McEwen Mining Inc. Page 1 McEwen Copper: Update on Assay Results at Los Azules Remaining assays from the 2022-2023 season, highlights include: 446 m of 0.63% Cu, including 76 m of 0.92% Cu (AZ23228MET)
McEwen Mining Inc. Page 1
McEwen Copper: Update on Assay Results at Los Azules
Remaining assays from the 2022-2023 season, highlights include:
446 m of 0.63% Cu, including 76 m of 0.92% Cu (AZ23228MET)
TORONTO, February 26, 2024 (GLOBE NEWSWIRE) - McEwen Copper Inc., 47.7% owned by
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce assay results from the final unreleased
drill holes of the last season (2022-2023). The results from this period not only validate previous drilling results but
also confirm the continuity of mineralization and extend the mineralization.
Selected Highlights:
• Hole AZ23205MET returned 257 m of 0.76% Cu within the Enriched zone.
• Hole AZ23228MET returned 446 m of 0.63% Cu in the Enriched zone, including 76 m of 0.92% Cu.
• Hole AZ23230MET returned 250 m of 0.68% Cu in the Enriched zone, including 192 m of 0.83% Cu.
The objective of the 2022-2023 drilling campaign was to collect information needed as the project advances
towards the completion of a Feasibility Study in Q1 2025. Work continues during this field season (2023-2024)
and includes resource drilling that will convert the initial 5-year pit resources to Measured and Indicated categories
and will further upgrade resources from Inferred to Indicated. In addition to resource drilling, geotechnical,
metallurgical, hydrogeological, exploration, and condemnation drilling are also being performed.
With the closing in October 2023 of a US$10.0 million investment by Nuton , a Rio Tinto venture, and the
ARS $42 billion investment by Stellantis, the Los Azules Project is fully funded for the 2023-2024 drilling campaign.
McEwen Copper is currently seeking funding to support feasibility-level engineering and pre-construction work.
Another record-setting drill season is underway at Los Azules with over 62,000 meters of drilling, of which
43,000 meters have been completed to date.
“Argentina’s new president is taking important initiatives to unlock the country’s potential to
become a significant supplier of critical minerals to the world, to combat climate change and at the
same time strengthening the economy,” said Rob McEwen, Chairman and Chief Owner.
“McEwen Copper’s Los Azules project is progressing at light speed towards completing a
feasibility study by Q1 2025 and it has already delivered significant economic benefits to the
neighbouring communities. It is a very large copper resource, where recent exploration drilling
suggests it definitely has room to grow,” said Michael Meding, Vice President and General Manager
of McEwen Copper.
McEwen Mining Inc. Page 2
Table 1 - Remaining 2022-2023 Los Azules metallurgical drilling results. All intercepts are approximate true thickness.
Hole-ID Section Predominant
Mineral Zone
From
(m)
To
(m)
Length
(m)
Cu
%
Au
(g/t)
Ag
(g/t) Comment
AZ23199MET 31 Total 100.0 271.0 171.0 0.80 0.06 1.56
Enriched 100.0 271.0 171.0 0.80 0.06 1.56 Incl. 156.0m of 0.85% Cu
Primary
AZ23200MET 34-33 Total 94.0 394.5 300.5 0.43 0.04 2.89
Enriched 94.0 394.5 300.5 0.43 0.04 2.89 Incl. 172.0m of 0.59% Cu
Primary
AZ23204MET 39 Total 116.0 312.0 196.0 0.50 0.12 1.83
Enriched 116.0 275.5 159.5 0.54 0.13 1.87 Incl. 38.0m of 1.01% Cu
Primary 275.5 312.0 36.5 0.34 0.07 1.67
AZ23205MET 31 Total 105.0 374.7 269.7 0.73 0.08 1.77
Enriched 105.0 362.0 257.0 0.76 0.09 1.94
Primary 362.0 374.7 12.7 0.28 0.05 1.30
AZ23226AMET 33 Total 90.0 275.3 185.3 0.47 0.03 0.91
Enriched 90.0 275.3 185.3 0.47 0.03 0.91 Incl. 38.0m of 0.66% Cu
Primary
AZ23228MET 47 Total 170.0 616.0 446.0 0.63 0.07 3.58
Enriched 170.0 430.0 260.0 0.72 0.07 4.18 Incl. 76.0m of 0.92% Cu
Primary 430.0 616.0 186.0 0.49 0.07 2.74 Incl. 52.0m of 0.80% Cu
AZ23229MET 50-51 Total 92.0 262.4 170.4 0.46 0.04 1.80
Enriched 92.0 262.4 170.4 0.46 0.04 1.80 Incl. 76.4m of 0.52% Cu
Primary
AZ23230MET 30 Total 104.0 438.2 334.2 0.59 0.06 3.66
Enriched 104.0 354.0 250.0 0.68 0.06 3.67 Incl. 192.0m of 0.83% Cu
Primary 354.0 438.2 84.2 0.31 0.07 3.61
AZ23232MET 48-49 Total 94.0 464.0 370.0 0.40 0.04 0.95
Enriched 94.0 414.0 320.0 0.44 0.05 1.02 Incl. 76.0m of 0.58% Cu
Primary 414.0 464.0 50.0 0.12 0.03 0.45
GTK2315MET 52-53 Total 69.0 521.2 452.2 0.29 0.05 1.09
Enriched 69.0 260.0 191.0 0.45 0.04 0.86 Incl. 76.0m of 0.70% Cu
Primary 260.0 521.2 261.2 0.18 0.05 1.26
GTK2316MET 30 Total 94.0 319.1 225.1 0.38 0.02 0.88
Enriched 94.0 319.1 225.1 0.38 0.02 0.88 Incl. 48.0m of 0.64% Cu
Primary
GTK2317MET 28-27 Total 156.0 326.0 170.0 0.42 0.02 2.15
Enriched 156.0 326.0 170.0 0.42 0.02 2.15 Incl. 58.0m of 0.49% Cu
Primary
AZ23210MET 30 Total 110.0 415.0 305.0 0.64 0.07 1.62
Enriched 110.0 352.0 242.0 0.73 0.07 1.59
Primary 352.0 415.0 63.0 0.28 0.06 1.73
AZ23223MET 32 Total 142.0 376.0 234.0 0.40 0.03 0.52
Enriched 142.0 376.0 234.0 0.40 0.03 0.52 Incl. 76.0m of 0.57% Cu
Primary
AZ23227MET 34 Total 69.0 334.0 265.0 0.68 0.07 1.27
Enriched 69.0 284.0 215.0 0.73 0.06 1.30 Incl. 137.0m of 0.80% Cu
Primary 284.0 334.0 50.0 0.44 0.09 1.13 Incl. 22.0m of 0.65% Cu
McEwen Mining Inc. Page 3
Results are summarized in three schematic cross sections (Figures 2, 3, and 4), which include simplified
interpretations of the Overburden, Leached, Enriched and Primary zones. The Enriched mineral zone refers to
a copper deposit enriched by precipitation-derived water circulation that carries copper minerals downward
through the rocks to accumulate in a thick, often horizontal “blanket”. Immediately above the Enriched zone is
the Leached zone, from which copper was removed and transported. Weathering and oxidation often contribute
to this process. Below the Enriched zone, the Primary (or Hypogene) zone is formed by ascending copper-rich
thermal fluids, originating from a much deeper magmatic source. The green line indicates the pit floor of the
30-year pit shell from the 2023 NI 43-101 Preliminary Economic Assessment (PEA).
Figure 1 presents a plan view of the location of three sections and the holes reported. Adjacent cross sections
are located 50 m apart from each other, starting with the lowest numbered section at the south end of the deposit
and progressing to the north.
Figure 1 – Plan View Location of Cross-sections and Drill Holes in the Deposit
Figure 2 displays an intercept of 446 m grading 0.63% Cu (AZ23228MET) and includes 76 m grading 0.92%
Cu within the Enriched zone. This hole extends higher-grade mineralization further to the west within the
Enriched zone.
McEwen Mining Inc. Page 4
Figure 2 - Section 47 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
Figure 3 highlights a 257 m interval grading 0.76% Cu (AZ23205MET). Both this hole and hole AZ23199MET
(171 m grading 0.80% Cu) directly to the west confirm the continuity and grade of the Enriched zone on this section.
Figure 3 - Section 31 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
McEwen Mining Inc. Page 5
Figure 4 presents an intercept of 250.0 m of 0.68% Cu in hole AZ23230MET. This hole validates mineralization
in the center of this section. Hole AZ23210MET displays an intercept of 242.0 m of 0.73% Cu and extends
higher grade mineralization in the Enriched zone to the east. Hole GTK2316 contains an intercept of 225.1 m
of 0.38% Cu. These three new holes validate the continuity and strength of mineralization on this section.
Figure 4 - Section 30 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
Technical information
The technical content of this press release has been reviewed and approved by Darren King, Director of
Exploration of McEwen Copper, who serves as the qualified person (QP) under the definitions of National
Instrument 43-101.
All samples were collected in accordance with generally accepted industry standards. Drill core samples, usually
taken at 2 m intervals, were split and submitted to the Alex Stewart International laboratory located in the
Province of Mendoza, Argentina, for the following assays: gold determination using fire fusion assay and an
atomic absorption spectroscopy finish (Au4-30); a 39 multi-element suite using ICP-OES analysis (ICP-AR 39);
copper content determination using a sequential copper analysis (Cu -Sequential LMC-140). An additional
19-element analysis (ICP-ORE) was performed for samples with high sulphide content and that exceeded the
limits of the ICP-OES analysis.
The company conducts a Quality Assurance/Quality Control program in accordance with NI 43-101 and industry
best practices, using a combination of standards and blanks on approximately one out of every 25 samples.
Results are monitored as final certificates are received, and any re-assay requests are sent back immediately.
Pulp and preparation sample analyses are also performed as part of the QAQC process. Approximately 5% of
McEwen Mining Inc. Page 6
the sample pulps are sent to a secondary laboratory for control purposes. In addition, the laboratory performs
its own internal QAQC checks, with results made available on certificates for Company review.
Table 2 – Hole Locations and Lengths for Los Azules Drilling Results
HOLE-ID Azimuth Dip Length Loc X Loc Y Loc Z
AZ23199MET 250 -67 271.0 2383430 6558947 3659
AZ23226AMET 250 -77 275.3 2383311 6559016 3656
AZ23228MET 70 -60 616.0 2382837 6559585 3625
AZ23229MET 70 -70 262.4 2382846 6559746 3616
AZ23230MET 70 -73 438.2 2383344 6558864 3664
AZ23232MET 45 -70 464.0 2383226 6559780 3632
GTK2315MET 38 -70 521.2 2383192 6559976 3639
GTK2316MET 250 -78 319.1 2383348 6558863 3664
GTK2317MET 90 -70 326.0 2383561 6558835 3665
AZ23200MET 90 -70 394.5 2383467 6559120 3657
AZ23204MET 250 -76 312 2383292 6559323 3643
AZ23205MET 250 -74 374.7 2383504 6558973 3660
AZ23210MET 250 -76 415 2383533 6558930 3664
AZ23223MET 66 -73 376 2383253 6558932 3670
AZ23227MET 70 -79 334 2383305 6559059 3654
Coordinates listed in Table 2 based on Gauss Kruger - POSGAR 94 Zone 2
ABOUT MCEWEN COPPER
McEwen Copper is a well-funded, private company which owns 100% of the large, advanced-stage Los Azules
copper project, located in the San Juan province, Argentina. McEwen Copper is a 47.7% owned private
subsidiary of McEwen Mining, which is listed on NYSE and TSX under the ticker MUX.
Los Azules is being designed to be distinctly different from conventional copper mines, consuming significantly
less water, emitting much lower carbon levels and progressing to be carbon neutral by 2038, being powered by
100% renewable energy once in operation. The project’s recently updated Preliminary Economic Assessment
(PEA) projects a long life of mine, a short payback period, low production costs per pound, high annual copper
production, and an after-tax IRR of 21.1%.
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina.
McEwen Mining also holds a 47.7% interest in McEwen Copper, which is developing the large, advanced-stage
Los Azules copper project in Argentina. The company’s goal is to improve the productivity and life of its assets
with the objective of increasing the share price and providing a yield. Rob McEwen, Chairman and Chief Owner,
has a personal investment in the company of US$220 million. His annual salary is US$1.
McEwen Mining Inc. Page 7
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and information, including "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the
date of this news release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future
events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by management, are inherently subject to significant business, economic and compe titive
uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate.
Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and
uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-
looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of
precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the
corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated
with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation,
the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and
other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as
of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of
new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K
for the fiscal year ended December 31, 2022, and other filings with the Securities and Exchange Commission, under the caption "Risk
Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information
regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary
statement.
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release,
which has been prepared by the management of McEwen Mining Inc.
Want News Fast?
Subscribe to our email list by clicking here:
https://www.mcewenmining.com/contact-us/#section=followUs
and receive news as it happens!!
WEB SITE SOCIAL MEDIA
www.mcewenmining.com
McEwen Mining
Facebook: facebook.com/mcewenmining
LinkedIn: linkedin.com/company/mcewen-mining-inc-
CONTACT INFORMATION Twitter: twitter.com/mcewenmining
150 King Street West Instagram: instagram.com/mcewenmining
Suite 2800, PO Box 24
Toronto, ON, Canada
McEwen Copper
Facebook: facebook.com/ mcewencopper
M5H 1J9 LinkedIn: linkedin.com/company/mcewencopper
Twitter: twitter.com/mcewencopper
Relationship with Investors: Instagram: instagram.com/mcewencopper
(866)-441-0690 - Toll free line
(647)-258-0395
Rob McEwen
Facebook: facebook.com/mcewenrob
Mihaela Iancu ext. 320 LinkedIn: linkedin.com/in/robert-mcewen-646ab24
Twitter: twitter.com/robmcewenmux