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Potential new source of revenue found at Black Fox complex

McEwen Mining releases updated mineral resource
Exploration continues at McEwen Mining's Black Fox complex east of Timmins (McEwen Mining photo)

McEwen Mining has said it’s found a potential new source of revenue at its Black Fox complex near Timmins.

In a May 24 news release, the company said the Tamarack gold and base metal deposit was being included in an updated mineral resource for the first time.

“This is the first time that base metals have been in incorporated into a resource estimate for the Tamarack project,” said Rob McEwen, the company’s chair and chief owner, in the news release.

“With further drilling, we are excited to see how the project develops into what could be an additional revenue stream at Black Fox.”

The new resource estimate increased from 41,000 inferred ounces of gold, at a grade of 6.23 g/t Au, to 127,000 indicated ounces gold equivalent (AuEq) at a grade of 5.08 g/t AuEq with the inclusion of silver, lead and zinc mineralization.

The updated resource estimate for Tamarack is the result of 46 new surface and underground exploration, delineation, and definition drill holes completed between October 2017 and April 2018 and already existing base metal assays not considered in previous estimates, according to the release.

McEwen said additional surface and underground drilling would test, refine and define possible strike and dip extensions at Tamarack.

The Black Fox complex includes the Black Fox Mine, along with the Tamarack, Gibson-Grey Fox, Froome and Stock zones. McEwen has set out a 2018 exploration budget of $15 million for the complex.

McEwen’s additional assets include the San José mine in Santa Cruz, Argentina (49% interest); the El Gallo Gold mine in Mexico; the Gold Bar mine in Nevada, currently under construction; and the large Los Azules copper project in Argentina, advancing towards development.