Article content
McEwen Mining says it has ambitious plans for the Fox Complex which could potentially see an additional decade of production at the site.
Located 36 kilometres east of Timmins, and 11 kilometres east of Matheson, the Black Fox Mine began production in 2011. McEwen Mining purchased the project from Primero Mining Corp in October of 2017. The complex has a combined resource base of approximately 3 million ounces (oz) of gold.
We apologize, but this video has failed to load.
Try refreshing your browser. McEwan Mining aiming to expand Back to video
In their latest progress report, McEwen is reporting “encouraging high grade intercepts” from a recent delineation drilling program that illustrate the mine’s potential.
McEwen shares up on Black Fox update
Black Fox gold mine, Timmins Ontario. Image: Primero Mining
McEwen Mining (NYSE: MUX) (TSX: MUX) has reported progress with the turnaround at its Black Fox mine, in Timmins, Canada.
Consultants are working on a preliminary economic assessment to expand production from the current short mine life producing 30 000 oz/y to 40 000 oz/y, to a ten-year mine life producing 100 000 oz/y to 150 000 oz/y.
Sign Up for the Precious Metals Digest
Sign Up
The Fox Complex has a combined resource base of 3 million oz of gold.
Shares of McEwen Mining rose 19% by 2 p.m. in New York
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
McEwen Mining: Progress Update
McEwen MiningJanuary 29, 2021 GMT
TORONTO, Jan. 29, 2021 (GLOBE NEWSWIRE) McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to provide an update on its progress so far this year along with a timeline for deliverables in 2021 and recent financing activities.
Timmins, Canada
The Fox Complex has a combined resource base of 3 million oz(1) of gold and we have ambitious plans for these assets. Independent technical consultants have been employed to develop a Preliminary Economic Assessment (PEA) to expand the production from the current short mine life producing 30-40,000 oz gold per year to a ten-year mine life with annual production of 100-150,000 oz gold per year. Early results are encouraging.