Thursday, July 16, 2020 11:16:04 AM
At this point bare boned $MUX laying it all on the line for their shareholders
I'm surprised the numbers were that high considering how challenging the operations must be at all four of their mines.
They managed to still dig out 15,700 gold ounces and 359,400 silver ounces, or 19,200 gold equivalent ounces
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
McEwen Mining: Q2 2020 Production and Exploration Results
[GlobeNewswire]
GlobeNewswireJuly 16, 2020
TORONTO, July 16, 2020 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports consolidated production for Q2 2020 was 15,700 gold ounces and 359,400 silver ounces, or 19,200 gold equivalent ounces(1)(“GEOs”), at the average gold:silver price ratio for the quarter of 104:1. Production was significantly impacted by temporary mine suspensions at all four of our operations as a result steps taken to stop the spread of COVID-19, along with operational issues at several mines.
Consolidated Production Summary
Q1 Q2
2019 2020 2019 2020
Gold (oz) 26,900 29,200 36,200 15,700
Silver (oz) 703,200 553,200 850,500 359,400
GEOs(1) 36,300 36,100 45,900 19,200
Black Fox Mine, Timmins, Canada (100%)
In Q2, Black Fox produced 2,200 GEOs. Mining was temporarily suspended at Black Fox from March 26th to April 13th due to health and safety concerns resulting from the COVID-19 pandemic. A progressive return to work was completed by the end of April. For the remainder of the quarter production was lower due to lower than expected grade and development work completed for establishing a greater number of mining areas in order to improve operational flexibility.
Development of the access to the Froome deposit is on track, having advanced 30% of the way to the orebody. The plan is to reach the orebody in Q2 2021, complete the necessary development and start production from Froome in Q4 2021.
At the Black Fox Mine, a total of 44,800 feet (13,650 m) of underground diamond drilling was completed between April 13th and June 30th, with 70% devoted to closely spaced definition drilling of gold mineralization within or adjacent to upcoming mining blocks (see Figure 1). Exploration is continuing on the upper west flank of the mine. During H1, this area has delivered some impressive high grade results. For details please refer to our news release dated June 17th, 2020 – Click here).
High-grade intercepts were generated from these ore definition holes, including:
42.2 g/t Au over 2.0 m from hole 660-F953-13
42.4 g/t Au over 2.5 m from hole 260-B242-07A
20.9 g/t Au over 4.8 m from hole 260-B249-09
Figure 1: Black Fox Mine – Longitudinal Section
http://mcewenmining.com/files/doc_news/archive/20200700/Jul2020_Fig1_BF.pdf
A complete summary of new underground drilling results from Black Fox is available here:
http://mcewenmining.com/files/doc_news/archive/20200700/Jul2020_ug_comp.xlsx
San José Mine, Santa Cruz, Argentina (49%(2))
In Q2, San José produced 5,500 gold ounces and 358,700 silver ounces, for a total of 9,000 GEOs. Mining was temporarily suspended from March 20th due to a nationwide mandatory quarantine imposed in Argentina to combat the spread of COVID-19. Although the mine was able to restart operations in late April, the operations remain below capacity due to government imposed travel restrictions that continue to pose significant challenges in mobilizing personnel to the site.
Gold Bar Mine, Nevada (100%)
In Q2, Gold Bar produced 6,100 GEOs. Mining was halted on April 1st due to concerns about the COVID-19 pandemic, and production ramp up started on May 4th. Throughout May and June the mine only operated on day shift as work progressed for the updated resource model, new mine plan and addressing engineering design deficiencies. Full operations on day and night shift are scheduled to start in August.
Pit optimizations are ongoing and detailed mine planning is underway. Completion of a new resource estimate, mine plan and 2020 forecast are being finalized in Q3. A new reserve estimate is expected towards the year’s end.
Drilling on Gold Bar South is testing for extensions of the deposit. Drilling on the south extension encountered significant mineralization, indicating the potential to extend the existing resource to the south (see Figure 2), including:
Two holes drilled 100 ft (30 m) from the latest mineralized drill fence returned: 1.2 g/t Au over 125 ft (Hole GBS079) and 0.9 g/t Au over 150 ft including 4.0 g/t Au over 10 ft (Hole GBS080); and
Partial results from drilling completed 100 ft (30 m) further to the south returned 1.5 g/t Au over 70 feet (Hole GBS113).
Figure 2: Gold Bar South – Deposit Plan View
http://mcewenmining.com/files/doc_news/archive/20200700/Jul2020_Fig2_GBS.pdf
A complete summary of new surface diamond and reverse circulation drilling results from Gold Bar South is available here: http://mcewenmining.com/files/doc_news/archive/20200700/Jul2020_GBS_Comp.xlsx
El Gallo Project, Sinaloa, Mexico (100%)
In Q2, El Gallo produced 1,900 GEOs from residual leaching of the heap leach pad. COVID-19 is an ongoing challenge in Sinaloa. We are saddened to report that some employees and contractors at the mine and regional office have contracted the virus. One of our employees, who seemed to be recovering well in hospital, passed away suddenly due to complications. We are supporting all the families in this difficult time and extend our sincere condolences on the loss of our valued team member. No severe symptoms have been reported among the other confirmed or suspected cases.
https://finance.yahoo.com/news/mcewen-mining-q2-2020-production-100010239.html
Recent MUX News
- McEwen Mining: Grey Fox Exploration Update • GlobeNewswire Inc. • 09/11/2024 11:00:00 AM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 09/06/2024 04:15:08 AM
- 100% Renewable Energy for Los Azules • GlobeNewswire Inc. • 08/26/2024 07:34:52 PM
- Recent and Upcoming McEwen Mining and McEwen Copper Presentations • GlobeNewswire Inc. • 08/22/2024 11:05:04 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 08/19/2024 08:43:19 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/19/2024 08:34:53 PM
- McEwen Mining Announces Closing of Timberline Acquisition • GlobeNewswire Inc. • 08/19/2024 08:15:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/09/2024 08:12:14 PM
- McEwen Copper Update, Excitement in Argentina: Milei Magic Is Turbocharging Foreign Investments; US$4.4 Billion Copper Transaction by BHP and Lundin Mining; Los Azules Infill Drilling Confirmed High Grade Copper Zone • GlobeNewswire Inc. • 08/08/2024 10:10:43 PM
- McEwen Mining: Q2 2024 Results • GlobeNewswire Inc. • 08/07/2024 10:54:31 PM
- McEwen Mining Q2 2024 Results Conference Call • GlobeNewswire Inc. • 08/06/2024 01:47:25 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/18/2024 12:57:42 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 07/15/2024 10:02:21 AM
- McEwen Mining Announces AGM Voting Results, Meeting Resources Now Available • GlobeNewswire Inc. • 07/02/2024 09:28:40 PM
- McEwen Copper Announces $70 Million Financing to Advance the Los Azules Copper Project • GlobeNewswire Inc. • 06/24/2024 09:36:01 PM
- Fox Complex: Extending Mine Life; A New Mine at the Stock Property; Exploration Has Driven the Prospect of Earlier Cash Flow • GlobeNewswire Inc. • 06/20/2024 08:00:00 PM
- McEwen Mining Announces Closing of Flow-Through Financing • GlobeNewswire Inc. • 06/14/2024 12:47:32 PM
- IBN Announces Latest Episode of The MiningNewsWire Podcast featuring Rob McEwen, Chairman and Chief Owner of McEwen Mining Inc. • GlobeNewswire Inc. • 06/13/2024 12:00:00 PM
- McEwen Mining Announces Flow-Through Financing at $14.36 (Cdn$19.59) per Share a 19% Premium to Market • GlobeNewswire Inc. • 05/29/2024 02:52:49 AM
- McEwen Mining: Grey Fox Exploration Update Extending the Production Pipeline: Good Grades Near Surface, Potential at Depth • GlobeNewswire Inc. • 05/27/2024 11:00:00 AM
- Form S-4 - Registration of securities, business combinations • Edgar (US Regulatory) • 05/22/2024 09:23:55 PM
- McEwen Copper Announces Completion of the Feasibility Drilling Program • GlobeNewswire Inc. • 05/16/2024 05:30:40 PM
- McEwen Mining: Q1 2024 Results • GlobeNewswire Inc. • 05/08/2024 08:25:33 PM
- McEwen Mining Q1 2024 Results Conference Call • GlobeNewswire Inc. • 05/06/2024 03:14:03 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM