JD400
1月前
No harm from tailings, says McEwen Mining about First Nation allegations
Matheson miner argues no share compensation arrangement exists with First Nation
Ian Ross | Northern Ontario Business
17 h
mcewen-black-fox-tailings-2018-srk-consulting
2016 aerial photo of the Stock mill tailings management area, included in a 2018 SRK Consulting technical study for McEwen Mining
Matheson gold producer McEwen Mining contends there’s no cause for concern regarding its mine waste tailings storage facility that a nearby First Nation claims is causing environment harm and is a human health risk.
In a news release, McEwen responded to a lawsuit that was launched this month by Apitipi Anicinapek Nation (AAN) against the Toronto gold company for allegedly violating an impact benefit agreement (IBA) between the two parties.
McEwen said it’s “fully committed” to protecting the environment at its Stock Mill and that it will take the “appropriate steps” to “comply with laws.”
The company didn’t specify if there is any leakage at its tailings facility, which is one of the allegations levelled by AAN, yet to be tested in court.
McEwen acquired the Fox Complex property in October 2017 in a US$27.5-million deal with Primero Mining. The transaction included the Black Fox mine, two advanced exploration projects in Froome and Grey Fox, and the Black Fox mill, located on the Stock property. The mill site includes a tailings management area, 20 kilometres west of Matheson.
AAN is regarded as the closest First Nation community to the mill, which sits in the community's traditional land.
In the release, McEwen said its facility is provincially licensed to operate by the Ministry of Environment, Conservation and Parks (MECP) and is subject to “frequent inspection” by provincial and federal officials from agencies handling the environment, fisheries, natural resources and mining.
“We must adhere to stringent requirements for effluent treatment, including surface and groundwater quality monitoring and biological monitoring, and report results to the MECP,” the company said.
McEwen said it’s proposing additional monitoring “to ensure that we are fulfilling our obligations to all our constituents.”
In its statement of claim, AAN alleges historic and ongoing seepage of polluting material from the Black Fox mill tailings management facility has been investigated by the provincial environment ministry. The community said the MECP determined that there are environmental violations at the tailings site in contravention of sections of the Ontario Water Resources Act and the Environmental Protection Act.
AAN argues this leaked material may cause water quality problems in Reid and North Driftwood Creeks as well as to downstream aquatic life.
The community further claims McEwen has been aware of this issue for quite some time and didn’t take any remediation measures in a timely fashion.
Though contacted by Northern Ontario Business last week, the provincial environment ministry has yet to provide details on the state of the tailings facility and if any damage to the environment has occurred in the area.
The ministry has also not yet responded if any remediation orders were issued to McEwen, nor if the company has responded in a compliant manner.
AAN's lawsuit also mentions dispute over financial compensation, included in the original IBA, signed between AAN and then-Fox Complex owner Brigus Gold in 2011. It called for annual payments to the community of 25,000 common shares from Brigus.
McEwen argues that arrangement predates its arrival on the scene.
The company counters that Brigus shares and McEwen shares are “not interchangeable on a one-to-one basis and that we are not responsible for a shares that were not delivered by Primero during its ownership of Fox, among other things.”
McEwen did sign an impact benefit agreement with AAN (the community was previously known as Wahgoshig First Nation), according to a 2018 technical report prepared for McEwen by SRK Consulting.
McEwen said since it took ownership of the Fox Complex in 2017, $20 million worth of direct and indirect benefits to community members and businesses.
“We remain open to constructive dialogue with AAN on this issue and we hope to reach an amicable resolution,” the company said in the release.
To keep the line of communications open, McEwen mentioned it’s paid the salary for an AAN representative to act as a kind of community liaison to add transparency to its communication and to help develop new economic opportunities.
McEwen states that individual was given a work station at the site, but that person hasn't been seen for more than a year.
“Given there seem to be significant misunderstandings about environmental matters and transparency, we believe it would be highly beneficial to have an AAN representative present at Fox on a daily basis.”
https://www.northernontariobusiness.com/industry-news/mining/no-harm-from-tailings-says-mcewen-mining-about-first-nation-allegations-10281641
map
JD400
2月前
Milei now wants Argentina to quit the Paris Agreement
After pulling his country from the World Health Organization (WHO), Argentine President Javier Milei admitted Wednesday in an interview with a French outlet that he intended to withdraw from the 2015 Paris Agreement to limit greenhouse gas emmissions to preserve the planet's temperature from rising. “The environmentalist agenda is a real fraud,” said Milei, thus echoing similar recent statements from US President Donald Trump. To withdraw from the Paris Agreement, Law 27.270 would have to b e repealed by Congress.
Asked by Le Point if Argentina could leave the Paris Agreement, Milei answered: “Yes, I am considering it because I do not adhere to the environmentalist agenda. For me it is a real fraud. The issue of climate change, as it stands, is incorrect. That is, the issue of global warming has nothing to do with the presence of human beings. It is a problem of the temperature cycle of the planet. As far as we know, this is the fifth cycle of high temperatures. In the four previous ones, the human being was not present,”
In Milei's view, these approaches are “inspired by what I call neo-Marxism, or cultural Marxism, or post-Marxism, which is basically woke thinking.”
https://en.mercopress.com/2025/02/06/milei-now-wants-argentina-to-quit-the-paris-agreement
I'm so excited LOL
JD400
2月前
McEwen Mining Inc. Prices Upsized Offering of $95 Million of Convertible Senior Notes
Thought I'd throw in a soundtrack with this one. It really looks like a attractive deal if you got the money....honey Lol
what I'm wondering is this the final low before the big IPO Blitz Hummmm
February 07, 2025 06:00 ET
| Source: McEwen Mining
TORONTO, Feb. 07, 2025 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (the “Company”) today announced the pricing of $95 million aggregate principal amount of its convertible senior notes due 2030 (the “Notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company also granted to the initial purchasers of the Notes an option to purchase, for settlement within 13 days from the date of initial issuance of the Notes, up to an additional $15 million aggregate principal amount of Notes. The sale of the Notes is scheduled to close on February 11, 2025, subject to satisfaction of customary closing conditions.
Key Elements of the Transaction:
$95 million of attractively priced capital raised ($110 million if the initial purchasers fully exercise their option to purchase additional Notes)
Initial conversion price of $11.25 per share represents a conversion premium of approximately 30% over the closing sale price of $8.65 per share of the Company’s shares on February 6, 2025
Separate capped call transactions have the potential to synthetically increase the effective conversion price for conversions at maturity to $17.30 per share, which represents a 100% premium to the closing sale price of the Company’s common stock on February 6, 2025
The Offering provides strategic benefits to the Company including re-financing $20 million of higher-interest debt and an attractive coupon rate of 5.25%
The Notes will be senior, unsecured obligations of the Company, and will pay interest semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2025, at a rate of 5.25% per year. The Notes will mature on August 15, 2030, unless earlier converted, redeemed or repurchased.
Prior to the close of business on the business day immediately preceding May 15, 2030, the Notes will be convertible only under certain circumstances and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The initial conversion rate for the Notes will be 88.9284 shares per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $11.25 per share, and will be subject to adjustment upon the occurrence of certain events. The initial conversion price represents a conversion premium of approximately 30% over the last reported sale price of $8.65 per share of the Company’s common stock on the New York Stock Exchange on February 6, 2025. The Company will settle conversions of the Notes by paying or delivering, as the case may be, cash, its common stock, or a combination thereof, at its election.
Prior to August 21, 2028, the Notes will not be redeemable. The Company may redeem for cash all or any portion of the Notes (subject to certain limitations), at its option, on or after August 21, 2028 and prior to the 46th scheduled trading day immediately preceding the maturity date, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Noteholders may require the Company to repurchase their Notes upon the occurrence of a fundamental change (as defined in the indenture that will govern the Notes), subject to certain conditions, at a purchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, the Company will under certain circumstances increase the conversion rate for noteholders who elect to convert their Notes in connection with the occurrence of certain corporate events or convert their Notes called (or deemed called) for redemption during the related redemption period, as the case may be.
The Company estimates that the net proceeds from this offering will be approximately $91.3 million (or approximately $105.9 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering (including any additional proceeds resulting from the exercise by the initial purchasers of their option to purchase the additional Notes) to pay the cost of capped call overlay (approximately $13.1 million), to repay a portion of the outstanding borrowings under the Company’s existing credit agreement, and the remainder for general corporate purposes.
In connection with the pricing of the Notes, the Company entered into privately negotiated capped call transactions with certain other financial institutions (the “Option Counterparties”). The capped call transactions cover, subject to customary adjustments substantially similar to those applicable to the Notes, the number of shares of the Company’s common stock initially underlying the Notes. The capped call transactions are generally expected to reduce the potential dilution to the Company’s common stock upon any conversion of the Notes or, at the Company’s election (subject to certain conditions), offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. If the initial purchasers of the Notes exercise their option to purchase the additional Notes, the Company expects to use a portion of the proceeds from the sale of the additional Notes to enter into additional capped call transactions with the Option Counterparties.
In connection with establishing their initial hedges of the capped call transactions, the Company expects the Option Counterparties or their respective affiliates will enter into various derivative transactions with respect to the Company’s common stock and/or purchase shares of the Company’s common stock concurrently with or shortly after the pricing of the Notes, including with, or from, as the case may be, certain investors in the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Company’s common stock or the Notes at that time.
In addition, the Option Counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the Company’s common stock and/or purchasing or selling shares of the Company’s common stock or other securities of the Company in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so during the relevant valuation period under the capped call transactions, which is scheduled to occur during a 45 day trading day period commencing on the 46th trading day prior to the maturity date of the Notes, or, to the extent the Company exercises the relevant election under the capped call transactions, following any repurchase, redemption or early conversion of the Notes). This activity could also cause or avoid an increase or a decrease in the market price of the Company’s common stock or the Notes, which could affect the ability of noteholders to convert the Notes, and, to the extent the activity occurs during any observation period related to a conversion of the Notes, it could affect the number of shares of common stock, if any, and value of the consideration that noteholders will receive upon conversion of the Notes.
The Notes are being offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act by means of a private offering memorandum. The offer and sale of the Notes and any shares of the Company’s common stock upon conversion of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and, unless so registered, such Notes and shares may not be offered or sold in the United States except pursuant to an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
The Company is an “Eligible Interlisted Issuer” as such term is defined in the TSX Company Manual. As an Eligible Interlisted Issuer, the Company has relied on an exemption pursuant to Section 602.1 of the TSX Company Manual, the effect of which is that the Company was not required to comply with certain requirements relating to the issuance of securities in connection with the transaction.
https://www.globenewswire.com/news-release/2025/02/07/3022652/37420/en/McEwen-Mining-Inc-Prices-Upsized-Offering-of-95-Million-of-Convertible-Senior-Notes.html
surfer44
2月前
McEwen Mining To Make Strategic Investment Into Goliath Resources
January 29 2025 - 7:08AM
Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce that an agreement has been made for McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) to make a strategic investment into Goliath Resources.
Strategic Investment Highlights
Post transaction, McEwen Mining will own 3.76% of the issued and outstanding shares of Goliath Resources.
McEwen Mining will pay in McEwen Mining shares worth C$10 million based on the closing price of McEwen Mining and Goliath Resources on January 28, 2025.
McEwen Mining will receive a half warrant, exercisable at C$2.50 for 12 months.
Goliath Resources will own 868,056 shares of McEwen Mining.
Roger Rosmus, Founder and CEO of Goliath Resources, states: “We are delighted to have McEwen Mining make a strategic investment into Goliath Resources. Rob McEwen recognized the potential of our Surebet high-grade gold discovery in 2023, and has made three personal investments through private placements since then. Our 2024 drilling campaign was a major breakthrough season for the Surebet high-grade gold discovery in the Golden Triangle of British Columbia. The discovery is noted for having a series of stacked gently dipping veins with widespread high-grade gold. It is fortunate to have a remarkable content of visible gold which is in all the rock units (sediments, contact of the sediments and volcanics, and in the volcanics, as well as in the intrusion related dykes) with abundant fine-grained visible gold, including coarse-grained visible gold. In our 2023 drilling, we found visible gold in 32% of the drill holes and in 2024 that increased to 92%. Our recently reported drill hole intersection was our best to date returning 10 meters of 132.93 g/t gold equivalent (plus several high-grade holes with multiple intercepts, system remains wide open) making for a gram/meter intersection that puts it in the top percentile of all intersections throughout the world in the past 20 years. Each season we have seen the discovery get better and saw several pleasant surprises in 2024, including the high percentage of visible gold in our deeper drilling into the system, and our remarkable recently reported intersection. We still have 89 pending holes from the 2024 drilling season to report and think we may have made a second important discovery, this one a volcanogenic massive sulphide (VMS) 35 km to the north of Surebet. Rob McEwen is a member of the Order of Canada and a Canadian Mining Hall of Fame member due to his record of philanthropy and the tremendous success he had building Goldcorp from a small gold miner to a success story when Goldcorp mined its bonanza-zone at their Red Lake Mine, making it one of the lowest cost miners of high-grade gold in the gold mining sector. His recognition of the success of the Surebet discovery in 2023 has been greatly appreciated and we are pleased to have McEwen Mining join our shareholder roster with this strategic investment. We are also very pleased that Goliath Resources will be a significant shareholder of McEwen Mining due to their combination of being a gold miner, their extensive drilling on their gold projects and their world-class copper asset that is in the top 10 undeveloped copper projects ranking in the lowest cost quartile as well.”
Rob McEwen, Chairman and Chief Owner of McEwen Mining, states: “The Goliath Resources team has done a terrific job advancing their Surebet high-grade gold discovery in the Golden Triangle of British Columbia and McEwen Mining is thrilled to make a strategic investment into Goliath Resources. What initially caught my attention was the high-grade gold they discovered, and that it was a grassroots discovery in the Golden Triangle which is a prolific gold mining jurisdiction, one of the most important in Canada. Worldwide, grassroots discoveries of high-grade gold in a mining-friendly jurisdiction well-known for high-grade gold mines are exceedingly rare. They were able to make the grassroots discovery due to it until fairly recently being covered by glaciers and permanent snowpack that have receded to expose a large area of outcropping rock that has now been significantly advanced over the past few drilling seasons. McEwen Mining is committed to gold mining, our gold mines are benefitting from the record high prices of gold in 2024 and we have an updated resource coming out in the first quarter of 2025 on our Fox Complex, where we also have a 69,500 meter (budgeted for $9.7 million) drilling campaign underway. We are also moving our Los Azules copper development project toward a feasibility study in the first half of 2025 and are contemplating taking McEwen Copper public after the feasibility study is published (McEwen Mining owns 46.4% of McEwen Copper, Stellantis owns 18.3%, Nuton is a Rio Tinto venture that owns 17.2% and Rob McEwen owns 12.7% of McEwen Copper). I believe strongly that the future is very bright for both copper and gold, and that McEwen Mining is well positioned for significant growth potential in those metals with our assets. We look forward to seeing the pending assays from Goliath Resources’ Surebet discovery and their new VMS discovery and we are pleased to be enthusiastic shareholders of Goliath with this strategic investment.”
Golddigger Property
The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in the world-class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area has hosted some of Canada’s greatest mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.
The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2%, with 48.8% of it as free gold from gravity alone at a 327-micrometer crush (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present such as mercury or arsenic.
The Property is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.
Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport.
About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)
Goliath is a paying member and active supporter of CASERM, an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech aimed at transforming the way that geoscience data is used in the mineral resource industry. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. As a CASERM member, the Company requested a study and written report to be performed by Colorado School of Mines analysing Surebet’s origin of mineralization. The study confirmed an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet.
Qualified Person
Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is also a director of the Company.
About Goliath Resources Limited
Goliath Resources is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in worldclass geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen and Mr. Eric Sprott, a Singapore based fund and Larry Childress.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887
roger@goliathresources.com
www.goliathresourcesltd.com
JD400
3月前
YPF case: Argentina ordered to reveal location of Central Bank gold
Judge Preska called for information on the country’s coffers, which the government has contended is ‘confidential’
JANUARY 15, 2025
New York Judge Loretta Preska has ordered Argentina to hand over information on the Central Bank’s gold reserves per a request filed by hedge fund Burford Capital in October. The discovery order is the latest in the saga of a US$16.1 billion lawsuit it won against the country in 2023 for the expropriation of energy company YPF.
Argentina’s assets are being probed for potential seizure by the Southern District Court of New York to partly pay for the lawsuit. In a letter to Judge Preska, Burford quoted newspaper articles from last July reporting that Economy Minister Luis Caputo confirmed that the Central Bank had moved some of its gold overseas, which certain media outlets claimed would be used for a repo. The government did not provide further information on the matter.
Last week, Argentina wrote a letter to Preska arguing that the Central Bank and the Republic are legally separate entities, meaning that the gold reserves do not belong to the government and their details are confidential. The country, represented by the Sullivan & Cromwell law firm, also said that the Central Bank’s reserves “enjoy special protection from execution under [United States’ Foreign Sovereign Immunities Act] and UK law.”
In her order, Preska countered that “regardless of whether the gold reserves are held by [the Central Bank], the Republic shall produce its own documents concerning the reserves.”
The judge further demanded information on government accounts held in the country and overseas, as well as evidence from a separate lawsuit in order to “trace the Republic’s assets.”
On the one hand, Preska argued that Argentina should hand over SWIFT data on its accounts overseas instead of the account summaries it has already provided. She described them as “inadequate substitutes, given they do not identify the counterparty’s specific banking institutions making or receiving payments.”
On the other, the judge called for documents produced in the lawsuit the Bahamas-based Bainbridge Fund won against Argentina in 2023 for US$95 million of debt securities defaulted in 2001. Preska said the evidence could “lead to other executable assets.”
Argentina argued that the data would not lead to assets it could hand over in this case, but Preska argued that Burford was “entitled to request the information” regardless.
“The Republic does not get to just assert that such information ‘could not possibly lead to executable assets,’” Preska wrote. “The Court notes that it has likely taken more time and money to argue about producing these documents than to make the production.”
A spokesperson for the Treasury’s Prosecution Office declined to comment on the defense’s next steps.
https://buenosairesherald.com/economics/ypf-case-argentina-ordered-to-reveal-location-of-central-bank-gold
JD400
4月前
Saddened by Kidd mine news? McEwen Mining sees new gold production over the horizon
Toronto gold company drilling off Grey Fox deposit with bump in resources expected in early 2025
Ian Ross | Northern Ontario
McEwen Mining's Fox ComplexMcEwen Mining photo
While Glencore’s Kidd base metals mine is slated for closure in two years time, the legendary Timmins camp is far from finished when it comes gold mining longevity.
McEwen Mining is excited by a new prospect in its gold mining stable at the Fox Complex, east of the city, that contains a new and emerging deposit dubbed Grey Fox.
In releasing a raft of high-grade assay results this week, the Toronto gold company framed the ongoing exploration program at Grey Fox as opening up “new possibilities for resource and production growth” in what is already a very prolific mining area for McEwen.
The company boldly compares the geology at Grey Fox to the Hishikari Gold Mine in Japan, one of the world’s richest gold mines that’s produced 8.6 million ounces of gold at an average grade of 30 to 40 grams per tonne since 1985.
At the Fox Complex, McEwen has three main properties — Black Fox, Stock and Lexam — situated along Highway 101 and around the town of Matheson.
Black Fox, 11 kilometres east of Matheson, is an integral piece of the company’s production in containing the Black Fox and Froome mines with two mines-in-waiting in Grey Fox and Tamarack.
As an area of intense interest for McEwen, Grey Fox is situated on the southern part of the Black Fox property with six gold zones mapped out, including Whiskey Jack where those drilling results originated from. One drill hole, spotlighted in a Dec. 2 news release, yielded 10.2 grams per tonne of gold over an 11-metre section.
Currently, Grey Fox has a gold resource of 1.4 million ounces of gold in the indicated and inferred categories. McEwen maintains that more than 90 per cent of that resource sits within 300 metres of surface.
These latest drill results will be folded into an upcoming new mineral resource for Grey Fox and the entire Fox Complex, due out sometime in early 2025.
Come January, expect a new exploration push at Grey Fox. Armed with a $9.7-million budget, the plan is to punch almost 70,000 metres worth of drill holes.
McEwen said it wants to determine if there are near-term gold mining possibilities while it probes into some previously untouched areas in order to develop a better geological model of the deposit.
The company’s currently modelling of Grey Fox shows the presence of more than 50 distinct gold mineralized lenses — a body of ore that’s thick in the middle and thin at the edges — in an area of about 1.3 square kilometres, with many of those features extending near surface.
In a statement, chairman and chief owner Rob McEwen is enthusiastic about the potential at Grey Fox.
“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," he said.
"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.”
https://www.northernontariobusiness.com/industry-news/mining/saddened-by-kidd-mine-news-mcewen-mining-sees-new-gold-production-over-the-horizon-9905316
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wshaw14
3週前
