McEwen Copper Inc. saw additional significant intercepts from its last assay results coming from the Los Azules project in San Juan, Argentina.
The company, which is 52 per cent owned by McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) has been consistently reporting positive assay results at the project.
The most recent drill phase happened between October 2022-June 2023 and completed almost 40,000 meters of drilling to evaluate the area. The drill hole database now totals 126,000 meters.
Highlights from the last assay include:
- Hole GTK2320 intercepted an Enriched zone of 386 meters (m) grading 0.66 per cent Cu (est. true thickness) and includes a sub-interval of 196 m grading 0.99 per cent Cu.
- Hole GTK2319 intercepted an Enriched zone of 383.5 m grading 0.50 per cent Cu (est. true thickness) and includes a sub-interval of 120 m grading 0.67per cent Cu.
- Hole AZ23237 intercepted an Enriched zone of 308 m grading 0.69 per cent Cu (est. true thickness) and includes a sub-interval of 142 m grading 0.82p per cent Cu.
- Hole AZ23233 returned an Enriched zone of 374 m grading 0.50 per cent Cu including an Enriched zone intercept of 206 m grading 0.65 per cent Cu.
“These assay results include significant copper values over wide intercepts and demonstrate very good agreement between these new assay results and those predicted by the resource block model used in the 2023 Preliminary Economic Assessment,” Chief owned Rob McEwen said in a statement.
Read more: McEwen Copper reports more significant intercepts at Los Azules, Argentina
Los Azules was designed to consume way less water and emit much lower carbon emissions. It aims to be carbon neutral by 2038 and powered by renewable energy sources once in operation.
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina.
Company stock dropped by 6.33 per cent on Tuesday to $10.66 on the Toronto Stock Exchange.
McEwen Copper has reached several milestones in 2022, including building a seasoned Argentine management team, improving critical access to Los Azules, advancing technical studies and welcoming investors Rio Tinto Ltd. (ASX: RIO) (LON: RIO)’s latest venture Nuton LLC and Stellantis (NYSE: STLA) (Euronext Milan: STLAM) (Euronext Paris: STLAP).
Following the year-end, a subsidiary of Stellantis invested ARS$30 billion and Nuton LLC increased its investment by $30 million in McEwen Copper.
Stellantis and Nuton now own 14.2 per cent each of McEwen Copper, while McEwen Mining owns 52 per cent. These transactions value McEwen Copper at approximately $550 million on a 100 per cent basis.
