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McEwen drills 8.3 m of 53.9 g/t Au at Froome

McEwen drills 8.3 m of 53.9 g/t Au at Froome


MCEWEN MINING INTERSECTS 53.9 G/T GOLD OVER 8.3 M AT THE FROOME FOOTWALL

McEwen Mining Inc. has released an updated resource estimate for the Froome deposit and highly encouraging exploration results from its continuing $15-million exploration program at the Black Fox complex near Timmins, Ont., Canada.

 

 

Highlights include:

Froome Footwall: Drilling intersected 53.93 g/t gold over 8.29 m including 322.86 g/t gold over 1.34 m , along the footwall structure located approximately 150 m North of the main Froome deposit.

Froome Resource: Indicated resource estimate increased by 14% to 181,000 gold ounces at a grade of 5.09 g/t.

Pike River: Shallow high-grade intersection of 35.04 g/t gold over 3.30 m core length (CL) along the same 7 km long structural belt that hosts the Froome deposit and Gibson mineralization.

Grey Fox: Multiple shallow intersections including 13.41 g/t gold over 2.82 m including 27.70 g/t gold over 0.94 m , and 5.79 g/t gold over 1.99 m including 9.71 g/t gold over 0.93 m from a mineralized cross-structure located in the hanging wall of the 147 Zone, which has a current Indicated resource of 264,000 gold ounces at a grade of 7.49 g/t.

Black Fox Mine: 35.08 g/t gold over 1.69 m intersected on the depth extension of the mine. An underground exploration drift is under development and additional drilling will begin in mid-September.

Froome Footwall

Surface drilling at Froome during Q3 has been focused on two targets: 1) evaluating the down-plunge extension of the Froome Deposit, and 2) assessing the potential of the mineralized footwall, which returned 53.93 g/t gold over 8.29 m including 322.86 g/t gold over 1.34 m. The current interpretation suggests that this new occurrence extends the complex, braided {A ‘}belt' of elevated gold mineralization (running parallel to Froome) by approximately 350 m strike length to the East.

The addition of these new drill intersections within the Froome Footwall could provide an economic enhancement to the proposed underground development planned to commence later in September. Definition drilling to further evaluate the footwall target is ongoing.

 Significant Froome Footwall drill intersections include:
 Hole        Area         From (m)  To (m)  Length (m)  TW (m)  Gold (g/t)  
18PR-G276   Froome Main  420.50    422.00  1.50        1.27    4.81        
Including                420.50    421.00  0.50        0.42    10.50       
And                      445.00    455.00  10.00       8.47    2.68        
Including                450.00    453.00  3.00        2.54    6.31        
18PR-G279   Froome FW    88.60     92.00   3.40        2.86    1.54        
And                      97.00     101.15  4.15        3.49    3.05        
And                      113.00    122.90  9.90        8.29    53.93       
Including                113.00    114.60  1.60        1.34    322.86      
18PR-G280   Froome Main  306.95    315.35  8.40        7.27    2.61        
And                      347.00    354.00  7.00        6.05    3.24        
18PR-G288   Froome FW    81.00     88.00   7.00        5.96    3.32        
18PR-G292   Froome FW    150.20    158.00  7.80        7.07    3.05        
TW = True width (mathematically calculated based on current interpretation)


Pike River Target

The Pike River Target Area, located between the Froome Deposit to the northwest and Gibson Deposit to the southwest, is underlain by the Gibson-Kelore Fault zone. These mineralized intercepts indicate the high potential for a new discovery within this underexplored segment of the Gibson-Kelore Fault Zone.

Significant Pike River drill intersections include:

 Hole    Area      From (m)To (m)Length (m)TW (m)Gold (g/t)
18PR-032Pike River70.00   72.00 2.00      *     2.12      
And               79.00   82.30 3.30      *     35.04     
* True width unknown                                      


Grey Fox - 147 Zone Hanging Wall Target

Previous exploration activities at Grey Fox focused on east dipping oreshoots. A 3,000 m drill program traced a mineralized cross-structure at a different orientation over a strike length of 140 m, and from the surface to a depth of 125 m. These results indicate that the mineralized cross-structure is continuous and traceable, and provides a framework for adding resource ounces at Grey Fox.

 Significant Grey Fox drill intersections include:
 Hole     Area  From (m)To (m)Length (m)TW (m)Gold (g/t)
18GF-1087147 HW30.10   33.48 3.38      2.76  1.14      
And            129.90  136.006.10      4.96  3.64      
Including      133.00  136.003.00      2.44  6.75      
18GF-1088147 HW8.85    11.30 2.45      1.99  5.79      
Including      8.85    10.00 1.15      0.93  9.71      
18GF-1092147 HW7.00    10.00 3.00      2.82  13.41     
Including      9.00    10.00 1.00      0.94  27.70     


Black Fox Underground

One underground drill rig has been testing the down-plunge extension of the Deep Central Zone (DCZ) (see Figure 1). Drilling intersected multi-phase quartz-carbonated veining, which returned an intercept of 35.08 g/t gold over 1.69 m including 55.10 g/t gold over 1.01 m. This represents the deepest high-grade intercept at the mine, and supports the belief that mineralization extends deeper down plunge. Drilling will resume in mid-September from better positions in the newly constructed drilling bays on the 810 m level.

Significant DCZ drilling highlights include:

  
 
 Hole        AreaFrom (m)To (m)Length (m)TW (m)Gold (g/t)
520-EX346-42DCZ 426.50  428.001.50      1.30  6.87      
And             561.00  563.002.00      1.69  35.08     
Including       561.00  562.201.20      1.01  55.10     
490-L094-98 DCZ 215.80  217.001.20      0.81  161.89    
Including       215.80  216.400.60      0.40  320.73    

Froome Resource Estimate

The tables below summarize the current and previous Froome resource estimates. The differences are primarily attributable to additional drilling. Similar modeling parameters were used in both estimates.

  Mineral Resource Statement, Froome Project, SRK Consulting (Canada) Inc., August 31, 2018
 
 Classification  Cut-off Grade Gold (g/t)Quantity({A  ‘}000 t)Grade Gold (g/t)Contained Gold  (000 oz)
Indicated Mineral Resource                                                                       
Underground     3.20                    1,104           5.09            181                      
Total Indicated 3.20                    1,104           5.09            181                      
Inferred Mineral Resource                                                                        
Underground     3.20                    17              4.62            2                        
Total Inferred  3.20                    17              4.62            2                        


Previous Mineral Resource Statement, Froome Project, SRK Consulting (Canada) Inc., March 30, 2018 (Obsolete)
 
 Classification  Cut-off Grade Gold  (g/t)Quantity({A  ‘}000 t)Grade Gold  (g/t)Contained Gold  (000 oz)
Indicated Mineral Resource                                                                         
Underground     3.20                     941             5.26             159                      
Total Indicated 3.20                     941             5.26             159                      
Inferred Mineral Resource                                                                          
Underground     3.20                     125             4.70             19                       
Total Inferred  3.20                     125             4.70             19                       


  

ABOUT MCEWEN MINING

McEwen has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen's principal assets consist of: the San Jose mine in Santa Cruz, Argentina (49% interest); the Black Fox mine in Timmins, Canada; the El Gallo Fenix project in Mexico; the Gold Bar mine in Nevada, currently under construction; and the large Los Azules copper project in Argentina, advancing towards development. McEwen has a total of 337 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 24% of McEwen.

QUALIFIED PERSON

Technical information pertaining to geology and exploration contained in this news release has been prepared under the supervision of Ken Tylee, P.Geo. Mr. Tylee is a "qualified person" within the meaning of NI 43-101.

The current mineral resource estimate was prepared by Dr. Aleksandr Mitrofanov, P Geo, who is a "qualified person" within the meaning of National Instrument 43-101 ("NI 43-101"). The previous mineral resource estimate was audited by Dr. David Machuca, PEng (PEO 100508889), who is a "qualified person" within the meaning of National Instrument 43-101 ("NI 43-101"). Dr. Mitrofanov and Dr. Machuca are employees of SRK Consulting, (Canada) Ltd and are considered to be "independent" of McEwen for the purposes of NI 43-101.

TECHNICAL INFORMATION

All intercept widths are true widths unless otherwise specified.

All exploration drill core samples at the Black Fox Complex were submitted as 1/2 core. Analyses reported herein were performed by the independent laboratories: ALS Laboratories, which is ISO 9001/IEC17025 certified, Activation Labs, which is ISO 9001/IEC17025 certified, and SGS Canada Laboratories, which is ISO9001/IEC17025 certified. Samples from definition and select delineation drilling, and development sampling completed within the Black Fox mine are assayed at McEwen's onsite laboratory. McEwen's quality control program includes systematic insertion of blanks, standard reference material and duplicates to ensure laboratory accuracy.

To determine the lengths of significant mineralized intervals, the following composite criteria was established: a minimum reportable interval length of 3 m was determined by establishing a cut-off grade of 3g/t gold for underground (1 g/t gold for near surface). A consecutive maximum length of 3 m of internal waste, including sub cut-off grade material, is allowed and incorporated into the reported composites. Where an interval of less than 3 m is considered, if the grade x length calculation is greater than 9 (3 for surface), it may be reported. There is no top cutting or capping of assays.

For further details about the Black Fox Complex project including Tamarack, please see our recent NI 43-101 technical report titled "Technical Report for the Black Fox Complex, Canada" dated April 6th, 2018 with an effective date of October 31st, 2017 available on SEDAR (www.sedar.com) under our issuer profile.

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