McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is
pleased to report strong exploration results from the ongoing
drilling at the Stock West project near Timmins, Ontario. The Stock
West target, initially discovered in late-2019, is being
drill-tested as part of a fully funded two-year $20 million
exploration and delineation program at the Fox Complex. Drilling is
designed to support a Preliminary Economic Assessment (PEA),
currently underway, to evaluate the potential of expanding mining
operations. The Company is also pleased to update progress on the
$5 million drilling program at the Gold Bar mine property near
Eureka, Nevada, where encouraging new results support our
confidence in the geological and mineral resource model driving
operational improvement. A new drill result from the San Jose
Property in Argentina may have meaningful implications for ongoing
exploration.
Stock West Drilling,
Ontario
A total of 57 holes have been completed at the
Stock West target since August 2020. The majority of these are
designed to support litho-structural modeling and expand or infill
an ongoing mineral inventory estimate. Encouraging new assay
results (across true widths) from the 2020-2021 second exploration
phase include the following:
- 8.43 g/t Au over
14.3 m including 23.68 g/t Au
over 1.1 m – hole S20-138a
- 6.76 g/t Au over
15.6 m including 43.00 g/t Au
over 0.4 m – hole S20-148
- 6.08 g/t Au over
25.7 m including 28.30 g/t Au
over 0.6 m – hole S20-149
- 6.21 g/t Au over
19.0 m – hole S20-154
- 3.80 g/t Au over
7.3 m – hole S21-157
For several holes, some of which contain visible
gold (VG), assay results that are pending. Figure
1 provides a longitudinal section view of the multiple
target areas at Stock. Figure 2 focuses on Stock
West with a longitudinal view of the mineralization showing the
pierce points of the various intercepts detailed in Table
1.
Figure
1: https://www.globenewswire.com/NewsRoom/AttachmentNg/d7f7f562-351a-41e3-a51e-aaf8ea22c326
Data from the current drilling campaign is being
integrated into the geological and resource models. For a complete
list of drilling results at Stock West since August 2020, please
visit www.mcewenmining.com.
Figure
2: https://www.globenewswire.com/NewsRoom/AttachmentNg/075f1df3-449f-470d-9460-21bae5c44bb2
Executive Vice President (Exploration) Stephen
McGibbon commented: "The recent drilling results from Stock
West are less than 1/3 of a mile (500 m) from our Fox Complex mill
and are a great example of the near-term growth opportunities that
will augment the Company's strategic decision-making over the next
two years."
Table 1 - Highlight drill intercepts from
the 2020-21 program at Stock West
Identifier |
Hole-ID |
From (m) |
To (m) |
Core Length (m) |
True Width (m) |
Au (g/t) |
Comment |
1 |
S20-129 |
463.8 |
471.6 |
7.8 |
5.5 |
4.23 |
|
2 |
S20-131 |
520.6 |
529.6 |
9.0 |
7.4 |
3.02 |
|
3 |
S20-133 |
482.2 |
488.5 |
6.3 |
5.4 |
4.32 |
|
4 |
S20-134 |
476.0 |
488.3 |
12.3 |
10.4 |
6.70 |
VG |
|
including |
476.6 |
477.3 |
0.7 |
0.6 |
19.30 |
|
|
and |
483.0 |
484.0 |
1.0 |
0.8 |
12.10 |
|
5 |
S20-135 |
373.5 |
378.9 |
5.4 |
4.7 |
3.48 |
|
|
including |
374.2 |
374.7 |
0.5 |
0.4 |
19.60 |
|
|
|
488.0 |
491.2 |
3.2 |
2.8 |
4.13 |
|
6 |
S20-137 |
441.0 |
450.0 |
9.0 |
6.9 |
2.25 |
|
|
|
531.0 |
539.0 |
8.0 |
6.3 |
3.27 |
|
7 |
S20-138A |
513.0 |
531.0 |
18.0 |
14.3 |
8.43 |
|
|
including |
518.2 |
519.6 |
1.4 |
1.1 |
23.68 |
|
8 |
S20-139 |
373.7 |
377.4 |
3.7 |
3.4 |
5.38 |
|
9 |
S20-143 |
518.0 |
524.3 |
6.3 |
5.5 |
3.09 |
|
|
including |
523.6 |
524.3 |
0.6 |
0.6 |
17.10 |
|
10 |
S20-148 |
534.0 |
554.7 |
20.7 |
15.6 |
6.76 |
|
|
including |
539.1 |
539.7 |
0.6 |
0.4 |
43.00 |
|
11 |
S20-149 |
476.0 |
509.0 |
33.0 |
25.7 |
6.08 |
VG |
|
including |
503.5 |
504.3 |
0.8 |
0.6 |
28.30 |
|
12 |
S20-150 |
505.8 |
510.9 |
5.1 |
3.6 |
5.36 |
|
13 |
S20-151 |
536.0 |
547.0 |
11.0 |
9.2 |
7.62 |
VG |
14 |
S20-152 |
547.0 |
561.1 |
14.1 |
10.9 |
4.26 |
|
|
including |
551.0 |
552.0 |
1.0 |
0.8 |
16.80 |
|
15 |
S20-154 |
374.1 |
376.1 |
2.0 |
1.6 |
24.15 |
VG |
|
|
421.9 |
429.3 |
7.3 |
5.8 |
2.08 |
|
|
|
479.0 |
503.0 |
24.0 |
19.0 |
6.21 |
|
16 |
S20-155 |
507.9 |
517.0 |
9.0 |
6.8 |
4.25 |
VG |
17 |
S21-157 |
535.1 |
543.3 |
8.1 |
7.3 |
3.80 |
|
|
|
558.8 |
574.0 |
15.3 |
13.6 |
2.04 |
|
18 |
S21-158 |
539.8 |
549.0 |
9.2 |
7.8 |
2.43 |
|
|
including |
539.8 |
541.3 |
1.5 |
1.2 |
10.54 |
|
19 |
S21-162A |
544.0 |
551.0 |
7.0 |
6.0 |
5.78 |
VG |
20 |
S21-165 |
442.3 |
449.7 |
7.4 |
6.2 |
2.21 |
|
|
|
458.3 |
466.0 |
7.7 |
6.4 |
3.64 |
|
21 |
S21-166 |
537.0 |
540.3 |
3.3 |
2.9 |
5.64 |
|
Mineralization at Stock West is characterized by
a bright-green fuchsite-ankerite alteration. This alteration system
has now been traced over a 1,600-foot (500-meter) segment of the
east-west trending structural corridor. It currently remains poorly
tested for two miles (3 km) to the west and below 2,000 feet (600
meters) vertical depth.
Modeling efforts indicate that mineralization
shows continuity that may represent an attractive mineable body.
This is being evaluated in the upcoming PEA as a potential
operation alongside the Grey Fox resource. The goal of the PEA is
to evaluate opportunities in the district, including the Fuller and
Davidson-Tisdale deposits near Timmins, to understand the potential
value represented for future exploration and development work. A
total of seven surface drills are active on the Fox Complex,
including four at Stock West, one at Stock Main and two drills
recently activated at Grey Fox. Drilling will continue during the
remainder of 2021.
Gold Bar Drilling, Nevada
McEwen Mining has committed $5 million toward
drilling at the Gold Bar Mine in order to delineate new mineral
resources, replace mining depletion, and further de-risk the
geological and metallurgical models that are the basis of future
production planning. During Q1 2021, the resource model
reconciliation of actual mining depletion performed within 5% on
contained ounces. Recent results are summarized in Table
2 and Figure 3. Core holes drilled partly
for metallurgical purposes returned strong mineralization and
potentially high gold recoveries (Au:CN Ratio %) from lab-based
cyanidation work.
Table 2 - Drill intercepts from metallurgical targeted
holes at Gold Bar Mine
Hole-ID |
From (m) |
To (m) |
Core Length (m) |
True Width (m) |
Au g/t |
Au:CN Ratio% |
RGM043M |
25.0 |
57.1 |
32.1 |
28.9 |
1.50 |
86.0% |
61.3 |
67.7 |
6.4 |
5.7 |
0.86 |
93.4% |
RGM044M |
28.3 |
46.0 |
17.7 |
15.1 |
1.04 |
89.5% |
54.3 |
103.1 |
48.8 |
43.9 |
2.02 |
89.7% |
including |
68.0 |
95.0 |
27.0 |
24.3 |
3.40 |
90.8% |
RGM045M |
3.7 |
5.8 |
2.1 |
1.9 |
0.38 |
97.8% |
11.6 |
32.9 |
21.3 |
18.1 |
3.07 |
90.9% |
44.5 |
49.1 |
4.6 |
3.3 |
15.47 |
90.6% |
49.1 |
64.0 |
14.9 |
13.4 |
1.72 |
33.8% |
RGM046M |
69.3 |
100.6 |
31.3 |
28.2 |
1.54 |
93.0% |
including |
78.6 |
95.4 |
16.8 |
|
2.43 |
94.1% |
Several holes have samples whose assays remain
pending and are expected to be reported on in the near future.
The Ridge oriented core drill program
successfully confirmed mineralization, locally increasing the
average grade of existing resource model blocks and extending
mineralization into new areas. This phase of the 2021 program
consists of twenty reverse circulation holes and seven oriented
core holes for a cumulative 3,417 meters.
Figure
3: https://www.globenewswire.com/NewsRoom/AttachmentNg/a2898b55-a1f1-4ca1-9224-598bcc07cace
San Jose Drilling, Argentina (49%
MUX)
McEwen Mining’s joint venture partner and mine
operator Hochschild Mining is undertaking a $9.3 million drill
program in 2021 at San Jose, of which $5.7 million is earmarked for
exploration drilling of priority targets including the Escondida
Vein and the Telken target (located proximal to Newmont’s Cerro
Negro Mine). In Q1, 1,396 m of drilling was completed at Escondida
and Telken. The Escondida Vein is a high-grade exploration target
hosting both gold and silver mineralization. Recently, hole SJM-529
intersected 2.0 meters of Escondida vein material containing 62.5
g/t Au and 5,571 g/t Ag. Mineralization to-date has been outlined
over a 100-meter strike length by 180-meter vertical extent.
Drilling will continue during the second quarter with 1,000 meters
planned for resource delineation at Escondida.
Want News Fast?
Subscribe to our email list by clicking
here: https://www.mcewenmining.com/contact-us/#section=followUs and
receive news as it happens!
TECHNICAL INFORMATION
Technical information pertaining to Stock West
and Gold Bar geology and exploration contained in this news release
has been prepared under the supervision of Ken Tylee, P.Geo.,
a Qualified Person as defined by Canadian Securities Administrators
National Instrument 43-101 "Standards of Disclosure for Mineral
Projects." Technical information pertaining to Gold Bar geology and
exploration contained in this news release has been prepared under
the supervision of Kevin Kunkel, P.Geo., a Qualified Person as
defined by Canadian Securities Administrators National Instrument
43-101 "Standards of Disclosure for Mineral Projects."
Reliability of Information Regarding San
JoséMinera Santa Cruz S.A., the owner of the San José
Mine, is responsible for and has supplied to the Company all
reported results from the San José Mine. McEwen Mining's joint
venture partner, a subsidiary of Hochschild Mining plc, and its
affiliates other than MSC do not accept responsibility for the use
of project data or the adequacy or accuracy of this release.
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, contain 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, effects of the COVID-19 pandemic, 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 the
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, 2020 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 is a diversified gold and silver
producer and explorer focused in the Americas with operating mines
in Nevada, Canada, Mexico and Argentina. It also owns a large
copper deposit in Argentina.
CONTACT INFORMATION: |
|
Investor Relations:(866)-441-0690 Toll-Free(647)-258-0395 |
Website: www.mcewenmining.com |
150 King Street WestSuite 2800, P.O. Box 24Toronto, ON, CanadaM5H
1J9 |
|
Facebook: facebook.com/mcewenmininFacebook:
facebook.com/mcewenrob |
|
Mihaela Iancu ext. 320 |
|
|
|
Twitter: twitter.com/mcewenmining |
|
info@mcewenmining.com |
Twitter: twitter.com/robmcewenmux |
|
|
|
|
|
Instagram: instagram.com/mcewenmining |
|
McEwen Mining (NYSE:MUX)
Historical Stock Chart
From Mar 2024 to Apr 2024
McEwen Mining (NYSE:MUX)
Historical Stock Chart
From Apr 2023 to Apr 2024