Mr. Rob McEwen reports
NEW HIGH-GRADE GOLD DISCOVERY AT EL GALLO COMPLEX
McEwen Mining Inc. has made a new gold discovery, called Twin Domes, within its 100-per-cent-owned El Gallo complex, Sinaloa, Mexico. The high gold grades encountered are reminiscent of historic mining grades that occurred throughout the El Gallo complex between 1800 and 1950, where approximately 180,000 ounces of gold at 20 grams per tonne (g/t) were mined. Over the next two weeks, McEwen Mining will be releasing new drill results from several additional areas within the El Gallo complex.
TWIN DOMES EXPLORATION HIGHLIGHTS
From To Thickness Gold grade
(m) (m) (m) (g/t)
TDX003 24.4 29.0 4.6 9.8
Including 26.7 27.8 1.1 37.2
TDX004 22.8 24.2 1.4 8.5
Including 23.7 24.2 0.5 15.5
And 27.0 27.5 0.5 12.1
TDX008 41.4 51.0 9.7 8.8
Including 47.3 49.2 2.0 29.5
TDT001 20.0 32.7 12.7 20.9
Including 27.9 29.6 1.7 112.9
TDT003 14.0 16.0 2.0 7.1
Notes
TDX -- Core drill hole;
TDT -- Surface trench.
"The historical record of high-grade in this region has always intrigued me. Due to my involvement in Goldcorp's Red Lake discovery, which became the richest gold mine in the world, I have witnessed the power that high-grade can have on a company's profitability. For me, exploration is the vital R&D of the mining industry. While the probability of making a major discovery is low, the wonderful aspect of the mining industry is the possibility of making a discovery, which is real, and often comes from an area where it is least expected. McEwen Mining's exploration team has been actively exploring the company's large land position (plus 500,000 acres) around El Gallo. We are very encouraged by our recent exploration results. Additional drill results for areas outside of our Twin Domes discovery will be released over the next two weeks," stated Rob McEwen, chief owner.
Twin Domes is located approximately 14 kilometres (8.5 miles) west of El Gallo 1 and 2. Although there is minor evidence of small-scale mining, the majority of the discovery area is covered by agricultural land. Twin Domes was identified as a prospective target based on previous exploration that was completed by a predecessor company. High-grade gold mineralization has been identified from surface to a depth of 50 metres. The known length (or strike) of the high-grade is approximately 375 metres. Both core drilling and surface trenches were used to target the mineralization.
Currently 10 trenches are being completed over the length of the mineralization in order to gain a better understanding of: the nature of the high-grade, the geology and the orientation of the veins. This work, including final assays, is expected to be completed by the end of April. A core drill program is being planned in order to target the mineralization below 50 metres, which is the current limit of the known mineralization. In addition, McEwen Mining has completed an aeromagnetic survey over the discovery, which will be reassessed based on the new results.
Historic mining in the area
The nearby city of Mocorito was built on the back of mining, beginning with the Palmarito mineral district (now owned by McEwen Mining) in the mid 1500s. Gold mining in the Magistral area (El Gallo phase 1) began in the late 1800s, with production continuing sporadically until the 1950s. Mining was focused on narrow, high-grade quartz veins, locally present in the structural zones. Historic production from the Magistral mill has been estimated at 180,000 ounces of gold at a grade of 20 g/t. In addition, there were several small, high-grade mines, which operated until the late 1990s. These mines closed when the local government-owned mill was shut down due to low precious metal prices. The majority of these past mines are now owned by McEwen Mining and form part of the El Gallo complex.
About El Gallo
The El Gallo complex is located in Sinaloa state, Mexico. Phase 1 construction was completed in September and the mine is now producing gold and is expected to average 30,000 ounces of gold per year. Phase 2, where a feasibility study was recently completed, is forecasted to add an additional 5.2 million ounces of silver (105,000 ounces of gold equivalent) once in production. Combined, both phases are scheduled to produce approximately 135,000 ounces of gold equivalent.
ALL HOLES FROM TWIN DOMES (LOCATED IN EL GALLO COMPLEX)
Hole From To Thickness Gold grade
(m) (m) (m) (g/t)
TDX001 30.9 31.4 0.5 3.4
TDX002 - - - -
TDX003 24.4 29.0 4.6 9.8
Including 26.7 27.8 1.1 37.2
TDX004 22.8 34.1 11.3 2.8
Including 22.8 24.2 1.4 8.5
Including 23.7 24.2 0.5 15.5
Including 27.0 27.5 0.5 12.1
TDX005 18.0 18.6 0.6 1.1
TDX006 - - - -
TDX007 - - - -
TDX008 41.4 51.0 9.7 8.8
Including 47.3 49.2 2.0 29.5
ALL TRENCHES FROM TWIN DOMES (LOCATED IN EL GALLO COMPLEX)
Hole From To Thickness Gold grade
(m) (m) (m) (g/t)
TDT001 20.0 32.7 12.7 20.9
Including 27.9 29.6 1.7 112.9
TDT002 4.0 17.6 13.6 0.3
TDT003 14.0 16.0 2.0 7.1
We seek Safe Harbor.
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