McEwen Mining identifies four new gold veins in Grey Fox area

McEwen Mining reports that our ongoing exploration program has identified four new gold veins in the Grey Fox area within the Fox Complex. Drilling results reveal significant gold mineralization in veins within sedimentary rocks with good gold grades near surface and high-grade gold values encountered at depth. "What we find exciting about this discovery is that the host rock of these veins is very different than the host rock for 98% of Grey Fox’s estimated gold resources of 1.2 million ounces Indicated and 240,000 ounces Inferred. These newly discovered veins are in the sparsely explored sedimentary rocks. Such rocks are the same primary gold-bearing host rock as our Froome mine, 3 miles north of Grey Fox, and are also one of the important host rocks of some of the largest gold mines in Timmins such as Newmont Mining’s Pamour, Hollinger and Dome mines," stated Stephen McGibbon, SVP Exploration. At Grey Fox, gold zones are stacked parallel to a southeast-trending regional flexure in the Destor-Porcupine Fault Zone. This important regional feature is associated with approximately 3.5 million ounces of gold in the immediate area of Grey Fox. The four new Grey Fox – Gibson zone veins occur as shallow as 150 meters below surface and, so far, have been traced down to 330 m. The drill core values are robust and include near surface intersections of 13.1 grams per tonne gold over 7.3 m and 6.3 g/t Au over 5.0 m; and at depth of 29.1 g/t Au over 1.8 m. The advantages of such a shallow location are reduced time and expense for establishing mineral resources and for future mine development. In our 2021 drilling, hole 21GF-1333 assayed 5.6 g/t Au over 10.2 m in sediments, and 250 m to the southwest, hole 21GF-1356 assayed 5.2 g/t Au over 3.1 m core length also in sediments. Five drill holes from this year’s program have encountered high-grade intercepts or visible gold outside the boundary of our existing gold resources. These collective results appear to be on strike and have opened a large corridor of prospective ground. Interpreted dimensions of the Gibson target area extends at least 475 m along strike and to at least 300 m depth. Such dimensions represent a meaningful opportunity for significant resource additions.