McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is
pleased to report a distinct new high-grade occurrence of gold
mineralization has been found (
see Table 1) on its
Stock Property, part of the Black Fox Complex, near Timmins, Canada
(see Figure 1).
“Results from our first
drill holes suggest the potential to define a significant new zone
of mineralization at Stock West. The economic
importance is enhanced by being well
located right next to our mill and the underground
workings of the historic Stock Mine,” commented
Sylvain Guerard, SVP Exploration.
Highlights: Drilling at
Stock West returned four significant intersections:
- 6.7 g/t Au over 39 m (Drill
Hole S19-101)
- 5.6 g/t Au over 30 m,
including 9.1 g/t Au over 13 m
(Drill Hole S19-98)
- 5.6 g/t Au over 29.1 m,
including 15.0 g/t Au over 5.1 m
(Drill Hole S19-105)
- 3.2 g/t Au over 17.5 m,
including 4.3 g/t Au over 9.5 m
(Drill Hole S19-104)
A total of eight drill holes have been completed
at Stock West, and assays have been received for six holes to date
(see Figures 2 & 3). All eight holes
intersected the favorable host rock, a coarse-grained
magnesite-fuchsite-dolomite carbonated altered ultramafic unit.
Assay values from the well-mineralized intersections are consistent
across the intervals, with gold present in both the veinlets and
within the ultramafic itself. In addition, a pyrite-rich felsic
dyke has been intersected in three holes. This dyke occurs next to
the ultramafic intrusive unit and carries visible gold throughout.
In hole S19-105, the felsic dyke returned assay results of
13.2 g/t Au over 5.4 m. These
styles of mineralization differ from most other mineralization on
both the Stock and Black Fox properties.
Similar coarse-grained ultramafic host rocks
appear at part of Stock Deep (result highlighted below), and the
potential for a connection with Stock West (a gap of over 2,000 ft.
or 600 m) will be tested.
This new mineralization has been intersected
from 1,280 to 1,670 ft. (390 to 510 m) below surface and
horizontally for 575 ft. (175 m) and remains open at depth and
along strike. Four surface drill rigs are actively drilling at
Stock West.
Stock East and Stock Deep
The 2019 drilling program at Stock has been
successful returning multiple intersections of high-grade gold
mineralization along a 2-mile (3-kilometer) long segment of the
Porcupine-Destor Fault (PDF). In addition to the results reported
today at Stock West, other recently reported high-grade drill
results from the Stock Property included the following.
- Stock Deep: 18.0 g/t Au over 9.1
m, including 120 g/t Au over 1.3
m (September 4, 2019 news release); and
- Stock East: 34.7 g/t Au over 5.9
m, including 74.1 g/t Au over 2.7
m; and 83.5 g/t Au over 5.6
m, including 417 g/t Au over 1.1
m (September 30, 2019 news release).
Table 1 –New
Drill Results from Stock West
HOLE-ID |
From (m) |
To (m) |
Core Length* (m) |
Gold Grade (g/t) |
S19-98 |
472.0 |
502.0 |
30.0 |
5.63 |
Including |
472.0 |
485.0 |
13.0 |
9.09 |
S19-101 |
482.0 |
490.0 |
8.0 |
1.37 |
Including |
489.0 |
490.0 |
1.0 |
7.73 |
And |
497.0 |
536.0 |
39.0 |
6.72 |
Including |
502.0 |
503.0 |
1.0 |
16.70 |
Including |
509.0 |
510.0 |
1.0 |
11.25 |
Including |
523.0 |
524.0 |
1.0 |
41.40 |
Including |
530.0 |
531.0 |
1.0 |
11.00 |
S19-102 |
398.0 |
400.0 |
2.0 |
3.06 |
And |
469.0 |
477.0 |
8.0 |
3.05 |
S19-103 |
517.0 |
519.0 |
2.0 |
1.68 |
And |
561.2 |
564.2 |
3.0 |
1.61 |
S19-104 |
447.5 |
465.0 |
17.5 |
3.22 |
Including |
447.5 |
457.0 |
9.5 |
4.56 |
S19-105 |
475.0 |
504.1 |
29.1 |
5.62 |
Including |
499.0 |
504.1 |
5.1 |
14.97 |
S19-106 |
Assays pending |
S19-107 |
Assays pending |
* True widths are estimated at 65% of the core
length for holes #98, 101 and 102, and 75% for #103-105.
Property and Geologic
Information
The Stock Property is metal stream-free and the
site of McEwen Mining’s Stock Mill, which currently processes ore
from the Black Fox Mine. The mill has a capacity of approximately
2,000 tonnes per day. The Stock Mine was in production from the
early 1980s until 2004, and was developed to a depth of 1,000 ft.
(300 m). The Stock West target is located approximately 1,000 ft.
(300 m) west from existing underground development at the
historical Stock Mine and 2/3 mile (1,000 m) from the mill.
Gold mineralization at the Stock Property occurs
along the prolific regional PDF, which crosses the property from
west to east for 5 miles (8 km). The Nighthawk Fault is a
significant NE-SW trending fault that intersects the PDF near the
Stock Mine, making the area a prime structural setting for gold
mineralization. In addition to these major structures, the property
also exhibits other characteristics of strongly mineralized systems
in the prolific Abitibi Greenstone Belt: intense alteration,
multi-style and multi-phase mineralization, and significant gold
mineralization hosted in various rock types.
Click Here to View Figures 1-3:
http://mcewenmining.com/files/doc_news/archive/20191028_stock/20191028_figures_1-3.pdf
ABOUT MCEWEN MINING
McEwen Mining is a diversified gold and silver
producer and explorer with operating mines in Nevada, Canada,
Mexico and Argentina. It also owns a large copper deposit in
Argentina. McEwen’s goal is to create a profitable gold and silver
producer focused in the Americas.
McEwen has approximately 362 million shares
outstanding. Rob McEwen, Chairman and Chief Owner, owns 22% of the
shares.
TECHNICAL INFORMATIONTechnical
information pertaining to geology and exploration contained in this
news release has been prepared under the supervision of Ken
Tylee, P.Geo. Mr. Tylee is a "qualified person" within the meaning
of NI 43-101.
Black Fox Complex drilling (including the Stock
Property) was conducted by Major Drilling and Norex Drilling and
supervised by McEwen’s Geology Department. All exploration drill
core samples at the Stock Property were submitted as 1/2 core.
Analyses reported herein were usually performed by
the fire assay method by the independent laboratories:
ALS Laboratories (ISO 9001/IEC17025 certified) and AGAT Labs (ISO
9001/IEC17025 certified). Screen metallic fire assay
technique is used to determine coarse and fine gold in samples and
utilises a larger volume of the sample. The plus fraction is
fire assayed for gold and a duplicate assay is performed on the
minus fraction. Size fraction weights, coarse and fine fraction
gold content and total gold content are
reported. McEwen’s quality control program includes
systematic insertion of blanks, standard reference material and
duplicates to ensure laboratory accuracy.
To determine the lengths of significant
mineralized intervals, the following composite criteria were
established.
Stock West: a minimum
reportable interval length of 3 m was determined by establishing a
cut-off grade of 1 g/t gold. A consecutive maximum length of 3 m of
internal waste, including sub cut-off grade material, is allowed
and incorporated into the reported composites. Where an interval of
less than 3 m is considered, if the grade x length calculation is
greater than 3, it may be reported.
There is no top cutting or capping of
assays.
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, factors associated with 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, 2018 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.
CONTACT INFORMATION: |
Investor Relations:(866)-441-0690 Toll
Free(647)-258-0395 Christina McCarthy ext.
390Mihaela Iancu ext. 320
info@mcewenmining.com |
Website:
www.mcewenmining.com Facebook:
facebook.com/mcewenminingFacebook:
facebook.com/mcewenrob Twitter:
twitter.com/mcewenminingTwitter:
twitter.com/robmcewenmux Instagram:
instagram.com/mcewenmining |
150 King Street WestSuite 2800, P.O. Box 24Toronto, ON,
CanadaM5H 1J9 |
McEwen Mining (NYSE:MUX)
Historical Stock Chart
From Apr 2024 to May 2024
McEwen Mining (NYSE:MUX)
Historical Stock Chart
From May 2023 to May 2024