2024 drilling campaign at McEwen's Grey Fox finishes strong

McEwen Mining Inc. has announced that exploration at the Grey Fox Deposit, part of the Fox Complex, successfully delivered in 2024 a large increase in our gold resources. Early results from the 2025 program are also most encouraging. The 2025 exploration budget for the Fox Complex is US$9.7 million, including 68,500 meters of diamond drilling.

All assay intervals are expressed in true widths (TW) unless otherwise stated.

Late 2024 & Early 2025 Highlights: 

• Gibson Zone drilling: Hole 24GF-1520 returned 17.7 g/t gold (Au) over 8.0 m, while the first results received for the 2025 campaign returned 12.9 g/t gold over 4.3 m and 15.3 g/t gold over 2.7 m (25GF-1525).
• Multi-pronged approach for exploration at the Grey Fox Horizon and the Black Fox Horizon, which includes drilling, geophysics and additional geological modelling. The Grey Fox Horizon has a cluster of 173 lenses of epithermal gold mineralization and demonstrates good continuity within the lenses.
• An updated resource estimate for Grey Fox was recently published (see February 4, 2025 press release), with an Indicated resource of 1,538,000 ounces of gold at a grade of 3.64 g/t gold and an Inferred resource of 458,000 ounces of gold at a grade of 3.30 g/t gold, using a cut-off grade of 1.60 g/t gold.
• A principal focus of the 2025 drilling campaign will be the expansion of the current resource, including at the Gibson Zone, where 23 additional epithermal lenses were discovered near the historical Gibson ramp.
• The Whiskey Jack Zone is located approximately 350 meters from the entrance to the Gibson ramp. This zone has the highest Indicated grade of 5.7 g/t gold and greatest average true width of 5-7 meters for the entire cluster of epithermal lenses within the Grey Fox Horizon.
• Exploration will begin soon within the Black Fox Horizon for potential orogenic gold discoveries. The Black Fox Horizon is bounded by the Porcupine-Destor fault, and a subordinate structure known as the A1 Fault. It is a highly prospective corridor for exploration, which has had minimal drilling to the south-east of the orogenic-type gold deposit seen at the Black Fox Mine.
• Ground-based geophysical surveys - Direct Current Induced Polarization (DCIP) and Magnetotelluric (MT) have been recently completed. Preliminary results are being used to guide current drill hole targeting.

 Rob McEwen, Chairman and Chief Owner said, “During my time leading Goldcorp, we transformed our Red Lake Mine, by challenging the accepted geological model and committing to a large exploration program. We drilled deep and into the hanging wall and the results were outstanding. We hit the bonanza-grade portion of the orogenic gold system where the outside consensus said it would not be. It was a gamechanger for the company, reinforcing my steadfast belief in the critical importance of exploration and the explosive improvement in share value it can deliver.

Today, we are at an exciting juncture with our exploration at the Fox Complex. We are focused on exploration drilling which is increasing our gold resources at a time when gold is making record highs against every fiat currency, including the US dollar. For a higher cost miner such as us, these two developments should drive a significant improvement in our operating profit margins.

The fundamentals supporting the continued strong demand for gold from central bankers and, particularly, Eastern investors are primarily excessive debt and the erosion of fiat currencies’ purchasing power. I believe strongly that the outlook for gold is very positive and that now is a time to be aggressively building our gold resource base and annual gold production.”

Tags: Northern Ontario / Exploration / Gold / All Articles