McEwen Mining (TSX: MUX; NYSE: MUX) has announced substantial advancements at its Stock gold mine, situated within the Fox complex near Timmins, Ontario, with gold resources marking a remarkable 31% increase year-over-year at both the Stock West and Stock Main zones.
The past-producing Stock mine has yielded promising results as mineralization has been identified and traced at depth. Geological evaluations suggest the presence of two primary plunging structures, with drilling along these structures contributing to approximately half of the noted 31% uptick in resources. McEwen Mining remains optimistic about the potential for further expansion along both structures, emphasizing their high prospectivity.
Moreover, the Stock East zone is emerging as a potential new source of near-term production, with recent assays yielding notable true width highlights:
Hole SEZ24-86: 121.5 g/t gold over 0.4 meters
Hole SEZ24-84: 6.5 g/t gold over 10.2 meters
Hole SEZ24-88: 4.5 g/t gold over 10.4 meters
Infill drilling at the Stock East zone has successfully intersected mineable widths and grades, while also identifying two plunge directions at the site.
McEwen Mining underscores the strategic significance of the Stock East zone, citing its proximity to the splay point of the Nighthawk Lake fault, known to be favorable for gold mineralization trapping. Additionally, its close proximity—just 700 meters east— to the existing Fox mill, coupled with its shallow depth, suggests potential for rapid and relatively inexpensive development.
The ongoing drill program is geared towards upgrading the majority of inferred mineralization to the indicated category and targeting the high-grade sections of the zone.
In 2023, McEwen Mining recorded a production of 128,650 ounces of gold and 2.2 million ounces of silver, amounting to 154,600 gold-equivalent ounces. Notably, the Fox complex accounted for 44,450 gold-equivalent ounces, representing approximately 29% of the total output.
