McEwen Copper Inc., 68%-owned by
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), today
reports rich copper values over attractive widths resulting from
infill drilling at its Los Azules project. Los Azules is a large
porphyry copper-gold-silver deposit with considerable growth
potential, where its ultimate depth and lateral extents remain to
be determined.
Table 1 provides a summary of the assay results
for eight recent drill holes for copper (Cu), gold (Au) and silver
(Ag).
Highlights
- Widespread mineralized magmatic
hydrothermal breccias with intercepts such as 237.2 meters
(m) of 1.05% Cu including 108
m of 1.71% Cu in hole AZ22173.
- Continuity of an Enriched mineral
zone up to 300 m, true thickness.
- Northern exploration hole AZ22174
targeting a deep geophysical anomaly intersected multiple
copper-mineralized horizons including disseminated and
veinlet-hosted primary copper mineralization and potassic
alteration as deep as 1,100 m downhole, with assays
pending.
Table 1 – Los Azules
Drilling Results - October 2022 to December 2022
Hole-ID |
Section |
PredominantMineral Zone |
From(m) |
To(m) |
Length(m) |
Cu% |
Au(g/t) |
Ag (g/t) |
Comment |
AZ22169 |
43 |
Total |
128.0 |
526.0 |
398.0 |
0.49 |
0.05 |
1.45 |
|
|
|
Enriched |
128.0 |
390.0 |
262.0 |
0.55 |
0.04 |
1.59 |
Incl. 74m of 0.93% Cu |
|
|
Primary |
390.0 |
526.0 |
136.0 |
0.36 |
0.05 |
1.19 |
Incl. 51m of 0.54% Cu |
AZ22170 |
44 |
Total |
130.0 |
483.0 |
353.0 |
0.45 |
0.03 |
1.46 |
|
|
|
Enriched |
130.0 |
368.0 |
238.0 |
0.55 |
0.04 |
1.71 |
Incl. 28m of 1.14% Cu |
|
|
Primary |
368.0 |
483.0 |
115.0 |
0.24 |
0.02 |
0.94 |
|
AZ22171 |
45 |
Total |
94.0 |
470.2 |
376.2 |
0.51 |
0.04 |
1.41 |
|
|
|
Enriched |
94.0 |
435.0 |
341.0 |
0.53 |
0.03 |
1.37 |
Incl. 88m of 1.06% Cu |
|
|
Primary |
435.0 |
470.2 |
35.2 |
0.27 |
0.04 |
0.75 |
|
AZ22172 |
41 |
Total |
116.0 |
545.0 |
429.0 |
0.46 |
0.10 |
1.21 |
|
|
|
Enriched |
116.0 |
348.0 |
232.0 |
0.59 |
0.14 |
1.31 |
Incl. 32m of 1.19% Cu |
|
|
Primary |
348.0 |
545.0 |
197.0 |
0.31 |
0.06 |
1.09 |
|
AZ22173 |
44 |
Total |
94.0 |
331.2 |
237.2 |
1.05 |
0.09 |
1.19 |
|
|
|
Enriched |
94.0 |
331.2 |
237.2 |
1.05 |
0.09 |
1.19 |
Incl. 108m of 1.71% Cu |
AZ22175 |
36 |
Total |
70.0 |
274.0 |
204.0 |
0.72 |
0.05 |
1.17 |
|
|
|
Enriched |
70.0 |
260.0 |
190.0 |
0.80 |
0.06 |
1.30 |
Incl. 94m of 1.06% Cu |
|
|
Primary |
260.0 |
274.0 |
14.0 |
0.33 |
0.03 |
0.51 |
|
AZ22176 |
43 |
Total |
98.0 |
445.9 |
347.9 |
0.81 |
0.10 |
2.52 |
|
|
|
Enriched |
98.0 |
324.0 |
226.0 |
0.87 |
0.09 |
1.88 |
Incl. 96m of 1.13% Cu |
|
|
Primary |
324.0 |
445.9 |
121.9 |
0.71 |
0.12 |
3.70 |
Incl. 56m of 0.89% Cu |
AZ22177 |
42 |
Total |
102.0 |
413.0 |
311.0 |
0.48 |
0.05 |
1.04 |
|
|
|
Enriched |
102.0 |
334.0 |
232.0 |
0.51 |
0.04 |
0.92 |
Incl. 56m of 0.77% Cu |
|
|
Primary |
334.0 |
413.0 |
79.0 |
0.39 |
0.07 |
1.38 |
|
Link to Geochemical Results and Hole
Collar Locations and Lengths for October 2022 to January 2023 at
Los Azules:
https://www.mcewenmining.com/files/doc_news/archive/2023/2023_01_LosAzules/2023_01_LosAzules_AssayResults_HoleLocations.xlsx
Current Drill Program
Drilling resumed in October 2022. This season’s
+75 holes and +25,000-meter program is designed to:
- Increase drill hole density to
upgrade the copper resource classification to measured and
indicated to better understand the payback pit design.
- Provide metallurgical, hydrological
and geotechnical data to facilitate mine design.
- Test for potential extensions of
the resource to the north, south and at depth to determine how much
larger the deposit could be.
Since October, some 11,900 m have been drilled
from 46 holes.
“We have transitioned into 2023 with
tremendous momentum, backstopped by 9 on-site drills, an
active community engagement program and a fully staffed
technical team advancing Los Azules
towards feasibility,” commented Michael
Meding, Vice President and General Manager of McEwen Copper.
“We are delivering a first-class technical evaluation on a
copper deposit that will put Argentina at the forefront of critical
metals production supporting worldwide electrification and a
greener future for generations to come.”
Description of Results
Results are summarized on six schematic
cross-sections that include simplified interpretations of the
mineral zones including: Overburden, Leached, Enriched (also called
Supergene) and Primary (also called Hypogene). The green line is
the 30-year pit floor from the 2017 NI 43-101 Preliminary Economic
Assessment (PEA) report. We see drill results that support
and enhance our geological modelling.
Figure 1 is a plan view showing
the location of these sections. The cross sections are located 50 m
apart, with the lowest numbered section beginning at the south end
of the deposit and numbers increasing to the north. For reference,
Section 36 is located approximately in the center of the
deposit.
Figure 1 - Location of Cross-sections and
Drill Holes in the Deposit Plan
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5e09908a-ad63-4c51-bb09-7cb1d5878c09
Exploration Drilling
Hole AZ22174 (Figure1) is the 4th hole at Los
Azules to be drilled to a depth in excess of 1,000 m. It represents
the most recent validation that the deposit remains open at depth.
It is located 900 m north of AZ22171 and was planned based on
geophysical analyses and geological modelling. Results are expected
to be available for release shortly. Logging of the core over its
1,100 m identified disseminated copper mineralization (chalcocite,
chalcopyrite) hosted in pre-mineral diorite, copper in early
veinlets and fracture-fills, magmatic hydrothermal breccia and
potassic alteration as evidenced by potassium feldspar.
Infill Drilling Results Designed to Upgrade Copper
Resources Classification to Measured & Indicated
Figure 2 - Section
36, includes an intercept of 190 m of
0.80% Cu (AZ22175), including a 94
m interval of 1.06% Cu in the Enriched
mineral zone. The Enriched mineral zone is interpreted to occur as
a sub-horizontal blanket of mineralization that varies in thickness
between 150m and 250m across this section. This is typical of many
world-class porphyry copper deposits. The hole was drilled to test
for the presence of mineralization within a hydrothermal magmatic
breccia host rock. Mineralization contained within this zone is on
average associated with the highest copper grades at Los
Azules.
Figure 2 - Section 36 -
Drilling, Mineral Zones & 30-year PEA Pit (Looking North)
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c5919dfc-4681-42ac-b391-3e00563e0f7c
Figure 3 - Section 41 shows an
Enriched zone interval of 232 m
grading 0.59% Cu (AZ22172), including
32 m of 1.19% Cu. A portion
of the shallower mineralization is hosted within an early mineral
porphyry and the hydrothermal magmatic breccia associated with the
porphyry. Like the breccia, the early mineral porphyry is an
important host of higher-grade mineralization and is typically
inclined sub-vertical. Closer to the hole’s bottom, mineralization
is hosted within rock known as diorite, which contains the majority
of Primary zone sulphide-bearing mineralization at Los Azules. The
drill hole ends with 197.0 m grading 0.31%
Cu. Lithology and mineralization correlate well to hole
AZ12106, suggesting great continuity.
Figure 3 - Section 41 -
Drilling, Mineral Zones & 30-year PEA Pit (Looking North)
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5d124fbf-bdfe-405a-b5cb-4a70d72a0d8c
Figure 4 - Section 42 profiles
an Enriched zone interval of 232 m grading
0.51% Cu (AZ22177), including
56 m of 0.77% Cu. Again, the
drill hole ended in the top of the Primary zone with 79
m of 0.39% Cu. The early mineralized
porphyry, hydrothermal magmatic breccias and high copper grades
noted in the hole are consistent with the nearby historic drill
holes AZ12116 and AZ1048. The true thickness of the Enriched zone
is interpreted to be up to 250 m on the section.
Figure 4 - Section 42 - Drilling, Mineral
Zones & 30-year PEA Pit (Looking North)
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/732480c9-df32-4798-bf73-ac3985db69ff
Figure 5 - Section
43 highlights 226 m
grading 0.87% Cu (AZ22176) including
96 m of 1.13% Cu, and 262
m of 0.55% Cu (AZ22169) including
74 m grading 0.93% Cu. Both
intervals correspond to the Enriched zone with a true thickness up
to 250 m and signified in part by characteristic chalcocite copper
mineralization and elevated soluble copper analyses. Mineralization
is mainly related to the presence of early mineral porphyry and
hydrothermal magmatic breccia. In hole AZ22176,
the continued presence of copper mineralization at depth required
drilling to continue below the 2017 PEA pit limit. The grades
reported for the Primary zone correspond to a 121.9
m interval with a core length-weighted grade of
0.71% Cu. It is noteworthy that the hole ended in
elevated copper grades, suggesting potential at depth and an
attractive future drilling target.
Figure 5 - Section 43 - Drilling, Mineral
Zones & 30-year PEA Pit (Looking North)
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0fbb772e-56ed-4573-b2fa-584f01262193
Figure 6 - Section
44, profiles 238 m
grading 0.55% Cu (AZ22170) and
237.2 m with 1.05% Cu
(AZ22173), including a 108 m interval of
1.71% Cu. Both intercepts correspond to the
Enriched zone, consistent with attractive grades reported in
previous campaigns including 194 m of
0.56% Cu (AZ22163), 146 m of
1.10% Cu (AZ0620) and 80.4 m
grading 0.21% Cu (AZ22167). The interpreted true
thickness of the Enriched zone extends to 300 m at the center of
the section, owing to the influence of structural controls such as
faulting in the core of the deposit.
Figure 6 - Section 44 - Drilling, Mineral
Zones & 30-year PEA Pit (Looking North)
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1ec2d273-6f68-4fe9-91c4-cd922f5e4095
Figure 7 - Section 45
highlights 341 m of 0.53%
Cu (AZ22171), including 88 m grading
1.06% Cu in the Enriched zone. The mineralization
is primarily contained in hydrothermal magmatic breccia. The
interpreted true thickness of up to 300 m in the Enriched zone
extends from Section 44. The hole ended in primary mineralization
of 35.2 m grading 0.27% Cu and
remains open at depth.
Figure 7 - Section 45 -
Drilling, Mineral Zones & 30-year PEA Pit (Looking North)
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a2ae3d9c-cfae-4b13-b327-98449efe2dce
The Los Azules project is located in San
Juan, Argentina. It has many attributes comparable to other
world-class copper-gold deposits in South America.
Technical Information
The technical content of this press release has
been reviewed and approved by Stephen McGibbon, P.Geo., McEwen
Mining's Senior Vice President, Exploration, 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 were split and submitted to the Alex Stewart
International laboratory located in the Province of Mendoza,
Argentina, for the following assays: gold determination using fire
fusion assay 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 conducts a Quality Assurance/Quality
Control program in accordance with NI 43-101 and industry best
practices using a combination of standards and blanks on
approximately one out of every 25 samples. Results are monitored as
final certificates are received and any re-assay requests are sent
back immediately. Pulp and preparation sample analyses are also
performed as part of the QAQC process. Approximately 5% of the
sample pulps are sent to a secondary laboratory for control
purposes. In addition, the laboratory performs its own internal
QAQC checks, with results made available on certificates for
Company review.
Table 2 - Hole Locations and Lengths for
October to December 2022 Drilling Results at Los Azules
HOLE-ID |
Azimuth |
Dip |
Length |
Loc X |
Loc Y |
Loc Z |
AZ22169 |
250 |
-67 |
526 |
2383254 |
6559520 |
3637 |
AZ22170 |
250 |
-77 |
483 |
2383235 |
6559566 |
3633 |
AZ22171 |
250 |
-72 |
470 |
2383222 |
6559615 |
3631 |
AZ22172 |
247 |
-78 |
545 |
2383251 |
6559416 |
3637 |
AZ22173 |
70 |
-76 |
331 |
2383301 |
6559591 |
3641 |
AZ22175 |
250 |
-70 |
274.0 |
2383345 |
6559172 |
3640 |
AZ22176 |
70 |
-81 |
445.9 |
2383254 |
6559520 |
3637 |
AZ22177 |
250 |
-65 |
413.0 |
2383258 |
6559468 |
3637 |
Coordinates listed
in Table 2 based on Gauss Kruger - POSGAR 94 Zone 2 |
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with
operations in Nevada, Canada, Mexico and Argentina. In addition, it
owns 68% of McEwen Copper which owns 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 its share price and providing a yield. Chairman and
Chief Owner Rob McEwen has personally provided the company with
$220 million and takes an annual salary of $1.
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, 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/A
for the fiscal year ended December 31, 2021 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
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and information made in this news release are qualified by this
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