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McEwen believes Timmins properties may extend further west

Apr 25, 2022

McEwen Mining Inc. is providing an update on its 2022 exploration program at the Fox Complex properties near Timmins, and at the Gold Bar properties in Nevada. The programs are focused on expanding known mineral resources. At the Fox Complex, the objective is to shorten the payback period outlined in the Fox Complex PEA (Preliminary Economic Assessment). At Gold Bar, drilling is following up on mineralized trends in and around the Pick Pit, and on exploration opportunities around the nearby Atlas property that was acquired in 2020.
Fox Complex - Stock 
Our Stock Property covers 4-miles (7 km) of one of Canada’s best mining addresses, the Destor‑Porcupine Fault Zone, which is home to a number of world class Archean gold deposits. Our 2019 discovery of the Stock West deposit and our recent exploration success in the area adjacent to the former Stock Mine have opened the potential to source relatively, near term production from a shallow depth and very close to our existing mill. The Stock property currently hosts a mineral resource estimate of 239,000 gold ounces in the Indicated category and 113,000 ounces of Inferred category, in addition to the 137,000 ounces of past production. These resources are largely within 1,650 feet (500 m) of surface. Stock is an Archean gold system, and the hallmark of world-class Archean gold systems is persistent vertical continuity measured in kilometres, allowing the very best of such deposits to remain in production for decades.
Based on previous high-grade drill intercepts, we have several deeper targets (see circled letter “A” in Figure 1). Mineralization measured by ounces per vertical metre is not a constant in Archean deposits, commonly varying by multiples as grade or volume of mineralization increase and decrease over lateral and vertical extents.
Stock Targets
Figure 1 below highlights our four priority target areas that are proximal to our operating Stock Mill. These targets have excellent potential to grow our mineral resources and impact positively the future development of the property.
Stock West and Stock East resource areas have not been fully tested. The “A” target area represented by hole S21‑202 (4.29 g/t gold over 21 m) appears to be on trend with both the shallow east-plunge of mineralization coming from Stock West and steeper west-plunging mineralization observed in the Stock Mine mineralization. The Heat Map contouring shown 820 feet (250 m) below hole S21-202 remains an isolated but highly attractive target anchored by hole S19-95 (27.20 g/t gold over 7 m).
The “B” target area is located immediately below the base of the Stock West resource represented by hole S21-178A that includes 9.36 g/t gold over 3 m and 2.48 g/t over 15 m (core lengths) respectively. A further 500 feet (150 m) west, hole S21-203 intercepted 2.61 g/t gold over 6 m and 6.69 g/t gold over 2.9 m (core lengths). Precise structural controls on the Stock West deposit are yet to be determined.
The Target “C” area is at Stock East, where limited drilling has been conducted beneath a porphyry sill, the current base of mineralization. Drilling will test to determine if the gold mineralization continues at depth, as our geologists see possible.
The Target “D” area has shallow exploration targets that represent an opportunity to develop mineral resources proximal to potential Stock West development. Some 45 holes have been completed on this area since December 2021. These holes have been successfully expanding the known lateral extent of the green carbonate (CGR) unit located in the footwall to the former Stock Mine and which is also host to the Stock West deposit. Hole SM21-029 intersected 7.98 g/t gold over an estimated true width of 6.2 m within 100 metres from surface. Drilling is also returning encouraging results within the bleached mafic volcanic (BMV) unit that is host to Stock Mine mineralization.

Table 1 and Figure 2 below, summarize key results from shallow drilling in Target “D” area.
Figure 1 – Heat Map of Longitudinal Section of the Stock Property
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Figure 2 - Longitudinal Section Showing Location of Table 1 Intercepts
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