McEwen raises C$30m for exploration in Timmins

30th May 2024 By: Creamer Media Reporter

McEwen raises C$30m for exploration in Timmins

Canadian company McEwen Mining has secured C$30-million ($22-million) in flow-through to support ongoing exploration and development at the Fox Complex in Timmins, Ontario.

The funds will be allocated towards exploration drilling and developing an underground access ramp from surface to the Stock East and West resources.

Earlier this week, McEwen also announced new assay results from the Grey Fox deposits, which form part of the Fox Complex.

The assay highlights include 586.7 g/t over 0.5 m, 14.3 g/t over 5 m, 17.4 g/t over 4.2 m at 8.8 g/t over 3.9 m.

Gold at Grey Fox has been found in multiple zones, including Gibson, Whiskey-Jack, 147 and Grey Fox South. The current resource estimate for Grey Fox stands at 1.17-million ounces at a grade of 4.80 g/t gold indicated and 236 000 oz gold at 4.35 g/t gold inferred. An updated resource estimate is expected by late September.

Drilling efforts in 2023 and continuing into 2024 aim to expand the existing resource and identify new mineralised horizons.

Geological interpretations suggest that Grey Fox sits stratigraphically above the mineralisation of the Black Fox & Froome mines., indicating potential for similar deeper Black Fox and Froome style mineralisation directly below some of the Grey Fox zones. Historical production from these two mines is more than one-million ounces of god.