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McEwen Mining Inc
Symbol MUX
Shares Issued 400,208,425
Close 2019-12-02 C$ 1.52
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McEwen drills 44 m of 9 g/t Au at Black Fox

2019-12-03 06:35 ET - News Release

Mr. Sylvain Guerard reports


McEwen Mining Inc. has released drill results from its Gibson and Whiskey Jack targets within the Grey Fox deposit area, a part of the Black Fox complex in Timmins, Canada. Highlights of the drilling from these two important targets are shown in the associated tables.

"The drill results reported today from Gibson and Whiskey Jack illustrate clearly the growth potential of the Black Fox property," said Sylvain Guerard, senior vice-president, exploration.

Gibson target

In 2018, hole 18GF-1079 intersected a broad interval of mineralization within an intrusion, which returned 3.1 grams per tonne gold over 34 metres, including 10.8 g/t Au over six m (core lengths). Diamond drilling tested below hole 18GF-1079 and extended the mineralization by 820 feet (250 m) downdip with hole 19GF-1106; which intersected a higher-grade interval of 16.9 g/t Au over three m (core length), within a 200-foot-(60 m)-wide envelope of alteration and anomalous mineralization. Follow-up drilling has continued with 19 holes completed since last release of results in May, 2019. Significant gold mineralization at Gibson has been outlined over a 1,650-foot (500 m) strike length and from surface to a depth of 2,600 feet (800 m). Hole 19GF-1147 returned the deepest intersection of 13.2 g/t Au over three m. Highlights of the Gibson drilling are included in the associated table.


Hole ID           From        To    Core length      Core length      Gold grade       Gold grade
                   (m)       (m)            (m)             (ft)           (g/t)           (oz/t)

19GF-1107       403.00    406.50            3.5             11.5             7.3             0.23
19GF-1122       433.00    435.50            2.5              8.2             8.2             0.26
and             549.21    557.00            7.8             25.6             5.6             0.18
and             693.00    698.00            5.0             16.4             4.7             0.15
and             807.00    809.00            2.0              6.6            13.3             0.43
including       807.00    808.00            1.0              3.3            26.6             0.86
19GF-1127       720.85    727.00            6.1             20.2             4.7             0.15
19GF-1130        47.00     51.00            4.0             13.1             8.7             0.28
including        49.00     50.00            1.0              3.3            21.4             0.69
19GF-1138       897.00    902.00            5.0             16.4             4.0             0.13
19GF-1147       935.00    938.00            3.0              9.8            13.2             0.42
including       936.00    937.00            1.0              3.3            26.5             0.85
19GF-1148        55.00     61.40            6.4             21.0             3.5             0.11
and             600.81    605.17            4.4             14.3             8.8             0.28
19GF-1176       452.00    455.00            3.0              9.8             7.9             0.25
19GF-1177       229.10    232.00            2.9              9.5             7.1             0.23
and             429.60    432.00            2.4              7.9            18.4             0.59
including       431.30    432.00            0.7              2.3            55.6             1.79
19GF-1182       481.00    483.00            2.0              6.6            13.6             0.44
including       481.00    482.00            1.0              3.3            23.5             0.76

Whiskey Jack target

The Whiskey Jack target is located where the contact between sedimentary and volcanic units changes orientation. Drilling followed up on positive drill results released on Nov. 4, 2019, including: 14.1 g/t Au over 8.4 m, including 59.1 g/t Au over 1.3 m core length in hole 19GF-1242. Recent drilling intersected wide zones of strong gold mineralization, including the highlight in the associated table.


Hole ID           From          To    Core length       Core length     Gold grade      Gold grade
                   (m)         (m)            (m)            (foot)          (g/t)          (oz/t)

19GF-1248       181.00      225.00           44.0             144.4            9.0            0.29
including       199.00      221.00           22.0              72.2           14.8            0.48
and             232.00      242.00           10.0              32.8            6.3            0.20
including       232.00      234.00            2.0               6.6           22.8            0.73

Results for the three drill holes completed with assays suggest the gold mineralization may be hosted in at least two structures containing mineralized veins. The mineralized structures hosting the veins are believed to have a true width ranging from 6.5 to 13 feet (two to four m), considerably narrower than the core length intersections.

Visible gold has been identified in six of nine holes completed so far this year at Whiskey Jack. Gold mineralization has been intersected over a strike length of 330 feet (100 m) and to a shallow depth of 660 feet (200 m) below surface.

Geologic interpretation

The Gibson syenite intrusion hosting the gold mineralization extends over 1.5 miles (2.5 km) along the Gibson-Kelore fault zone. There are two main styles of mineralization at Gibson: (1) breccia and crustiform veins from surface to a depth of approximately 1,150 feet (350 m) below surface and (2) dissemination-replacement-style mineralization from approximately 980 feet (300 m) to at least 2,600 feet (800 m) below surface. Both styles of mineralization are interpreted to be synchronous with mineralization at the Contact, 147 and South zones.

About McEwen Mining Inc.

McEwen Mining is a diversified gold and silver producer with operating mines in Nevada, Canada, Mexico and Argentina. It also owns a large copper deposit in Argentina. McEwen's goal is to create a profitable gold and silver producer focused in the Americas.

Qualified person

Technical information pertaining to geology and exploration contained in this news release has been prepared under the supervision of Steven M.D. Scott, PGeo. Mr. Scott is a qualified person within the meaning of National Instrument 43-101.

Technical information

Grams per tonne (g/t) converted to Troy ounces per tonne at ratio 31.1035:1.

All intercept widths are true widths unless otherwise specified.

Composite criteria unless otherwise stated: cut-off grade three g/t Au, minimum length two m and maximum consecutive interval waste three m. If grade by length greater than six the composite will be added.

All exploration drill core samples at the Black Fox complex were submitted as one-half core. Analyses reported herein were performed by the independent laboratories: ALS Laboratories, which is ISO 9001/IEC17025 certified, and AGAT Laboratories, which is ISO 9001/IEC17025 certified. 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 three m was determined by establishing a cut-off grade of three g/t gold for underground (one g/t gold for near surface). A consecutive maximum length of three m of internal waste, including subcut-off grade material, is allowed and incorporated into the reported composites. Where an interval of less than three m is considered, if the grade by length calculation is greater than nine (three 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 the Gibson deposit, please see the company's National Instrument 43-101 technical report titled "Technical Report for the Black Fox Complex, Canada," dated April 6, 2018, with an effective date of Oct. 31, 2017, available on SEDAR under the company's issuer profile.

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