McEwen Copper Inc., a subsidiary of
McEwen
Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to provide
its 3rd progress report on the advancement of its large Los Azules
copper project located in the San Juan province, Argentina.
Improving Our Knowledge & Confidence
of This Copper Resource
The objectives of our 59,000-meter (m) drilling
program at Los Azules are to:
- upgrade the Inferred mineral
resources to Indicated;
- conduct metallurgical, hydrological
and geotechnical drilling to accelerate our study work; and
- selectively test high value
exploration targets.
This program will almost double the historic
database of 66,000 m of drilling from 202 holes. So far in 2022,
some 13,500 m have been drilled in 29 holes and assays have been
returned for 6,035 m of drilling from 15 holes, which are designed
to improve confidence and increase our Indicated resource category.
Figure 4 profiles the sections and hole locations relevant to this
update.
The cross-sections in Figures 1 to 3 are
displaying 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 blue
line), as defined by the 2017 Preliminary Economic Assessment
(PEA).
Figure 1 – Cross-section
B-B’
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c9b8a95b-f5f8-406d-aede-5737d9d42a0d
Section B-B', shown in Figure 1, includes hole
AZ22146, which produced an attractive intercept of
0.83% Cu over 330.0 m, and
included an interval of 103.4 m grading
1.31% Cu. This result correlates well with hole
AZ22142 (Figure 2) on section A-A' which
intersected 419.1 m of 0.79% Cu
and includes 104.0 m of 1.00% Cu
in the enriched supergene zone. This represents 200 m of continuity
of mineralization, consistent with the lithological and structural
features that control the distribution of copper and gold at Los
Azules.
Holes AZ22145 (181.0
m of 0.18% Cu) and
AZ22148 (239.0 m of 0.26%
Cu) located on the southwest flank of the deposit returned
grades within the expected ranges for the flanks of the deposit.
Results from both holes compare favourably to
AZ0618 (228.4 m of 0.21% Cu) from
an early drill program. It is notable that many of the holes ended
in mineralization.
Figure 2 – Cross-section
A-A’
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c7706b3e-0c3f-4fd2-b47e-def471c7e8a0
Hole AZ22144 (Figure 2) was
drilled in the area of Inferred mineralization, as classified in
the 2017 Preliminary Economic Assessment (PEA) and returned
448.6 m of 0.30% Cu. The drill
hole ended in visible copper mineralization 294 m below the 30-year
pit limit from the 2017 study, indicating potential at depth. The
grade and extent of mineralization compares well to historic hole
AZ1297 (911.0 m of 0.34%
Cu) and to previously released hole
AZ22143 (310.5 m of 0.20%
Cu).
Assay results are now being returned for Section
C-C’ (Figure 3) completed 400 m north of Section B. Hole
AZ22149 drilled within an area classified as
Indicated (2017 PEA) returned 298.0 m of
0.55% Cu and included 54.0 m of
1.38% Cu beginning at 376.0 m down-hole. Hole
AZ22147, drilled along the far southwest flank of
the deposit, returned low-grade mineralization in an area
classified as Inferred mineralization in the 2017 PEA.
Partial assay results have been returned for
hole AZ22158 (Figure 4). located 300 meters south
of section A. It correlates well with the high-grade mineralization
in hole AZ22142. Results to-date for this hole are
176.0 m
grading 1.00% Cu in the enriched mineralization
zone and includes an interval of 44 m grading
1.38% Cu.
Figure 3 - Cross-section
C-C’
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c24cbf53-65c0-4b65-9ad9-882885188e31
Figure 4 - Sections A-A', B-B',
C-C' shown relative to the 2017 PEA pit shell and Indicated and
Inferred Resources
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/37937dd7-7886-497e-afed-cec94e68a02e
Link to Drilling Results and Hole Collar Locations and
Lengths for April to May 2022 at Los Azules:
https://www.mcewenmining.com/files/doc_news/archive/2022/202206_LosAzules/2022_06_Los_Azules_Update_3.xlsx
(alternatively see Tables 1 and 2 at the end of this press
release).
Hyperspectral
Scanning Two geoLOGr hyperspectral rock
analyzers are being used to guide and improve the robustness of the
geological and metallurgical modelling and further our knowledge of
the deposit and potentially revealing additional
exploration targets.
Roads Los Azules is no
longer remote as a result of our work this year. We have
constructed a lower altitude road access that provides us with the
opportunity for year-round work at the site. The diagram below
illustrates the important elevation difference between our
exploration road (shown in blue) that allowed 5 to 6-month access
to site and our new road access (shown in orange) that, in
combination, will provide 12-month access. Having two roads into
Los Azules represents an important development and safety feature
for the project.
Figure 5 – Los Azules Road
Access
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e888b301-4b45-4d14-953c-00b9dcc612ea
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 April-May 2022 at Los
Azules
Hole-ID |
Section |
Predominant MineralZone |
From (m) |
To (m) |
Length(m) |
Cu % |
Au(g/t) |
Ag (g/t) |
Comment |
AZ22144 |
A |
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 |
B |
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 |
B |
Total |
91.0 |
421.5 |
330.0 |
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 |
27.0 |
0.50 |
0.10 |
2.76 |
|
AZ22147 |
C |
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 |
B |
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 |
C |
Total |
130.0 |
428.0 |
298.0 |
0.55 |
0.04 |
1.62 |
|
incl |
|
Enriched |
130.0 |
278.0 |
148.0 |
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 |
|
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 |
|
Enriched |
76.0 |
252.0 |
176.0 |
1.00 |
0.09 |
1.46 |
|
incl |
|
|
144.0 |
188.0 |
44.0 |
1.38 |
0.11 |
2.36 |
|
|
|
|
|
|
|
|
|
|
|
Table 2 - Hole Collar Locations and Lengths for
April-May 2022 Drill Results at Los Azules
HOLE-ID |
Azimuth |
Dip |
Length |
Loc X |
Loc Y |
Loc Z |
AZ22144 |
250 |
-70 |
507 |
2382889 |
6559204 |
3688 |
AZ22145 |
250 |
-73 |
257 |
2382912 |
6559411 |
3628 |
AZ22146 |
250 |
-75 |
422 |
2383406 |
6559591 |
3644 |
AZ22147 |
250 |
-68 |
241 |
2382558 |
6559708 |
3642 |
AZ22148 |
250 |
-75 |
315 |
2383106 |
6559482 |
3647 |
AZ22149 |
70 |
-77 |
428 |
2382879 |
6559875 |
3618 |
AZ22150 |
70 |
-82 |
257 |
2382670 |
6559536 |
3661 |
AZ22158 |
250 |
-65 |
300 |
2383561 |
6559115 |
3627 |
Coordinates listed
in Table 2 based on Gauss Kruger - Campo Inchauspe Zone 2 |
|
|
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INFORMATION150 King Street West Suite 2800, P.O. Box
24 Toronto, ON, Canada M5H 1J9 Investor
Relations: (866)-441-0690
Toll-Free (647)-258-0395 Mihaela Iancu
ext. 320 info@mcewenmining.com |
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