McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report high-grade exploration drill results (see Table 1) from its 100% owned Stock Property, part of the Black Fox Complex, near Timmins, Canada (see Figure 1).
“When we acquired the Black Fox Complex, we had very limited knowledge about the Stock Property. Our drilling has revealed the presence of a strongly mineralized gold system. Currently, our exploration program is assessing the occurrence of higher-grade gold zones or “shoots” within the wider and lower grade Stock East Deposit, and is generating some of the highest-grade intersections to date. Stock has become a top priority exploration target for us. Stock East’s potential to become an economic deposit is enhanced by the advantage of being strategically located right next to our operating mill,” commented Sylvain Guerard, SVP Exploration.
Table 1 – Selected New Drill Results from Stock Property
|HOLE-ID||From (m)||To (m)||Core Length (m)||Estimated True Width (m)||Gold Grade (g/t)||Area|
At Stock East the gold mineralization extends from surface to a depth of approximately 450 m. The initial resource estimate envisioned an open pit mining scenario at Stock East. However, the high-grade intersections encountered suggest the presence of higher-grade shoots within the lower grade resource area (see Figure 3). An infill drill program is ongoing to better assess this higher-grade mineralization.
Exploration drilling by McEwen Mining in 2018 and 2019 tested the potential of the mineralized system to extend below the lowest levels of the Stock Mine. Production from this mine ceased in 2004 at a relatively shallow depth of only 330 m (1,080 ft). Total production was 137,000 ounces of gold at an average grade of 5.4 g/t Au.
In 2018, hole S18-31 intersected multiple intervals of mineralization up to a depth of 650 m (2,130 ft) below surface under the mine workings. The best intersections from hole S18-31 include: 5.6 g/t Au over 3.3 m, including 14.8 g/t Au over 1.0 m; and 7.0 g/t Au over 3.8 m, including 30.1 g/t Au over 0.8 m; and 3.8 g/t Au over 4.0 m.
During Q2 2019, hole S19-95 intersected mineralization 250 m (820 ft) below the positive 2018 results intersected in hole S18-31, and 950 m below surface. Multiple zones of alteration and mineralization were observed, including visible gold. The best interval received from this hole is 18.0 g/t Au over 9.1 m, including 120 g/t Au over 1.3 m, including 311 g/t Au over 0.5 m.
A new result of 4.2 g/t gold over 7.5 m, including 25.9 g/t gold over 0.8 m was returned from hole S19-97W1 at a vertical depth of 1,020 m (3,345 ft) (see Figure 2). The gold mineralization is hosted in fuchsite-altered ultramafics, and could potentially represent the depth extension of the historical “N2 Zone” of the Stock Mine, which produced 80,000 oz of gold at an average grade of 6.2 g/t Au.
Property and Geologic Information
The Stock Property is 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 and is currently underutilized. Previously the mill processed ore from the historical underground Stock Mine that was in intermittent production from the early 1980s until 2004.
Known mineralization occurs along the prolific Destor Porcupine Fault (DPF), which crosses the property from West to East over a strike length of approximately 8 km. A significant NE-SW trending fault (the Nighthawk Fault) intersects the DPF near the Stock Mine making the area a prime structural setting for gold mineralization (see Figure 1). In addition to these major structures, the property also exhibits other characteristics of strongly mineralized systems: intense alteration, multi-style and multi-phase mineralization, and significant gold mineralization hosted in various rock types, including wide intersections of 10-30 meters at 1-2 g/t Au, and also higher-grade intersections of +10 g/t Au.
Gold mineralization at the Stock Property consists of disseminated sulfides (mostly pyrite) and quartz-carbonate stockwork and breccia, hosted in sericite-silica-albite and fuchsite altered mafic and ultramafic volcanic rocks, and in highly siliceous and albite-rich dykes.
Figure 1 accompanying this announcement is available at
Figure 2 accompanying this announcement is available at
Figure 3 accompanying this announcement is available at
Complete assay results from the latest drilling on the Stock Property:
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.
More than 38% of eligible UEX securities have already been tender... READ MORE
Infinitum Copper Corp. (TSX-V: INFI) (OTCQB: INUMF) is pleased ... READ MORE
Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) reported its financial ... READ MORE
Libero Copper & Gold Corporation (TSX-V: LBC) (OTCQB: LBCMF) ... READ MORE
Fosterville South Exploration Ltd. (TSX-V: FSX) (OTCQX: FSXLF) (G... READ MORE
We acknowledge the [financial] support of the Government of Canada.