McEwen Mining (NYSE: MUX) (TSX: MUX) says the resource at its Grey Fox deposit has grown significantly since the end of 2021 following its successes in making new discoveries and extending existing ones in recent years.
The indicated gold resource increased by 32% to 1.54 million ounces, contained within 13.1 million tonnes at an average gold grade of 3.64 grams per tonne. The inferred resource nearly doubled to 458,000 ounces, within 4.3 million tonnes grading 3.30 g/t gold. Together, the total gold ounces are nearly 50% higher compared to three years ago.
The resources at Grey Fox are spread across six different zones. Of these, Gibson had the most growth, with a 181% increase in indicated resources to 290,000 oz. and an 80% increase in inferred resources at 245,000 oz. Another notable zone is the Whiskey-Jack, which had 97% indicated mineralization with 116,000 oz. gold, while also possessing the greatest average true widths and the highest grade of any zone at Grey Fox.
In addition to its exploration success, McEwen also attributed the resource growth to the market factors, namely a higher gold price ($2,000/oz. now versus $1,750/oz. in 2021), which also allowed it to use a lower cut-off grade (from 2.30 g/t to 1.60 g/t).
Grey Fox is part of McEwen’s proposed expansion of the Fox Complex in Northern Ontario. The expansion is centered on the sequential underground development and mining of several deposits that also include Froome, Stock West and Fuller.
“Our investment in exploration on the Fox Complex properties has successfully expanded our gold resources, which will enable us to both increase annual production and extend the mine life,” chairman Rob McEwen said in a press release.
The Fox Complex encompasses three properties along 18 km of the Destor-Porcupine fault. Also known as the ‘Golden Highway’, the region has historically been associated with over 110 million oz. of gold production. The Grey Fox deposit lies within the easternmost Black Fox property, host to the Black Fox and Froome mines.
“Grey Fox is one of several exploration targets contributing to the growth of gold resources and enhancing the future production at our Fox Complex,” McEwen said.
According to a preliminary economic assessment from 2022, the expanded Fox Complex would have an annual gold production of 72,000 oz. for 12 years.
McEwen Mining’s shares traded 3.2% higher at $8.48 apiece by midday Monday in New York, for a market capitalization of $449 million.
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