McEwen Copper Inc., a subsidiary of
McEwen
Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to report
the latest assay results from its Los Azules project, which
continues to deliver long intercepts of good grades.
The drill program underway has three important
objectives:
- Improve confidence in the resource
by converting Inferred mineral resources to the Indicated
category;
- Accelerate project advancement with
metallurgical, hydrological and geotechnical drilling and
- Test the limits of the depth
extension of the higher-grade mineralization.
Results from this drilling program will be used
to update the 2017 Los Azules PEA (Preliminary Economic
Assessment). The updated version will be released in Q1, 2023.
The 2017 PEA was calculated using prices of
$3/lb copper, $1,300/oz gold and $17/oz silver price. It projected
robust economics, driven by large operating margins, large annual
production, a short payback period and long mine life (link to the
report:
http://www.mcewenmining.com/files/technical_reports/los_azules/LosAzulesPEA_Rev0_20171016.pdf).
Drilling has halted for the winter and will resume in October when
spring arrives in Argentina.
Earlier this year, Mining Intelligence ranked
Los Azules as one of the world’s top five largest undeveloped
porphyry copper deposits that is not already owned by a major
mining company.
The opportunity to expand the deposit at depth
remains open for further testing. While the median depth of drill
holes within the Los Azules resource database is 175 meters (m), it
is not uncommon for porphyry copper mineralization to extend well
beyond a kilometer or more of depth. Numerous drill holes have
encountered strong copper grades below the 2017 PEA pit bottom.
Only three holes have been drilled to a depth of a kilometer and
all encountered mineralization.
The highest-grade mineral domains at Los Azules
are clearly the hydrothermal and magmatic breccias and late-stage
quartz veins which can extend kilometres to depth. There are
numerous examples of such deposits in Argentina and Chile. The most
recent is Filo Mining’s spectacular assay results of earlier this
year. The Filo deposit is 300 kilometres north of Los Azules, also
in the San Juan province, Argentina.
The deepest occurrence of a breccia at Los
Azules is at a hole depth of some 810 m in drill hole AZ1299 and
deepest occurrence of late-stage quartz veins is found at 990 m
down the same hole.
A dedicated exploration program associated with
higher grade domains at Los Azules has not yet been conducted. Most
holes drilled to date are vertical and intersect the breccias at
very low angles. Improving our understanding of the nature and
distribution of the highest-grade mineral zones at Los Azules is a
priority for the upcoming drilling seasons.
The most recent drill results are
presented below in the cross-section Figures 1 to 4. These
display the current inclined and historic vertical holes, with
histograms of total copper content along their length, overlayed on
a simplified interpretation of overburden, leached, enriched and
primary mineral zones, and the 30-year pit shell (shown by green
line), as defined by the 2017 PEA.
Section 30-30', shown in Figure
1, includes hole AZ22158, with an
attractive intercept of 222.0 m grading
0.95% Cu, and including an interval of
44.0 m grading 1.38% Cu. Partial
results were reported in the Los Azules Progress Report #3
published on June 23, 2022. Hole AZ22166 was
stopped at the arrival of winter and will be completed in
spring.
Figure 1 – Cross-section
30-30’
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9d669f48-1246-4926-81e9-f52b8c14ba75
Section 36-36’, shown in Figure
2, received eight new drill holes during the recent
campaign. The final intercept reported was hole
AZ22162, which targeted the gap between hole
AZ22138 (522.1 m grading
0.42% Cu) and AZ22139.
Hole AZ22162 returned
348.0 m grading 0.28% Cu, while
also ending in enriched mineralization. It appears to correlate
well with historic hole AZ0838
(188.3 m grading
0.27% Cu).
Figure 2 – Cross-section
36-36’
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/959dc2c8-4d5c-4a71-9f81-229dab4c8e82
Cross Section 44-44' shown in Figure
3 presents hole AZ22163 (194.0
m grading 0.56% Cu).
AZ22163 includes 8.0 m of
high-grade 1.04% Cu and supports 146.0
m of high-grade 1.10% Cu reported in
historic hole AZ0620. Hole
AZ22167 (80.4 m grading
0.21% Cu) results are as expected and similar to
the historic hole LA0402.
Figure 3 - Cross-section
44-44’
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/cf4ca450-eab9-43fa-ba4a-2f010c0c31cd
Cross-section 48-48'
shown in Figure 4, profiles three
new holes. Hole AZ22149 (296.4 m
grading 0.55% Cu including 54 m of 1.38%
Cu), drilled just west of the center of the section, was
released in our June 23 exploration update. Hole
AZ22161, drilled east of the center of the
section, with 238.0 m grading
0.58% Cu and including 10 m
of 1.10% Cu, supports historic intercepts in
adjacent holes AZ1060A (221.0 m
grading 0.53% Cu) and
AZ18136 (194.0 m grading
0.43% Cu), all below the 30-year
pit shell, indicating significant potential for mineralization at
depth.
Holes AZ22147 and
AZ22165 were drilled off the west and east flanks
to delimit margins of the deposit and did not encounter significant
mineralization.
Figure 4 - Cross-section
48-48’
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8d64800f-fa2f-479b-9f4d-93e6763b3281
Figure 5 - Locations of the cross-sections on
the plan of the deposit
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9848f4e5-c2ee-4ac1-85f9-ba7e786577e3
The Los Azules deposit is sequentially
sub-divided into 50 m cross sections beginning at the southeast end
of the deposit and progressing to the northwest. Section 36-36’ is
approximately the mid-section of the deposit. As a matter of
cross-referencing results presented in the Los Azules Progress
Report #3 published on June 23, 2022, note that Section 36-36’ was
previously identified as Section A-A’ and Section 48-48’ as Section
C-C’. Section 40-40’ identifies with Section B-B’ and was not
included in this release as no new results have been added
there.
Drilling resumes in October, and the plan is to complete 45,500
m.
Link to Drilling Results and Hole Collar Locations and
Lengths for January to May 2022 at Los Azules:
https://www.mcewenmining.com/files/doc_news/archive/2022/202208_LosAzules/2022_08_Los_Azules_Update_4.xlsx
(alternatively see Tables 1 and 2 at the end of this press
release).
Technical
Information
The technical content of this news release has
been reviewed and approved by Stephen McGibbon, P.Geo, SVP
Exploration of McEwen Mining and a Qualified Person as defined by
NI 43-101.
All samples were collected in accordance with
generally accepted industry standards. Drill core samples usually
taken at 2 m intervals are split and submitted to Alex Stewart
International laboratory in Mendoza, Argentina for the following
assays: gold determination using fire assay fusion and an atomic
absorption spectroscopy finish (Au4-30); a 39 multi-element suite
using ICP-OES analysis (ICP-AR 39); copper content determination
using a sequential copper analysis (Cu-Sequential). An additional
19-element analysis (ICP-ORE) was performed for samples with high
sulfide content.
The Company carries out a Quality Assurance /
Quality Control program consistent with NI 43-101 and industry best
practices utilising a combination of standards and blanks
approximately one in every 25 samples. Results are monitored as the
final certificates are received and any re-assay requests are sent
back immediately. Pulp and prep duplicate sample analyses are also
taken as part of the QAQC process. Approximately 5% of sample pulps
are sent to a secondary laboratory for check assays. In addition,
the assay lab performs its own internal QAQC checks with results
available in the certificates for review by the Company.
Table 1 – Drill Results January-May 2022 at Los
Azules
Hole-ID |
Section |
Predominant Mineral Zone |
From (m) |
To(m) |
Length (m) |
Cu(%) |
Au(g/t) |
Ag(g/t) |
Comment |
AZ22137A |
36 |
Total |
133.0 |
557.3 |
424.3 |
0.47 |
0.027 |
0.008 |
|
incl |
|
Enriched |
133.0 |
342.0 |
209.0 |
0.49 |
0.028 |
0.016 |
|
and |
|
Primary |
342.0 |
557.3 |
215.3 |
0.44 |
0.026 |
0.001 |
incl. 8m of 1.00% Cu in Primary |
AZ22138 |
36 |
Total |
138.0 |
660.1 |
522.1 |
0.42 |
0.064 |
1.883 |
|
incl |
|
Enriched |
138.0 |
348.0 |
210.0 |
0.60 |
0.064 |
2.180 |
incl. 28m of 0.87% Cu in Enriched |
and |
|
Primary |
348.0 |
660.1 |
312.1 |
0.30 |
0.065 |
1.683 |
|
AZ22139 |
36 |
Total |
114.5 |
282.6 |
168.2 |
0.08 |
0.060 |
1.447 |
|
incl |
|
Enriched |
206.5 |
282.6 |
76.1 |
0.12 |
0.032 |
1.164 |
|
AZ22140 |
36 |
Total |
117.4 |
342.8 |
225.4 |
0.16 |
0.030 |
1.117 |
|
incl |
|
Enriched |
117.4 |
314.0 |
196.6 |
0.16 |
0.032 |
1.173 |
|
and |
|
Primary |
314.0 |
342.8 |
28.8 |
0.16 |
0.019 |
0.732 |
|
AZ22141 |
40 |
Total |
183.1 |
551.0 |
367.9 |
0.50 |
0.069 |
1.535 |
|
incl |
|
Enriched |
183.1 |
360.0 |
176.9 |
0.50 |
0.044 |
1.437 |
|
and |
|
Primary |
360.0 |
551.0 |
191.0 |
0.50 |
0.092 |
1.625 |
|
AZ22142 |
36 |
Total |
92.0 |
511.1 |
419.1 |
0.79 |
0.152 |
3.508 |
incl 32m of 1.11% Cu & |
incl |
|
Enriched |
92.0 |
278.0 |
186.0 |
0.93 |
0.095 |
3.544 |
104m of 1.00% Cu in Enriched |
and |
|
Primary |
278.0 |
511.1 |
233.1 |
0.67 |
0.198 |
3.479 |
46m of 1.59% Cu in Primary |
AZ22143 |
36 |
Total |
92.5 |
403.0 |
310.5 |
0.20 |
0.015 |
0.880 |
|
incl |
|
Enriched |
92.5 |
266.0 |
173.5 |
0.22 |
0.016 |
0.985 |
|
and |
|
Primary |
266.0 |
403.0 |
137.0 |
0.18 |
0.014 |
0.747 |
|
AZ22144 |
36 |
Total |
58.0 |
506.6 |
448.6 |
0.30 |
0.02 |
0.84 |
|
incl |
|
Enriched |
58.0 |
204.0 |
146.0 |
0.31 |
0.01 |
0.52 |
|
and |
|
Primary |
204.0 |
506.6 |
302.6 |
0.29 |
0.02 |
1.00 |
incl 104.6m of 0.48% Cu |
AZ22145 |
40 |
Total |
76.0 |
257.0 |
181.0 |
0.18 |
0.02 |
1.90 |
|
incl |
|
Enriched |
76.0 |
194.0 |
118.0 |
0.16 |
0.03 |
2.25 |
|
and |
|
Primary |
194.0 |
257.0 |
63.0 |
0.21 |
0.01 |
1.26 |
|
AZ22146 |
40 |
Total |
91.0 |
421.5 |
330.5 |
0.83 |
0.11 |
2.30 |
|
incl |
|
Enriched |
91.0 |
394.0 |
303.0 |
0.86 |
0.11 |
2.26 |
incl 103.4m of 1.31% Cu |
and |
|
Primary |
394.0 |
421.5 |
27.5 |
0.50 |
0.10 |
2.76 |
|
AZ22147 |
48 |
Total |
60.0 |
240.8 |
180.8 |
0.03 |
0.02 |
0.50 |
|
incl |
|
Enriched |
60.0 |
67.0 |
7.0 |
0.10 |
0.08 |
1.27 |
|
AZ22148 |
40 |
Total |
76.0 |
315.0 |
239.0 |
0.26 |
0.02 |
1.01 |
|
incl |
|
Enriched |
76.0 |
212.0 |
136.0 |
0.33 |
0.02 |
0.85 |
|
and |
|
Primary |
212.0 |
315.0 |
103.0 |
0.16 |
0.02 |
1.23 |
|
AZ22149 |
48 |
Total |
131.6 |
428.0 |
296.4 |
0.55 |
0.04 |
1.62 |
|
incl |
|
Enriched |
131.6 |
278.0 |
146.4 |
0.34 |
0.02 |
0.32 |
|
and |
|
Primary |
278.0 |
428.0 |
150.0 |
0.76 |
0.06 |
2.91 |
incl 54m of 1.38% Cu from 376m |
AZ22150 |
44 |
Total |
78.0 |
257.4 |
179.4 |
0.14 |
0.01 |
0.53 |
|
incl |
|
Enriched |
78.0 |
126.0 |
48.0 |
0.04 |
0.01 |
0.25 |
|
and |
|
Primary |
126.0 |
257.4 |
131.4 |
0.17 |
0.01 |
0.63 |
|
AZ22158 |
30 |
Enriched |
72.0 |
294.0 |
222.0 |
0.95 |
0.09 |
1.57 |
incl 44m of 1.38% Cu from 144m |
and |
|
Primary |
294.0 |
300.0 |
6.0 |
0.34 |
0.05 |
0.43 |
|
AZ22161 |
48 |
Enriched |
116.0 |
354.0 |
238.0 |
0.58 |
0.07 |
1.19 |
incl 10m of 1.10% Cu from 156m |
AZ22162 |
36 |
Enriched |
102.0 |
450.0 |
348.0 |
0.28 |
0.40 |
1.13 |
incl 2m of 0.86% Cu from 232m |
AZ22163 |
44 |
Enriched |
92.0 |
286.0 |
194.0 |
0.56 |
0.04 |
0.68 |
incl 8m of 1.04% Cu from 98m |
AZ22164 |
38 |
Leached |
18.0 |
242.0 |
224.0 |
0.04 |
0.02 |
1.32 |
|
AZ22165 |
48 |
Leached |
24.5 |
200.0 |
175.5 |
0.04 |
0.04 |
1.27 |
|
AZ22166 |
30 |
Enriched |
82.7 |
199.6 |
116.9 |
0.13 |
0.02 |
0.81 |
incl 53.6m of 0.25% Cu from 146m |
AZ22167 |
44 |
Enriched |
72 |
152.4 |
80.4 |
0.21 |
0.02 |
0.78 |
incl 54.4m of 0.25% Cu from 98m |
Table 2 - Hole Collar Locations and Lengths for
January-May 2022 Drill Results at Los Azules
HOLE-ID |
Azimuth |
Dip |
Length |
Loc X |
Loc Y |
Loc Z |
AZ22137A |
250 |
-70 |
557.3 |
2383289 |
6559336 |
3667 |
AZ22138 |
250 |
-78 |
660.1 |
2383569 |
6559450 |
3676 |
AZ22139 |
70 |
-79 |
282.6 |
2383725 |
6559494 |
3719 |
AZ22140 |
160 |
-76 |
342.8 |
2383687 |
6559463 |
3701 |
AZ22141 |
250 |
-78 |
551.0 |
2383530 |
6559636 |
3669 |
AZ22142 |
70 |
-65 |
511.1 |
2383286 |
6559334 |
3667 |
AZ22143 |
250 |
-70 |
403.0 |
2382768 |
6559131 |
3723 |
AZ22144 |
250 |
-70 |
506.6 |
2382889 |
6559204 |
3688 |
AZ22145 |
250 |
-73 |
257.0 |
2382912 |
6559411 |
3628 |
AZ22146 |
250 |
-75 |
422.0 |
2383406 |
6559591 |
3644 |
AZ22147 |
250 |
-68 |
241.0 |
2382558 |
6559708 |
3642 |
AZ22148 |
250 |
-75 |
315.0 |
2383106 |
6559482 |
3647 |
AZ22149 |
70 |
-77 |
428.0 |
2382879 |
6559875 |
3618 |
AZ22150 |
70 |
-82 |
257.4 |
2382670 |
6559536 |
3661 |
AZ22158 |
250 |
-65 |
300.0 |
2383561 |
6559115 |
3627 |
AZ22161 |
250 |
-81 |
354.0 |
2383575 |
6559120 |
3658 |
AZ22162 |
250 |
-70 |
450.0 |
2383442 |
6560030 |
3641 |
AZ22163 |
73 |
-70 |
286.0 |
2383725 |
6559494 |
3719 |
AZ22164 |
70 |
-68 |
242.0 |
2383429 |
6559812 |
3648 |
AZ22165 |
70 |
-71 |
200.0 |
2383733 |
6559603 |
3726 |
AZ22166 |
250 |
-70 |
199.6 |
2383652 |
6560106 |
3672 |
AZ22167 |
70 |
-80 |
152.4 |
2383727 |
6559175 |
3675 |
Coordinates listed
in Table 2 based on Gauss Kruger - Campo Inchauspe Zone 2 |
|
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