McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is
pleased to report new assay results from the Stock Property, part
of the Fox Complex near Timmins, Ontario.
Geological
investigations have identified two principal plunge directions (or
vectors) controlling mineralization at Stock (see Figure
1) with both appearing to originate at the “Ramp Portal
Zone”. Results from 21 diamond drillholes (see Table
1) are reported for three key target areas at our Stock
West Project: “Ramp Portal Zone”, “Shallow Plunge” and “Steep
Plunge” as shown on Figure 1. In addition, there
are two intriguing results which suggest other directions for the
Stock resource to grow.
Figure
1: Longitudinal section looking North, extending from
Stock West to East of the historical Stock Mine headframe,
referencing key target areas: “Ramp Portal Zone” (Figure 2),
“Shallow Plunge” and “Steep Plunge”
Ramp Portal
Zone
Drilling continues to
encounter good grades and widths at shallow depths, in proximity to
the surface entrance portal of the ramp that will be driven to
access the Stock West deposit. Development of the ramp is planned
to start in December of this year.
The significance of
this mineralization is the prospect of very early mining and cash
flow, making the development of the Stock ramp partially
self-funding. Some of the notable gold assay results from this zone
include drillholes:
|
SM23-180:
SM23-193:
SM23-201:
SM23-204:
SM23-CPS-09: |
6.2 g/t Au over 22.7 m
9.5 g/t Au over 11.3 m
21.6 g/t Au over 5.1 m
12.0 g/t Au over 12.4 m
12.5 g/t Au over 10.9 m |
(capped 5.0 g/t Au over 22.7
m)(capped 7.4 g/t Au over 11.3
m)(capped 16.6 g/t Au over 5.1
m)(capped 9.1 g/t Au over 12.4
m)(capped 4.2 g/t Au over 10.9
m) |
|
All these assay
results occurred very close to the surface, between depths of 23 to
73 meters down hole (see Figure 2). The
wide intercept seen in SM23-180 may represent multiple mineable
mineralized zones since the more typical true widths for the ramp
portal zone are generally 10-15 meters.
Figure
2: Longitudinal section looking North - Ramp Portal
Zone
Shallow Plunge
Zone
Drilling has
encountered good-grade mineralization that continues to the
Southwest beyond the current Stock West resource, as
illustrated by assay results from drillholes S23-308: 38.5
g/t Au over 7.4 m (3.6
g/t Au over 7.4 m capped) and S23-309:
4.0 g/t Au over 14.7 m. Other
examples for this area include S23-291:
3.8 g/t Au over 9.6 m
and S23-295: 4.1 g/t Au over 8.2
m (see Figure 1). These results together
with the good grades found near the Ramp Portal Zone suggest there
is potential to not only expand the Stock West resource base but
also shorten the payback period and extend the mine life that was
outlined in the January 2022 Preliminary Economic Assessment for
the Fox Complex (see press release dated January 26th, 2022).
Steep Plunge
Zone
This zone represents
the longer-term potential for the Stock West Project (see
Figure 1) due to its depth. Drillhole S23-306
returned 2.6 g/t Au over 24.3 m,
60 meters down-dip of previously released drillhole S21-202, which
graded 4.3 g/t Au over 20.3 m
(see press release dated December 21st, 2021). The observed widths
continue to impress and suggest that the mineralization continues
deeper.
Another good result
was seen in drillhole SM23-191 (see Figure
1), higher up in the same zone returned
8.7 g/t Au over 11.2 m. This
intercept lies within a planned early mining horizon, which is
down-dip of the historical Stock Mine and reinforces our confidence
in this mineralized zone.
Intriguing
Results
Figure
3: Cross section (looking East-northeast) showing results
which could suggest further directions for growing the Stock
resource.
The first intriguing
assay (see Figure 3) is located deep into the
footwall of the Stock West resource within a Timiskaming-aged
sedimentary wedge and returned 98.8 g/t Au over
0.9 m in drillhole S23-281. Because the
orientation of the sedimentary wedge is well defined by more than
100 holes drilled since 2019 that were only selectively sampled
based on visual cues, a staged resampling project is now warranted
for these particular sediments. This result is significant because
it now demonstrates the potential for narrow, high-grade gold
values within a unit that was generally not considered to carry
significant mineralization at the Stock property. Timiskaming-aged
sediment is known to carry gold mineralization elsewhere in the
Timmins camp, such as at Newmont’s Pamour mine.
The second result (see Figure
3) is also located in the footwall of Stock West with
drillhole S23-293 returning 3.0 g/t Au over
5.3 m approximately 250 meters down-dip and
down-plunge from Stock West. This result is also important since it
demonstrates that the mineralized system at Stock West is present
well outside of the current resource model and continues
deeper.
An updated mineral resource estimate for the Stock deposit is
expected to be complete in Q4 of this year.
Table 1 – Latest Drill Results for Stock
Drillhole |
From (m) |
To (m) |
True Width (m) |
Grade (g/t Au) |
Comment |
Ramp Portal Zone |
|
|
|
|
|
SM23-180 |
45.0 |
69.8 |
22.7 |
6.2 |
Incl. 4.2 g/t Au/ 10.8 m &
Incl. 16.0 g/t Au/ 3.8 m |
SM23-184 |
23.1 |
34.0 |
9.0 |
3.6 |
|
SM23-193 |
30.4 |
45.9 |
11.3 |
9.5 |
Incl. 12.5 g/t Au/ 8.3 m |
And |
57.1 |
82.3 |
18.0 |
5.0 |
Incl. 16.2 g/t Au/ 4.1 m |
SM23-201 |
23.1 |
30.0 |
5.1 |
21.6 |
Incl. 45.4 g/t Au/ 1.5 m |
SM23-204 |
34.1 |
53.2 |
12.4 |
12.0 |
Incl. 36.9 g/t Au/ 2.0 m &
Incl. 26.7 g/t Au/ 2.0 m |
And |
60.0 |
62.4 |
1.7 |
8.4 |
|
SM23-CPS-09 |
60.5 |
73.0 |
10.9 |
12.5 |
Incl. 43.8 g/t Au/ 0.9 m |
Shallow Plunge Zone |
|
|
|
|
|
S23-291 |
636.8 |
649.9 |
9.6 |
3.8 |
|
S23-295 |
632.0 |
643.0 |
8.2 |
4.1 |
|
S23-298 |
563.1 |
577.4 |
9.5 |
3.1 |
|
S23-308 |
622.0 |
632.0 |
7.4 |
38.5 |
Incl. 407.0 g/t Au/ 0.7 m |
And |
654.0 |
664.1 |
7.5 |
3.2 |
|
S23-311 |
647.7 |
656.0 |
6.1 |
4.0 |
|
SM23-169 |
322.0 |
331.0 |
6.4 |
3.1 |
|
S23-309 |
567.0 |
586.8 |
14.7 |
4.0 |
|
S23-310 |
583.0 |
593.0 |
8.3 |
5.6 |
|
Steep Plunge Zone |
|
|
|
|
|
S23-297 |
723.0 |
732.0 |
7.3 |
3.6 |
|
S23-306 |
804.9 |
833.2 |
24.3 |
2.6 |
|
SM22-108 |
572.6 |
590.4 |
14.5 |
3.3 |
|
SM23-175 |
125.8 |
132.6 |
5.8 |
3.1 |
|
SM23-191 |
540.6 |
553.9 |
11.2 |
8.7 |
Incl. 16.2 g/t Au/ 3.4 m |
Intriguing Results |
|
|
|
|
|
S23-281 |
508.6 |
509.6 |
0.9 |
98.8 |
|
S23-293 |
798.0 |
805.7 |
5.3 |
3.0 |
|
All results are estimated true widths. All
grades presented are uncapped unless otherwise noted. The capping
value used is 30 g/t Au.
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."
Exploration drill core samples at the Stock
Complex were typically submitted as 1/2 core or whole core.
Analyses reported herein were either performed by the fire assay
method by the accredited laboratory: 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) or by the
photon assay method by the laboratory: MSA Labs in Timmins,
Ontario, Canada (following: ISO 9001 & ISO 10725; pending
review in one year for formal accreditation). The drill holes
SM23-180, SM23-184, SM23-193 & SM23-201, were submitted to the
internal Black Fox assay lab and analyzed by the fire assay
method.
For a list of drilling results at Stock since May 8,
2023, including hole location and alignment, click
here:
https://www.mcewenmining.com/files/doc_news/archive/2023/2023_10Stock/StockProgramDrillIntercepts.xlsx
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, 2022, 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. In addition, it
owns approximately 52% of McEwen Copper which owns the large,
advanced stage Los Azules copper project in Argentina.
Rob McEwen, Chairman and Chief Owner, has a personal
investment in the company of US$220 million. His annual salary is
US$1.
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Photos accompanying this announcement are available at
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