McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is
pleased to report drill results from its Gibson and Whiskey Jack
targets within the Grey Fox deposit area, a part of the Black Fox
Complex in Timmins, Canada (see
Figures 1 &
2). Highlights of the drilling from these two important
targets are shown below in
Tables 1 & 2.
"The drill results reported today from Gibson and Whiskey
Jack illustrate clearly the growth potential of the Black Fox
property," said Sylvain Guerard, SVP
Exploration. |
Gibson Target
In 2018, hole 18GF-1079 intersected a broad
interval of mineralization within an intrusion, which
returned 3.1 g/t Au over 34
m, including 10.8 g/t Au
over 6 m (core lengths). Diamond
drilling tested below hole 18GF-1079 and extended the
mineralization by 820 ft (250 m) down dip with hole 19GF-1106;
which intersected a higher-grade interval of 16.9
g/t Au over 3 m (core
length), within a 200 ft (60 m) wide envelope of alteration and
anomalous mineralization.
Follow-up drilling has continued with 19 holes
completed since last release of results in May 2019 (see
Figure 3).
Significant gold mineralization at Gibson has been outlined over a
1,650 ft (500 m) strike length and from surface to a depth of 2,600
ft (800 m). Hole 19GF-1147 returned the deepest intersection of
13.2 g/t Au over 3 m. Highlights
of the Gibson drilling are included below:
Table 1 – Highlights of drill results from the
Gibson Target (True widths are not known) |
HOLE-ID |
From (m) |
To (m) |
Core Length (m) |
Core Length (ft) |
Gold Grade (g/t) |
Gold Grade (opt) |
19GF-1107 |
403.00 |
|
406.50 |
|
3.5 |
|
11.5 |
|
7.3 |
|
0.23 |
|
19GF-1122 |
433.00 |
|
435.50 |
|
2.5 |
|
8.2 |
|
8.2 |
|
0.26 |
|
And |
549.21 |
|
557.00 |
|
7.8 |
|
25.6 |
|
5.6 |
|
0.18 |
|
And |
693.00 |
|
698.00 |
|
5.0 |
|
16.4 |
|
4.7 |
|
0.15 |
|
And |
807.00 |
|
809.00 |
|
2.0 |
|
6.6 |
|
13.3 |
|
0.43 |
|
Including |
807.00 |
|
808.00 |
|
1.0 |
|
3.3 |
|
26.6 |
|
0.86 |
|
19GF-1127 |
720.85 |
|
727.00 |
|
6.1 |
|
20.2 |
|
4.7 |
|
0.15 |
|
19GF-1130 |
47.00 |
|
51.00 |
|
4.0 |
|
13.1 |
|
8.7 |
|
0.28 |
|
Including |
49.00 |
|
50.00 |
|
1.0 |
|
3.3 |
|
21.4 |
|
0.69 |
|
19GF-1138 |
897.00 |
|
902.00 |
|
5.0 |
|
16.4 |
|
4.0 |
|
0.13 |
|
19GF-1147 |
935.00 |
|
938.00 |
|
3.0 |
|
9.8 |
|
13.2 |
|
0.42 |
|
Including |
936.00 |
|
937.00 |
|
1.0 |
|
3.3 |
|
26.5 |
|
0.85 |
|
19GF-1148 |
55.00 |
|
61.40 |
|
6.4 |
|
21.0 |
|
3.5 |
|
0.11 |
|
And |
600.81 |
|
605.17 |
|
4.4 |
|
14.3 |
|
8.8 |
|
0.28 |
|
19GF-1176 |
452.00 |
|
455.00 |
|
3.0 |
|
9.8 |
|
7.9 |
|
0.25 |
|
19GF-1177 |
229.10 |
|
232.00 |
|
2.9 |
|
9.5 |
|
7.1 |
|
0.23 |
|
And |
429.60 |
|
432.00 |
|
2.4 |
|
7.9 |
|
18.4 |
|
0.59 |
|
Including |
431.30 |
|
432.00 |
|
0.7 |
|
2.3 |
|
55.6 |
|
1.79 |
|
19GF-1182 |
481.00 |
|
483.00 |
|
2.0 |
|
6.6 |
|
13.6 |
|
0.44 |
|
Including |
481.00 |
|
482.00 |
|
1.0 |
|
3.3 |
|
23.5 |
|
0.76 |
|
g/t - grams per tonne, opt – troy ounces per metric tonne |
Whiskey Jack Target
The Whiskey Jack target is located where the
contact between sedimentary and volcanic units changes orientation.
Drilling followed-up on positive drill results released on November
4, 2019 including: 14.1 g/t Au
over 8.4 m, including 59.1
g/t Au over 1.3 m core
length in hole 19GF-1242. Recent drilling intersected wide zones of
strong gold mineralization (see Figure 4),
including the highlight below:
Table 2 – Highlight of drill results from the
Whiskey Jack Target (True widths are not known) |
HOLE-ID |
From (m) |
To (m) |
Core Length (m) |
Core Length (ft) |
Gold Grade (g/t) |
Gold Grade (opt) |
19GF-1248 |
181.00 |
|
225.00 |
|
44.0 |
|
144.4 |
|
9.0 |
|
0.29 |
|
Including |
199.00 |
|
221.00 |
|
22.0 |
|
72.2 |
|
14.8 |
|
0.48 |
|
And |
232.00 |
|
242.00 |
|
10.0 |
|
32.8 |
|
6.3 |
|
0.20 |
|
Including |
232.00 |
|
234.00 |
|
2.0 |
|
6.6 |
|
22.8 |
|
0.73 |
|
g/t - grams per tonne, opt – troy ounces per metric tonne |
Results for the three drill holes completed with
assays suggest the gold mineralization may be hosted in at least
two structures containing mineralized veins. The mineralized
structures hosting the veins are believed to have a true width
ranging from 6.5 to 13 ft (2 to 4 m), considerably narrower than
the core length intersections.
Visible gold has been identified in six of nine
holes completed so far this year at Whiskey Jack. Gold
mineralization has been intersected over a strike length of 330 ft
(100 m) and to a shallow depth of 660 ft (200 m) below surface.
Geologic Interpretation
The Gibson syenite intrusion hosting the gold
mineralization extends over 1.5 mile (2.5 km) along the
Gibson-Kelore Fault Zone (see Figure 3). There are
two main styles of mineralization at Gibson; 1) breccia and
crustiform veins from surface to a depth of approximately 1,150 ft
(350 m) below surface and 2) dissemination-replacement style
mineralization from approximately 980 ft (300 m) to at least 2,600
ft (800 m) below surface. Both styles of mineralization are
interpreted to be synchronous with mineralization at the Contact,
147, and South zones.
Complete assay results from the latest drilling on the
Gibson and Whiskey Jack targets:
http://mcewenmining.com/files/doc_news/archive/20191203_bf/Dec2019_Gibson_WJ_composites_cog_1_3_v2.xlsx
Figure 1 – Black Fox property plan
view:
http://mcewenmining.com/files/doc_news/archive/20191203_bf/Figure_1_Dec_3_2019.pdf
Figure 2 – Grey Fox area plan
view:
http://mcewenmining.com/files/doc_news/archive/20191203_bf/Figure_2_Dec_3_2019.pdf
Figure 3 – Gibson cross
section:
http://mcewenmining.com/files/doc_news/archive/20191203_bf/Figure_3_Dec_3_2019.pdf
Figure 4 – Whiskey Jack cross
section:
http://mcewenmining.com/files/doc_news/archive/20191203_bf/Figure_4_Dec_3_2019.pdf
For a glossary of technical terms and their
definitions, please consult our mining
glossary: https://www.mcewenmining.com/investor-relations/glossary/default.aspx
ABOUT MCEWEN MININGMcEwen
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 400.3 million shares
outstanding. Rob McEwen, Chairman and Chief Owner, owns 20% of the
shares.
QUALIFIED PERSONTechnical
information pertaining to geology and exploration contained in this
news release has been prepared under the supervision of Steven
M. D. Scott, P.Geo. Mr. Scott is a "qualified person" within the
meaning of NI 43-101.
TECHNICAL INFORMATIONGrams 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 unless otherwise stated:
Cut-off grade 3 g/t Au, minimum length 2 m, and maximum consecutive
interval waste 3 m. 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 the Gibson deposit, 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
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.
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
Mihaela Iancu ext. 320 info@mcewenmining.com |
Website: www.mcewenmining.com
Facebook:
facebook.com/mcewenminingFacebook:
facebook.com/mcewenrob Twitter:
twitter.com/mcewenminingTwitter:
twitter.com/robmcewenmux Instagram:
instagram.com/mcewenmining |
150 King Street WestSuite 2800, P.O. Box 24Toronto, ON, CanadaM5H
1J9 |
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