McEwen Mining's Grey Fox: A Golden Opportunity in the Making

TORONTO, Feb. 03, 2025 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) has announced a significant milestone in the development of its Grey Fox deposit, with a 95% increase in inferred resources to 458,000 ounces of gold. This substantial increase, coupled with a 32% rise in indicated resources to 1,538,000 ounces, has the potential to significantly impact the company's production and long-term viability.

The Grey Fox deposit, located approximately 3 kilometers southeast of McEwen Mining's Black Fox Mine and about 75 kilometers east of Timmins, Ontario, Canada, is characterized by its proximity to the world-class Porcupine-Destor Fault Zone and the presence of a large intrusive porphyry (syenite) body. These geological factors, combined with the discovery of over 150 distinct mineralized lenses in an area of about 1.4 square kilometers, contribute to the high concentration of gold mineralization at Grey Fox.

The increase in resources at Grey Fox can be attributed to several factors, including exploration drilling that discovered and extended new and existing gold lenses, a higher gold price used to calculate the resource, and foreign exchange rates that benefited the evaluation of potential underground mining scenario shapes. The discovery cost of this increase was US $14.46 per ounce, which is significantly lower than the discovery costs reported by other major gold mining companies, such as Barrick Gold and Newmont Corporation.

Rob McEwen, Chairman and Chief Owner of McEwen Mining, stated, "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. Grey Fox is one of several exploration targets contributing to the growth of gold resources and enhancing the future production at our Fox Complex."



The 95% increase in inferred resources at Grey Fox compares favorably to other recent gold mining projects, such as Newmont Corporation's Borden Project, Kinross Gold Corporation's Tasiast Mine, and Barrick Gold Corporation's Veladero Mine. This significant increase in resources, combined with the low discovery cost, suggests that the Grey Fox project has the potential to be economically viable.

In conclusion, McEwen Mining's Grey Fox deposit has reached a significant milestone with a 95% increase in inferred resources. The combination of favorable geological factors, a low discovery cost, and the potential to increase annual production and extend the mine life makes Grey Fox an attractive investment opportunity in the gold mining sector. As the company continues to explore and develop the deposit, investors should keep a close eye on McEwen Mining's progress at Grey Fox.