McEwen Mining (TSX:MUX) (NYSE:MUX), a gold mining company based in Canada, reported new assays from its Stock West target within the Fox Complex. The site, situated about 45 km east of Timmins, has been the flagship project for the company for some time, and comprises multiple drill testing sites.
This venture aims to expand the company’s reach in the project and create new drill sites for future production. The reported assays are the result of drilling less than 500 metres west of the mill.
Highlights at Stock West Drilling 2020-2021:
- 8.43 g/t Au over 14.3 m, including 23.68 g/t Au over 1.1 m – hole S20-138a
- 6.76 g/t Au over 15.6 m, including 43.00 g/t Au over 0.4 m – hole S20-148
- 6.08 g/t Au over 25.7 m including 28.30 g/t Au over 0.6 m – hole S20-149
- 6.21 g/t Au over 19.0 m – hole S20-154
- 3.80 g/t Au over 7.3 m – hole S21-157
The company’s modeling efforts have shown that there is continuous mineralization, hinting at a potentially attractive mineable area.
Discovered in late 2019, Stock West is now being drill tested in a fully funded $20 million program at the Fox Complex that includes exploration and delineation. Seven drills are active at the Fox Complex, with four of them being at Stock West, Stock Main hosting one (500 east of Stock West), and two at Grey Fox. Due to its potentially high mineralization results and ease of integration into other operations at the Fox Complex, Stock West is being seriously evaluated as a potential mining operation along with the Grey Fox deposit at the Fox Complex, about 32 km east of the site.
The company acquired the Fox Complex in 2017 from Primero Mining for US$35 million. At the time, it included the Black Fox underground gold mine, producing 2,400 tonnes per day, Stock gold mine (producing in the past), a tailings facility, and Grey Fox and Froome (two development projects). Exploration was launched at Stock in 2018, during which it identified and defined deposits east and west of the mine.
McEwen Mining (TSX:MUX) (NYSE:MUX) has also committed $5 million toward drilling at its Gold Bar project in central Nevada, about 48 kilometres northwest of Eureka. RGM044M intersected 24.3 metres, grading 3.4 grams gold from 68 metres. The investment in the project will be used to delineate new resources, replace mining depletion, and further de-risk the geological and metallurgical models that will form the basis on which to build for future production planning.
With a $716.3 million market capitalization, McEwen Mining (TSX:MUX) (NYSE:MUX) continues to grow and consolidate much of the gains of the investments being poured into exploration right now. Its joint venture partner Hochschild Mining is beginning a $9.3 million drill program in 2021 at its San Jose mine in Argentina. The majority of that investment is earmarked for exploration drilling of priority targets, including the mine’s Escondida Vein and the Telken target. With a 49% interest in the project, McEwen Mining (TSX:MUX) (NYSE:MUX) is set up to see continued growth in its gold portfolio, share price, and market cap.