McEwen Mining Inc. Page 1 McEwen Mining: Grey Fox Exploration Update Exploration Has Opened Up New Possibilities For Resource and Production Growth Assay Highlights: 24GF-1508: 10.2 g/t Au over 11.1 m (0.30 opt Au over 36.4 ft)
McEwen Mining Inc. Page 1
McEwen Mining:
Grey Fox Exploration Update
Exploration Has Opened Up New Possibilities
For Resource and Production Growth
Assay Highlights:
24GF-1508: 10.2 g/t Au over 11.1 m (0.30 opt Au over 36.4 ft)
24GF-1513: 11.2 g/t Au over 5.8 m (0.33 opt Au over 19.0 ft)
24GF-1512: 4.6 g/t Au over 6.6 m (0.13 opt Au over 21.7 ft)
See Assays in Figure 2. All assay length intervals are true widths unless otherwise noted.
TORONTO, December 2nd, 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. Grey Fox is located in the southern part of the Black Fox property and comprises six zones, known as
Gibson, Whiskey Jack, Contact, 147, 147NE and Grey Fox South (see Figure 1).
Highlights:
High-grade drill hole results include: 10.2 grams per tonne (g/t) Au over 11.1 m at Whiskey Jack.
Geological investigations demonstrate similarities between the Grey Fox Deposit and the Hishikari Gold Mine.
Potential for stacked epithermal gold-bearing veins over & adjacent to an orogenic gold system.
The Black Fox Mine was a 1-million-ounce orogenic gold producer. The Black Fox Exploration Horizon
extends from the Black Fox Mine for 3 kilometers to the Grey Fox Deposit (see Figure 1).
An example of the potential for additional orogenic gold mineralization similar to the Black Fox Mine can
be seen in Figures 5 and 6.
An updated Mineral Resource estimate for the entire Fox Complex will be released in Q1 of 2025,
including Grey Fox (current resource of 1.4 million Indicated and Inferred gold ounces) and Stock
(current resource of 0.46 million Indicated and Inferred gold ounces) (see Table 2).
Rob McEwen, Chairman and Chief Owner said, “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. 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.”
McEwen Mining Inc. Page 2
Current geological modeling of Grey Fox indicates the presence of over 150 distinct mineralized lenses in an
area of only about 1.3 square kilometers in size, with many of the lenses extending to the bedrock surface.
In addition, over 90% of the current Grey Fox resource, of about 1.4 million ounces of gold, lies within the top
300 meters from the surface in epithermal-style quartz breccia veins. Drill core from the epithermal vein systems
suggests that the bulk of the deposit that has been tested to date is still above the ‘boiling zone’, typical of an
epithermal system, yet has high gold grades with potential mineralization continuing deeper.
Surface expressions of the modelled mineralized zones are generally parallel and strike northeast to southwest
suggesting a strong, long-lived mineralizing system. Geological investigations suggest two distinct gold
mineralizing systems of stacked epithermal veins and orogenic zones within close proximity. This observation
opens the potential for a ‘Hishikari-type' epithermal vein system beside orogenic gold zones.
The Hishikari gold mine in Japan is one of the richest gold mines in the world, in production since 1985. To date,
the mine produced 8.6 million ounces of gold, with an average grade of 30-40 g/t gold. It has a cluster of 125
low-sulphidation epithermal veins, within an area measuring 500 to 1,000 meters wide by 3,000 meters long.
The veins are 1 to 3 meters wide to a maximum of 8 meters, and are ’blind’, as they don’t come to the surface,
starting at 100 meters below the surface, with the top of the boiling zone at approximately 200 meters below the
surface. In the boiling zone at Hishikari, the quartz veins are noted for having crustiform banding, while at Grey
Fox only thin intersections of similar textures have generally been intersected to date, which suggests that most
of the current drilling is still above the boiling zone.
Table 1 below shows recent assay results and some previously released key assay intercepts received for the Grey
Fox Deposit.
Table 1. Drill Results From the Grey Fox Deposit
Hole ID From
(m)
To
(m)
Core
Length
(m)
True
Width
(m)
True
Width
(ft)
Au
Grade
(g/t)
Grade x
True Width
(GxM)
24GF-1517 558.5 561.5 3.0 2.4 7.8 7.5 17.9
Including 560.5 561.5 1.0 0.8 2.6 16.0 12.7
24GF-1516 105.2 107.6 2.4 1.9 6.1 10.7 20.0
Including 106.9 107.6 0.7 0.5 1.7 16.1 8.2
24GF-1513 114.0 118.0 4.0 2.8 9.2 5.1 14.3
Including 115.1 118.0 2.9 2.1 6.7 6.0 12.4
&Including 115.1 116.0 0.9 0.7 2.2 15.5 10.3
And 139.0 145.0 6.0 4.3 14.0 6.3 27.0
Including 139.0 141.0 2.0 1.4 4.7 17.8 25.3
And 442.0 450.0 8.0 5.8 18.9 11.2 64.8
Including 444.9 450.0 5.1 3.7 12.0 17.2 63.0
&Including 446.0 447.0 1.0 0.7 2.4 72.7 52.5
24GF-1512 107.4 111.5 4.1 3.7 12.2 7.5 27.8
Including 107.4 108.2 0.8 0.7 2.4 37.1 26.9
And 156.6 164.0 7.5 6.6 21.7 4.6 30.4
Including 160.4 161.2 0.8 0.7 2.3 39.6 28.1
McEwen Mining Inc. Page 3
Hole ID From
(m)
To
(m)
Core
Length
(m)
True
Width
(m)
True
Width
(ft)
Au
Grade
(g/t)
Grade x
True Width
(GxM)
24GF-1511 241.0 243.0 2.0 1.3 4.2 46.3 59.2
Including 241.0 242.0 1.0 0.7 2.2 88.3 58.7
And 334.0 336.2 2.2 1.5 5.0 9.6 14.6
Including 334.0 335.0 0.9 0.7 2.2 16.1 10.8
24GF-1510 106.0 108.0 2.0 1.8 5.8 8.4 14.9
Including 107.0 108.0 1.0 0.9 2.9 12.3 10.9
And 118.0 121.0 3.0 2.7 8.7 5.3 14.1
Including 119.1 120.0 0.9 0.8 2.7 15.5 12.6
24GF-1508 149.4 163.9 14.5 11.1 36.5 10.2 113.3
Including 149.4 154.3 5.0 3.8 12.5 27.7 105.4
24GF-1500 116.5 117.6 1.1 0.9 3.0 54.4 49.5
And 176.0 178.0 2.0 1.7 5.5 13.2 22.0
Including 176.0 177.0 1.0 0.8 2.7 24.5 20.4
24GF-1498 120.0 124.9 4.9 4.3 14.3 4.1 17.8
And 132.0 139.1 7.1 6.3 20.8 4.7 29.7
Including 135.0 136.5 1.5 1.3 4.4 19.0 25.4
24GF-1495 73.0 75.0 2.0 1.6 5.2 8.4 13.5
24GF-1484 153.0 159.0 6.0 4.4 14.3 3.1 13.6
Including 153.0 154.0 1.0 0.7 2.4 16.1 11.7
24GF-1473 170.0 175.0 5.0 3.9 12.7 4.2 16.1
Including 173.0 174.0 1.0 0.8 2.5 17.5 13.5
24GF-1466 287.3 290.0 2.8 2.2 7.2 5.3 11.8
Including 289.0 290.0 1.0 0.8 2.6 14.0 11.2
24GF-1459 100.0 105.0 5.0 4.2 13.8 4.7 19.9
Including 102.0 103.0 1.0 0.8 2.8 18.0 15.1
And 139.0 143.0 4.0 3.4 11.0 3.3 11.2
Including 139.0 140.0 1.0 0.8 2.8 10.3 8.7
24GF-1457 276.0 279.0 3.0 2.6 8.6 6.7 17.6
Including 276.0 277.0 1.0 0.9 2.9 13.0 11.4
24GF-1455 195.0 198.7 3.7 3.3 10.7 5.7 18.5
24GF-1449 73.0 80.0 7.0 5.9 19.2 4.2 24.7
Including 74.0 75.0 1.0 0.8 2.7 21.1 17.7
21GF-1333* 378.4 403.6 25.2 19.0 62.2 4.8 90.4
21GF-1353* 231.9 236.9 5.0 4.1 13.5 17.8 73.3
21GF-1359* 246.0 259.1 13.1 10.0 32.7 18.3 182.1
22GF-1363* 442.4 447.4 5.0 4.4 14.4 15.5 68.3
22GF-1365* 144.9 157.1 12.2 9.3 30.6 13.1 122.3
24GF-1397* 154.0 156.0 2.0 1.3 4.3 50.7 66.2
24GF-1424* 93.0 102.5 9.5 8.4 27.4 10.0 83.6
24GF-1426* 200.3 200.9 0.7 0.5 1.8 586.7 315.2
Gold grades in the table are uncapped. * indicates previously reported drill results. GxM over 50 are highlighted in bold.
McEwen Mining Inc. Page 4
Figure 1 is a plan view map showing the multiple zones at Grey Fox in relation to the rest of the Fox Complex,
also demonstrating that the Fox Complex can be divided into the Grey Fox Exploration Horizon and the Black
Fox Exploration Horizon, based on geological similarities to the current Grey Fox resource and the Black Fox
Mine, respectively. Minimal drilling has been completed between the Black Fox mine and the current Grey Fox
resource. When looking at Figure 1 it can also be seen that between the Black Fox Mine and the current Grey
Fox resource area there are similarities in terms of structure (faults) and rock types.
Much of the drilling since 2021 was concentrated at the Gibson and Whiskey Jack zones. Many of the new
results reported in this news release from recent drilling confirm promising grades of mineralization for both
zones e.g., 24GF-1508: 10.2 g/t Au over 11.1 m at Whiskey Jack (see Figure 2) and 24GF-1513: 11.2 g/t Au
over 5.8 m at Gibson (see Figure 2).
Figure 1. Plan View Map for the Fox Complex
Continued…
McEwen Mining Inc. Page 5
Figure 2. Plan View Surface Geology Map with New and Previously Released Results for Its Various
Zones. * Denotes Previously Released Intercepts. Note: TW = True Width; COG = Cut Off Grade.
Of the 150 lenses identified at Grey Fox, multiple new lenses have been identified for the Gibson zone since the last
resource update at Grey Fox, released in 2021. The mineralization within the Gibson zone is characterized by narrow,
steeply dipping, continuous, epithermal vein sets and is still open to the northwest and down-dip (see Figure 2).
McEwen Mining Inc. Page 6
Many of these new mineralized lenses are in close proximity to the historical Gibson Ramp and could be
accessed via underground or open pit mining methods.
Figure 3. Zoomed in Plan View Map for the Gibson & Whiskey Jack Zones at Grey Fox, Showing New
(Red) and Existing (Grey) Lenses.
The entrance to the Gibson Ramp is about 350 meters from the central portion of the Whiskey Jack zone. There
are multiple newly defined epithermal vein sets between the ramp entrance and the Whiskey Jack zone.
Figure 2 demonstrates that drillhole intercepts like 22GF-1365 (13.1 g/t Au over 9.3 m ) and 21GF-1333
(4.8 g/t Au over 19.0 m) lie on some of these newly defined epithermal vein sets between the Gibson Ramp and
the Whiskey Jack zone. The Gibson ramp is well located and a suitable platform for additional exploration and
future production.
Continued…
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Figure 4 is a cross section through the Gibson zone at Grey Fox. Many of the mineralized lenses are close to
the Gibson Ramp. These lenses could offer the flexibility of multiple production areas.
Figure 4. Grey Fox-Gibson Zone Cross Section (Looking NE). The Mineralized Lenses Are Open at Depth.
Note their Close Proximity to the Gibson Ramp (Shown in Blue).
Continued…
McEwen Mining Inc. Page 8
Figure 5. Plan View Map for the Areas Under and Adjacent to the Grey Fox Deposit. A-A' Denotes a Cross
Section Represented in Figure 6, Showing the Locations of Some of the Historic Orogenic Intercepts
Adjacent to and Under the Grey Fox Deposit.
Referring to Figures 5 & 6, it can be seen that there are orogenic-style intercepts located in the Black Fox Horizon
adjacent to the current Grey Fox deposit. These intercepts represent a good exploration target to expand the
current Grey Fox resource especially at depth, as these orogenic systems are known to often extend for many
kilometers below the surface.
Continued…