McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is
pleased to report the latest exploration news from its Stock
property. We discuss four priority areas that illustrate the
potential to expand the gold resource base around the historic
Stock mine.
“We find the occurrence of near surface
high grade at our Stock Mill’s doorstep very intriguing.
These initial results have mineable grades and
widths, which are encouraging from an economic
perspective as they compare favourably to the Stock mine’s historic
grade of 5.5 g/t Au.”, stated Stephen
McGibbon, EVP Exploration.
Area 1: Near Surface @ Stock
Mine Figure A shows a longitudinal
section profiling Areas 1 &
2. Drill hole SM22-110 (shown in upper right
corner) produced two attractive assay results within 30 meters (m)
of surface. The first of these shallow intercepts, started after 15
m from surface, was 8.0 grams per tonne gold (g/t
Au) over 4.6 m. The second intercept,
following within 5 m further downhole, had an assay value of
264.5 g/t Au uncapped or of 12.6
g/t Au capped over 2.4 m, which
included an assay of 1,031.6 g/t Au over
0.6 m (see Table 2). The results of SM22-110
represent an extension of mineralization east of SM22-059 and
SAS-66 which delivered assay values of 11.6 g/t Au
over 3.1 m and 6.3 g/t Au over
3.5 m, respectively. This result has opened a new
high grade target area of some 300 m in length. Further east again,
coarse and fine visible gold was encountered in SM22-116, with
assay results pending.
Area 2: Around Existing Stock Mine
WorkingsA second area with multiple intercepts located 225
m to 280 m below surface (left side of Figure A) includes SM22-090
with 6.6 g/t Au over 6.1 m within
a broader envelope of 4.4 g/t Au over 10.5
m and SM22-070 with 5.5 g/t Au over
6.5 m within 3.6 g/t Au over
15.0 m. This area is of interest as it has
potential to host new mineral resources of economic gold grades
with attractive widths. Proximity to our processing facilities
(Stock Mill) increases the likelihood for these results to support
attractive operating margins.
Figure
A Longitudinal
Section Looking NNW: Areas 1 & 2; Shallow Intercepts Near Stock
Mine Workings
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/058ff53f-d5a7-4ded-8ce6-7ca20ff1aaa9
Area 3: Below Existing Stock Mine
Workings - Stock Deep Footwall
(FW)Figure B displays a
longitudinal section and inset cross-section of the new
Deep FW mineralization, along with an outline of the mine
workings. Four exploration holes were drilled around a historic
S96-2 with an intercept of 6.6 g/t Au over
5.2 m contained within 3.8 g/t Au
over 15.2 m. These drill holes are within the
projected Stock Mine extension trend, shown in blue shading. Early
results all show consistent mineralization with intercepts that
include SM22-080 with 5.0 g/t Au over
6.5 m and SM22-086 with 5.7 g/t
Au over 3.3 m and SM22-091 with
3.6 g/t Au over 9.8 m. Two
additional holes contained visible gold with assay results pending.
All these intercepts occur between 500 m and 600 m below
surface, in an area with limited drilling and suggests
mineralization may extend up to former mine workings and below the
current drilling.
Figure
B Longitudinal
and Inset Cross-Section of Deep FW Mineralization
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e5e8c75c-7fc8-4aa4-8e96-22eedc1eb5b7
Area 4: Adding to Stock West
ResourcesFigure C profiles a longitudinal
section of the proposed access ramp and production areas at Stock
West along with recent drilling results. Previously released
S21-203 (lower left corner) reported three mineralized intervals
located 185 m west of the Stock West mineral resource and remains
an important near-term target, as mineralization clearly has not
been closed off. Assay results are pending for four holes drilled
into this 185 m gap area, with three of the holes encountering
visible gold.
In additionally, three holes located above
S21-203, 15 m - 30 m west of the PEA mining block for Stock West
returned 3.2 g/t Au over 8.0
m in S22-243, 3.0 g/t Au over
6.8 m in S22-247 and 2.6 g/t Au
over 16.8 m in S22-248 where the latter two have
comparable results to the mineral resources contained within the
PEA shape. Locally lower grades can still be an important indicator
of a robust mineralized system. East of the Stock West deposit, at
similar distance, S22-245 returned
4.5 g/t Au over
3.4 m.
Figure
C Longitudinal
Section Stock West Extension Drilling
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8befac53-a01e-4c7b-b753-c9c93e245738
The Stock property, part of the Fox Complex,
covers 5 miles (8 km) along the Destor-Porcupine Fault Zone (DPFZ)
and associated geological structures. It is the site of the
historic Stock Mine and of the Stock Mill, where the material from
our Black Fox and Froome mines is processed. When the Stock mine
ceased mining in 1994, due to low gold price, it produced 137,000
gold ounces at a grade of 5.5 g/t. While most of the mines along
the DPFZ have reached depths of greater 1,000 m, the Stock mine has
only been mined down to a depth of 330 m.. Our recent exploration
success has built a resource of 265,000 gold ounces Indicated and
119,000 gold ounces Inferred, all within 500 meters of surface.
Recent drill results suggest the mineralization continues
deeper.
Extension West of Stock West – Winter
Drilling TargetThe Stock property is large and has had
surprisingly limited surface exploration. The area that extends
west of the Stock West resources to our property boundary has been
barely explored despite having two compelling near surface,
historic drill results: S-39 with 16.5 g/t Au
over 1.5 m
core length and S-37 with 1.5
g/t Au over 7.3 m core length. These
assay results reflect the elevated gold potential along 3 km
of the Night Hawk Lake Fault, a splay fault from the prolific DPFZ.
As shown below, three deposits have already been discovered along
this structure on MUX property.
Figure D 3 km Extension West of Stock West
Deposit
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/abb0bd17-7a42-4016-bcef-9a58a3ccec6d
Table
1 Highlights
of Drill Intercepts From the Stock Property Program
|
Hole ID |
From (m) |
To (m) |
Core Length (m) |
True Width (m) |
Au Uncapped/ (Capped)*(g/t) |
|
SM22-059 |
80.5 |
93.0 |
12.6 |
6.1 |
6.2 |
|
including |
84.0 |
86.7 |
2.7 |
1.3 |
22.4 |
|
|
150.9 |
152.0 |
1.0 |
0.5 |
13.4 |
|
SM22-061 |
242.3 |
256.0 |
13.8 |
9.4 |
3.3 |
|
SM22-067 |
49.0 |
53.0 |
4.0 |
3.3 |
3.5 |
|
SM22-070 |
314.3 |
335.0 |
20.8 |
15.0 |
3.6 |
|
including |
326.0 |
335.0 |
9.0 |
6.5 |
5.5 |
|
SM22-073 |
158.2 |
159.1 |
0.9 |
0.7 |
25.1 |
|
SM22-074 |
286.0 |
287.1 |
1.1 |
0.5 |
41.3 (30.0) |
|
SM22-075 |
301.9 |
303.0 |
1.1 |
0.4 |
62.5 (30.0) |
|
|
455.6 |
460.9 |
5.3 |
2.3 |
8.9 |
|
including |
456.4 |
457.6 |
1.2 |
0.5 |
28.4 |
|
SM22-078 |
329.0 |
337.0 |
8.0 |
4.6 |
3.8 |
|
SM22-080 |
394.8 |
401.6 |
6.7 |
5.1 |
2.2 |
|
including |
679.4 |
687.6 |
8.2 |
6.5 |
4.9 |
|
SM22-086 |
337.5 |
338.1 |
0.7 |
0.5 |
54.2 (30.0) |
|
|
634.0 |
638.0 |
4.1 |
3.3 |
5.7 |
|
|
642.0 |
651.0 |
9.0 |
7.3 |
3.0 |
|
SM22-089 |
538.1 |
553.3 |
15.3 |
12.5 |
5.4 |
|
including |
552.1 |
553.3 |
1.3 |
1.0 |
23.6 |
|
SM22-090 |
329.0 |
348.0 |
19.0 |
10.5 |
4.4 |
|
including |
335.0 |
336.0 |
1.0 |
0.6 |
14.3 |
|
SM22-091 |
654.0 |
666.0 |
12.0 |
9.8 |
3.6 |
|
SM22-093A |
73.0 |
75.0 |
2.0 |
1.5 |
8.9 |
|
SM22-095 |
238.2 |
247.2 |
8.9 |
6.1 |
2.6 |
|
SM22-098A |
590.7 |
596.3 |
5.6 |
3.9 |
2.9 |
|
|
606.7 |
608.0 |
1.3 |
0.9 |
2.8 |
|
SM22-099 |
286.0 |
287.5 |
1.5 |
0.9 |
3.6 |
|
SM22-110 |
17.6 |
23.7 |
6.1 |
4.6 |
8.0 |
|
|
28.3 |
31.5 |
3.3 |
2.4 |
264.5 (12.6) |
|
including |
28.3 |
29.1 |
0.8 |
0.6 |
1,031.6 (30.0) |
|
S22-243 |
459.0 |
470.1 |
11.1 |
8.0 |
3.2 |
|
S22-245 |
529.1 |
534.2 |
5.1 |
3.4 |
4.5 |
|
S22-247 |
478.0 |
486.8 |
8.8 |
6.8 |
3.0 |
|
S22-248 |
464.0 |
485.1 |
21.1 |
16.8 |
2.6 |
| *: Capped
to 30 g/t Au |
|
|
Table
2 Drill
Hole SM22-110 Composites Assay Results From 17.6 m
to 31.5 m
|
Hole ID |
From (m) |
To (m) |
Core Length (m) |
True Width (m) |
Au Uncapped/ (Capped)*(g/t) |
|
SM22-110 |
17.6 |
18.2 |
0.6 |
0.5 |
3.0 |
|
18.2 |
18.5 |
0.3 |
0.2 |
3.8 |
|
18.5 |
19.0 |
0.4 |
0.3 |
8.0 |
|
19.0 |
19.3 |
0.4 |
0.3 |
6.4 |
|
19.3 |
20.1 |
0.8 |
0.6 |
7.2 |
|
20.1 |
20.8 |
0.6 |
0.5 |
4.8 |
|
20.8 |
22.0 |
1.2 |
0.9 |
20.6 |
|
22.0 |
23.1 |
1.1 |
0.8 |
4.0 |
|
23.1 |
23.7 |
0.6 |
0.4 |
2.6 |
|
23.7 |
24.6 |
0.9 |
0.7 |
0.3 |
|
24.6 |
25.4 |
0.8 |
0.6 |
0.1 |
|
25.4 |
25.9 |
0.6 |
0.4 |
0.3 |
|
25.9 |
27.0 |
1.1 |
0.8 |
0.2 |
|
27.0 |
28.3 |
1.3 |
1.0 |
0.3 |
|
28.3 |
29.1 |
0.8 |
0.6 |
1,031.6 (30.0) |
|
29.1 |
30.0 |
0.9 |
0.7 |
9.2 |
|
30.0 |
30.5 |
0.5 |
0.4 |
3.4 |
|
30.5 |
31.5 |
1.1 |
0.8 |
6.2 |
| Numbers may not
sum due to rounding. *: Capped to 30 g/t Au |
For a complete list of drilling results at Stock since
April 25th, 2022, including hole location and
alignment, click here:
https://www.mcewenmining.com/files/doc_news/archive/2022/2022_12_Stock/Drill_Intercepts_from_the_Stock_Property_Program.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., a
Qualified Person as defined by Canadian Securities Administrators
National Instrument 43-101 "Standards of Disclosure for Mineral
Projects."
All exploration drill core samples at the Stock
Complex were submitted as 1/2 core. Analyses reported herein were
usually performed by the fire assay method by the independent
laboratories: Pangea Laboratorio in Sinaloa, Mexico which is owned
and operated by an indirect subsidiary of the Company.
(NMX-EC-17025-IMNC-2018, ISO /IEC 17025:2017).
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, contain 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 the
calculation of mineral resources and reserves, uncertainties
related to exploration results and prospects 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
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 the management of
McEwen Mining Inc.
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. Its Chairman
and Chief Owner has personally provided the company with $220
million and takes an annual salary of $1.
|
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INFORMATION: |
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Toll-Free(647)-258-0395Mihaela Iancu ext.
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