Black Fox Exploration News
Toronto, July 26, 2018 AEST (ABN Newswire) - McEwen Mining Inc. (
NYSE:MUX) (TSE:MUX) reports additional encouraging exploration results from its ongoing $15 million exploration program at the Black Fox Complex near Timmins, Ontario, Canada.
McEwen's 2018 exploration goals are to grow known deposits and make new discoveries to contribute to near-term gold production. During Q2 a total of 129,000 ft (39,300 meters (m)) of surface exploration drilling was completed at Black Fox Complex, for a year-to-date total of 220,000 ft (66,900 m).
"Our drilling continues to deliver very encouraging results, particularly from the three project areas highlighted in this release: Stock East, Froome and Gibson. Continued drilling success reinforces our view about the strong exploration potential of both the Black Fox and Stock properties," stated Sylvain Guerard, Senior Vice-President Exploration.
Three of our exploration targets are covered in this release: Stock East, Froome and Gibson. Underground delineation drilling intercepts from Black Fox are also included, along with a revised Black Fox Mine resource estimate, which eliminates the Inferred resource category and increases the Indicated ounces and grade.
Stock East
The Stock Mine property covers a 4 mile (6.5 km) section of the Destor-Porcupine fault, and produced 137,000 gold ounces at a grade of 5.5 g/t between 1989 and 2005. Our winter drilling program was designed to follow-up on historical intersections and geophysical targets; it returned better than expected results at the Stock East target and prompted an expanded 66,000 ft (20,000 m) drilling program beginning in early June. Three drill rigs are currently active and will infill the Stock East target, test the depth extension of the Stock Mine below 500 m, and attempt to join mineralization at Stock East with the historical Stock Mine over a 2,000 m long trend (see Figure 1 in link below).
Stock East has a strike length of approximately 500 m and extends vertically from surface to a depth of at least 450 m. Its proximity to our mill facility makes Stock's potential for an open-pittable deposit a particularly attractive target.
Significant drill intersections include:
---------------------------------------------------------------------Hole From (m) To (m) Length (m) TW (m) Au (g/t) ---------------------------------------------------------------------S18-08 375.80 388.00 12.20 9.90 3.39 Including 375.80 376.80 1.00 0.81 9.51 S18-14 203.45 207.60 4.15 3.72 2.30 S18-16A 236.60 243.00 6.40 5.39 1.83 And 253.10 265.00 11.90 10.02 1.53 S18-18 226.00 234.00 8.00 5.43 1.60 S18-19 143.00 160.90 17.90 16.46 2.62 Including 150.00 159.00 9.00 8.28 3.89 S18-20 157.00 158.00 1.00 0.92 7.19 And 170.32 177.00 6.68 6.14 2.08 ---------------------------------------------------------------------
*TW = True Width (mathematically calculated based on current interpretation)
Froome
The Froome deposit is located 2,800 ft (850 m) to the West of the Black Fox open pit. It was discovered in 2014 and has a current Indicated resource of 159,000 gold ounces at a grade of 5.26 g/t.
Drilling at Froome during Q2 has identified a mineralized structure in the footwall, approximately 150 m North of the Main Froome Deposit (see Figure 2 in link below). The gold-bearing trend hosts clusters of positive drill intersections at Froome Northwest, North and Southeast that may lead to the definition of additional zones of mineralization proximal to the Froome Deposit. In addition, new drill intersections below the Froome Deposit suggest some incremental resource expansion potential. The potential to develop underground access to the Froome Deposit through mineralization in the footwall could provide a major enhancement to the project's economics and will be evaluated once drilling to better define the zones is complete.
Footwall drilling highlights include the following intersections:
19.42 g/t gold over 2.5 m, including 52.7 g/t gold over 0.83 m at the Footwall NW area;
7.97 g/t gold over 5.99 m at the Footwall North area; and
7.91 g/t gold over 3.12 m, including 13.9 g/t gold over 1.56 m at the Footwall SE area.
Drilling down-dip of the Froome Deposit encountered 4.04 g/t gold over 7 m, suggesting the mineralization continues at depth. Drilling at Froome will continue in Q3 to follow up on these results.
Significant Froome drill intersections include:
---------------------------------------------------------------------Hole Zone From (m) To (m) Length (m) TW (m) Au (g/t) ---------------------------------------------------------------------18BF-663 Footwall SE 58.00 62.00 4.00 3.12 7.91 Including 58.00 60.00 2.00 1.56 13.90 18PR-G234 Footwall N 51.20 53.60 2.40 2.11 5.70 18PR-G239 Footwall NW 325.00 328.00 3.00 2.47 8.05 18PR-G243 Footwall NW 88.00 91.00 3.00 2.50 19.42 Including 88.00 89.00 1.00 0.83 52.70 And 97.00 119.00 22.00 18.16 1.86 Including 113.00 118.00 5.00 4.13 3.97 18PR-G245 Footwall NW 198.8 200.00 1.20 0.99 12.92 18PR-G247 Footwall NW 67.00 79.00 12.00 10.02 1.28 18PR-G248 Footwall NW 300.20 302.00 1.80 1.45 9.61 18PR-G256 Footwall N 60.00 65.00 5.00 4.28 3.65 Including 63.60 64.00 0.40 0.34 33.40 And 71.00 78.00 7.00 5.99 7.97 Including 71.00 74.00 3.00 2.57 17.51 18PR-G258A Main 341.00 349.00 8.00 7.00 4.04 18PR-G259 Footwall N 83.00 86.00 3.00 2.60 9.46 Including 84.00 85.00 1.00 0.87 17.55 18PR-G262 Main 129.00 132.00 3.00 2.61 3.83 ---------------------------------------------------------------------
Gibson
The Gibson exploration target area is adjacent the Grey Fox Deposit, where Indicated resources of 465,000 gold ounces at a grade of 6.64 g/t, and Inferred resources of 100,000 gold ounces at 6.83 g/t are currently defined.
The present dimensions of the Gibson Zone mineralization are approximately 100 m in length along strike and 400 m depth from near surface. Additional drilling is underway to better define the extent and orientation of the mineralization.
Hole 18GF-1079 returned 3.11 g/t gold over 34 m (core length), including 10.81 g/t gold over 6 m, from a new style of breccia mineralization identified at the Gibson area. This new intersection suggests the potential for extension of the mineralization to a 500 m depth below surface. Drilling will continue in Q3 to further assess the potential depth extension.
Significant Gibson drill intersections include:
--------------------------------------------------------------------- Hole From (m) To (m) Length (m) TW (m) Au (g/t) --------------------------------------------------------------------- 18GF-1063 565.00 568.00 3.00 2.49 5.84 18GF-1064 371.45 373.00 1.55 1.28 10.12 18GF-1066 112.00 116.00 4.00 3.64 4.57 18GF-1079 520.00 554.00 34.00 * 3.11 Including 521.00 527.00 6.00 * 10.81 18GF-1080 492.00 501.00 9.00 7.71 5.96 Including 499.00 501.00 2.00 1.71 17.55 18GF-1094 29.00 37.00 8.00 6.37 4.26 Including 34.00 37.00 3.00 2.39 7.58 ---------------------------------------------------------------------
* True width unknown
Black Fox Underground
During Q2 a significant portion of the underground drilling was dedicated to confirming and expanding known mineralized trends that are located close to current workings and that could be brought into production quickly. Definition drilling to the east of 560 Central Zone (CZ) has extended the east sill nearly 30 m. Drill intercepts have recently been confirmed with high grade chip samples that were taken across development faces, including: 27.65 g/t gold over 3.4 m and 90.22 g/t gold over 3.3 m.
Central Zone drilling highlights include:
--------------------------------------------------------------------- Hole From (m) To (m) Length (m) TW (m) Au (g/t) --------------------------------------------------------------------- 560-F098-05* 77.00 85.10 8.10 6.12 27.76 560-F098-14 63.00 70.00 7.00 4.90 12.72 ---------------------------------------------------------------------
* Previously disclosed
Infill drilling targeting the 780 to 820-meter levels of the Deep Central Zone (DCZ) was designed to aid in future development and production planning and has returned high grade intercepts, showing the impressive nature and continuity of the DCZ at depth.
Deep Central Zone drilling highlights include:
--------------------------------------------------------------------- Hole From (m) To (m) Length (m) TW (m) Au (g/t) --------------------------------------------------------------------- 800-F302-13 64.22 73.00 8.78 7.52 44.41 800-F302-15 66.00 68.67 2.67 2.43 141.19 800-F302-16 52.00 61.00 9.00 7.63 43.45 800-F302-18 60.00 63.19 3.19 2.72 47.86 ---------------------------------------------------------------------
Underground mining and exploration efforts in Q3 will be dedicated to: 1) Conversion of ounces from the resource to the reserve category, and 2) Development of an exploration drift to provide additional drill platforms to test the depth extension of the mine that remains open.
Resource Update
An updated mineral resource estimate for Black Fox Mine with an effective date of March 31, 2018 was completed by SRK Consulting (Canada) Inc. The resource update reflects improved modeling of underground voids, and additional definition and delineation drilling. SRK's methodology applied to the current resource remained consistent with that used in 2017. The tables (i-iii) (see link below) summarize the current resource estimates for the Black Fox Complex.
The next update of the Black Fox Complex resource estimates is planned at the end of the year, and will be published early in 2019 along with the revised and restated mineral reserve estimate.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/N5Q5XO7W
About McEwen Mining Inc
McEwen Mining (NYSE:MUX) (TSE:MUX) is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. McEwen Mining also holds a 48.3% interest in McEwen Copper, which is developing the large, advanced-stage Los Azules copper project in Argentina. The Company's goal is to improve the productivity and life of its assets with the objective of increasing the share price and providing a yield. Rob McEwen, Chairman and Chief Owner, has a personal investment in the Company of US$225 million.
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