McEwen Drilling Returns Significant Intersection at Gold Bar Mine Complex in Nevada: 5.55 gpt Gold over 44.2 Meters; Transformation into a Long-Life Mine Continues

Rhea-AI Summary

McEwen (NYSE: MUX) reported new drill results at the Gold Bar Mine Complex, Nevada, highlighting a best hole at Windfall that returned 5.55 gpt Au over 44.2 m including 48.38 gpt over 4.6 m of oxide mineralization. Definition drilling shows continuity of near-surface oxide gold along a 1.6 km Windfall fault zone and multiple holes indicate the system remains open at depth. The company plans a March program to target deeper extensions, will publish an updated Lookout Mountain Mineral Resource Estimate at the end of February, and has budgeted $10 million for Gold Bar exploration in 2026 to support initial MREs for Windfall and Unity Ridge and advance development work toward a production decision.

Positive

• Best Windfall hole: 5.55 gpt Au over 44.2 m
• 48.38 gpt Au over 4.6 m of oxide mineralization in same hole
• Near-surface oxide continuity along a 1.6 km fault zone
• $10 million exploration budget for Gold Bar in 2026
• Lookout Mountain MRE due by end of February 2026

Negative

• Several recent holes show low average grades (e.g., WF098: 0.55 gpt over 86.9 m)
• Windfall and Unity Ridge MREs are not yet completed, so resource increases are unconfirmed
• Additional investment required to expand and define deeper mineralization

News Market Reaction

+3.71%

13 alerts

+3.71% News Effect

+$58M Valuation Impact

$1.62B Market Cap

0.2x Rel. Volume

On the day this news was published, MUX gained 3.71%, reflecting a moderate positive market reaction. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $58M to the company's valuation, bringing the market cap to $1.62B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Windfall intercept: 5.55 gpt gold over 44.2 meters High-grade sub-interval: 48.38 gpt gold over 4.6 meters Historical deeper hole: 3.75 gpt gold over 42.7 meters +5 more

8 metrics

Windfall intercept 5.55 gpt gold over 44.2 meters Drill hole WF110 at Windfall, Gold Bar Mine Complex

High-grade sub-interval 48.38 gpt gold over 4.6 meters Within WF110 oxide mineralization

Historical deeper hole 3.75 gpt gold over 42.7 meters Drill hole EUR-P-237 about 40 m below recent holes

Strong prior intercept 2.43 gpt gold over 74.7 meters Recent Windfall drilling, hole WF039

Drill highlight 1.70 gpt gold over 64.0 meters Windfall hole WF037

Drill highlight 1.14 gpt gold over 67.1 meters Windfall hole WF119

Fault zone length 1.6 kilometers North-south Windfall fault zone with near-surface oxide gold

2026 exploration budget $10 million Planned 2026 exploration spend at Gold Bar Mine Complex

Market Reality Check

Price: $24.15 Vol: Volume 2,451,298 is 1.75x...

high vol

$24.15 Last Close

Volume Volume 2,451,298 is 1.75x the 20-day average of 1,398,040, indicating elevated interest ahead of this update. high

Technical Price at $26.97 is trading above the 200-day MA of $13.90 and 6.84% below the 52-week high of $28.95.

Peers on Argus

MUX was up 0.71% while key peers ASM, SLSR, MTA, ITRG and USAS fell between -1.9...

MUX was up 0.71% while key peers ASM, SLSR, MTA, ITRG and USAS fell between -1.99% and -13.11%, indicating stock-specific strength rather than a sector-wide move.

Historical Context

5 past events · Latest: Jan 20 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 20	Resource update	Positive	+7.3%	Grey Fox 2025 resource estimate lifted indicated ounces by 23% to 1.89M oz.
Jan 13	Drill results	Positive	-0.1%	Tartan Mine step-out drilling returned 7.5 gpt Au over 18.9 metres.
Jan 06	M&A closing	Positive	+5.0%	Closing of Canadian Gold arrangement, adding Tartan and aligning share structure.
Dec 16	Permit milestone	Positive	+1.8%	El Gallo EIA extension supports Phase 1 mill build and mid-2027 first pour.
Dec 08	Exploration update	Positive	-3.2%	Gold Bar exploration success aimed at mine life extension and higher output.

Pattern Detected

Positive project and resource updates have often coincided with gains, but similar Gold Bar exploration news has previously seen mixed or negative reactions.

Recent Company History

Over the past few months, McEwen reported several growth-focused developments: a 23% increase in Grey Fox indicated resources with a Q2 2026 PFS target, strong step-out drilling at the newly acquired Tartan Mine, closing of the Canadian Gold arrangement, and a key permit extension for El Gallo enabling mill construction from mid-2026. Gold Bar itself was highlighted in December 2025 for successful exploration. Today’s Gold Bar drilling update extends this narrative of resource and mine-life expansion across the portfolio.

Market Pulse Summary

This announcement reinforces McEwen’s strategy of turning Gold Bar into a long-life asset, highlight...

Analysis

This announcement reinforces McEwen’s strategy of turning Gold Bar into a long-life asset, highlighted by a standout Windfall intercept of 5.55 gpt over 44.2 meters and a planned $10 million 2026 exploration program. It follows recent Grey Fox resource growth, Tartan drilling, and permitting progress at El Gallo. Key factors to monitor include upcoming Mineral Resource Estimates, development work such as metallurgical studies and mine designs, and how efficiently new oxide ounces are integrated into existing infrastructure.

Key Terms

oxide mineralization, mineral resource estimates, metallurgical studies, plan of operations

4 terms

oxide mineralization technical

"including 48.38 gpt gold over 4.6 meters of oxide mineralization."

Oxide mineralization is a zone near the Earth’s surface where metals occur in oxidized forms after exposure to air and water, rather than as unaltered sulfide or native metals. For investors, it matters because oxide ores are typically easier and cheaper to mine and process—think of them as fruit that has ripened on top of the soil—so projects with significant oxide material often have lower initial costs and faster paths to production, affecting value and risk.

mineral resource estimates technical

"As part of the Company’s upcoming Mineral Resource Estimates, definition drilling..."

Mineral resource estimates are scientific calculations of how much of a particular metal or mineral likely exists in a specific underground deposit, expressed in quantities and quality based on drilling, sampling and geological models. Investors use them like a preliminary inventory or treasure map: they indicate potential value and help size exploration and development decisions, but they are not guaranteed marketable reserves and usually require further work to confirm economic viability.

metallurgical studies technical

"will be subject to ongoing development work, such as metallurgical studies and mining designs"

Metallurgical studies are laboratory and pilot-scale tests that show how metal-bearing rock (ore) responds to crushing, chemical treatment and refining, and how much metal can be recovered. They matter to investors because they directly affect projected metal recovery rates, processing methods, capital and operating costs, and project risk—similar to a cook testing recipes to see how much usable food you get and how hard it is to prepare.

plan of operations regulatory

"Unity Ridge lies within the current Plan of Operations for mining activity"

A plan of operations is a clear roadmap a company lays out describing what it will do, when, and how much resources it will use to reach business goals—like a recipe that lists steps, ingredients and timing. Investors use it to judge whether the company’s strategy is realistic, how it will spend raised money, what milestones to expect, and what risks or delays could affect returns.

AI-generated analysis. Not financial advice.

TORONTO, Jan. 27, 2026 (GLOBE NEWSWIRE) -- McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) announces new drill results from the Gold Bar Mine Complex in the Eureka Mining District of Nevada, that continues to highlight the mine’s transformation into a potential long-life operation. Results include the best hole drilled by McEwen to date at Windfall, which returned 5.55 gpt gold over 44.2 meters. Windfall, Lookout Mountain and Unity Ridge are three deposits at the Gold Bar Mine Complex that McEwen is advancing towards production. Gold Bar is an important part of the Company’s plan to double production by 2030.

Best Hole Drilled by McEwen at Windfall – Now Targeting Deeper Extensions

Over the past six months, drilling at the northern end of the Windfall deposit has been returning good gold grades over long widths, with today’s result from drill hole WF110 intersecting 5.55 gpt gold over 44.2 meters, including 48.38 gpt gold over 4.6 meters of oxide mineralization. This result followed up on other recently released holes along the same section that also intersected oxide mineralization, such as 2.43 gpt gold over 74.7 meters (drill hole WF039), 1.70 gpt gold over 64.0 meters (drill hole WF037) and 1.14 gpt gold over 67.1 meters (drill hole WF119). A deeper historical hole, located approximately 40 meters below these results, returned 3.75 gpt gold over 42.7 meters (drill hole EUR-P-237), indicating that the higher-grade mineralization remains open to expansion at depth (Fig. 2). Drilling is planned to target this deeper area in March. The Company believes there is good potential to continue expanding the mineralization with additional investment.

Definition Drilling Results Showing Excellent Continuity

As part of the Company’s upcoming Mineral Resource Estimates, definition drilling has been continuing at Windfall. Recent results continue to indicate excellent continuity of near-surface oxide gold mineralization along segments of a 1.6-kilometer (1 mile) long north-south trending Windfall fault zone (Fig. 3). The gold mineralization at Windfall remains open to further expansion in multiple directions. Other new results are highlighted below.

Table 1. Selection of recent assay results from Windfall

HOLE-ID	FROM (m)	TO (m)	Length (m)	Au Grade (gpt)
WF062	117.3	152.4	35.1	0.86
Including	118.9	121.9	3.0	3.25
And	158.5	167.6	9.1	1.72
WF071	30.2	45.3	15.1	2.79
Including	32.6	39.3	6.7	5.82
WF075	50.3	69.6	19.3	0.95
WF076	93.7	112.7	18.9	0.56
WF078	1.0	14.6	13.6	0.81
And	23.0	61.9	38.9	0.57
WF097	83.8	102.1	18.3	0.62
WF098	38.1	125.0	86.9	0.55
WF108	39.6	93.0	53.3	0.49

Mineral Resource Estimate

The Company is currently completing a Mineral Resource Estimate for Lookout Mountain that will be published at the end of February. The updated Mineral Resource Estimate is expected to meaningfully increase the total ounces at the Gold Bar Mine Complex. The Company is planning to invest approximately $10 million into exploration in 2026 at Gold Bar. The results from the 2026 drilling program will be used to update the Mineral Resource Estimates, including initial Mineral Resource Estimates for Windfall and Unity Ridge, which are expected to have an additional positive impact.

2026 Development Path

In 2026, Windfall, Lookout Mountain and Unity Ridge will be subject to ongoing development work, such as metallurgical studies and mining designs, with the objective of advancing the deposits towards a production decision. Notably, Unity Ridge lies within the current Plan of Operations for mining activity at the Gold Bar Mine Complex and Windfall is located on private land, which should allow for an accelerated permitting process at both areas.

Why It Matters to Our Shareholders & the Value of Our Company

The Company’s objective at the Gold Bar Mine Complex is to convert our exploration success into a long-life asset as we integrate Windfall, Lookout Mountain and Unity Ridge into our production plans. Since much of the gold mineralization in these areas is oxide, McEwen will look to utilize the existing Gold Bar infrastructure where possible. Our focus is on return on capital and how efficiently these new ounces can be developed and produced.

A detailed table of new drill results at the Gold Bar Mine Complex for Windfall is available on the Company’s website and can be accessed by clicking here.

About McEwen

McEwen shares trade on both the NYSE and TSX under the ticker MUX.

McEwen provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project, all in the Americas. The gold and silver mines are in prolific mineral-rich regions of the world, the Cortez Trend in Nevada, USA, the Timmins district of Ontario and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold and silver El Gallo Mine in Mexico.

The Company has a 46.4% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina – a region that hosts some of the country’s largest copper deposits. According to the last financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$456 million.

The Los Azules copper project is designed to be one of the world’s first regenerative copper mines and carbon neutral by 2038. Its Feasibility Study results were announced in the press release dated October 7, 2025.

McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay™ units around the world, a technology that the Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers.

Chairman and Chief Owner Rob McEwen has invested over US$200 million personally and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX’s profitability, share value, and eventually implement a dividend policy, as he did while building Goldcorp Inc.

Technical Disclosure

Technical information pertaining to the Gold Bar Complex exploration contained in this press release has been prepared under the supervision of Robert Kastelic, MSc, CPG, Exploration Manager for McEwen Inc. in Nevada, and Luke Willis, P.Geo, Director of Resource Modelling for McEwen Inc., who are Qualified Persons (QPs) as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects." 

Analyses reported herein were submitted either as half core samples or reverse circulation (RC) samples and, assayed by the photon assay method at the Paragon Geochemical laboratory, in Reno, Nevada.

As part of our regular QA/QC program, McEwen follows a closely controlled and documented Chain of Custody protocol and submits certified reference materials, blanks and duplicates at regular intervals in the sample stream for the monitoring and assessment of laboratory processes and procedures.

All incoming QA/QC results are reviewed to ensure data quality before incorporating the information into the geological database.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed are as at the date of this news release and are McEwen Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the Company to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of McEwen.

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	WEB SITE		SOCIAL MEDIA
	www.mcewenmining.com		McEwen	Facebook:	facebook.com/mceweninc
				LinkedIn:	linkedin.com/company/mceweninc
	CONTACT INFORMATION			X:	X.com/mceweninc
	150 King Street West			Instagram:	instagram.com/mceweninc
	Suite 2800, PO Box 24
	Toronto, ON, Canada		McEwen Copper	Facebook:	facebook.com/ mcewencopper
	M5H 1J9			LinkedIn:	linkedin.com/company/mcewencopper
				X:	X.com/mcewencopper
	Relationship with Investors:			Instagram:	instagram.com/mcewencopper
	(866)-441-0690 - Toll free line
	(647)-258-0395		Rob McEwen	Facebook:	facebook.com/mcewenrob
	Mihaela Iancu ext. 320			LinkedIn:	linkedin.com/in/robert-mcewen-646ab24
	info@mcewenmining.com			X:	X.com/robmcewenmux

Figure 1. Location of Windfall, Lookout Mountain and Unity Ridge

Figure 2. Plan Map Showing Location of New Drill Results at Windfall Highlighted in this News Release

Figure 3. Cross-Section Showing Good Grades and Thickness at Windfall

Graphics accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f0a480b2-5f9b-41f7-9d73-6b1ccdc6d6a5
https://www.globenewswire.com/NewsRoom/AttachmentNg/9cf5a46e-e8bb-4315-98ba-ae4370a32f6b
https://www.globenewswire.com/NewsRoom/AttachmentNg/467a948b-2895-453d-9b51-1cf861a5dac5 

FAQ

What did McEwen (MUX) report for the best Windfall drill result on Jan 27, 2026?

Drill hole WF110 returned 5.55 gpt Au over 44.2 m, including 48.38 gpt over 4.6 m of oxide mineralization.

When will McEwen publish the updated Lookout Mountain Mineral Resource Estimate for MUX?

The company expects to publish the updated Lookout Mountain Mineral Resource Estimate by end of February 2026.

How much is McEwen planning to invest in Gold Bar exploration in 2026 (MUX)?

McEwen plans to invest approximately $10 million into exploration at Gold Bar in 2026.

Does the Gold Bar Windfall zone remain open for expansion according to McEwen (MUX)?

Yes; drilling shows the Windfall oxide mineralization remains open in multiple directions and is being targeted at depth.

Will Windfall and Unity Ridge be advanced toward production for MUX in 2026?

Yes; McEwen will perform metallurgical studies and mining designs in 2026 to advance Windfall, Lookout Mountain and Unity Ridge toward a production decision.