McEwen Mining Inc. (NYSE: MUX) (TSX: MUX)’s copper subsidiary reported rich copper values over favourable widths today as a result of an infill drilling program at the company’s Argentina copper-gold-silver deposit.
On Thursday, McEwen Copper announced results from eight drill holes at the Los Azules project in the San Juan province. A 1.05 per cent concentration of copper (Cu) across 237 metres and a 1.71 per cent quantity throughout 108 metres in hole AZ22173 were the most significant results.
McEwen Mining owns a 68 per cent share in McEwen Copper and the remainder belongs to a series of new investors, including the former company’s CEO Rob McEwen.
Los Azules is growing in San Juan, together with local contracting firms. HG Perforaciónes' 2 #drilling teams will soon add 2 others. This #LF160 drill, dedicated to extraction of samples and geotechnical tests, works day & night to advance our top 10 world-class #copper project. pic.twitter.com/V3AA6lnAm6
— McEwen Copper (@McEwenCopper) January 16, 2023
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A total of 46 holes have been drilled at Los Azules since October throughout 11,900 metres.
“We have transitioned into 2023 with tremendous momentum, backstopped by 9 on-site drills, an active community engagement program and a fully staffed technical team advancing Los Azules towards feasibility,” said Michael Meding, Vice President and Manager of McEwen Copper.
“We are delivering a first-class technical evaluation on a copper deposit that will put Argentina at the forefront of critical metals production supporting worldwide electrification and a greener future for generations to come.”
McEwen Mining is a gold and silver producer with a series of projects throughout Canada, Nevada, Mexico and Argentina.
McEwen’s stock dropped by 1.55 per cent today to $9.50 on the TSX.
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Calibre Mining (TSX: CXB) (OTCQX: CXBMF) is another example of a Canadian gold producer with operations in Nevada and Latin America.
Calibre produced about 222,000 ounces of gold last year and recently made a short documentary about its environmental initiatives in Nicaragua, a country where it has major operations.
The Vancouver-based company released positive assay results for its Golden Eagle project in Washington on Tuesday.
According to the investment banking firm Haywood Securities Inc., investing in Calibre Mining is a smart move considering the company’s strong management and exploration team. Additionally, Haywood anticipates a 20 per cent year-over-year increase in production for Calibre this year.
Calibre’s stock value decreased by 1.75 per cent today to $1.12 on the TSX.
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