McEwen Mining: Q3 2021 Manufacturing Outcomes

McEwen Mining: Q3 2021 Manufacturing Outcomes

by

[ad_1]

Creator of the article:

TORONTO, Oct. 06, 2021 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reviews consolidated manufacturing for Q3 2021 was 32,100 gold ounces and 792,000 silver ounces, or 42,900 gold equal ounces(1)(“GEOs”), in comparison with 30,400 GEOs in Q3 2020. Consolidated manufacturing for the 9 months ended September 30, 2021 is 114,300 GEOs, in comparison with 85,700 GEOs throughout the identical interval in 2020. 2021 manufacturing is trending in direction of the midpoint of the steering vary for the yr.

Consolidated Manufacturing Abstract
Q1 Q2 Q3 2021
Steerage
2020 2021 2020 2021 2020 2021
Gold (oz) 29,200 23,300 15,700 31,700 23,100 32,100 110,500-127,900
Silver (oz) 553,200 493,200 359,400 611,800 575,000 792,000 2,300,000-2,450,000
GEOs(1) 36,100 30,600 19,200 40,800 30,400 42,900 141,000-160,400

Fox Advanced, Timmins, Canada (100%)

Fox produced 8,300 GEOs through the interval, in comparison with 5,800 GEOs for Q3 2020.

Mining at Fox has transitioned to the Froome deposit, the place business manufacturing was reached on September 19, 2021, 3 months forward of schedule. The underground infrastructure at Froome is predicted to be absolutely developed by June 2022.

Highlights of outcomes and alternatives at Froome:

  1. Encouraging drill outcomes have been returned from near-mine exploration designed to increase the Froome sources and mine life, offering extra time to bridge potential future manufacturing from the Gray Fox and Inventory deposits. The Firm expects to replace the Froome useful resource and life-of-mine plan with the discharge of the Fox Advanced Preliminary Financial Evaluation (PEA) in late-This autumn 2021.
  2. Though early within the total mining course of, there have been constructive developments in metallurgical restoration, which is 2.2% above plan, and common gold grade, which is 3.8 g/t versus plan of 3.2 g/t.
  3. Money prices and AISC per ounce produced are reflecting higher than anticipated efficiencies through the preliminary ramp-up of manufacturing to business ranges.

Gold Bar Mine, Nevada (100%)

Throughout the quarter, Gold Bar produced 12,400 GEOs, in comparison with 6,800 GEOs in Q3 2020. Manufacturing is on monitor to satisfy steering for 2021.

The allowing course of to entry ore on the Gold Bar South (GBS) deposit has progressed nicely, with authorizations now anticipated to be acquired in This autumn 2021. The Firm is planning for gold manufacturing from GBS in H2 2022.

Exploration highlights from our adjoining Tonkin property.

  1. Constructive preliminary drill outcomes on the Rooster deposit embody refractory mineralization of 14.7 g/t gold over 6.1 m (20 ft) in gap TS208 beginning at 29.9 m (98 ft) depth, and blended oxide/refractory mineralization of 1.5 g/t gold over 20.9 m (68.5 ft) beginning at 59.3 m (194.5 ft).
  2. Additionally at Rooster, gap TS186 reported 1.8 g/t gold over 25.9 m (85 ft) of oxide mineralization (cyanide solubility of 81%) ranging from floor, and gap TS202 reported 0.76 g/t gold over 41.1 m (135 ft) ranging from floor with cyanide solubility of 67%.
  3. Ongoing mapping on the Tonkin Property through the quarter is reassessing the exploration potential based mostly on an up to date geological interpretation and consists of relogging of earlier drilling at Rooster.

San José Mine, Santa Cruz, Argentina (49%(2))

Throughout Q3, San José produced 10,800 gold ounces and 790,000 silver ounces, for a complete of 21,600 GEOs, in comparison with 15,900 GEOs in Q3 2020. We acquired $2.4 million in dividends through the quarter, for a complete of $10 million for the 9 months ended September 30, 2021.

El Gallo Venture, Sinaloa, Mexico (100%)

In Q3, El Gallo produced 560 GEOs from residual leaching of the heap leach pad.

McEwen Copper

With the method of Argentinian spring and the melting of snow within the mountains, entry to the Los Azules challenge website has been re-established through the prevailing exploration street. Drills and crews will start mobilizing to the challenge in November and a 174,000 ft (53,000 m) drill program is predicted to be accomplished by the top of Q2 2022. Building of the brand new all-season entry street has already superior roughly 17 km from the east finish. In an effort to speed up its completion, building advancing from the west finish of the brand new street will start this quarter. The brand new year-round entry street is a key milestone in unlocking the challenge’s worth as the present route is inaccessible 7 months of the yr. All street building will probably be accomplished by native San Juan contractors as a part of the continued shared advantages with the native communities, entrepreneurs and staff. The prefeasibility examine is within the tender award stage and is predicted to start as quickly as potential in This autumn 2021.

Monetary Outcomes

Working prices for the quarter ended September 30, 2021 will probably be launched with our 10-Q Quarterly Monetary Statements.

Notes:
(1) ‘Gold Equal Ounces’ are calculated based mostly on a gold to silver worth ratio of 94:1 for Q1 2020, 104:1 for Q2 2020, 79:1 for Q3 2020, 68:1 for Q1 2021, 68:1 for Q2 2021 and 73:1 for Q3 2021.
(2) The San José Mine is 49% owned by McEwen Mining Inc. and 51% owned and operated by Hochschild Mining plc.

Technical Data
Technical info pertaining to mining operations contained on this information launch has been reviewed and accepted by Peter Mah, P.Eng., COO of McEwen Mining and a Certified Particular person as outlined by Canadian Securities Directors Nationwide Instrument 43-101 “Requirements of Disclosure for Mineral Tasks.”

Technical info pertaining to Gold Bar geology and exploration contained on this information launch has been ready underneath the supervision of Kevin Kunkel, P.Geo., a Certified Particular person as outlined by Canadian Securities Directors Nationwide Instrument 43-101 “Requirements of Disclosure for Mineral Tasks.”

Reliability of Data Concerning San José
Minera Santa Cruz S.A., the proprietor of the San José Mine, is chargeable for and has provided to the Firm all reported outcomes from the San José Mine. McEwen Mining’s three way partnership companion, a subsidiary of Hochschild Mining plc, and its associates apart from MSC don’t settle for duty for using challenge knowledge or the adequacy or accuracy of this launch.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This information launch accommodates sure forward-looking statements and knowledge, together with “forward-looking statements” throughout the that means of the Personal Securities Litigation Reform Act of 1995. The forward-looking statements and knowledge expressed, as on the date of this information launch, McEwen Mining Inc.’s (the “Firm”) estimates, forecasts, projections, expectations or beliefs as to future occasions and outcomes. Ahead-looking statements and knowledge are essentially based mostly upon a lot of estimates and assumptions that, whereas thought of affordable by administration, are inherently topic to vital enterprise, financial and aggressive uncertainties, dangers and contingencies, and there may be no assurance that such statements and knowledge will show to be correct. Subsequently, precise outcomes and future occasions may differ materially from these anticipated in such statements and knowledge. Dangers and uncertainties that might trigger outcomes or future occasions to vary materially from present expectations expressed or implied by the forward-looking statements and knowledge embody, however usually are not restricted to, results of the COVID-19 pandemic, fluctuations out there worth of valuable metals, mining trade dangers, political, financial, social and safety dangers related to overseas operations, the power of the company to obtain or obtain in a well timed method permits or different approvals required in reference to operations, dangers related to the development of mining operations and graduation of manufacturing and the projected prices thereof, dangers associated to litigation, the state of the capital markets, environmental dangers and hazards, uncertainty as to calculation of mineral sources and reserves, and different dangers. Readers shouldn’t place undue reliance on forward-looking statements or info included herein, which converse solely as of the date hereof. The Firm undertakes no obligation to reissue or replace forward-looking statements or info on account of new info or occasions after the date hereof besides as could also be required by regulation. See McEwen Mining’s Annual Report on Type 10-Okay for the fiscal yr ended December 31, 2020, and different filings with the Securities and Alternate Fee, underneath the caption “Threat Components”, for added info on dangers, uncertainties and different components regarding the forward-looking statements and knowledge concerning the Firm. All forward-looking statements and knowledge made on this information launch are certified by this cautionary assertion.

This information launch and the data included herein don’t represent a suggestion to purchase or the solicitation of a suggestion to subscribe for or to purchase any of the securities described herein, nor shall there be any sale of those securities in any jurisdiction by which such provide, solicitation or sale could be illegal previous to registration or qualification underneath the securities legal guidelines of any such jurisdiction.

The NYSE and TSX haven’t reviewed and don’t settle for duty for the adequacy or accuracy of the contents of this information launch, which has been ready by the administration of McEwen Mining Inc.

ABOUT MCEWEN MINING

McEwen Mining is a diversified gold and silver producer and explorer targeted within the Americas with working mines in Nevada, Canada, Mexico and Argentina.

McEwen Mining: Q3 2021 Manufacturing Outcomes McEwen Mining: Q3 2021 Manufacturing Outcomes

Primary Logo

Feedback

Postmedia is dedicated to sustaining a full of life however civil discussion board for dialogue and encourage all readers to share their views on our articles. Feedback might take as much as an hour for moderation earlier than showing on the location. We ask you to maintain your feedback related and respectful. We now have enabled e mail notifications—you’ll now obtain an e mail should you obtain a reply to your remark, there may be an replace to a remark thread you comply with or if a person you comply with feedback. Go to our Community Guidelines for extra info and particulars on the best way to alter your email settings.

[ad_2]

Source

Leave a Comment