McEwen Mining: Operations moving forward, growth taking shape, financing closed
McEwen Mining Inc. providing an update on its progress so far this year along with a timeline for deliverables in 2021 and recent financing activities.
The Fox Complex has a combined resource base of 3 million oz(1) of gold and we have ambitious plans for these assets. Independent technical consultants have been employed to develop a Preliminary Economic Assessment (PEA) to expand the production from the current short mine life producing 30-40,000 oz gold per year to a ten-year mine life with annual production of 100-150,000 oz gold per year. Early results are encouraging.
The turnaround at the Black Fox Mine is progressing, with development of the underground access to the Froome deposit ahead of schedule. The first ore from Froome is planned to be delivered to the mill later this quarter and commercial production is expected to begin in Q4 of this year.
Underground drilling at the Black Fox Mine continues to return encouraging high-grade intercepts that illustrate the potential of the mine. These recent results are from delineation drilling:
64.7 g/t gold over 2.0 m core length (1.0 m TW(2)) from hole 300-F892-03 (300 level West Flank)
50.8 g/t gold over 5.6 m core length (1.3 m TW) from hole 460-L249-02 (460 level Central Zone)
37.7 g/t gold over 2.6 m core length (1.0 m TW) from hole 460-L249-06 (490 level Central Zone)
12.7 g/t gold over 3.2 m core length (2.0 m TW) from hole 490-L310-14 (490 level Central Zone)
At the Stock property, surface exploration drilling is underway with three drills on the Stock West target, and one drill testing for the extension of economic mineralization below the historic workings of the Stock Mine. Assuming this drilling is successful in identifying sufficient gold to support a decision to re-open the historic Stock Mine, we are well positioned to act quickly and begin dewatering the mine in the second half of this year. Previously the mine was dewatered in just 4 months via the existing shaft workings.
Tags: Northern Ontario / Press Releases / Gold / All Articles