Stock Ramp to Access Future Production
The Stock Property hosts the
Pre-construction activities have commenced at the portal with the removal of overburden. Underground development is expected to begin in Q3. The Stock Ramp will connect the
Stock is expected to provide increased gold production at a lower cost per ounce than our current production from the
Mining will start in the
Figure 1 is a project wide longitudinal section at Stock, illustrating the proposed ramp development (shown as purple straight lines) and mining horizons (shapes in blue) associated with the West, Main and East Zones.
Figure 1. Longitudinal Section for the Stock Deposit (Looking North)
Figure 1 illustrates three principal plunge directions for mineralization at the Stock Zones. The following historic drill intercepts located towards the lower end of these plunges suggest the gold mineralization could continue at depth: 6.1 g/t Au over 5.6 m (S23-291), 4.3 g/t Au over 20.4 m (S21-202) and 2.7 g/t Au over 11.2 m (S19-31).
Fox Complex’s Large Resource Base
Total Fox Complex Resources are now at 1,905,000 gold ounces of Measured and Indicated mineralization at an average grade of 4.20 g/t Au and 549,000 gold ounces of Inferred mineralization at an average grade of 3.60 g/t Au. These resources are sourced from several deposits, as listed in Figure 2.
Table 1. Fox Complex Resources (
Fox Complex Resources ( | Measured | Indicated | Inferred | ||||||
Tonnes (000s t) | Grade (g/t) | Contained Au (oz) | Tonnes (000s t) | Grade (g/t) | Contained Au (oz) | Tonnes (000s t) | Grade (g/t) | Contained Au (oz) | |
Black Fox | 304 | 5.80 | 57,000 | 91 | 5.44 | 16,000 | 149 | 5.33 | 26,000 |
Froome | 568 | 3.99 | 73,000 | 284 | 3.95 | 36,000 | 143 | 3.44 | 16,000 |
- | - | - | 7,566 | 4.80 | 1,168,000 | 1,685 | 4.35 | 236,000 | |
Stock - West & Main | - | - | - | 1,938 | 3.31 | 206,000 | 1,386 | 2.96 | 132,000 |
Stock - | - | - | - | 866 | 2.70 | 75,000 | 579 | 2.66 | 50,000 |
Stock Project Total | - | - | - | 2,804 | 3.12 | 281,000 | 1,965 | 2.87 | 181,000 |
Tamarack | - | - | - | 1,055 | 1.63 | 55,000 | - | - | - |
200 | 7.25 | 47,000 | 75 | 6.42 | 15,000 | 105 | 4.35 | 15,000 | |
Fuller | - | - | - | 1,149 | 4.25 | 157,000 | 693 | 3.41 | 76,000 |
Total Fox Complex Resources | 1,072 | 5.11 | 176,000 | 13,024 | 4.13 | 1,729,000 | 4,740 | 3.60 | 549,000 |
Note:
These resource estimates conform with the CIM (
Stock: Growing the Gold Resource Base
Table 1 shows that the overall Stock resource (
Recent Drill Results From the
The 2024 infill drilling campaign at the
The intercepts highlighted in yellow in Figure 2, including: 5.9 g/t Au over 13.5 m (SEZ24-108), 6.1 g/t Au over 7.8 m (SEZ24-105), 6.7 g/t Au over 6.3 m (SEZ24-111), are well above the East Zone’s current average Indicated resource grade of about 2.7 g/t Au.
Figure 2. Longitudinal Section for the
The 2024 drilling campaign at the
Table 2. Key Results From Recent Drilling at the
Hole ID | From (m) | To (m) | Core Length (m) | True Width (m) | Au Uncapped (g/t) | Au x TW Uncapped (Gxm) |
SEZ24-104 | 82.1 | 89.8 | 7.6 | 6.7 | 3.0 | 20.1 |
SEZ24-105 | 106.6 | 116.8 | 10.1 | 7.8 | 6.1 | 47.6 |
SEZ24-107 | 227.4 | 252.0 | 24.7 | 18.0 | 3.1 | 55.8 |
SEZ24-108 | 113.8 | 134.4 | 20.7 | 13.4 | 5.9 | 79.2 |
SEZ24-109 | 109.6 | 117.4 | 7.8 | 6.4 | 3.9 | 24.8 |
SEZ24-111 | 72.2 | 79.0 | 6.8 | 6.3 | 6.7 | 42.4 |
SEZ24-115 | 127.8 | 134.9 | 7.1 | 5.1 | 5.2 | 26.8 |
SEZ24-116 | 211.4 | 219.2 | 7.8 | 6.8 | 3.3 | 22.4 |
SEZ24-117 | 227.1 | 233.9 | 6.7 | 5.5 | 3.1 | 17.1 |
SEZ24-118A | 198.3 | 205.3 | 6.9 | 6.3 | 4.2 | 26.6 |
SEZ24-124 | 257.0 | 264.1 | 7.1 | 5.2 | 3.0 | 15.7 |
SEZ24-125 | 221.1 | 230.0 | 8.9 | 6.1 | 3.1 | 18.9 |
And | 259.0 | 270.3 | 11.3 | 7.8 | 4.5 | 35.2 |
The above results were incorporated into the
Table 3. East Zone Resource Update (from
Resource Dates for | Category | Tonnes (000s t) | (g/t) | Gold (oz) |
Indicated | 1,232 | 2.40 | 95,000 | |
Inferred | 21 | 2.32 | 2,000 | |
Indicated | 866 | 2.70 | 75,000 | |
Inferred | 579 | 2.66 | 50,000 |
“The start of production at Stock will coincide with production decreasing at the Froome mine. Permit applications to mine the Grey Fox deposit will follow the start of mining at Stock. The growth of our gold resources and the prospect of a long mine life are becoming clear and are a direct result of our intense focus and large investments in exploration,” said
Technical Information
Technical information pertaining to the
The technical information related to resource estimates in this news release has been reviewed and approved by
Exploration drill core samples at the
Notes on the Updated Resource at the
- Effective date of the updated Mineral Resource estimate is
20 May 2024 . The QP for the estimate is Mr.Carson Cybolsky ,P.Geo , an employee ofMcEwen Mining . - Mineral Resources are reported using the 2014 CIM Definition Standards and in accordance with the CIM Best Practice Guidelines (2019). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources are reported above an economic cut-off grade of 1.95 g/t gold assuming underground extraction methods and based on costs per tonne of
US$60.80 for mining,US$18.50 for process,US$7.98 for G&A, metallurgical recovery of 94%, and a gold price ofUS$1,725 /oz. - Mineral Resources include the ‘must take’ minor material below cut-off grade which is interlocked with blocks above the cut-off grade within the mineable shape optimizer stopes.
- Figures may not sum due to rounding.
For a list of drilling results at Stock since
https://www.mcewenmining.com/files/doc_news/archive/2024/2024_06_StockDrillResults.xlsx
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,
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
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Photos accompanying this announcement are available at:
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Figure 1. Longitudinal Section for the Stock Deposit (Looking North)
Figure 1. Longitudinal Section for the Stock Deposit (Looking North)
Figure 2. Longitudinal Section for the East Zone at Stock (Looking North)
Figure 2. Longitudinal Section for the East Zone at Stock (Looking North)
2024 GlobeNewswire, Inc., source