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. These results (see
Table 1) demonstrate
that the Gibson area of Grey Fox has good grading mineralization
over mineable widths in close proximity to existing underground
infrastructure. Grey Fox is currently a +1 Million ounce gold
deposit and is the next project in our growth pipeline after the
current development of our Stock Project (see June 20th/2024 Press
Release).
Table 1 – Highlights of Recent Drill Intercepts from the
Grey Fox Exploration Program*. *Au values capped to 30
g/t
Hole ID |
From(m) |
To(m) |
CoreLength(m) |
TrueWidth(m) |
TrueWidth(ft) |
AuCapped(g/t) |
Au
TWCapped(GxM) |
24GF-1452 |
102.3 |
106.2 |
3.9 |
3.0 |
9.8 |
5.4 |
16.2 |
And |
136.7 |
145.0 |
8.3 |
6.9 |
22.6 |
2.7 |
18.6 |
And |
208.5 |
211.9 |
3.4 |
2.8 |
9.2 |
9.8 |
27.4 |
24GF-1453 |
294.7 |
299.0 |
4.3 |
3.2 |
10.5 |
4.4 |
14.2 |
24GF-1456 |
79.0 |
81.0 |
2.0 |
2.0 |
6.6 |
8.2 |
16.1 |
24GF-1458 |
79.9 |
83.0 |
3.1 |
2.5 |
8.2 |
9.4 |
23.5 |
And |
202.0 |
206.0 |
4.0 |
3.3 |
10.8 |
5.2 |
17.2 |
24GF-1460 |
117.4 |
118.8 |
1.4 |
1.2 |
3.9 |
19.4 |
23.4 |
24GF-1461 |
238.0 |
239.0 |
1.0 |
0.7 |
2.3 |
11.8 |
8.3 |
24GF-1462 |
111.5 |
113.4 |
2.0 |
1.5 |
4.9 |
6.7 |
10.0 |
24GF-1463 |
18.0 |
19.0 |
1.0 |
0.7 |
2.3 |
15.2 |
10.8 |
24GF-1464 |
233.6 |
239.0 |
5.5 |
4.6 |
15.1 |
3.4 |
15.7 |
24GF-1467 |
238.0 |
241.0 |
3.0 |
2.4 |
7.9 |
4.8 |
11.5 |
24GF-1468 |
150.7 |
152.2 |
1.5 |
1.2 |
3.9 |
13.6 |
16.1 |
24GF-1471 |
23.9 |
25.0 |
1.2 |
1.1 |
3.6 |
5.7 |
6.1 |
And |
90.0 |
97.0 |
7.0 |
6.4 |
21.0 |
4.9 |
31.4 |
24GF-1474 |
119.0 |
122.0 |
3.0 |
2.4 |
7.9 |
13.8 |
33.1 |
24GF-1475 |
97.0 |
100.0 |
3.0 |
2.6 |
8.5 |
11.3 |
29.5 |
And |
130.9 |
134.7 |
3.8 |
3.3 |
10.8 |
4.5 |
14.9 |
24GF-1477 |
134.6 |
139.0 |
4.4 |
3.1 |
10.2 |
5.6 |
17.5 |
And |
152.7 |
162.7 |
10.0 |
7.1 |
23.3 |
3.3 |
23.4 |
24GF-1480 |
99.0 |
106.0 |
7.0 |
5.5 |
18.0 |
4.3 |
23.7 |
Including |
99.0 |
126.0 |
27.0 |
20.9 |
68.6 |
2.4 |
50.2 |
And |
113.0 |
117.0 |
4.0 |
3.1 |
10.2 |
4.7 |
14.8 |
And |
201.9 |
202.7 |
0.8 |
0.6 |
2.0 |
30.0 |
18.9 |
In addition, geological interpretations have
created an exciting new exploration target shown in Figure
1 - one that suggests that high grade Black Fox horizon
style mineralization (in orange-red) may exist below and adjacent
to the Grey Fox deposit (see in red) and could extend 3 km along
trend towards the Black Fox Mine. The current Grey Fox gold
resource is estimated to contain more than 1.1 million ozs of
indicated mineralization and greater than 0.2 million ozs of
inferred mineralization (shown in yellow).
An earlier geophysical survey that previously
identified multiple targets, including one that became the Froome
mine, is the main focus for two key areas planned for drilling in
2025. The first area is the Grey Fox exploration horizon (shown in
red) located to the North-West of the current Grey Fox resource
(shown in yellow) which contains the Gibson, Whiskey Jack, 147 and
the GFS (Grey Fox South) zones.
The second area is what our geologists believe
could be the Black Fox horizon located stratigraphically below the
Grey Fox horizon (which can also be seen in Figure
8).
Figure 1. Plan View Regional Geology Map
of the Fox Complex. Location of Froome Mine, Black Fox Mine, Grey
Fox zones of Gibson. Whiskey Jack, 147 and GFS (Grey Fox South) are
also shown.
A follow-up geophysical survey will be conducted
in Q4, with the goal of delineating additional anomalies between
the Grey Fox resource and the Black Fox Mine.
Figure 2 is a plan view
geological map for Grey Fox showing some of the delineated lenses
of mineralization (in red) and the location of the historical
Gibson Ramp (in blue) at Grey Fox. Much of the 2024 drilling
campaign at Grey Fox was concentrated on identifying mineralization
in proximity to this ramp system. This ramp would offer early
access to near-term production.
Figure 2. Plan View Geology Map of the
Grey Fox Area.
Figure 3 is a plan view for the
Gibson area at Grey Fox. Most of the recent good drill results are
within 50-100 m of the Gibson Ramp. Much of the 2024 drilling was
designed to increase the indicated and inferred mineralization in
proximity to this ramp. However, some holes were drilled to deeper
levels to test for continuity of the gold mineralization and shown
in Figure 6. Note that Figure 3
only shows results from surface down to a vertical depth of 300
m.
Figure 3. Plan View Geology map of the
Gibson Area at Grey Fox with recent & previously released Assay
Results.
Figures 4 & 5 are enlarged
plan view sections for the Northern and Southern portions of the
Gibson ramp system, respectively. It is evident that there are
abundant good grading drillholes with mineable widths within 100 m
of existing ramp infrastructure. Again, these results are shallow,
within 300 m below surface. In addition, many of the new results
reported e.g., 24GF-1474 (13.8 g/t Au over 2.4 m) &
24GF-1452 (9.8 g/t Au over 2.8 m) are well above the
current average indicated resource grade for Grey Fox of 4.8 g/t
Au.
Figure 4. Enlarged Plan View of the
Northern Section of the Gibson Ramp with recent and previously
published Assay Results.
Figure 5. Enlarged Plan View of the
Southern Section of the Gibson Ramp showing recent and previously
published Assay Results.
In Figure 6, gold
mineralization at Gibson is characterized by multiple, stacked and
sub-parallel vein sets that begin less than 10 m below surface and
extend below 600 m. These vein sets are generally planar and have
good strike and vertical depth components. Due to their strong
continuity and good grades with mineable widths, these vein sets
are attractive areas for either underground development or open pit
mining methods.
Figure 6. Cross section (looking NE) for
the Southern Portion of the Gibson Area
Figure 7 and Figure
8, show results from earlier drilling that encountered
gold mineralization in the footwall i.e., below Grey Fox. High
assay values seen in holes 21GF-1352 (27.5 g/t Au / 1.0 m
CW) and GF08-15 (8.5 g/t Au / 4.0 m CW) identified gold
mineralization in a similar geological setting to that seen at the
Black Fox mine, located about 3 km to the North-West. These results
are most encouraging as this area is relatively untested.
Figure 7. Plan view Southern portion of
Grey Fox Highlighting Historical intercepts in the Footwall (i.e.,
Below) of the Grey Fox Deposit.
Figure 8. Cross Section View for the
South-East Portion of Grey Fox Suggesting Mineralization in the
Footwall i.e., Below Grey Fox.
Figure 9: A previous
geophysical survey completed in 2010 left some areas in the SE
portion of the Fox Complex untested – an infill survey is expected
to begin in Q4 (red lines at bottom left). The goal is to identify
Black Fox style mineralization both adjacent to Grey Fox and back
towards Black Fox Mine. The 2010 survey helped to discover what
became the Froome Mine. Additional targets were tested over the
following years but without the benefit of a full geological model
and understanding to help augment the proposed drilling. We now
have a much better understanding of both the regional and local Fox
Complex geology and are now in a better position to continue to
follow up on previously identified geophysical targets.
Figure 9. Plan View for a previously
performed TITAN 24 Geophysical Survey of the Fox
Complex.
For a list of drilling results at Grey
Fox since May 27, 2024 including hole location and alignment, click
here:
https://www.mcewenmining.com/files/doc_news/archive/2024/20240911_fox_drill.xlsx
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, 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
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, 2023, 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.
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with
operations in Nevada, Canada, Mexico and Argentina. McEwen Mining
also holds a 48.3% interest in McEwen Copper, which is developing
the large, advanced-stage Los Azules copper project in Argentina.
The Company’s goal is to improve the productivity and life of its
assets with the objective of increasing the share price and
providing a yield. Rob McEwen, Chairman and Chief Owner, has a
personal investment in the Company of US$225 million.
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Figures accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/31a0c3a2-d7db-4a09-900c-4359080734d9
https://www.globenewswire.com/NewsRoom/AttachmentNg/f8a08392-5d12-4bc5-bc7a-3c1518da9927
https://www.globenewswire.com/NewsRoom/AttachmentNg/50d9a92d-1f2e-4dd4-8696-5d783009890a
https://www.globenewswire.com/NewsRoom/AttachmentNg/70cd065d-6980-406b-a728-20d49df8d952
https://www.globenewswire.com/NewsRoom/AttachmentNg/d15f7196-b8bd-491a-a60b-86f9fe2384a6
https://www.globenewswire.com/NewsRoom/AttachmentNg/0c1c9a3c-a7c4-41fa-af8c-62cfc189c059
https://www.globenewswire.com/NewsRoom/AttachmentNg/8570cb1a-610e-4dd2-a558-53c164ade18b
https://www.globenewswire.com/NewsRoom/AttachmentNg/7119b55a-6899-45e3-b38a-18d96e78c1bf
https://www.globenewswire.com/NewsRoom/AttachmentNg/fb41168f-fbee-464a-80cf-eaf732ebd17c
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