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McEwen Mining: Grey Fox is Growing

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McEwen Mining: Grey Fox is Growing

 

 

 

 

 

McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report drill results from its Gibson and Whiskey Jack targets within the Grey Fox deposit area, a part of the Black Fox Complex in Timmins, Canada (see Figures 1 & 2). Highlights of the drilling from these two important targets are shown below in Tables 1 & 2.

 

“The drill results reported today from Gibson and Whiskey Jack illustrate clearly the growth potential of the Black Fox property,” said Sylvain Guerard, SVP Exploration.

 

Gibson Target

 

In 2018, hole 18GF-1079 intersected a broad interval of mineralization within an intrusion, which returned 3.1 g/t Au over 34 m, including 10.8 g/t Au over 6 m (core lengths). Diamond drilling tested below hole 18GF-1079 and extended the mineralization by 820 ft (250 m) down dip with hole 19GF-1106; which intersected a higher-grade interval of 16.9 g/t Au over 3 m (core length), within a 200 ft (60 m) wide envelope of alteration and anomalous mineralization.

 

Follow-up drilling has continued with 19 holes completed since last release of results in May 2019 (see Figure 3). Significant gold mineralization at Gibson has been outlined over a 1,650 ft (500 m) strike length and from surface to a depth of 2,600 ft (800 m). Hole 19GF-1147 returned the deepest intersection of 13.2 g/t Au over 3 m. Highlights of the Gibson drilling are included below:

 

Table 1 – Highlights of drill results from the Gibson Target (True widths are not known)
 

 

HOLE-ID From (m) To (m) Core Length (m) Core Length (ft) Gold Grade (g/t) Gold Grade (opt)
19GF-1107 403.00   406.50   3.5   11.5   7.3   0.23  
19GF-1122 433.00   435.50   2.5   8.2   8.2   0.26  
And 549.21   557.00   7.8   25.6   5.6   0.18  
And 693.00   698.00   5.0   16.4   4.7   0.15  
And 807.00   809.00   2.0   6.6   13.3   0.43  
Including 807.00   808.00   1.0   3.3   26.6   0.86  
19GF-1127 720.85   727.00   6.1   20.2   4.7   0.15  
19GF-1130 47.00   51.00   4.0   13.1   8.7   0.28  
Including 49.00   50.00   1.0   3.3   21.4   0.69  
19GF-1138 897.00   902.00   5.0   16.4   4.0   0.13  
19GF-1147 935.00   938.00   3.0   9.8   13.2   0.42  
Including 936.00   937.00   1.0   3.3   26.5   0.85  
19GF-1148 55.00   61.40   6.4   21.0   3.5   0.11  
And 600.81   605.17   4.4   14.3   8.8   0.28  
19GF-1176 452.00   455.00   3.0   9.8   7.9   0.25  
19GF-1177 229.10   232.00   2.9   9.5   7.1   0.23  
And 429.60   432.00   2.4   7.9   18.4   0.59  
Including 431.30   432.00   0.7   2.3   55.6   1.79  
19GF-1182 481.00   483.00   2.0   6.6   13.6   0.44  
Including 481.00   482.00   1.0   3.3   23.5   0.76  
g/t – grams per tonne, opt – troy ounces per metric tonne

 

Whiskey Jack Target

 

The Whiskey Jack target is located where the contact between sedimentary and volcanic units changes orientation. Drilling followed-up on positive drill results released on November 4, 2019 including: 14.1 g/t Au over 8.4 m, including 59.1 g/t Au over 1.3 m core length in hole 19GF-1242. Recent drilling intersected wide zones of strong gold mineralization (see Figure 4), including the highlight below:

 

Table 2 – Highlight of drill results from the Whiskey Jack Target (True widths are not known)

 

HOLE-ID From (m) To (m) Core Length (m) Core Length (ft) Gold Grade (g/t) Gold Grade (opt)
19GF-1248 181.00   225.00   44.0   144.4   9.0   0.29  
Including 199.00   221.00   22.0   72.2   14.8   0.48  
And 232.00   242.00   10.0   32.8   6.3   0.20  
Including 232.00   234.00   2.0   6.6   22.8   0.73  
g/t – grams per tonne, opt – troy ounces per metric tonne

 

Results for the three drill holes completed with assays suggest the gold mineralization may be hosted in at least two structures containing mineralized veins. The mineralized structures hosting the veins are believed to have a true width ranging from 6.5 to 13 ft (2 to 4 m), considerably narrower than the core length intersections.

 

Visible gold has been identified in six of nine holes completed so far this year at Whiskey Jack. Gold mineralization has been intersected over a strike length of 330 ft (100 m) and to a shallow depth of 660 ft (200 m) below surface.

 

Geologic Interpretation

 

The Gibson syenite intrusion hosting the gold mineralization extends over 1.5 mile (2.5 km) along the Gibson-Kelore Fault Zone (see Figure 3). There are two main styles of mineralization at Gibson; 1) breccia and crustiform veins from surface to a depth of approximately 1,150 ft (350 m) below surface and 2) dissemination-replacement style mineralization from approximately 980 ft (300 m) to at least 2,600 ft (800 m) below surface. Both styles of mineralization are interpreted to be synchronous with mineralization at the Contact, 147, and South zones.

 

Complete assay results from the latest drilling on the Gibson and Whiskey Jack targets:

http://mcewenmining.com/files/doc_news/archive/20191203_bf/Dec2019_Gibson_WJ_composites_cog_1_3_v2.xlsx

 

Figure 1 – Black Fox property plan view:

http://mcewenmining.com/files/doc_news/archive/20191203_bf/Figure_1_Dec_3_2019.pdf

 

Figure 2 – Grey Fox area plan view:

http://mcewenmining.com/files/doc_news/archive/20191203_bf/Figure_2_Dec_3_2019.pdf

Figure 3 – Gibson cross section:

http://mcewenmining.com/files/doc_news/archive/20191203_bf/Figure_3_Dec_3_2019.pdf

 

Figure 4 – Whiskey Jack cross section:

http://mcewenmining.com/files/doc_news/archive/20191203_bf/Figure_4_Dec_3_2019.pdf

 

For a glossary of technical terms and their definitions, please consult our mining glossary: 

https://www.mcewenmining.com/investor-relations/glossary/default.aspx

 

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 400.3 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 20% of the shares.

 

QUALIFIED PERSON

Technical information pertaining to geology and exploration contained in this news release has been prepared under the supervision of Steven M. D. Scott, P.Geo. Mr. Scott is a “qualified person” within the meaning of NI 43-101.

 

TECHNICAL INFORMATION

Grams per tonne (g/t) converted to Troy ounces per tonne (opt) at ratio 31.1035 to 1.

 

All intercept widths are true widths unless otherwise specified.

 

Composite criteria unless otherwise stated: Cut-off grade 3 g/t Au, minimum length 2 m, and maximum consecutive interval waste 3 m. If grade x length > 6 the composite will be added.

 

All exploration drill core samples at the Black Fox Complex were submitted as 1/2 core. Analyses reported herein were performed by the independent laboratories: ALS Laboratories, which is ISO 9001/IEC17025 certified, and AGAT Laboratories, which is ISO 9001/IEC17025 certified. 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 was established: a minimum reportable interval length of 3 m was determined by establishing a cut-off grade of 3g/t gold for underground (1 g/t gold for near surface). 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 9 (3 for surface), it may be reported. There is no top cutting or capping of assays.

 

Posted December 3, 2019

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