McEwen on track to meet yearly guidance, hits promising gold mineralisation
TSX- and NYSE-listed McEwen Mining in the third quarter this year produced 35 043 oz of gold and 947 146 oz of silver from its four gold mines in the US, Canada, Argentina and Mexico.
Further, chairperson Rob McEwen said this week that exploration results at its Black Fox and Stock properties continued returning multi-ounce gold intersections at relatively shallow depths during the three months under review.
The latest intercepts included 83.5 g/t gold over 5.6 m, including 417 g/t over 1.1 m, and 34.7 g/t gold over 5.9 m, including 74.1 g/t gold over 2.7 m.
The Gold Bar mine, in Nevada, contributed 11 029 oz of gold to the quarter’s production. Since reaching commercial production during the second quarter, the mine had reached several operational benchmarks and gold output was increasing during the second half of the year so far.
The company allocated $5-million to explore near-surface oxide and sulphide targets at Gold Bar South. McEwen will publish an updated resource estimate for Gold Bar South early next year, with mining planned for early 2021.
The Black Fox mine, in Canada, contributed 7 421 oz of gold to production, which was below expectation, owing to insufficient working areas and delays in advancing underground development.
The company’s 49%-owned San José mine, in Argentina, contributed 13 575 oz of gold and 943 037 oz of silver to production in the third quarter.
The El Gallo project, in Mexico, was expected to produce 16 000 oz of gold this year, while it produced 3 018 oz of gold in the third quarter from residual leaching.
The company’s guidance remained unchanged at between 131 000 oz and 138 000 oz of gold and 3.2-million ounces of silver.
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