Core Insights - McEwen Mining Inc. is advancing a new mine at the Fox Complex, with production expected to start in the second half of 2025, following the commencement of pre-construction activities at the Stock portal [1][2][14] - Recent exploration has led to a 29% increase in estimated gold resources in the East Zone of the Stock Property, contributing to a total of 1,905,000 ounces of Measured and Indicated gold resources at an average grade of 4.20 g/t Au [1][7][9] Resource Summary - The Fox Complex consists of several properties, with total resources including 1,905,000 ounces of Measured and Indicated gold and 549,000 ounces of Inferred gold [1][7] - The Stock Property has defined three deposits: East, Main, and West zones, located along a three-kilometer mineralized trend [2][3] - The overall Stock resource now contains 281,000 ounces of Indicated mineralization at a grade of 3.12 g/t Au and 181,000 ounces of Inferred mineralization at a grade of 2.87 g/t Au, marking a nearly 7% increase from the previous resource estimate [9][13] Production and Cost Efficiency - Mining at the Stock Property is expected to yield increased gold production at a lower cost per ounce compared to the Froome Mine due to lower transportation costs, higher mill throughput, and the absence of royalties on Stock [3][14] - Initial production will commence in the East Zone, which has seen a recent increase in resources, allowing for early cash flow [4][14] Recent Drilling Results - The 2024 infill drilling campaign at the East Zone has shown strong continuity in mineralization, with significant intercepts including 5.9 g/t Au over 13.5 m and 6.1 g/t Au over 7.8 m, well above the current average resource grade [10][12] - The updated resource estimate for the East Zone reflects an increase to 75,000 ounces Indicated and 50,000 ounces Inferred as of May 20, 2024 [13]
Fox Complex: Extending Mine Life; A New Mine at the Stock Property; Exploration Has Driven the Prospect of Earlier Cash Flow