McEwen Mining Inc. Page 1 McEwen Mining: Grey Fox Exploration Update Accessible Mineralization and Good Exploration Potential Assay Highlights: 24GF-1471: 4.9 g/t Au over 6.4 m (0.16 oz/t Au over 23.0 ft) 24GF-1474: 13.8 g/t Au over 2.4 m (0.44 oz/t Au over 9.8 ft)
McEwen Mining Inc. Page 1
McEwen Mining: Grey Fox Exploration Update
Accessible Mineralization and Good Exploration Potential
Assay Highlights:
24GF-1471: 4.9 g/t Au over 6.4 m (0.16 oz/t Au over 23.0 ft)
24GF-1474: 13.8 g/t Au over 2.4 m (0.44 oz/t Au over 9.8 ft)
24GF-1452: 9.8 g/t Au over 2.8 m (0.31 oz/t Au over 11.2 ft)
See Figure 5. All assay value intervals are true widths unless otherwise noted; TW=True Width, CW=Core Width
TORONTO, September 11th, 2024 – McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to
provide new assay results from its Grey Fox deposit, part of the Fox Complex located in the Timmins
region of Ontario, Canada. These results (see Table 1) demonstrate that the Gibson area of Grey
Fox has good grading mineralization over mineable widths in close proximity to existing underground
infrastructure. Grey Fox is currently a +1 Million ounce gold deposit and is the next project in our
growth pipeline after the current development of our Stock Project (see June 20 th/2024 Press
Release).
Table 1 – Highlights of Recent Drill Intercepts from the Grey Fox Exploration Program*. *Au
values capped to 30 g/t
Hole ID From
(m)
To
(m)
Core
Length
(m)
True
Width
(m)
True
Width
(ft)
Au
Capped
(g/t)
Au TW
Capped
(GxM)
24GF-1452 102.3 106.2 3.9 3.0 9.8 5.4 16.2
And 136.7 145.0 8.3 6.9 22.6 2.7 18.6
And 208.5 211.9 3.4 2.8 9.2 9.8 27.4
24GF-1453 294.7 299.0 4.3 3.2 10.5 4.4 14.2
24GF-1456 79.0 81.0 2.0 2.0 6.6 8.2 16.1
24GF-1458 79.9 83.0 3.1 2.5 8.2 9.4 23.5
And 202.0 206.0 4.0 3.3 10.8 5.2 17.2
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24GF-1460 117.4 118.8 1.4 1.2 3.9 19.4 23.4
24GF-1461 238.0 239.0 1.0 0.7 2.3 11.8 8.3
24GF-1462 111.5 113.4 2.0 1.5 4.9 6.7 10.0
24GF-1463 18.0 19.0 1.0 0.7 2.3 15.2 10.8
24GF-1464 233.6 239.0 5.5 4.6 15.1 3.4 15.7
24GF-1467 238.0 241.0 3.0 2.4 7.9 4.8 11.5
24GF-1468 150.7 152.2 1.5 1.2 3.9 13.6 16.1
24GF-1471 23.9 25.0 1.2 1.1 3.6 5.7 6.1
And 90.0 97.0 7.0 6.4 21.0 4.9 31.4
24GF-1474 119.0 122.0 3.0 2.4 7.9 13.8 33.1
24GF-1475 97.0 100.0 3.0 2.6 8.5 11.3 29.5
And 130.9 134.7 3.8 3.3 10.8 4.5 14.9
24GF-1477 134.6 139.0 4.4 3.1 10.2 5.6 17.5
And 152.7 162.7 10.0 7.1 23.3 3.3 23.4
24GF-1480 99.0 106.0 7.0 5.5 18.0 4.3 23.7
Including 99.0 126.0 27.0 20.9 68.6 2.4 50.2
And 113.0 117.0 4.0 3.1 10.2 4.7 14.8
And 201.9 202.7 0.8 0.6 2.0 30.0 18.9
In addition, geological interpretations have created an exciting new exploration target shown in
Figure 1 - one that suggests that high grade Black Fox horizon style mineralization (in orange-red)
may exist below and adjacent to the Grey Fox deposit (see in red) and could extend 3 km along trend
towards the Black Fox Mine. The current Grey Fox gold resource is estimated to contain more than 1.1
million ozs of indicated mineralization and greater than 0.2 million ozs of inferred mineralization (shown
in yellow).
An earlier geophysical survey that previously identified multiple targets, including one that became the
Froome mine, is the main focus for two key areas planned for drilling in 2025. The first area is the Grey
Fox exploration horizon (shown in red) located to the North-West of the current Grey Fox resource
(shown in yellow) which contains the Gibson, Whiskey Jack, 147 and the GFS (Grey Fox South) zones.
The second area is what our geologists believe could be the Black Fox horizon located stratigraphically
below the Grey Fox horizon (which can also be seen in Figure 8).
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Figure 1. Plan View Regional Geology Map of the Fox Complex. Location of Froome Mine, Black
Fox Mine, Grey Fox zones of Gibson. Whiskey Jack, 147 and GFS (Grey Fox South) are also
shown.
A follow-up geophysical survey will be conducted in Q4, with the goal of delineating additional
anomalies between the Grey Fox resource and the Black Fox Mine.
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Figure 2 is a plan view geological map for Grey Fox showing some of the delineated lenses of
mineralization (in red) and the location of the historical Gibson Ramp (in blue) at Grey Fox. Much of
the 2024 drilling campaign at Grey Fox was concentrated on identifying mineralization in proximity to
this ramp system. This ramp would offer early access to near-term production.
Figure 2. Plan View Geology Map of the Grey Fox Area.
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Figure 3 is a plan view for the Gibson area at Grey Fox. Most of the recent good drill results are
within 50-100 m of the Gibson Ramp. Much of the 2024 drilling was designed to increase the indicated
and inferred mineralization in proximity to this ramp. However, s ome holes were drilled to deeper
levels to test for continuity of the gold mineralization and shown in Figure 6. Note that Figure 3 only
shows results from surface down to a vertical depth of 300 m.
Figure 3. Plan View Geology map of the Gibson Area at Grey Fox with recent & previously
released Assay Results.
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Figures 4 & 5 are enlarged plan view sections for the Northern and Southern portions of the Gibson
ramp system, respectively. It is evident that there are abundant good grading drillholes with mineable
widths within 100 m of existing ramp infrastructure. Again, these results are shallow, within 300 m
below surface. In addition, many of the new results reported e.g., 24GF-1474 (13.8 g/t Au over 2.4 m)
& 24GF-1452 (9.8 g/t Au over 2.8 m) are well above the current average indicated resource grade for
Grey Fox of 4.8 g/t Au.
Figure 4. Enlarged Plan View of the Northern Section of the Gibson Ramp with recent and
previously published Assay Results.
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Figure 5. Enlarged Plan View of the Southern Section of the Gibson Ramp showing recent and
previously published Assay Results.
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In Figure 6, gold mineralization at Gibson is characterized by multiple, stacked and sub-parallel vein
sets that begin less than 10 m below surface and extend below 600 m. These vein sets are generally
planar and have good strike and vertical depth components. Due to their strong continuity and good
grades with mineable widths, these vein sets are attractive areas for either underground development
or open pit mining methods.
Figure 6. Cross section (looking NE) for the Southern Portion of the Gibson Area