McEwen upbeat about future of Grey Fox near Timmins

McEwen Mining Inc. has announced an update on activity at the  Fox Complex’s Grey Fox Project east of Timmins. Included in this press release are some of the best drill results we have seen from Gibson. Additionally, drilling has identified a new exploration corridor at depth, successfully refining our previous knowledge and interpretation of the gold bearing structures at Grey Fox.

The current resource at Grey Fox consists of 1,538,000 gold ounces at 3.64 g/t Indicated and 458,000 gold ounces at 3.30 g/t Inferred (see press release of February 4th, 2025). Ongoing drilling is focusing on increasing the known resource at Grey Fox as well as identifying new discoveries below its current endowment.

Unless specified as core widths (CW), all assay intervals in this press release arepresented as true widths (TW).

Highlights From Multiple Grey Fox Zones

• Impressive Intercepts at Gibson Zone: Hole 25GF-1539 returned 12.4 g/t gold over 10.7 m, including a high-grade interval of 27.9 g/t gold over 4.5 m. Hole 25GF-1548 returned 4.0 g/t gold over 30.1 m, including an interval of 7.8 g/t gold over 11.5 m. The 30.1 meters interval may represent a local or larger scale thickening of typical Gibson mineralization, which is usually up to 5 meters in true width. 
• Deeper drilling at Grey Fox South (GFS) Zone: The bulk of the resource at GFS lies above 300 m depth. New mineralization 250 meters further below this horizon has been identified and is open along strike and dip; drillhole 25GF-1537 returned multiple good grading intersections, including 6.2 g/t gold over 7.8 m CW and 4.4 g/t gold over 16.0 m CW. 
• At the 147 Zone: Drillhole 25GF-1563, which had an impressive amount of coarse visible gold, returned an assay value of 48.5 g/t gold over 0.8 m and may represent a new mineralized lens. 
• Geophysical Target Near Whiskey Jack (WJ) Zone: Promising results were returned, as seen in drillhole 25GF-1532, which graded 5.2 g/t gold over 11.6 m CW. 

Within the overall Grey Fox resource, the Gibson Zone accounts for approximately 18% of the Indicated resource with 290,000 ounces, and 50% of the Inferred resource with 245,000 ounces (February 4th, 2025 press release).

In Q1 2025, drilling concentrated primarily in and around the highly prospective Gibson Zone. In addition, a geophysical survey was aimed at enhancing the understanding of potential new Grey Fox mineralization and identifying structural trends that have not been detected through diamond drilling or conventional geological interpretations.

Figure 2 shows a geophysical map of part of the Grey Fox deposit. The northwest-southeast trending geophysical anomalies (chargeability highs) align with the WJ zone, which also trends northwest-southeast.

In early Q1, five holes were drilled across this anomaly, four of which returned good results, including 25GF-1532, which intersected 5.2 g/t gold over 11.6 m CW. These results will be further discussed and represented in plan view and section figures.  

Figure 2 also shows that the modelled mineralized lenses (in red) are located coincident with the trend of the chargeability high. This could be an indication of constraints or control of the mineralization and is considered worthy of follow-up as it could enhance grade continuity in this orientation. 

The chargeability high may be due to a high carbon (graphite) content observed in drill core. Graphite is often associated with similar gold deposit styles in the region such as at the Macassa Mine in Kirkland Lake (60 km to the southeast). This could be indicative of controlling structures (orientated in a northwest direction) and it will be evaluated going forward. 

Figure 2. Plan View Map of the Northwest Area of Grey Fox Showing Highlights of Geophysical Target Drilling

Figure 3 is a surface map with a background of the most recent geological and structural interpretations for Grey Fox that continue to aid in understanding and modelling the mineralized zones. It also shows the positions of the cross sections further presented, A-A', B-B', C-C' and D-D' as straight white lines.

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