McEwen Mining: Grey Fox Exploration Update
McEwen Mining has released new assay results from its Grey Fox deposit in the Timmins region of Ontario, Canada. The results show good grade mineralization over mineable widths near existing underground infrastructure. Highlights include:
- 24GF-1471: 4.9 g/t Au over 6.4 m
- 24GF-1474: 13.8 g/t Au over 2.4 m
- 24GF-1452: 9.8 g/t Au over 2.8 m
Grey Fox currently has a +1 Million ounce gold resource. Geological interpretations suggest potential for high-grade Black Fox style mineralization below and adjacent to Grey Fox, possibly extending 3 km towards the Black Fox Mine. The company plans follow-up geophysical surveys and drilling in 2025 to explore this potential.
McEwen Mining ha pubblicato nuovi risultati di analisi del suo deposito Grey Fox nella regione di Timmins, Ontario, Canada. I risultati mostrano una mineralizzazione di buona qualità su larghezze estraibili vicino alle infrastrutture sotterranee esistenti. Le principali evidenze includono:
- 24GF-1471: 4.9 g/t Au su 6.4 m
- 24GF-1474: 13.8 g/t Au su 2.4 m
- 24GF-1452: 9.8 g/t Au su 2.8 m
Grey Fox attualmente dispone di una risorsa d'oro di oltre 1 milione di once. Le interpretazioni geologiche suggeriscono un potenziale per mineralizzazioni ad alto grado in stile Black Fox al di sotto e adiacente a Grey Fox, che potrebbero estendersi per 3 km verso la Miniera Black Fox. L'azienda prevede sondaggi geofisici e attività di perforazione nel 2025 per esplorare questo potenziale.
McEwen Mining ha publicado nuevos resultados de análisis de su depósito Grey Fox en la región de Timmins, Ontario, Canadá. Los resultados muestran una mineralización de buena calidad en anchos explotables cerca de la infraestructura subterránea existente. Los puntos destacados incluyen:
- 24GF-1471: 4.9 g/t Au en 6.4 m
- 24GF-1474: 13.8 g/t Au en 2.4 m
- 24GF-1452: 9.8 g/t Au en 2.8 m
Grey Fox actualmente cuenta con una recurso de oro de más de 1 millón de onzas. Las interpretaciones geológicas sugieren un potencial para mineralizaciones de alto grado al estilo Black Fox por debajo y adyacente a Grey Fox, posiblemente extendiéndose 3 km hacia la Mina Black Fox. La empresa planea realizar estudios geofísicos y perforaciones en 2025 para explorar este potencial.
맥이완 마이닝(McEwen Mining)은 캐나다 온타리오주 팀mins 지역의 그레이 폭스(Grey Fox) 광산에서 새로운 시추 결과를 발표했습니다. 결과는 채굴 가능한 너비에서 양호한 등급의 광물화를 기존의 지하 인프라 근처에서 보여줍니다. 주요 내용은 다음과 같습니다:
- 24GF-1471: 6.4m에서 4.9 g/t Au
- 24GF-1474: 2.4m에서 13.8 g/t Au
- 24GF-1452: 2.8m에서 9.8 g/t Au
현재 그레이 폭스에는 100만 온스 이상의 금 자원이 있습니다. 지질적 해석에 따르면, 블랙 폭스(Black Fox) 스타일의 높은 등급 광물화가 그레이 폭스 아래와 인접해 있을 가능성이 있으며, 이는 블랙 폭스 광산 방향으로 최대 3km까지 확장될 수 있습니다. 이 회사는 이 잠재력을 탐색하기 위해 2025년에 후속 지구 물리학 조사 및 드릴링을 계획하고 있습니다.
McEwen Mining a publié de nouveaux résultats d'analyse de son dépôt Grey Fox dans la région de Timmins, Ontario, Canada. Les résultats montrent une minéralisation de bonne qualité sur des largeurs exploitables à proximité des infrastructures souterraines existantes. Les points forts comprennent :
- 24GF-1471 : 4,9 g/t Au sur 6,4 m
- 24GF-1474 : 13,8 g/t Au sur 2,4 m
- 24GF-1452 : 9,8 g/t Au sur 2,8 m
Grey Fox dispose actuellement d'une ressource aurifère de plus de 1 million d'onces. Les interprétations géologiques suggèrent un potentiel pour des minéralisations à haute teneur de style Black Fox sous et à proximité de Grey Fox, s'étendant potentiellement sur 3 km vers la mine Black Fox. L'entreprise prévoit des études géophysiques de suivi et des forages en 2025 pour explorer ce potentiel.
McEwen Mining hat neue Analyseergebnisse aus seinem Grey Fox-Vorkommen in der Region Timmins, Ontario, Kanada, veröffentlicht. Die Ergebnisse zeigen eine gute Mineralisierung in abbaubaren Breiten in der Nähe bestehender unterirdischer Infrastrukturen. Die Höhepunkte sind:
- 24GF-1471: 4,9 g/t Au über 6,4 m
- 24GF-1474: 13,8 g/t Au über 2,4 m
- 24GF-1452: 9,8 g/t Au über 2,8 m
Grey Fox verfügt derzeit über eine Goldressource von über 1 Million Unzen. Geologische Interpretationen deuten auf Potenzial für hochgradige Mineralisierungen im Stil von Black Fox unter und angrenzend an Grey Fox hin, möglicherweise bis zu 3 km in Richtung der Black Fox Mine. Das Unternehmen plant 2025 nachfolgende geophysikalische Studien und Bohrungen zur Erkundung dieses Potenzials.
- Grey Fox deposit shows good grade gold mineralization over mineable widths near existing infrastructure
- Grey Fox has a +1 Million ounce gold resource
- Potential for additional high-grade mineralization identified below and adjacent to Grey Fox deposit
- Planned geophysical surveys and drilling in 2025 to explore new targets
- None.
The exploration update from McEwen Mining's Grey Fox deposit presents encouraging results for potential resource expansion. Key highlights include:
- High-grade intercepts such as 13.8 g/t Au over 2.4 m and 9.8 g/t Au over 2.8 m, significantly above the current average resource grade of 4.8 g/t Au.
- Mineralization identified near existing underground infrastructure, potentially reducing development costs for future mining operations.
- New exploration target suggesting possible extension of high-grade mineralization towards the Black Fox Mine, expanding the project's upside potential.
These results could positively impact the project's economics and extend the mine life. However, investors should note that further drilling and economic studies are needed to confirm the viability of these findings.
The geological data presented in this update is particularly intriguing. The identification of multiple, stacked and sub-parallel vein sets extending from near-surface to depths below 600 m suggests a robust mineralization system. The continuity and grade of these structures make them attractive for both underground and open-pit mining methods, potentially enhancing operational flexibility.
The discovery of footwall mineralization similar to the Black Fox mine is a significant development. This, combined with the planned geophysical survey, could lead to a major expansion of the mineralized footprint in the Grey Fox area. The company's improved understanding of the regional geology positions them well to capitalize on previously identified geophysical targets, potentially leading to new discoveries.
From a financial perspective, this exploration update is positive for McEwen Mining. The high-grade intercepts near existing infrastructure could potentially lower capital expenditure requirements for future development. Additionally, the expansion potential suggested by the new exploration targets could significantly increase the project's net present value.
However, investors should be cautious. While promising, these results are early-stage and require substantial additional work and capital to translate into economic value. The company's ability to finance further exploration and potential development will be crucial. Given the current
Accessible Mineralization and Good Exploration Potential
Assay Highlights:
24GF-1471: 4.9 g/t Au over 6.4 m (0.16 oz/t Au over 23.0 ft)
24GF-1474: 13.8 g/t Au over 2.4 m (0.44 oz/t Au over 9.8 ft)
24GF-1452: 9.8 g/t Au over 2.8 m (0.31 oz/t Au over 11.2 ft)
See Figure 5. All assay value intervals are true widths unless otherwise noted; TW=True Width, CW=Core Width
TORONTO, Sept. 11, 2024 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to provide new assay results from its Grey Fox deposit, part of the Fox Complex located in the Timmins region of Ontario, Canada. These results (see Table 1) demonstrate that the Gibson area of Grey Fox has good grading mineralization over mineable widths in close proximity to existing underground infrastructure. Grey Fox is currently a +1 Million ounce gold deposit and is the next project in our growth pipeline after the current development of our Stock Project (see June 20th/2024 Press Release).
Table 1 – Highlights of Recent Drill Intercepts from the Grey Fox Exploration Program*. *Au values capped to 30 g/t
| Hole ID | From (m) | To (m) | Core Length (m) | True Width (m) | True Width (ft) | Au Capped (g/t) | Au TW Capped (GxM) |
| 24GF-1452 | 102.3 | 106.2 | 3.9 | 3.0 | 9.8 | 5.4 | 16.2 |
| And | 136.7 | 145.0 | 8.3 | 6.9 | 22.6 | 2.7 | 18.6 |
| And | 208.5 | 211.9 | 3.4 | 2.8 | 9.2 | 9.8 | 27.4 |
| 24GF-1453 | 294.7 | 299.0 | 4.3 | 3.2 | 10.5 | 4.4 | 14.2 |
| 24GF-1456 | 79.0 | 81.0 | 2.0 | 2.0 | 6.6 | 8.2 | 16.1 |
| 24GF-1458 | 79.9 | 83.0 | 3.1 | 2.5 | 8.2 | 9.4 | 23.5 |
| And | 202.0 | 206.0 | 4.0 | 3.3 | 10.8 | 5.2 | 17.2 |
| 24GF-1460 | 117.4 | 118.8 | 1.4 | 1.2 | 3.9 | 19.4 | 23.4 |
| 24GF-1461 | 238.0 | 239.0 | 1.0 | 0.7 | 2.3 | 11.8 | 8.3 |
| 24GF-1462 | 111.5 | 113.4 | 2.0 | 1.5 | 4.9 | 6.7 | 10.0 |
| 24GF-1463 | 18.0 | 19.0 | 1.0 | 0.7 | 2.3 | 15.2 | 10.8 |
| 24GF-1464 | 233.6 | 239.0 | 5.5 | 4.6 | 15.1 | 3.4 | 15.7 |
| 24GF-1467 | 238.0 | 241.0 | 3.0 | 2.4 | 7.9 | 4.8 | 11.5 |
| 24GF-1468 | 150.7 | 152.2 | 1.5 | 1.2 | 3.9 | 13.6 | 16.1 |
| 24GF-1471 | 23.9 | 25.0 | 1.2 | 1.1 | 3.6 | 5.7 | 6.1 |
| And | 90.0 | 97.0 | 7.0 | 6.4 | 21.0 | 4.9 | 31.4 |
| 24GF-1474 | 119.0 | 122.0 | 3.0 | 2.4 | 7.9 | 13.8 | 33.1 |
| 24GF-1475 | 97.0 | 100.0 | 3.0 | 2.6 | 8.5 | 11.3 | 29.5 |
| And | 130.9 | 134.7 | 3.8 | 3.3 | 10.8 | 4.5 | 14.9 |
| 24GF-1477 | 134.6 | 139.0 | 4.4 | 3.1 | 10.2 | 5.6 | 17.5 |
| And | 152.7 | 162.7 | 10.0 | 7.1 | 23.3 | 3.3 | 23.4 |
| 24GF-1480 | 99.0 | 106.0 | 7.0 | 5.5 | 18.0 | 4.3 | 23.7 |
| Including | 99.0 | 126.0 | 27.0 | 20.9 | 68.6 | 2.4 | 50.2 |
| And | 113.0 | 117.0 | 4.0 | 3.1 | 10.2 | 4.7 | 14.8 |
| And | 201.9 | 202.7 | 0.8 | 0.6 | 2.0 | 30.0 | 18.9 |
In addition, geological interpretations have created an exciting new exploration target shown in Figure 1 - one that suggests that high grade Black Fox horizon style mineralization (in orange-red) may exist below and adjacent to the Grey Fox deposit (see in red) and could extend 3 km along trend towards the Black Fox Mine. The current Grey Fox gold resource is estimated to contain more than 1.1 million ozs of indicated mineralization and greater than 0.2 million ozs of inferred mineralization (shown in yellow).
An earlier geophysical survey that previously identified multiple targets, including one that became the Froome mine, is the main focus for two key areas planned for drilling in 2025. The first area is the Grey Fox exploration horizon (shown in red) located to the North-West of the current Grey Fox resource (shown in yellow) which contains the Gibson, Whiskey Jack, 147 and the GFS (Grey Fox South) zones.
The second area is what our geologists believe could be the Black Fox horizon located stratigraphically below the Grey Fox horizon (which can also be seen in Figure 8).
Figure 1. Plan View Regional Geology Map of the Fox Complex. Location of Froome Mine, Black Fox Mine, Grey Fox zones of Gibson. Whiskey Jack, 147 and GFS (Grey Fox South) are also shown.
A follow-up geophysical survey will be conducted in Q4, with the goal of delineating additional anomalies between the Grey Fox resource and the Black Fox Mine.
Figure 2 is a plan view geological map for Grey Fox showing some of the delineated lenses of mineralization (in red) and the location of the historical Gibson Ramp (in blue) at Grey Fox. Much of the 2024 drilling campaign at Grey Fox was concentrated on identifying mineralization in proximity to this ramp system. This ramp would offer early access to near-term production.
Figure 2. Plan View Geology Map of the Grey Fox Area.
Figure 3 is a plan view for the Gibson area at Grey Fox. Most of the recent good drill results are within 50-100 m of the Gibson Ramp. Much of the 2024 drilling was designed to increase the indicated and inferred mineralization in proximity to this ramp. However, some holes were drilled to deeper levels to test for continuity of the gold mineralization and shown in Figure 6. Note that Figure 3 only shows results from surface down to a vertical depth of 300 m.
Figure 3. Plan View Geology map of the Gibson Area at Grey Fox with recent & previously released Assay Results.
Figures 4 & 5 are enlarged plan view sections for the Northern and Southern portions of the Gibson ramp system, respectively. It is evident that there are abundant good grading drillholes with mineable widths within 100 m of existing ramp infrastructure. Again, these results are shallow, within 300 m below surface. In addition, many of the new results reported e.g., 24GF-1474 (13.8 g/t Au over 2.4 m) & 24GF-1452 (9.8 g/t Au over 2.8 m) are well above the current average indicated resource grade for Grey Fox of 4.8 g/t Au.
Figure 4. Enlarged Plan View of the Northern Section of the Gibson Ramp with recent and previously published Assay Results.
Figure 5. Enlarged Plan View of the Southern Section of the Gibson Ramp showing recent and previously published Assay Results.
In Figure 6, gold mineralization at Gibson is characterized by multiple, stacked and sub-parallel vein sets that begin less than 10 m below surface and extend below 600 m. These vein sets are generally planar and have good strike and vertical depth components. Due to their strong continuity and good grades with mineable widths, these vein sets are attractive areas for either underground development or open pit mining methods.
Figure 6. Cross section (looking NE) for the Southern Portion of the Gibson Area
Figure 7 and Figure 8, show results from earlier drilling that encountered gold mineralization in the footwall i.e., below Grey Fox. High assay values seen in holes 21GF-1352 (27.5 g/t Au / 1.0 m CW) and GF08-15 (8.5 g/t Au / 4.0 m CW) identified gold mineralization in a similar geological setting to that seen at the Black Fox mine, located about 3 km to the North-West. These results are most encouraging as this area is relatively untested.
Figure 7. Plan view Southern portion of Grey Fox Highlighting Historical intercepts in the Footwall (i.e., Below) of the Grey Fox Deposit.
Figure 8. Cross Section View for the South-East Portion of Grey Fox Suggesting Mineralization in the Footwall i.e., Below Grey Fox.
Figure 9: A previous geophysical survey completed in 2010 left some areas in the SE portion of the Fox Complex untested – an infill survey is expected to begin in Q4 (red lines at bottom left). The goal is to identify Black Fox style mineralization both adjacent to Grey Fox and back towards Black Fox Mine. The 2010 survey helped to discover what became the Froome Mine. Additional targets were tested over the following years but without the benefit of a full geological model and understanding to help augment the proposed drilling. We now have a much better understanding of both the regional and local Fox Complex geology and are now in a better position to continue to follow up on previously identified geophysical targets.
Figure 9. Plan View for a previously performed TITAN 24 Geophysical Survey of the Fox Complex.
For a list of drilling results at Grey Fox since May 27, 2024 including hole location and alignment, click here: https://www.mcewenmining.com/files/doc_news/archive/2024/20240911_fox_drill.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., Chief Exploration Geologist, who is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
The technical information related to resource and reserve estimates in this news release has been reviewed and approved by Luke Willis, P.Geo., McEwen Mining’s Director of Resource Modelling and is a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
New analyses reported herein were submitted as ½ core samples and assayed by the photon assay method at the accredited laboratory MSA Labs (ISO 9001 & ISO 17025) in Timmins, Ontario, Canada.
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, 2023, 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. McEwen Mining also holds a
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Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/31a0c3a2-d7db-4a09-900c-4359080734d9
https://www.globenewswire.com/NewsRoom/AttachmentNg/f8a08392-5d12-4bc5-bc7a-3c1518da9927
https://www.globenewswire.com/NewsRoom/AttachmentNg/50d9a92d-1f2e-4dd4-8696-5d783009890a
https://www.globenewswire.com/NewsRoom/AttachmentNg/70cd065d-6980-406b-a728-20d49df8d952
https://www.globenewswire.com/NewsRoom/AttachmentNg/d15f7196-b8bd-491a-a60b-86f9fe2384a6
https://www.globenewswire.com/NewsRoom/AttachmentNg/0c1c9a3c-a7c4-41fa-af8c-62cfc189c059
https://www.globenewswire.com/NewsRoom/AttachmentNg/8570cb1a-610e-4dd2-a558-53c164ade18b
https://www.globenewswire.com/NewsRoom/AttachmentNg/7119b55a-6899-45e3-b38a-18d96e78c1bf
https://www.globenewswire.com/NewsRoom/AttachmentNg/fb41168f-fbee-464a-80cf-eaf732ebd17c
FAQ
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