
120 |
|
0.079 |
|
18.3 |
|
54.9 |
|
36.6 |
|
2.70 |
|
GB405 |
85 |
|
265 |
|
180 |
|
0.027 |
|
25.9 |
|
80.8 |
|
54.9 |
|
0.93 |
|
GB407 |
180 |
|
270 |
|
90 |
|
0.045 |
|
54.9 |
|
82.3 |
|
27.4 |
|
1.53 |
|
GB434 |
45 |
|
125 |
|
80 |
|
0.194 |
|
13.7 |
|
38.1 |
|
24.4 |
|
6.66 |
|
GB435 |
40 |
|
145 |
|
105 |
|
0.060 |
|
12.2 |
|
44.2 |
|
32.0 |
|
2.04 |
|
GB453 |
185 |
|
335 |
|
150 |
|
0.064 |
|
56.4 |
|
102.1 |
|
45.7 |
|
2.19 |
|
Follow-up drilling to test for extensions of the
higher-grade mineralization that have the potential to extend the
planned open pit over portions of the deposit will start later
in August.
Other Gold Bar Exploration
Reverse circulation (RC) holes are being drilled
to test the lateral and vertical extent of a
near-surface target at Pot Canyon where extensive alteration
(silicification) and brecciation occurs at surface, and where
several historical holes returned significant mineralization
including 1.14 g/t Au over 42.7 m
and 0.71 g/t Au over 65.5 m. In
addition, deep core drilling is currently testing a target below
Pot Canyon for potentially large Carlin-type gold mineralization.
This drilling occurs near the Wall Fault, a regional structure
interpreted to play an important role in the control of gold
mineralization at Gold Bar. Initial assay results from this target
will be received later in August.
Property Purchases
McEwen has been adding to its land holding
around the Gold Bar Mine. Recently we purchased rights to the Gold
Canyon property as well as other strategic claims surrounding and
within the core Gold Bar property. These acquisitions are relevant
to our future growth plans and objectives.
Gold Bar South Geological
Details
Mineralization at Gold Bar South is
hosted in a jasperoid (silica-rich) breccia, at the
contact between the Webb and Devils Gate formations. Evidence
of karst activity resulting in dissolution of limestone
creating open spaces and permeability along the contact is
seen in core, which may have created the breccia and provided a
favorable host rock for mineralization.
Figure 1 – Gold Bar Property
Map, Gold Bar South Drilling
(inset)https://www.globenewswire.com/NewsRoom/AttachmentNg/59e89c64-6e82-4a4d-b00e-7efea0694b47
Figure 2 – Gold Bar South Cross
Section
(A-A’)https://www.globenewswire.com/NewsRoom/AttachmentNg/1f0622e1-7e5b-4bf2-9098-d2e4197c7229
Figure 3 – Gold Bar South Cross
Section
(B-B’)https://www.globenewswire.com/NewsRoom/AttachmentNg/3fd46355-7d55-4e90-b4c2-8fd32ff9ca53
ABOUT MCEWEN MINING
McEwen Mining is a diversified gold and silver
producer and explorer with operating mines in Nevada, Canada,
Mexico and Argentina. It also owns a large copper deposit in
Argentina. McEwen’s goal is to create 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.
TECHNICAL INFORMATIONThe
technical contents of this news release have been reviewed and
approved by Robert L. Kastelic, CPG, McEwen Mining’s Chief
Exploration Geologist, who is a Qualified Person as defined by
Canadian Securities Administrators’ National Instrument 43-101
"Standards of Disclosure for Mineral Projects".
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTSThis 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. The
Company’s dividend policy will be reviewed periodically by the
Board of Directors and is subject to change based on certain
factors such as the capital needs of the Company and its future
operating results. 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: |
Investor Relations:(866)-441-0690 Toll Free(647)-258-0395
Christina McCarthy ext. 390Mihaela
Iancu ext. 320 info@mcewenmining.com |
Website: www.mcewenmining.com
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