McEwen Mining reports significant increase in gold resources at Grey Fox Deposit in 2024

From Globe Newswire: 2025-02-27 07:00:00

McEwen Mining Inc. announced a significant increase in gold resources at the Grey Fox Deposit in 2024. The 2025 exploration program is promising, with a budget of US$9.7 million and 68,500 meters of diamond drilling. The Grey Fox Horizon has 173 lenses of gold mineralization, contributing to a total resource estimate of 1,538,000 ounces of gold.

The 2025 drilling campaign is focused on expanding current resources, particularly at the Gibson Zone. Early results from the campaign show promising grades of 12.9 g/t gold over 4.3 m and 15.3 g/t gold over 2.7 m. The Black Fox Horizon is also being explored for potential orogenic gold discoveries, with minimal drilling in the area to date.

Rob McEwen, Chairman and Chief Owner of McEwen Mining, emphasized the importance of exploration in driving share value and improving profit margins. With gold prices at record highs, the company aims to increase its gold resource base and annual production. The Fox Complex in Canada’s Abitibi region presents a promising opportunity for new gold discoveries.

The Grey Fox Deposit’s updated resource estimate outlines over 1,500,000 ounces of Indicated gold mineralization and more than 450,000 ounces of Inferred gold mineralization. The Gibson Zone, part of the deposit, has shown potential for resource growth, with new epithermal lenses identified near the historical Gibson Ramp. The company is actively exploring these areas to expand its resource base.



Read more at Globe Newswire: 2024 Drilling Campaign at Grey Fox Finishes Strong: