TORONTO - McEwen Mining Inc . (NYSE: NYSE:MUX) (TSX: MUX) has announced significant developments at its Stock Mine property, part of the Fox Complex in Timmins, Ontario, Canada.
The company reported a 31% increase in gold resources at the Stock West and Stock Main areas compared to year-end 2022. This growth is attributed to the geological structures identified within these areas, which are believed to control the mineralization.
The exploration investment at Stock Mine has also confirmed the continuation of mineralization at depth and highlighted Stock East as a potential new source of near-term production. Recent drilling results include high-grade assays such as 121.5 grams per tonne (g/t) gold over 0.4 meters from drillhole SEZ24-86. Other notable results included 6.5 g/t Au over 10.2 meters from SEZ24-84 and 4.5 g/t Au over 10.4 meters from SEZ24-88.
Stock East's strategic location, being only 700 meters east of the company's mill and near the proposed ramp to Stock West, makes it a candidate for early revenue generation during the ramp's construction. The mineralization at Stock East is controlled by two plunge directions and extends vertically from near the surface to at least 350 meters depth, remaining open down-dip and to the east.
The company aims to upgrade the majority of the inferred mineralization at Stock East to the indicated category and complete the resource update by the end of Q1 2024. The exploration efforts are supported by the latest technical information prepared under the supervision of qualified persons as defined by Canadian Securities Administrators National Instrument 43-101.
This news is based on a press release statement and includes forward-looking statements subject to significant risks and uncertainties. The company's annual report and other filings with the Securities and Exchange Commission provide additional information on these risks. McEwen Mining is a diversified producer with operations in several countries and a focus on gold and silver production.
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