Stock West and Stock Main gold resources increase by 31%, mineralization continuing at depth;
Stock East emerging as a potential new source of near-term production. Assay highlights:
Drillhole SEZ24-86: 121.5 g/t Au over 0.4 m (3.91 oz/t Au over 1.3 ft) (Fig. 2)
Drillhole SEZ24-84: 6.5 g/t Au over 10.2 m (0.21 oz/t Au over 33.5 ft) (Fig. 3)
Drillhole SEZ24-88: 4.5 g/t Au over 10.4 m (0.14 oz/t Au over 34.1 ft) (Fig. 3)
(All assay values are true widths)
31% Resource Growth (Inferred + Indicated) and the Importance of Structures at Stock West and Main
Geological interpretations suggest that two principal structures that plunge to depth, emanating from the historical
Stock East Emerging
Drilling in late 2023 and continuing into 2024 was designed to assess Stock East’s potential to be a shallow source of near-term revenue during the construction phase of the access ramp at Stock West. Assay results from the infill drill program successfully identified mineable widths and grades. In addition, the block model updated in 2022 has been successful in forecasting the projected grades and widths for the new drilling. Stock East mineralization appears to be controlled by two plunge directions, with one similar to that seen for the rest of Stock structures (see Fig. 1 in upper right-hand corner and Fig. 3)
An assay result from drillhole SEZ24-86 that returned 121.5 grams per tonne (g/t) gold (Au) over 0.4 meters (m), equivalent to 3.91 ounces per tonne (oz/t) Au over 1.3 ft (see Fig. 2), is very intriguing because of its high grade, proximity to surface and position outside the main mineralized zone (lying approximately 75 m in the hanging wall to the main Stock East zone). Its orientation suggests that earlier drilling may have missed other possible high-grade occurrences. To date, all of the drilling at Stock East has been in a mostly North to North-West orientation, therefore this particular intercept may have been mostly missed. Additional follow-up drilling is warranted to determine its true geometry.
Some of the key drill results from our recent drilling programs are listed below; see Fig. 3: Also shown in Fig. 3 are earlier assay values of attractive grades and widths.
SEZ23-69: SEZ24-71: SEZ24-84: SEZ24-85: SEZ24-88: | 7.1 g/t Au over 4.8 m 4.5 g/t Au over 7.7 m 6.5 g/t Au over 10.2 m 3.5 g/t Au over 5.3 m 4.5 g/t Au over 10.4 m | 0.23 oz/t Au over 15.8 ft 0.14 oz/t Au over 25.3 ft 0.21 oz/t Au over 33.5 ft 0.11 oz/t Au over 17.4 ft 0.14 oz/t Au over 34.1 ft |
The location of Stock East is strategic for multiple reasons:
From a geological perspective:
The Stock East zone lies close to the splay point of the NE-SW trending
From an operational perspective:
It is located only 700 meters East of our mill (see Fig. 1); Stock East is a shallow deposit positioned just 400 meters from the proposed ramp to Stock West, that could be quickly and inexpensively accessed; and it could potentially provide early revenue during the construction of the Stock West ramp.
The current drilling program aims to upgrade the majority of the Inferred mineralization to the Indicated category while also targeting higher grade (>10 GxM, grade x true width) sections of the zone. We are also updating the resource for Stock East to include these new intercepts, targeting completion by the end of Q1 2024 (see Table 1).
Figure 1: Longitudinal section looking North, extending from Stock West to Stock East and showing the principal plunge directions which control most the mineralization on the Stock property
Figure 2: Plan view of the mineralization seen on the Stock property
Figure 3: Longitudinal section looking North -
Most of the assay results from Stock East shown in Fig 3. represent true widths of over 4 m with good grades, and there is sound geological continuity between the drillholes. The outline of this zone is well defined and geological interpretations indicate a dip of about 70 degrees to the SE. Stock East has a strike length of approximately 400 meters, it extends vertically from near surface to a depth of at least 350 m and is open down-dip and to the East. The two proposed conjugate structural plunge directions (see Fig. 3, dashed lines) appear to be consistent with geological interpretations for the mineralization seen at Stock East and to provide excellent targeting vectors for future exploration and resource growth.
Table 1: Highlights of recent drill intercepts received for the Stock East zone
Hole ID | From (m) | To (m) | Core Length (m) | True Width (m) | Au (g/t) | Au (g/t) x TW (m) | Core Length (ft) | True Width (ft) | Au (oz/t) | Au (oz/t) x TW (ft) |
SEZ23-69 | 80.40 | 87.70 | 7.30 | 4.78 | 7.11 | 33.96 | 23.95 | 15.68 | 0.23 | 3.58 |
Including | 84.60 | 87.70 | 3.10 | 1.90 | 13.28 | 10.17 | 6.23 | 0.43 | ||
SEZ23-70 | 86.65 | 93.74 | 7.09 | 4.80 | 4.27 | 20.47 | 23.26 | 15.74 | 0.14 | 2.16 |
Including | 86.65 | 91.00 | 4.35 | 2.81 | 5.88 | 14.27 | 9.22 | 0.19 | ||
SEZ23-71 | 80.55 | 90.00 | 9.45 | 7.74 | 4.51 | 34.91 | 31.00 | 25.39 | 0.14 | 3.68 |
Including | 87.00 | 90.00 | 3.00 | 2.51 | 10.64 | 9.84 | 8.24 | 0.34 | ||
SEZ24-80A | 139.65 | 143.50 | 3.85 | 2.85 | 4.96 | 14.13 | 12.63 | 9.34 | 0.16 | 1.49 |
SEZ24-84 | 212.64 | 229.00 | 16.36 | 10.22 | 6.45 | 65.92 | 53.67 | 33.53 | 0.21 | 6.95 |
Including | 226.34 | 229.00 | 2.66 | 1.71 | 30.31 | 8.73 | 5.62 | 0.97 | ||
SEZ24-85 | 133.59 | 140.00 | 6.41 | 5.25 | 3.49 | 18.32 | 21.03 | 17.24 | 0.11 | 1.93 |
SEZ24-86 | 85.08 | 85.67 | 0.59 | 0.39 | 121.53 | 45.60 | 1.94 | 1.29 | 3.91 | 5.03 |
SEZ24-88 | 226.00 | 241.84 | 15.84 | 10.36 | 4.48 | 46.41 | 51.97 | 33.99 | 0.14 | 4.90 |
Including | 238.00 | 241.84 | 3.84 | 2.61 | 12.96 | 12.60 | 8.58 | 0.42 | ||
SEZ24-95 | 202.54 | 207.77 | 5.23 | 3.74 | 5.69 | 21.28 | 17.16 | 12.27 | 0.18 | 2.24 |
SEZ19-28* | 337.00 | 343.50 | 6.50 | 5.91 | 34.71 | 205.25 | 21.33 | 19.40 | 1.12 | 21.65 |
Including | 339.80 | 342.80 | 3.00 | 2.73 | 74.13 | 9.84 | 8.96 | 2.38 | ||
SEZ19-35* | 324.30 | 330.50 | 6.20 | 5.64 | 83.49 | 470.95 | 20.34 | 18.51 | 2.68 | 49.68 |
Including | 325.30 | 326.50 | 1.20 | 1.09 | 417.00 | 3.94 | 3.58 | 13.41 | ||
SEZ19-39* | 303.60 | 319.40 | 15.80 | 12.90 | 3.97 | 51.23 | 51.84 | 42.33 | 0.13 | 5.40 |
Including | 304.30 | 305.00 | 0.70 | 0.54 | 10.25 | 2.30 | 1.76 | 0.33 | ||
Including | 316.00 | 317.00 | 1.00 | 0.77 | 25.50 | 3.28 | 2.52 | 0.82 | ||
S18-02* | 230.40 | 241.00 | 10.60 | 9.40 | 4.49 | 42.21 | 34.78 | 30.84 | 0.14 | 4.45 |
Including | 233.40 | 234.00 | 0.60 | 0.53 | 15.90 | 1.97 | 1.74 | 0.51 | ||
S18-10* | 204.00 | 218.80 | 14.80 | 11.96 | 5.24 | 62.67 | 48.56 | 39.24 | 0.17 | 6.61 |
Including | 215.80 | 217.80 | 2.00 | 1.62 | 26.53 | 6.56 | 5.31 | 0.85 | ||
S18-47* | 335.70 | 348.00 | 12.30 | 9.69 | 5.76 | 55.81 | 40.35 | 31.79 | 0.19 | 5.89 |
Including | 344.45 | 347.10 | 2.65 | 2.09 | 25.16 | 8.69 | 6.86 | 0.81 | ||
Grades are presented uncapped; * - previously reported intervals. |
Table 2: Comparison of the Stock West and Main resource beginning with the 2022 PEA
Classification | Quantity '000 t | Change | Gold Grade | Change | Contained Metal | Change | ||||
% | g/t | % | '000 oz Au | % | ||||||
2022 PEA | Indicated | 1,171 | 3.83 | 144 | ||||||
Inferred | 1,049 | 3.30 | 111 | |||||||
Year-End 2022 | Indicated | 1,280 | +9% | 3.66 | -4% | 151 | +5% | |||
Inferred | 1,041 | -1% | 3.20 | -3% | 107 | -4% | ||||
Year-End 2023** | Indicated | 1,938 | +51% | 3.31 | -10% | 206 | +37% | |||
Inferred | 1,386 | +33% | 2.96 | -8% | 132 | +23% |
** Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimates. For this update, an additional 272 drillholes (100,834 m) were added to the database since the last resource update in
This resource statement does not include the Stock East deposit, which had its own mineral resource estimation updated in
Technical information
Technical information pertaining to the
The technical information related to resource and reserve estimates in this news release has been reviewed and approved by
Exploration drill core samples at the
For a list of drilling results at Stock since
https://www.mcewenmining.com/files/doc_news/archive/2024/2024_02_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, 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, effects of the COVID-19 pandemic, 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
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A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/5a77353f-7e14-4df0-8b0b-69000806b355
https://www.globenewswire.com/NewsRoom/AttachmentNg/e3a4ebe6-3bd8-4b0b-a8dd-a15b91218334
https://www.globenewswire.com/NewsRoom/AttachmentNg/df3902f4-4e4d-4c33-b5b3-3c69a1f7ca16
Figure 1 - Longitudinal section looking North
Figure 1 - Longitudinal section looking North
Figure 2 - Plan view of the mineralization seen on the Stock property
Figure 2 - Plan view of the mineralization seen on the Stock property
Figure 3 - Longitudinal section looking North - Stock East Zone
Figure 3 - Longitudinal section looking North - Stock East Zone
2024 GlobeNewswire, Inc., source