McEwen Mining drills 1,031.6 g/t gold over 0.8 metres at Stock mine project, Ontario
McEwen Mining Inc. [MUX-TSX, NYSE] reported exploration news from its Stock property, Ontario that discusses four priority areas that illustrate the potential to expand the gold resource base around the historic Stock mine.
“We find the occurrence of near surface high-grade at our Stock Mill’s doorstep very intriguing. These initial results have mineable grades and widths, which are encouraging f rom an economic perspective as they compare favourably to the Stock mine’s historic grade of 5.5 g/t gold,” stated Stephen McGibbon, EVP Exploration.
Area 1: Near Surface at Stock Mine drill hole SM22-110 produced two attractive assay results within 30 metres of surface. The first of these shallow intercepts, started after 15 metres from surface, was 8.0 g/t gold over 4.6 metres.
The second intercept, following within 5 metres further downhole, had an assay value of 264.5 g/t gold uncapped or of 12.6 g/t gold capped over 2.4 metres, which included an assay of 1,031.6 g/t gold over 0.6 metres. The results of SM22-110 represent an extension of mineralization east of SM22-059 and SAS-66 which delivered assay values of 11.6 g/t gold over 3.1 metres and 6.3 g/t gold over 3.5 metres, respectively. This result has opened a new high-grade target area of some 300 metres in length. Further east again, coarse and fine visible gold was encountered in SM22-116, with assay results pending.
Area 2: Around Existing Stock Mine Workings: A second area with multiple intercepts located 225 to 280 metres below surface includes SM22-090 with 6.6 g/t gold over 6.1 metres within a broader envelope of 4.4 g/t gold over 10.5 metres and SM22-070 with 5.5 g/t gold over 6.5 metres within 3.6 g/t gold over 15.0 metres. This area is of interest as it has potential to host new mineral resources of economic gold grades with attractive widths. Proximity to our processing facilities (Stock Mill) increases the likelihood for these results to support attractive operating margins.
Area 3: Below Existing Stock Mine Workings – Stock Deep Footwall (FW): Four exploration holes were drilled around a historic S96-2 with an intercept of 6.6 g/t gold over 5.2 metres contained within 3.8 g/t gold over 15.2 metres. These drill holes are within the projected Stock Mine extension trend, shown in blue shading.
Early results all show consistent mineralization with intercepts that include SM22-080 with 5.0 g/t gold over 6.5 metres and SM22-086 with 5.7 g/t gold over 3.3 metres and SM22-091 with 3.6 g/t gold over 9.8 metres. Two additional holes contained visible gold with assay results pending. All these intercepts occur between 500 m and 600 metres below surface, in an area with limited drilling and suggests mineralization may extend up to former mine workings and below the current drilling.
Previously released S21-203 reported three mineralized intervals located 185 metres west of the Stock West mineral resource and remains an important near-term target, as mineralization clearly has not been closed off. Assay results are pending for four holes drilled into this 185-metres gap area, with three of the holes encountering visible gold.
In additionally, three holes located above S21-203, 15 metres – 30 metres west of the PEA mining block for Stock West returned 3.2 g/t gold over 8.0 metres in S22-243, 3.0 g/t gold over 6.8 metres in S22-247 and 2.6 g/t gold over 16.8 metres in S22-248 where the latter two have comparable results to the mineral resources contained within the PEA shape. Locally lower grades can still be an important indicator of a robust mineralized system. East of the Stock West deposit, at similar distance, S22-245 returned 4.5 g/t gold over 3.4 metres.
The Stock property, part of the Fox Complex, covers 5 miles (8 km) along the Destor-Porcupine Fault Zone (DPFZ) and associated geological structures. It is the site of the historic Stock Mine and of the Stock Mill, where the material from our Black Fox and Froome mines is processed.
| When the Stock mine ceased mining in 1994, due to low gold price, it produced 137,000 gold ounces grading 5.5 g/t. While most of the mines along the DPFZ have reached depths of greater 1,000 metres, the Stock mine has only been mined down to a depth of 330 metres. Recent exploration success has built a resource of 265,000 gold ounces Indicated and 119,000 gold ounces Inferred, all within 500 metres of surface. Recent drill results suggest the mineralization continues deeper. |
McEwen Mining’s Chairman and Chief Owner, Rob McEwen, has personally provided the company with $220 million and takes an annual salary of $1.