
Friday, December 06, 2024 9:37:20 AM
Toronto gold company drilling off Grey Fox deposit with bump in resources expected in early 2025
Ian Ross | Northern Ontario
McEwen Mining's Fox ComplexMcEwen Mining photo
While Glencore’s Kidd base metals mine is slated for closure in two years time, the legendary Timmins camp is far from finished when it comes gold mining longevity.
McEwen Mining is excited by a new prospect in its gold mining stable at the Fox Complex, east of the city, that contains a new and emerging deposit dubbed Grey Fox.
In releasing a raft of high-grade assay results this week, the Toronto gold company framed the ongoing exploration program at Grey Fox as opening up “new possibilities for resource and production growth” in what is already a very prolific mining area for McEwen.
The company boldly compares the geology at Grey Fox to the Hishikari Gold Mine in Japan, one of the world’s richest gold mines that’s produced 8.6 million ounces of gold at an average grade of 30 to 40 grams per tonne since 1985.
At the Fox Complex, McEwen has three main properties — Black Fox, Stock and Lexam — situated along Highway 101 and around the town of Matheson.
Black Fox, 11 kilometres east of Matheson, is an integral piece of the company’s production in containing the Black Fox and Froome mines with two mines-in-waiting in Grey Fox and Tamarack.
As an area of intense interest for McEwen, Grey Fox is situated on the southern part of the Black Fox property with six gold zones mapped out, including Whiskey Jack where those drilling results originated from. One drill hole, spotlighted in a Dec. 2 news release, yielded 10.2 grams per tonne of gold over an 11-metre section.
Currently, Grey Fox has a gold resource of 1.4 million ounces of gold in the indicated and inferred categories. McEwen maintains that more than 90 per cent of that resource sits within 300 metres of surface.
These latest drill results will be folded into an upcoming new mineral resource for Grey Fox and the entire Fox Complex, due out sometime in early 2025.
Come January, expect a new exploration push at Grey Fox. Armed with a $9.7-million budget, the plan is to punch almost 70,000 metres worth of drill holes.
McEwen said it wants to determine if there are near-term gold mining possibilities while it probes into some previously untouched areas in order to develop a better geological model of the deposit.
The company’s currently modelling of Grey Fox shows the presence of more than 50 distinct gold mineralized lenses — a body of ore that’s thick in the middle and thin at the edges — in an area of about 1.3 square kilometres, with many of those features extending near surface.
In a statement, chairman and chief owner Rob McEwen is enthusiastic about the potential at Grey Fox.
“Our investment in exploration at Grey Fox, in the southern portion of the Black Fox property, is generating an exciting future for two specific reasons," he said.
"Firstly, our team is focused on drilling to add gold ounces into our production pipeline. Secondly, we are impressed by the depth potential.
"There are two styles of gold mineralization, epithermal veining and orogenic lenses, both gold-rich at the top of the systems. Based on our past and recent drilling, it appears that the Fox Complex has the opportunity to expand its production profile, and the depth potential is still wide open.”
https://www.northernontariobusiness.com/industry-news/mining/saddened-by-kidd-mine-news-mcewen-mining-sees-new-gold-production-over-the-horizon-9905316
Recent MUX News
- Los Azules Requests Admission to Argentina's Incentive Regime for Large Investments • GlobeNewswire Inc. • 02/11/2025 10:31:29 PM
- McEwen Mining Completes Upsized $110 Million Offering of Convertible Senior Unsecured Notes • GlobeNewswire Inc. • 02/11/2025 10:29:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/11/2025 10:24:39 PM
- McEwen Mining Inc. Prices Upsized Offering of $95 Million of Convertible Senior Notes • GlobeNewswire Inc. • 02/07/2025 11:00:00 AM
- McEwen Mining Inc. Announces Proposed Offering of $85 Million of Convertible Senior Notes • GlobeNewswire Inc. • 02/06/2025 10:22:36 PM
- McEwen Mining Issues Correction: Grey Fox Gold Resources Hit a Significant Milestone • GlobeNewswire Inc. • 02/05/2025 12:54:20 AM
- McEwen Mining: Grey Fox Gold Resources Hit a Significant Milestone • GlobeNewswire Inc. • 02/03/2025 02:51:11 PM
- McEwen Mining To Make Strategic Investment Into Goliath Resources • GlobeNewswire Inc. • 01/29/2025 12:08:00 PM
- McEwen Mining: 2024 Production Within Guidance; 2025 Guidance: Stable Production and Cost/Oz • GlobeNewswire Inc. • 01/29/2025 01:29:18 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/31/2024 12:21:46 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/31/2024 12:20:34 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/31/2024 12:19:27 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/31/2024 12:18:01 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/31/2024 12:16:11 AM
- McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules • GlobeNewswire Inc. • 12/03/2024 01:41:55 PM
- McEwen Mining: Grey Fox Exploration Update - Exploration Has Opened Up New Possibilities For Resource and Production Growth • GlobeNewswire Inc. • 12/02/2024 12:15:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/08/2024 10:21:13 PM
- Inventus Completes Private Placement Financing with Participation by McEwen Mining • GlobeNewswire Inc. • 11/06/2024 09:51:28 PM
- McEwen Mining: Q3 2024 Results • GlobeNewswire Inc. • 11/05/2024 10:44:43 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/05/2024 10:26:13 PM
- McEwen Mining Q3 2024 Results Conference Call • GlobeNewswire Inc. • 11/01/2024 03:21:26 PM
- McEwen Copper Announces an Additional US$35 Million Investment by Nuton, a Rio Tinto Venture • GlobeNewswire Inc. • 10/24/2024 11:30:56 AM
- McEwen Mining: Grey Fox Exploration Update • GlobeNewswire Inc. • 09/11/2024 11:00:00 AM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 09/06/2024 04:15:08 AM
- 100% Renewable Energy for Los Azules • GlobeNewswire Inc. • 08/26/2024 07:34:52 PM
COEPTIS Announces the Launch of COEP Venture Group to Invest in AI, RPA, and AI Agent Startups • COEP • Feb 13, 2025 9:10 AM
Unitronix Corp. to Report Over 300% Gains in Cryptocurrency Assets • UTRX • Feb 13, 2025 7:15 AM
Hivello Token ($HVLO) now Live • MATE • Feb 11, 2025 9:27 AM
Animoca Brands leads Hivello funding round ahead of Token Listing • MATEF • Feb 10, 2025 10:20 AM
51 Labs Expands Sports Nutrition Line with Five New Innovative Products, Company in final phase of name and ticker symbol change • CAFI • Feb 10, 2025 9:00 AM
UAV Corp. Expanding in the Global UAV Market, Projected to Exceed $58 Billion by 2027, with Increasing Government and Commercial Sector Adoption • UMAV • Feb 6, 2025 8:30 AM