McEwen releases Manitoba gold mine resource estimate
McEwen Mining Inc. [MUX-TSX, NYSE] has reported a mineral resource estimate for the Tartan Lake gold project in Flin Flon, Manitoba. The estimate outlines 308,900 gold ounces in the indicated category, and 302,7000 ounces of inferred material (calculated using a gold price of US$3,000 per ounce), with good potential to increase the resource through additional drilling immediately around the resource, along the western and eastern flanks of the Main Zone and vertically at the Main and South Zones.
The company also sees the potential to add resources on the adjoining, optioned Tartan West property to the west, where good gold grades have been reported.
The Tartan Mine Project forms part of the company’s goal of doubling production to 250,000 to 300,000 gold ounces by 2030. McEwen expects initial annual production at Tartan to average 30,000 gold ounces, with the potential to expand throughput via future permit modifications. The company also believes that doubling the potential mill capacity to 1,000 tonnes per day could see production grow to 45,000 to 55,000 ounces annually.
Meanwhile, the company has established an exploration budget of $6.0 million this year to expand the resource and test near mine/regional drill targets. Metallurgical testwork is underway to optimize process plan design, along with underground planning.
The goal is to position the Tartan Lake Mine Project as a low-impact, environmentally progressive operation. McEwen is reviewing its current environmental license and the work required to restart operations.
The Tartan Lake mine is located approximately 12 kilometres northeast of Flin Flon, Man., within the Flin Flon Greenstone Belt. Early exploration began in the mid 1920s, with construction at the Tartan Mine in the mid-1980s. Mining began in 1987 with a 250 tonne per day mill, which was further expanded to 500 tonnes per day. The mine produced approximately 47,000 ounces of gold before shutting down in 1989 due to a decline in the gold price and mechanical challenges.
On Monday, McEwen shares rose 2.75% or 70 cents to $26.09. The shares trade in a 52-week range of $40.07 and $9.13.
McEwen is engaged in gold and silver production and well as the development of a large copper product all of which are located in Nevad, the Timmins mining district in Ontario, Flin Flon, Manitoba, Argentina and Mexico.
The company recently said its fourth quarter, 2025, operating and financial performance positions it to potentially generate $80 million in free cash flow from 100%-owned operations and $50 million in dividends during 2026.
In Canada, McEwen is forecasting that production will grow from 16,000 to 19,000 ounces in 2026 to 105,000 to 120,000 gold equivalent (GEOs) by 2030, coming from the Fox Complex near Timmins, and the Tartan Mine Project.
Resource World Magazine Inc. has prepared this editorial for general information purposes only and should not be considered a solicitation to buy or sell securities in the companies discussed herein. The information provided has been derived from sources believed to be reliable but cannot be guaranteed. This editorial does not take into account the readers investment criteria, investment expertise, financial condition, or financial goals of individual recipients and other concerns such as jurisdictional and/or legal restrictions that may exist for certain persons. Recipients should rely on their own due diligence and seek their own professional advice before investing.