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Huge volume with price spike on the TSX the last 15 minutes of trading! (46 million) Showed trades clearing after hours FWIW
Nice day on the TSX here, up 24%
How's this apply to MUX? I still think Rob's got his eye's on GBR FWIW
http://cdn.ceo.ca.s3-us-west-2.amazonaws.com/1dqubbd-37D72EE5-3CD5-43BC-A6CA-D3026BEAD28C.jpeg
Damn and I thought Pretium had lots of visible gold in their cores!
https://www.howestreet.com/2018/09/25/aurion-nails-source-of-golden-boulders/
First 12 minutes RNX and Novo
Sold 1/2 yesterday, bought back in this morning
Maybe soon, once it bottoms
Wait till the shooting really gets going in Syria, especially with Iran in the mix there!
McEwen Mining Black Fox 2018 Exploration Outlook
January 17, 2018
? Download this Press Release PDF Format (opens in new window)
TORONTO, Jan. 17, 2018 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) acquired the Black Fox Complex in October 2017 in a strategic investment that increases our gold production, provides excess milling capacity, and significantly expands our mineral resource base and exploration potential in the Timmins district of Canada. Exploration is the principal focus at Black Fox for 2018. A $10 million property-wide exploration program that will include approximately 330,000 feet (100,000 metres) of drilling is underway. The main objectives are to test for extensions of existing resources, follow-up on significant drill results, and to investigate new exploration targets.
The Black Fox Complex is composed of two land packages that cover 7 miles (11 km) along the prolific Porcupine-Destor Fault, known internationally as the ‘Golden Highway’. The combined production from the purchased properties totals over 950,000 ounces of gold. The Black Fox mine was initially in production from 1997 to 2001. It was re-commissioned in 2009 and has operated continuously since then, producing a total of 821,000 ounces of gold from an open pit and underground mine. Although there is a history of exploration and production, the land packages appear underexplored to depth and along trends. The 2018 exploration budget has been almost tripled from the previous year and will consist of approximately 200,000 feet (60,000 m) of surface drilling and 130,000 feet (40,000 m) of underground exploration and delineation drilling.
“We are very pleased with the addition of the Black Fox Complex to our portfolio and to announce an aggressive exploration program to assess the full potential of the property.
Black Fox has all the criteria characteristic of great exploration projects including: prime location within a prolific mining region, high gold endowment, presence of high-grade mineralization, multiple prospective structural trends, as well as various styles of mineralization and host rock types.
Despite successful past exploration, the property remains largely under-explored and the upside potential is considered excellent. We anticipate that our 2018 exploration program will result in the growth of known deposits, and lead to new discoveries of gold and base metal mineralization.” - Sylvain Guerard, Senior Vice-President Exploration.
When McEwen purchased the Black Fox Complex, the last release of exploration results had occurred one year earlier in Q3 2016, and there was a significant backlog of unassayed drill core. Therefore, this release includes the undisclosed results from late 2016 and 2017, along with new drill results generated since the purchase (see Tables 1 to 3 for complete drill information).
2017 Black Fox Mine Exploration Highlights
In 2017, Black Fox underground exploration was focused on extensions of existing resources proximal to the mine infrastructure, and areas below and along the flanks of the deposit where potential exists for new discoveries. Through this exploration program, several advanced development targets including the High Quartz (HQ), extensions of the Deep Central (DC), and the Far East zones, were brought into the conceptual mine plan. Additional exploration targets include the Far West, Gap, and deeper below the DC (see Figure 1).
High Quartz (HQ)
Drilling in the HQ, carried out from an exploration drift at the 1,700 ft (520 m) elevation, and targeting mineralization at the 2,000-2,600 ft (600-800 m) elevation, had positive results. Highlights of this drilling include:
•Hole 520-EX286-05 grading 43.6 g/t gold over 1.61 m, 330 ft (100 m) west of the DC, centered on the 2,300 ft (700 m) elevation.
Deep Central (DC)
Exploration drilling was directed down plunge of the DC and tested for extensions at 2,600-4,000 ft (800-1200 m) elevation. This drilling proved technically challenging from available drill stations due to poor ground conditions. Highlights of this drilling include:
•Hole 520-EX346-17 grading 7.2 g/t gold over 3.89 m at the 3,000 ft (910 m) elevation; and
•Hole 520EX-346-23 grading 39.6 g/t gold over 5.13 m at the 2,700 ft (830 m) elevation.
Definition drilling within the known resource at the DC returned some notable results including:
•Hole 680-F115-09 grading 77.3 g/t gold over 4.02 m (not true width) at the 2,800 ft (840 m) elevation; and
•Hole 520-EX346-35 grading 29.5 g/t gold over 1.72 m at the 2,200 ft (675 m) elevation.
Down dip drilling (i.e. parallel to the mineralization) collared from development at the 2,400 ft (740 m) elevation was used to drill over 650 ft (200 m) below the modeled DC mineralization envelope. This method allowed rapid coverage vertically beneath existing mineralization and helped demonstrate continuity, while avoiding difficult ground conditions. Results were positive and will be followed-up with drilling focused across strike to delineate additional mineralization. Highlights of this drilling include:
•Hole 740-L275-71, which had six significant intervals, including 41.0 g/t gold over 1.75 m, followed by 36.9 g/t gold over 6.1 m, and 27.2 g/t gold over 4.0 m, and 23.2 g/t gold over 1.56 m, and 223.7 g/t gold over 9.2 m, and 15.5 g/t gold over 1.25 m (not true widths).
Far East
Far East is a zone of mineralization plunging shallowly to the southwest and located 500 ft (150 m) east of the mine workings. Previous drilling was done at poor angles and was complicated by a swarm of diabase dykes cutting the mineralization. Recent drilling has intersected intense alteration, quartz carbonate veining, as well as sulfide and gold mineralization, which are all indicators of the potential for economic gold mineralization. Highlights of this drilling include:
•Hole 520-EX662-07 grading 23.3 g/t gold over 3.00 m.
Gap
Recent drilling in the Gap, located between the East and West Black Fox mining zones above the 1,600 ft (490 m) elevation, intersected a mineralized zone between two vein swarms, returning encouraging results in two of seven holes. Highlights of this drilling include:
•Hole 490-L164-83 grading 16.3 g/t gold over 4.54 m (not true width) at approximately the 1,500 ft (470 m) elevation; and
•Hole 490-L164-87 grading 25.0 g/t gold over 1.00 m, followed by 25.6 g/t gold over 1.0 m, and 46.7 g/t gold over 1.84 m (not true widths) at approximately the 1,200 ft (370 m) elevation.
Far West
Drilling in the Far West was carried out from an exploration drift at the 1,700 ft (520 m) elevation, and targeted mineralization at the 2,000-2,600 ft (600-800 m) elevation. Results were positive, highlights of this drilling include:
•Hole 520-EX290-02 grading 87.3 g/t gold over 1.15 m, located 1,000 ft (300 m) west of the DC and centered on the 675 m elevation; and
•Hole 520-EX286-45 grading 80.3 g/t gold over 0.73 m at the 2,100 ft (650 m) elevation.
2018 Black Fox Complex Exploration Targets
Black Fox Deep
A deep directional drilling program from surface targeting potential extensions of mineralization down dip of the DC zone at 3,000-4,600 ft (900-1,400 m) depth is currently underway. The deepest mineral reserve at Black Fox is currently at the 2,750 ft (840 m) elevation, and the deepest mineral resource is at the 2,900 ft (880 m) elevation. The deepest DC drill intercept to-date was in Hole 520-EX346-28 grading 5.3 g/t gold over 1.45 m in a quartz vein with visible gold at the 3,450 ft (1,050 m) elevation.
Tamarack – Intriguing Base Metals and Gold
The Tamarack zone is located southeast of the Black Fox open pit and contains significant gold and zinc-lead-silver massive sulfide mineralization. The zone starts near surface and appears to extend for 2,500 ft (760 m) vertical with a coherent dip at the contact between volcanic and sedimentary rock units (see Figure 2). As the Tamarack zone is open along strike and at depth, current exploration is focused on determining the distribution of gold and base metal zones and true size potential.
Five surface drill holes have recently been completed targeting base metal and gold mineralization. Hole 17BF-621, located down the dip of the near surface mineralization returned 23.6% zinc, 15.0% lead, 0.15 g/t gold, 277 g/t silver over 5.10 m (not true width).
Two underground drills were also mobilized, one targeting the down dip projection of the surface base metal and gold zone, and the second tracing the Deep Tamarack zone up dip at the 1,650 and 2,000 ft (500 and 600 m) elevations. Hole 520-EX582-45 located 260 ft (80 m) up dip of Deep Tamarack returned 5.6% zinc, 0.4% lead, 0.5 g/t gold and 9.8 g/t silver over 5.97 m, including 40.8% zinc over 0.37 m (not true width).
In 2017, six underground holes from the 1,700 ft (520 m) elevation were drilled to refresh the understanding of a tight cluster of historic holes that define the Deep Tamarack zone. Drill holes tested the 2,450 and 2,800 ft (750 and 850 m) elevations on approximately 160 ft (50 m) horizontal spacing around the historic holes. Significant intersections of gold and base metal mineralization (not always coincident) include:
•Hole 520-EX582-40 grading 5.4 g/t gold over 4.70 m; and
•Hole 520-EX584-42 grading 10.4 % zinc, 1.3% lead, 1.43 g/t gold, 18 g/t silver over 2.00 m (not true width) in semi-massive sulfide mineralization.
Froome Deposit
The Froome deposit is located 2,800 ft (850 m) to the West of the Black Fox open pit. It was discovered in 2014 and has a current Indicated resource of 151,000 gold ounces at a grade of 5.5 g/t. A drill program is focusing on extending the Froome deposit at depth. It will be executed in conjunction with geophysical methods to aid in vectoring towards mineralization. Lateral extensions will also be tested to follow up on prior significant lateral drill intersections to the northwest and southeast of the deposit (see Figure 3).
Drilling in late 2016 along strike 1,000 ft (300 m) northwest of Froome returned an excellent intersection in Hole 16PR-G214 grading 12.5 g/t gold over 22.0 m, including 61.1 g/t gold over 3.2 m (not true width). The follow up program of six holes intercepted significant gold values without repeating the high-grade assays, however the drilling supports the continuity of the host lithology and warrants additional drilling, which will be completed in 2018.
Grey Fox Deposit
Grey Fox has a current open pit and underground resource of 668,000 gold ounces at a grade of 4.4 g/t in the Indicated category, and 174,000 gold ounces at a grade of 4.2 g/t in the Inferred category. Exploration at Grey Fox in 2018 will drill test the depth extensions of high-grade portions of the deposit and along strike within the Grey Fox structural zone.
Stock Property
The Stock property (location of the Black Fox Stock Mill) is the site of the former Stock Mine, which produced 137,000 gold ounces at a grade of 5.5 g/t from an underground mine between 1989-2005. Exploration at Stock will start by validating a historical near surface zone of mineralization to the East of the mine.
Figures 1-3:
http://mcewenmining.com/files/doc_news/archive/20180117_black_fox/figures_mux_jan_17_2018.pdf
Table 1 – Black Fox Drilling: http://mcewenmining.com/files/doc_news/archive/20180117_black_fox/table_1_mux_jan_17_2018_black_fox_au_composites.xlsx
Table 2 – Froome Drilling: http://mcewenmining.com/files/doc_news/archive/20180117_black_fox/table_2_mux_jan_17_2018_tamarack_composites.xlsx
Table 3 – Tamarack Drilling: http://mcewenmining.com/files/doc_news/archive
Bought more this morning. Over reaction....but then what do I know ;)
News Releases Details
McEwen Mining to Acquire Black Fox From Primero
08/10/2017
(all amounts in $US)
TORONTO, Aug. 10, 2017 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) (“McEwen”) is pleased to announce that it has reached an agreement with Primero Mining Corp. to purchase its Black Fox Complex and associated assets and liabilities located in the world-famous gold mining camp of Timmins, Canada. The agreed purchase price is $35 million, subject to closing adjustments. Definitive documentation is expected to be completed before the end of this month.
“Buying the Black Fox Complex provides fantastic synergies with our recently acquired Timmins deposits. Our objective is to build a long-term production platform with a robust pipeline of production, development and exploration assets, all feeding into a single processing facility. This acquisition will add immediately to our gold production, but is just the beginning of a new chapter of growth for McEwen Mining,” said Rob McEwen, Chairman and Chief Owner. “Black Fox comes with a talented operating team, an underground mine producing 50-60,000 ounces of gold in 2017(1), a processing facility with excess capacity, two future development opportunities, and excellent exploration potential. Combined with our existing portfolio of Timmins deposits, I believe this is a
I added a couple thousand shares to my position close to the low. Buying the dips ;)
Nice volume here today on the TSX. Over a million traded so far and daily average is 600k
Added today. More than doubled my position here...like to do it one more time if we tread water for awhile!
Well I bought back in yesterday,couldn't resist these prices ;)
Good interview with Keith Barron on what the Majors and the juniors need to do going forward.They bring up Rob McEwens name a couple times as an example of things companies may need to do going forward.For the majors its quality ozs they need now,not quantity.
http://www.financialsense.com/contributors/james-j-puplava
Interesting John Kaiser interview commenting on the state of the juniors.Mentions McEwen towards the end of the interview.
http://www.kitco.com/bts/
Thats what I was hoping for,better start selling some other stuff!
This is from a James Turk interview....hoping he's wrong!
"As if that were not enough, this Friday, Argentina is probably going to default on billions of dollars it owes banks. When this year began, I was saying that we will a see another Lehman-type collapse in 2013. Cyprus is the tremor, but the real earthquake isn't far away."
Thanks for sharing your experience.Interesting Sinclair attended.
Well,my daughter picked up some stock today.First stock she's ever bought....owns silver too.Maybe there's hope for these youngen's yet ;)
Deleted by me
Nuts thats what happens when you get greedy! I was hoping to pick some up for $2 ;)
I might have to come over here more often....this is getting interesting.
Gonna have to find some spare cash pretty quick!!!
Whats sick about it....its how markets work...take advantage of it!
Must be time to buy again....soon ;)
Interesting comments by Keith Barron on whats happening in Argentina
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/12/12_All_Of_My_Bags_Were_Searched_%26_They_Were_Looking_For_Money.html
Hey its good for us,we can get in cheap.The PM's and the miners will have their day.....soon.
Geez,get it right eh! Excavator to strip overburden from entrance and load ore once they start hauling.Skid-steer to remove ore from the adit.Latest set of pictures looks like maybe a grader,although its hard tell exalty what it is.Thats really all the equipment you need for this size of underground operation.
Ya I hate that story "same old story here..."
Kinda sucky when your account goes up over 300k in a day's trading.
POS pinky ;)
Kinda makes me wish I had a stink bid in!
FWIW MUX on the TSX is up 10 cents today.
Key development highlights over the past two weeks are:
- Heap leach construction 75% complete
- Process plant construction 90% complete
- Mining at Samaniego open pit continues
- Generators for the crushers have been installed
- Crushers assembly nears completion
New pictures up also
Took some profit the other day on my trading portion,hope we slide somemore so I can re-enter.
Yes I'm a gold/silver bull,didn't see that,thanks for posting!
Ha working on doubling mine...wouldn't want to lend me some money.I'll put some M stock up as collateral ;)
And I thought yesterday was a good buying range!Dang,I may have to scare up some more cash;)