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:
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.
Table 1 –New Drill Results from Stock West
|HOLE-ID||From (m)||To (m)||Core Length* (m)||Gold Grade (g/t)|
* 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:
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.
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