McEwen Mining drills 0.29% copper over 1,052 metres at Los Azules, Argentina

McEwen Copper Inc., 52%-owned by McEwen Mining Inc. [MUX-TSX, NYSE] reported new copper values over extensive widths resulting from infill and step-out exploration drilling at its 100%-owned Los Azules Project, Argentina. Los Azules is a large porphyry copper-gold-silver deposit with considerable growth potential, where its ultimate depth and lateral extent remain to be determined.

Exploration: 1,052 metres of 0.29% copper, including 480 metres of 0.42% copper (AZ22174).

Delineation: 236 metres of 1.39% copper and 0.19 g/t gold, including 42 metres of 2.78% copper (AZ23191).

“Strong team performance is accelerating our Los Azules program in 2023,” commented Michael Meding, Vice President and General Manager of McEwen Copper. “Exciting results in hole AZ22174 highlight the potential of exploration to create additional value for McEwen Copper, and continuity of mineralization in the infill program is de-risking our mineral resource.”

The Los Azules project, located in San Juan province, Argentina, has many attributes comparable to world-class copper-gold deposits in South America. Drill hole AZ22174 is coincident with a prominent deep geophysical anomaly and showcases the potential to meaningfully expand Los Azules through exploration.

Drill hole AZ22191 demonstrates strong internal continuity of the high grade mineralization from the current infill program and further de-risks our geological model.

Over 13,500 metres of drilling were completed between January and May in 2022. Activity at Los Azules restarted in October, focused on completing a drill program covering over 25,000 metres in 75 new holes, designed to increase infill drilling to upgrade the Cu, Au and Ag resource classification to measured and indicated, leading to improved geological and economic estimates in a planned 2024 Feasibility Study (FS); provide metallurgical, hydrological and geotechnical data to facilitate mine design; and demonstrate extensions of Los Azules to the North, South and at depth.

From October to the 3rd week of February, a further 16,900 metres in 66 holes have been completed for the current program, making this the most extensive annual drill campaign in the history of the project. A more comprehensive update of results from the current campaign will be released soon.

The initial exploration hole of the program, AZ22174, was drilled to a depth of 1,128 metres with copper mineralization observed along its entire length including a 1,052-metre intercept averaging 0.29% copper. Mineralization along the drillhole is more prevalent below 500 metres, where more than 66% of the overall contained copper (480 m grading 0.42% Cu) resides. The hole was planned based on the center of a geophysical anomaly sitting at about 800 metres depth, near the termination of a historic hole. The results from hole AZ22174 reinforce our belief that the deposit continues to be open at depth and to the North and represents a sizeable opportunity. The sub-interval of 26 metres grading 1.46% Cu includes early mineral porphyry and quartz veinlets that also typify the core of Los Azules.

Delineation drilling continues at Los Azules with a focus on upgrading to Measured mineral resources the Enriched zone. Hole AZ23191 lies 50 metres north of Section 36 and graded 1.39% copper over 236 metres, including 2.78% copper over 42 metres. There remain assays pending along the final 31 metres of the hole.

The interpretation of the enriched mineralization was drafted prior to the results from AZ23191 being available, but overall, the shape still conforms well. What is most striking is the grade of the intercept versus nearby hole AZ22180 as shown by the histogram lengths and colours. This reflects the structurally controlled nature of mineralization, particularly in the core of the deposit where grades are highest.

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. Its Chairman and Chief Owner, Rob McEwen, has personally provided the company with $220 million and takes an annual salary of $1.