McEwen Mining (NYSE: MUX) (TSX: MUX) reported high grade gold assay results in the Stock Mine Extension Trend, which is part of the FOX Complex near Timmins, Ontario.
The company reported that new shallow drilling results, including eight near-surface holes in the Stock Mine Extension trend, returned attractive drilling grades up to 18.9 grams of gold per tonne (g/t Au) over 9.4 meters and 264.5 g/t Au over 2.7 meters. Additionally, this area is located favourably close to the proposed Stock West ramp.
In the lower section of the Stock Mine Extension Trend, drill holes were completed with the aim of expanding mineralization lenses near the Stock Mine. These lenses could serve as early mining horizons as the company builds a ramp from surface down to Stock West. The results of the recent drilling reveal 4.5 grams of g/t Au over 6.5 meters within a broader intersection of 3.3 g/t Au over 15.6 meters.
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Drilling campaign intended to upgrade inferred mineral resources to indicated
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns approximately 52 per cent of McEwen Copper which owns the large, advanced stage Los Azules copper project in Argentina.
The drill hole S21-202 returned an intersection of 4.3 g/t Au over 20.3 meters. However, there has been limited drilling between this intersection and the other three drill hole intersection.
In late 2022 and early 2023, the Stock West drilling campaign aimed to upgrade Inferred mineral resources to the Indicated classification. Some exploration drill holes were also designed to test the southwest plunge component.
The company also discovered encouraging results of 6.3 grams of g/t Au over 5.4 meters within a broader zone of 3.2 g/t Au over 13.9 meters. At present, there are three more holes in this area that show visible gold, and the assays are pending. These findings suggest that the current resource for Stock West could potentially expand.
Additionally, two more holes were drilled to explore a favourable hanging wall zone to Stock West. One of the holes yielded an intersection of 5.7 g/t Au over 5.9 meters, which seems to be open up-plunge and northeast of the current resource. This intercept is also significant as it could possibly represent part of a new zone at Stock West.
McEwen shares rose 0.1 per cent on Monday to trade at $11.98 on the Toronto Stock Exchange.
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