UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 4, 2023
McEWEN MINING INC.
(Exact name of registrant as specified in its charter)
Colorado (State or other jurisdiction of incorporation or organization) |
001-33190 (Commission File Number) |
84-0796160 (I.R.S. Employer Identification No.) |
150 King Street West, Suite 2800
Toronto, Ontario, Canada M5H 1J9
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number including area code: (866) 441-0690
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock | MUX | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01 | Regulation FD Disclosure |
On May 4, 2023, McEwen Mining Inc. (the “Company”) issued a press release to report recent drill results from its subsidiary, McEwen Copper Inc., relating to the Los Azules project in Argentina. A copy of that press release is furnished with this report as Exhibit 99.1. On May 5, 2023, the Company issued a press release to correct an immaterial error in the May 4 press release. That corrected release is furnished with this report as Exhibit 99.2.
On May 8, 2023, the Company issued a press release to report updated drill results on its Stock Property located near Timmins, Ontario, Canada. A copy of that press release is furnished with this report as Exhibit 99.3. Hyperlinks in the press releases are active to the Company’s website but not from the exhibits filed with this report.
The information furnished under this Item 7.01, including the exhibits, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by reference to such filing.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits. The following exhibits are furnished with this report: | |
99.1 | Press release dated May 4, 2023 | |
99.2 | Press release dated May 5, 2023 | |
99.3 | Press release dated May 8, 2023 | |
104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document (contained in Exhibit 101) |
Cautionary Statement
With the exception of historical matters, the matters discussed in the press releases include forward-looking statements within the meaning of applicable securities laws that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained therein. Such forward-looking statements include, among others, statements regarding future production and cost estimates, exploration, development, construction and production activities. Factors that could cause actual results to differ materially from projections or estimates include, among others, the continuing effects of the COVID-19 pandemic and related governmental responses, future drilling results, metal prices, economic and market conditions, operating costs, receipt of permits, and receipt of working capital, as well as other factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and other filings with the United States Securities and Exchange Commission. Most of these factors are beyond the Company’s ability to predict or control. The Company disclaims any obligation to update any forward-looking statement made in the press release, whether as a result of new information, future events, or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
McEWEN MINING INC. | ||
Date: May 8, 2023 | By: | /s/ Carmen Diges |
Carmen Diges, General Counsel |
Exhibit 99.1
McEwen Copper: Los Azules – New Assay Results
Significant Infill Intercepts
231 m of 0.97% Cu, including 188 m of 1.09% Cu (AZ22182A)
550 m of 0.50% Cu, including 216 m of 0.72% Cu (AZ23196)
TORONTO, May 4, 2023 (GLOBE NEWSWIRE) -- McEwen Copper Inc., 52%-owned by McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), today reports the latest assay results from Los Azules, where an ongoing infill drilling program continues to delineate copper mineralization in the core of the deposit. Infill drilling serves several purposes: providing better data density to upgrade confidence in the mineral resources, providing material and data for metallurgical, geotechnical, and hydrological studies, and potentially defining higher grade mineralization by drilling inclined holes across vertical structures (such as breccias).
Located in San Juan, Argentina, the Los Azules Project has many features comparable to world-class copper-gold deposits in South America, including a thick blanket of higher-grade Enriched mineralization.
Highlights
· | Hole AZ22182A intercepted an Enriched zone of 231 m of 0.97% Cu (est. true thickness) and a Primary zone with mineralization that remains "open" at depth. |
· | Hole AZ23196, returned an overall intercept of 550 m of 0.50% Cu (est. true thickness) and included 216 m of 0.72% Cu within the Enriched zone portion. |
· | Drilling completed during the current season to April 30th stands at 32,758 m in 125 holes, having exceeded the 25,000 meters initially planned. Drilling will continue until the end of the field season in May and will resume in October, at the end of winter in Argentina. |
“It is remarkable to think that 30% of the total number of meters drilled into our Los Azules deposit were completed in the past seven months,” commented Michael Meding, Vice President and General Manager of McEwen Copper. “It’s a credit to our dedicated team from San Juan.”
Table 1 summarizes recent copper (Cu), gold (Au) and silver (Ag) assay results.
Figure 1 presents a plan view of the location of four sections and the holes reported. Adjacent cross sections are located 50 m apart from each other, starting with the lowest numbered section at the south end of the deposit and progressing to the north.
McEwen Mining Inc. | Page |
Table 1 – Recent Los Azules Drilling Results
Hole-ID | Section | Predominant Mineral Zone |
From (m) |
To (m) |
Length
(m) |
Cu % |
Au (g/t) |
Ag
(g/t) |
Comment |
AZ23195 | 24 | Total | 136.0 | 1,076.0 | 940.0 | 0.05 | 0.01 | 0.97 | |
Enriched | 136.0 | 355.0 | 219.0 | 0.05 | 0.00 | 0.49 | |||
Primary | 355.0 | 1,076.0 | 721.0 | 0.05 | 0.01 | 1.12 | |||
AZ23203 | 32 | Total | 138.0 | 313.9 | 175.9 | 0.52 | 0.04 | 0.59 | |
Enriched | 138.0 | 313.9 | 175.9 | 0.52 | 0.04 | 0.59 | |||
AZ22182A | 35 | Total | 55.0 | 302.6 | 247.6 | 0.94 | 0.08 | 3.08 | |
Enriched | 55.0 | 286.0 | 231.0 | 0.97 | 0.09 | 1.46 | Incl. 188 m of 1.09% Cu | ||
Primary | 286.0 | 302.6 | 16.6 | 0.55 | 0.03 | 25.57 | |||
AZ23202 | 41 | Total | 64.5 | 329.7 | 265.2 | 0.43 | 0.07 | 1.72 | |
Enriched | 64.5 | 186.0 | 121.5 | 0.48 | 0.05 | 1.37 | Incl. 98 m of 0.59% Cu | ||
Primary | 186.0 | 329.7 | 143.7 | 0.38 | 0.08 | 2.01 | |||
AZ23196 | 43 | Total | 60.0 | 610.0 | 550.0 | 0.50 | 0.05 | 1.38 | |
Enriched | 60.0 | 546.0 | 486.0 | 0.52 | 0.06 | 1.38 | Incl. 216 m of 0.72% Cu | ||
Primary | 546.0 | 610.0 | 64.0 | 0.38 | 0.03 | 1.36 | |||
AZ23201 | 45 | Total | 84.0 | 464.5 | 380.5 | 0.56 | 0.05 | 1.14 | |
Enriched | 84.0 | 270.0 | 186.0 | 0.52 | 0.04 | 0.62 | |||
Primary | 270.0 | 464.5 | 194.5 | 0.59 | 0.07 | 1.64 | Incl. 96 m of 0.82% Cu | ||
AZ23198 | 47 | Total | 61.0 | 469.0 | 408.0 | 0.56 | 0.08 | 2.54 | |
Enriched | 61.0 | 469.0 | 408.0 | 0.56 | 0.08 | 2.54 | Incl. 176 m of 0.8% Cu | ||
AZ23207A | 47 | Total | 74.0 | 591.0 | 517.0 | 0.43 | 0.14 | 1.71 | |
Enriched | 74.0 | 496.0 | 422.0 | 0.47 | 0.16 | 1.85 | Incl. 176 m of 0.55% Cu | ||
Primary | 496.0 | 591.0 | 95.0 | 0.27 | 0.03 | 1.08 | |||
AZ23208 | 47 | Total | 88.0 | 308.0 | 220.0 | 0.31 | 0.01 | 0.28 | |
Enriched | 88.0 | 260.0 | 172.0 | 0.34 | 0.01 | 0.25 | Incl. 106 m of 0.41% Cu | ||
Primary | 260.0 | 308.0 | 48.0 | 0.18 | 0.00 | 0.39 | |||
AZ23197 | 49 | Total | 72.0 | 379.4 | 307.4 | 0.29 | 0.01 | 0.32 | |
Enriched | 72.0 | 358.0 | 286.0 | 0.30 | 0.01 | 0.33 | |||
Primary | 358.0 | 379.4 | 21.4 | 0.14 | 0.00 | 0.25 |
Results are summarized in four schematic cross sections (Figures 2 to 5), which include simplified interpretations of the Overburden, Leached, Enriched and Primary zones. The Enriched mineral zone refers to the enrichment of a copper deposit by precipitation-derived water circulation that carries copper minerals downward through the rocks to accumulate in a thick, often horizontal “blanket”. Immediately above the Enriched zone is the Leached zone, from which copper was removed and transported. Weathering and oxidation often aid in this process. Below the Enriched zone, the Primary (or Hypogene) zone is formed by ascending copper-rich thermal fluids having a much deeper magmatic origin. The green line indicates the pit floor of the 30-year pit shell from the 2017 NI 43-101 Preliminary Economic Assessment (PEA).
McEwen Mining Inc. | Page |
Figure 1 – Plan View Location of Cross-sections and Drill Holes in the Deposit
Figure 2 highlights a 231 m interval in the Enriched zone grading 0.97% Cu (AZ22182A), including 188 m grading 1.09% Cu within the center of the section. Drilling on this section is more limited laterally and has not tested the Primary zone beyond a 16.6 m interval, which graded 0.55% Cu. The interpretation of the mineral zones is supported by the definition drilling completed 50 m away on Section 36 (not shown) during the 2022 portion of the program.
McEwen Mining Inc. | Page |
Figure 2 - Section 35 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
Figure 3 - Section 43 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
McEwen Mining Inc. | Page |
Figure 3 presents an overall 550 m intercept of 0.50% Cu (AZ23196). Its Enriched zone measures 486 m of 0.52% Cu, including a 216 m sub-interval of 0.72% Cu. These values correlate well with nearby holes, such as AZ22176 with 226 m grading 0.87% Cu (including 96 m grading 1.13% Cu) and hole AZ22169, with 262 m grading 0.55% Cu (including 74 m grading 0.93% Cu). Both intervals correspond to the Enriched zone, which is interpreted to have a true thickness of 200 m to 250 m. Copper mineralization is tested with limited drilling at depth on this section.
Figure 4 highlights 186 m grading 0.52% Cu, including 78 m of 0.64% Cu (AZ23201) in the Enriched zone. The hole continues in the Primary zone with a 195 m section grading 0.59 % Cu and remains open at depth. The nearby previously released hole AZ22171 showcases 341 m grading 0.53% Cu, including 88 m grading 1.06% Cu in the Enriched zone and the hole ending in 35.2 m grading 0.27% Cu in the Primary zone.
Figure 4 - Section 45 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
Figure 5 profiles hole AZ23198 in the Enriched zone with a 408 m interval grading 0.56% Cu, including 176 m with 0.80% Cu. When compared with nearby hole AZ1060A with a significant 211 m section grading 0.55% Cu, hole AZ23198 shows higher initial grades at the top of the Enriched zone.
McEwen Mining Inc. | Page |
Figure 5 – Section 47 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
Technical information
The technical content of this press release has been reviewed and approved by Stephen McGibbon, P. Geo., McEwen Mining's Senior Consulting Geologist, and a qualified person as defined by NI 43-101.
All samples were collected in accordance with generally accepted industry standards. Drill core samples, usually taken at 2 m intervals, were split and submitted to the Alex Stewart International laboratory located in the Province of Mendoza, Argentina, for the following assays: gold determination using fire fusion assay and an atomic absorption spectroscopy finish (Au4-30); a 39 multi-element suite using ICP-OES analysis (ICP-AR 39); copper content determination using a sequential copper analysis (Cu-Sequential LM-140). An additional 19-element analysis (ICP-ORE) was performed for samples with high sulphide content.
The company conducts a Quality Assurance/Quality Control program in accordance with NI 43-101 and industry best practices using a combination of standards and blanks on approximately one out of every 25 samples. Results are monitored as final certificates are received, and any re-assay requests are sent back immediately. Pulp and preparation sample analyses are also performed as part of the QAQC process. Approximately 5% of the sample pulps are sent to a secondary laboratory for control purposes. In addition, the laboratory performs its own internal QAQC checks, with results made available on certificates for Company review.
Link to drill results, locations and lengths of drillhole collars corresponding to January 2023 through April 2023 at Los Azules:
https://www.mcewenmining.com/files/doc_news/archive/2023/2023-05LA/2023-05LA-AssayResults-HoleLocations.xls
McEwen Mining Inc. | Page |
Table 2 – Hole Locations and Lengths for Los Azules Drilling Results
HOLE-ID | Azimuth | Dip | Length | Loc X | Loc Y | Loc Z | |
AZ22182A | 250 | -74 | 302.6 | 2383376 | 6559139 | 3648 | |
AZ23195 | 0 | -90 | 1,076.0 | 2382332 | 6558193 | 3944 | |
AZ23196 | 70 | -69 | 610.0 | 2383022 | 6559436 | 3636 | |
AZ23197 | 250 | -71 | 379.4 | 2382741 | 6559653 | 3621 | |
AZ23198 | 70 | -80 | 469.0 | 2383206 | 6559702 | 3630 | |
AZ23201 | 70 | 74 | 464.5 | 2382953 | 6559518 | 3629 | |
AZ23202 | 70 | -85 | 329.7 | 2383086 | 6559353 | 3640 | |
AZ23203 | 66 | -74 | 313.9 | 2383294 | 6558950 | 3667 | |
AZ23207A | 250 | -62 | 591.0 | 2383200 | 6559703 | 3630 | |
AZ23208 | 250 | -82 | 308.0 | 2382841 | 6559583 | 3618 | |
Coordinates listed in Table 2 based on Gauss Kruger - POSGAR 94 Zone 2 | |||||||
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it has large exposure to copper through its 52% ownership of McEwen Copper which owns the large, advanced stage Los Azules copper project in Argentina. The Company’s goal is to improve the productivity and extend the life of its mines with the objective of increasing its share value and price and providing a yield. Rob McEwen, Chairman and Chief Owner, has personal investment in the company of US$220 million. His annual salary is US$1.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.
McEwen Mining Inc. | Page |
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WEB SITE | SOCIAL MEDIA | |||||
www.mcewenmining.com | McEwen Mining | Facebook: | facebook.com/mcewenmining | |||
LinkedIn: | linkedin.com/company/mcewen-mining-inc- | |||||
CONTACT INFORMATION | Twitter: | twitter.com/mcewenmining | ||||
150 King Street West | Instagram: | instagram.com/mcewenmining | ||||
Suite 2800, PO Box 24 | ||||||
Toronto, ON, Canada | McEwen Copper | Facebook: | facebook.com/ mcewencopper | |||
M5H 1J9 | LinkedIn: | linkedin.com/company/mcewencopper | ||||
Twitter: | twitter.com/mcewencopper | |||||
Relationship with Investors: | Instagram: | instagram.com/mcewencopper | ||||
(866)-441-0690 - Toll free line | ||||||
(647)-258-0395 | Rob McEwen | Facebook: | facebook.com/mcewenrob | |||
Mihaela Iancu ext. 320 | LinkedIn: | linkedin.com/in/robert-mcewen-646ab24 | ||||
info@mcewenmining.com | Twitter: | twitter.com/robmcewenmux | ||||
McEwen Mining Inc. | Page |
Exhibit 99.2
McEwen Copper: Los Azules – New Assay Results
Significant Infill Intercepts
231 m of 0.97% Cu, including 188 m of 1.09% Cu (AZ22182A)
550 m of 0.50% Cu, including 216 m of 0.72% Cu (AZ23196)
TORONTO, May 5, 2023 (GLOBE NEWSWIRE) -- McEwen Copper Inc., 52%-owned by McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), today reports the latest assay results from Los Azules, where an ongoing infill drilling program continues to delineate copper mineralization in the core of the deposit. Infill drilling serves several purposes: providing better data density to upgrade confidence in the mineral resources, providing material and data for metallurgical, geotechnical, and hydrological studies, and potentially defining higher grade mineralization by drilling inclined holes across vertical structures (such as breccias).
Located in San Juan, Argentina, the Los Azules Project has many features comparable to world-class copper-gold deposits in South America, including a thick blanket of higher-grade Enriched mineralization.
Highlights
· | Hole AZ22182A intercepted an Enriched zone of 231 m of 0.97% Cu (est. true thickness) and a Primary zone with mineralization that remains "open" at depth. |
· | Hole AZ23196, returned an overall intercept of 550 m of 0.50% Cu (est. true thickness) and included 216 m of 0.72% Cu within the Enriched zone portion. |
· | Drilling completed during the current season to April 30th stands at 32,758 m in 125 holes, having exceeded the 25,000 meters initially planned. Drilling will continue until the end of the field season in May and will resume in October, at the end of winter in Argentina. |
Table 1 summarizes recent copper (Cu), gold (Au) and silver (Ag) assay results.
Figure 1 presents a plan view of the location of four sections and the holes reported. Adjacent cross sections are located 50 m apart from each other, starting with the lowest numbered section at the south end of the deposit and progressing to the north.
McEwen Mining Inc. | Page |
Table 1 – Recent Los Azules Drilling Results
Hole-ID | Section | Predominant Mineral Zone |
From (m) |
To (m) |
Length (m) |
Cu % |
Au (g/t) |
Ag (g/t) |
Comment |
AZ23195 | 24 | Total | 136.0 | 1,076.0 | 940.0 | 0.05 | 0.01 | 0.97 | |
Enriched | 136.0 | 355.0 | 219.0 | 0.05 | 0.00 | 0.49 | |||
Primary | 355.0 | 1,076.0 | 721.0 | 0.05 | 0.01 | 1.12 | |||
AZ23203 | 32 | Total | 138.0 | 313.9 | 175.9 | 0.52 | 0.04 | 0.59 | |
Enriched | 138.0 | 313.9 | 175.9 | 0.52 | 0.04 | 0.59 | |||
AZ22182A | 35 | Total | 55.0 | 302.6 | 247.6 | 0.94 | 0.08 | 3.08 | |
Enriched | 55.0 | 286.0 | 231.0 | 0.97 | 0.09 | 1.46 | Incl. 188 m of 1.09% Cu | ||
Primary | 286.0 | 302.6 | 16.6 | 0.55 | 0.03 | 25.57 | |||
AZ23202 | 41 | Total | 64.5 | 329.7 | 265.2 | 0.43 | 0.07 | 1.72 | |
Enriched | 64.5 | 186.0 | 121.5 | 0.48 | 0.05 | 1.37 | Incl. 98 m of 0.59% Cu | ||
Primary | 186.0 | 329.7 | 143.7 | 0.38 | 0.08 | 2.01 | |||
AZ23196 | 43 | Total | 60.0 | 610.0 | 550.0 | 0.50 | 0.05 | 1.38 | |
Enriched | 60.0 | 546.0 | 486.0 | 0.52 | 0.06 | 1.38 | Incl. 216 m of 0.72% Cu | ||
Primary | 546.0 | 610.0 | 64.0 | 0.38 | 0.03 | 1.36 | |||
AZ23201 | 45 | Total | 84.0 | 464.5 | 380.5 | 0.56 | 0.05 | 1.14 | |
Enriched | 84.0 | 270.0 | 186.0 | 0.52 | 0.04 | 0.62 | |||
Primary | 270.0 | 464.5 | 194.5 | 0.59 | 0.07 | 1.64 | Incl. 96 m of 0.82% Cu | ||
AZ23198 | 47 | Total | 61.0 | 469.0 | 408.0 | 0.56 | 0.08 | 2.54 | |
Enriched | 61.0 | 469.0 | 408.0 | 0.56 | 0.08 | 2.54 | Incl. 176 m of 0.8% Cu | ||
AZ23207A | 47 | Total | 74.0 | 591.0 | 517.0 | 0.43 | 0.14 | 1.71 | |
Enriched | 74.0 | 496.0 | 422.0 | 0.47 | 0.16 | 1.85 | Incl. 176 m of 0.55% Cu | ||
Primary | 496.0 | 591.0 | 95.0 | 0.27 | 0.03 | 1.08 | |||
AZ23208 | 47 | Total | 88.0 | 308.0 | 220.0 | 0.31 | 0.01 | 0.28 | |
Enriched | 88.0 | 260.0 | 172.0 | 0.34 | 0.01 | 0.25 | Incl. 106 m of 0.41% Cu | ||
Primary | 260.0 | 308.0 | 48.0 | 0.18 | 0.00 | 0.39 | |||
AZ23197 | 49 | Total | 72.0 | 379.4 | 307.4 | 0.29 | 0.01 | 0.32 | |
Enriched | 72.0 | 358.0 | 286.0 | 0.30 | 0.01 | 0.33 | |||
Primary | 358.0 | 379.4 | 21.4 | 0.14 | 0.00 | 0.25 |
Results are summarized in four schematic cross sections (Figures 2 to 5), which include simplified interpretations of the Overburden, Leached, Enriched and Primary zones. The Enriched mineral zone refers to the enrichment of a copper deposit by precipitation-derived water circulation that carries copper minerals downward through the rocks to accumulate in a thick, often horizontal “blanket”. Immediately above the Enriched zone is the Leached zone, from which copper was removed and transported. Weathering and oxidation often aid in this process. Below the Enriched zone, the Primary (or Hypogene) zone is formed by ascending copper-rich thermal fluids having a much deeper magmatic origin. The green line indicates the pit floor of the 30-year pit shell from the 2017 NI 43-101 Preliminary Economic Assessment (PEA).
McEwen Mining Inc. | Page |
Figure 1 – Plan View Location of Cross-sections and Drill Holes in the Deposit
Figure 2 highlights a 231 m interval in the Enriched zone grading 0.97% Cu (AZ22182A), including 188 m grading 1.09% Cu within the center of the section. Drilling on this section is more limited laterally and has not tested the Primary zone beyond a 16.6 m interval, which graded 0.55% Cu. The interpretation of the mineral zones is supported by the definition drilling completed 50 m away on Section 36 (not shown) during the 2022 portion of the program.
McEwen Mining Inc. | Page |
Figure 2 - Section 35 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
Figure 3 - Section 43 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
McEwen Mining Inc. | Page |
Figure 3 presents an overall 550 m intercept of 0.50% Cu (AZ23196). Its Enriched zone measures 486 m of 0.52% Cu, including a 216 m sub-interval of 0.72% Cu. These values correlate well with nearby holes, such as AZ22176 with 226 m grading 0.87% Cu (including 96 m grading 1.13% Cu) and hole AZ22169, with 262 m grading 0.55% Cu (including 74 m grading 0.93% Cu). Both intervals correspond to the Enriched zone, which is interpreted to have a true thickness of 200 m to 250 m. Copper mineralization is tested with limited drilling at depth on this section.
Figure 4 highlights 186 m grading 0.52% Cu, including 78 m of 0.64% Cu (AZ23201) in the Enriched zone. The hole continues in the Primary zone with a 195 m section grading 0.59 % Cu and remains open at depth. The nearby previously released hole AZ22171 showcases 341 m grading 0.53% Cu, including 88 m grading 1.06% Cu in the Enriched zone and the hole ending in 35.2 m grading 0.27% Cu in the Primary zone.
Figure 4 - Section 45 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
Figure 5 profiles hole AZ23198 in the Enriched zone with a 408 m interval grading 0.56% Cu, including 176 m with 0.80% Cu. When compared with nearby hole AZ1060A with a significant 211 m section grading 0.55% Cu, hole AZ23198 shows higher initial grades at the top of the Enriched zone.
McEwen Mining Inc. | Page |
Figure 5 – Section 47 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
Technical information
The technical content of this press release has been reviewed and approved by Stephen McGibbon, P. Geo., McEwen Mining's Senior Consulting Geologist, and a qualified person as defined by NI 43-101.
All samples were collected in accordance with generally accepted industry standards. Drill core samples, usually taken at 2 m intervals, were split and submitted to the Alex Stewart International laboratory located in the Province of Mendoza, Argentina, for the following assays: gold determination using fire fusion assay and an atomic absorption spectroscopy finish (Au4-30); a 39 multi-element suite using ICP-OES analysis (ICP-AR 39); copper content determination using a sequential copper analysis (Cu-Sequential LM-140). An additional 19-element analysis (ICP-ORE) was performed for samples with high sulphide content.
The company conducts a Quality Assurance/Quality Control program in accordance with NI 43-101 and industry best practices using a combination of standards and blanks on approximately one out of every 25 samples. Results are monitored as final certificates are received, and any re-assay requests are sent back immediately. Pulp and preparation sample analyses are also performed as part of the QAQC process. Approximately 5% of the sample pulps are sent to a secondary laboratory for control purposes. In addition, the laboratory performs its own internal QAQC checks, with results made available on certificates for Company review.
Link to drill results, locations and lengths of drillhole collars corresponding to January 2023 through April 2023 at Los Azules:
https://www.mcewenmining.com/files/doc_news/archive/2023/2023-05LA/2023-05LA-AssayResults-HoleLocations.xls
McEwen Mining Inc. | Page |
Table 2 – Hole Locations and Lengths for Los Azules Drilling Results
HOLE-ID | Azimuth | Dip | Length | Loc X | Loc Y | Loc Z |
AZ22182A | 250 | -74 | 302.6 | 2383376 | 6559139 | 3648 |
AZ23195 | 0 | -90 | 1,076.0 | 2382332 | 6558193 | 3944 |
AZ23196 | 70 | -69 | 610.0 | 2383022 | 6559436 | 3636 |
AZ23197 | 250 | -71 | 379.4 | 2382741 | 6559653 | 3621 |
AZ23198 | 70 | -80 | 469.0 | 2383206 | 6559702 | 3630 |
AZ23201 | 70 | 74 | 464.5 | 2382953 | 6559518 | 3629 |
AZ23202 | 70 | -85 | 329.7 | 2383086 | 6559353 | 3640 |
AZ23203 | 66 | -74 | 313.9 | 2383294 | 6558950 | 3667 |
AZ23207A | 250 | -62 | 591.0 | 2383200 | 6559703 | 3630 |
AZ23208 | 250 | -82 | 308.0 | 2382841 | 6559583 | 3618 |
Coordinates listed in Table 2 based on Gauss Kruger - POSGAR 94 Zone 2 | ||||||
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it has large exposure to copper through its 52% ownership of McEwen Copper which owns the large, advanced stage Los Azules copper project in Argentina. The Company’s goal is to improve the productivity and extend the life of its mines with the objective of increasing its share value and price and providing a yield. Rob McEwen, Chairman and Chief Owner, has personal investment in the company of US$220 million. His annual salary is US$1.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.
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www.mcewenmining.com | McEwen Mining | Facebook: | facebook.com/mcewenmining | |||
LinkedIn: | linkedin.com/company/mcewen-mining-inc- | |||||
CONTACT INFORMATION | Twitter: | twitter.com/mcewenmining | ||||
150 King Street West | Instagram: | instagram.com/mcewenmining | ||||
Suite 2800, PO Box 24 | ||||||
Toronto, ON, Canada | McEwen Copper | Facebook: | facebook.com/ mcewencopper | |||
M5H 1J9 | LinkedIn: | linkedin.com/company/mcewencopper | ||||
Twitter: | twitter.com/mcewencopper | |||||
Relationship with Investors: | Instagram: | instagram.com/mcewencopper | ||||
(866)-441-0690 - Toll free line | ||||||
(647)-258-0395 | Rob McEwen | Facebook: | facebook.com/mcewenrob | |||
Mihaela Iancu ext. 320 | LinkedIn: | linkedin.com/in/robert-mcewen-646ab24 | ||||
info@mcewenmining.com | Twitter: | twitter.com/robmcewenmux | ||||
McEwen Mining Inc. | Page |
Exhibit 99.3
McEwen Mining: Stock Exploration Update
High Grades Near Surface in Proximity to the Proposed Ramp System to Stock West
Hole SM23-145: 18.9 g/t Au over 9.4 m
Hole SM22-116: 18.7 g/t Au over 3.0 m
Hole SM23-133: 11.9 g/t Au over 2.6 m
TORONTO, May 8, 2023 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report assay results from three zones at the Stock Property, part of the Fox Complex near Timmins (see Figure 1 – Areas A, B & C).
Results from eight near surface holes close to high-grade intersections in hole SM22-110 (December 19th, 2022 press release) that included 264.5 g/t gold (Au) over 2.7 meters (m) returned attractive grades up to 18.9 g/t Au over 9.4 m (see Table 1 – Area A). Figure 2 shows new shallow drilling results in Area A are within the Stock Mine Extension Trend and are favorably located close to the proposed Stock West ramp. This area has the advantages of being located right beside our Stock Mill, near surface, and with good grades averaging 5 g/t Au.
Drill holes were also completed in the lower portion of the Stock Mine Extension Trend (see Figures 1 & 3 – Area B), where recent deeper drilling was designed to expand lenses of mineralization in proximity to the Stock Mine. These lenses could represent early mining horizons as we drive a ramp from surface down to Stock West. The new results include 4.5 g/t Au over 6.5 m within a broader intersection of 3.3 g/t Au over 15.6 m. Drillhole S21-202 (released December 21st, 2021) returned 4.3 g/t Au over 20.3 m, with limited drilling between this intersection and the other three drill hole intersections shown.
The focus for the Stock West drilling campaign at the end of 2022 and beginning of 2023 (see Figure 1 & 4 – Area C) was to convert Inferred mineral resources to Indicated classification. Some exploration drill holes were designed to test the southwest plunge component. Figure 4 highlights encouraging results of 6.3 g/t Au over 5.4 m within a broader zone of 3.2 g/t Au over 13.9 m. In this area there are currently three additional holes with visible gold and assays pending. These results indicate that the current resource for Stock West could grow. Two additional holes were drilled to test a favorable hanging wall zone to Stock West. One hole returned 5.7 g/t Au over 5.9 m and appears to be open up-plunge, northeast of the current resource. This intercept is also significant since it could represent part of a potential new zone at Stock West.
All results are estimated true width unless otherwise noted.
McEwen Mining Inc. | Page |
Table 1 – Latest Drill Results for Stock
Hole ID | Area | From | To | Length | True Width | Grade | Comment | |||
(m) | (m) | (m) | (m) | (g/t Au) | ||||||
SM22-110* | A | 17.6 | 23.7 | 6.1 | 5.3 | 8.0 | ||||
28.3 | 31.5 | 3.3 | 2.7 | 264.5 | incl. 1031.6 g/t Au/ 0.7m | |||||
SM22-111 | A | 21.0 | 23.9 | 2.9 | 2.6 | 3.5 | ||||
47.7 | 51.3 | 3.6 | 3.0 | 2.9 | ||||||
SM22-113 | A | 60.0 | 64.0 | 4.0 | 3.9 | 2.1 | ||||
SM22-115 | 50.9 | 57.4 | 6.5 | 6.3 | 2.4 | |||||
SM22-116 | A | 21.0 | 24.0 | 3.0 | 2.9 | 3.7 | ||||
45.0 | 48.0 | 3.0 | 3.0 | 18.7 | incl. 53.2 g/t Au/ 1.0m | |||||
SM23-133 | A | 21.6 | 25.0 | 3.4 | 2.6 | 11.9 | ||||
SM23-145 | A | 18.0 | 23.0 | 5.0 | 4.5 | 3.7 | ||||
33.0 | 37.0 | 4.0 | 3.6 | 2.2 | ||||||
44.0 | 54.0 | 10.0 | 9.4 | 18.9 | incl. 102.7 g/t Au/ 0.9m | |||||
SM23-151 | A | 28.0 | 33.0 | 5.0 | 3.8 | 5.4 | ||||
SM23-153 | A | 37.0 | 42.0 | 5.0 | 4.6 | 3.8 | ||||
SM23-163 | A | 140.0 | 141.0 | 1.0 | 0.8 | 4.7 | ||||
SM22-108 | B | 572.6 | 590.4 | 17.8 | 15.6 | 3.3 | incl. 4.5 g/t Au/ 6.5 m | |||
607.0 | 611.0 | 4.0 | 3.7 | 4.2 | ||||||
SM22-108W1 | B | 566.0 | 572.0 | 6.0 | 5.2 | 3.1 | ||||
S22-255W2 | C | 541.0 | 559.0 | 18.1 | 13.9 | 3.2 | incl. 6.3 g/t Au/ 5.4 m | |||
S22-260 | C | 601.3 | 606.4 | 5.1 | 3.9 | 5.6 | ||||
S22-260W1 | C | 583.5 | 589.0 | 5.5 | 4.2 | 4.1 | ||||
S23-272 | C | 332.5 | 339.5 | 7.1 | 5.9 | 5.7 | ||||
Area A: Near surface at Stock Mine | Area C: Expanding Stock West up and down plunge | |||||||||
Area B: Lower portion of the Stock Mine Extension Trend | *- previously released results | |||||||||
Figure 1: Longitudinal section (looking North) extending from Stock West to East of the historical Stock Mine headframe; three key areas are highlighted with recent drill results.
McEwen Mining Inc. | Page |
Figure 2: Area A - Longitudinal section (looking North) profiling the upper East portion of the historical Stock Mine.
Figure 3: Area B - Longitudinal section (looking North) showing the potential mineralized areas at Stock Main.
McEwen Mining Inc. | Page |
Figure 4: Area C - Longitudinal section (looking North) showing the outline (in red) of the PEA resource for Stock West. Also shown is the postulated shallow plunge (to the South-West) for the Stock West deposit.
Technical Information
Technical information pertaining to the Fox Complex exploration contained in this news release has been prepared under the supervision of Sean Farrell, P.Geo., Chief Exploration Geologist, who is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
All exploration drill core samples at the Stock Complex were submitted as 1/2 core. Analyses reported herein were usually performed by the fire assay method by the accredited laboratory: Pangea Laboratorio in Sinaloa, Mexico which is owned and operated by an indirect subsidiary of the Company. (NMX-EC-17025-IMNC-2018, ISO /IEC 17025:2017). Three drill holes (SM23-151, SM23-153 & SM23-163) were submitted to the internal Black Fox assay lab.
For a list of drilling results at Stock since December 19th, 2022, including hole location and alignment, click here:
https://www.mcewenmining.com/files/doc_news/archive/2023/2023_05Stock/DrillIntercepts-StockPropertyProgram.xlsx
McEwen Mining Inc. | Page |
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns approximately 52% of McEwen Copper which owns the large, advanced stage Los Azules copper project in Argentina. The Company’s goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. Rob McEwen, Chairman and Chief Owner, has personally provided the company with $220 million and takes an annual salary of $1.
Want News Fast? Subscribe to our email list by clicking here: and receive news as it happens!!
|
||||||
WEB SITE | SOCIAL MEDIA | |||||
www.mcewenmining.com | McEwen Mining | Facebook: | facebook.com/mcewenmining | |||
LinkedIn: | linkedin.com/company/mcewen-mining-inc- | |||||
CONTACT INFORMATION | Twitter: | twitter.com/mcewenmining | ||||
150 King Street West | Instagram: | instagram.com/mcewenmining | ||||
Suite 2800, PO Box 24 | ||||||
Toronto, ON, Canada | McEwen Copper | Facebook: | facebook.com/ mcewencopper | |||
M5H 1J9 | LinkedIn: | linkedin.com/company/mcewencopper | ||||
Twitter: | twitter.com/mcewencopper | |||||
Relationship with Investors: | Instagram: | instagram.com/mcewencopper | ||||
(866)-441-0690 - Toll free line | ||||||
(647)-258-0395 | Rob McEwen | Facebook: | facebook.com/mcewenrob | |||
Mihaela Iancu ext. 320 | LinkedIn: | linkedin.com/in/robert-mcewen-646ab24 | ||||
info@mcewenmining.com | Twitter: | twitter.com/robmcewenmux | ||||
McEwen Mining Inc. | Page |