Welcome to our dedicated page for McEwen news (Ticker: MUX), a resource for investors and traders seeking the latest updates and insights on McEwen stock.
McEwen Inc. (NYSE/TSX: MUX) generates a steady flow of news related to gold, silver and copper projects across the Americas. This page aggregates company announcements, operational updates and technical disclosures so readers can follow how McEwen advances its mines and development assets.
Recent news highlights include exploration and development activity at the Gold Bar Mine Complex in Nevada, where drilling at areas such as Lookout Mountain, Windfall and Unity Ridge is aimed at increasing oxide gold resources, extending mine life and potentially increasing annual production. In Ontario’s Timmins district, McEwen reports drill results from the Froome Mine and the Froome West discovery within the Fox Complex, as well as extensive drilling and technical work at Grey Fox and nearby properties.
Updates also cover the company’s efforts to reactivate the El Gallo gold and silver mine in Mexico, including the extension of its Environmental Impact Assessment to support Phase 1 mill construction and later access to in-situ silver deposits. In Canada, McEwen has completed the acquisition of Canadian Gold Corp., adding the Tartan Mine Project near Flin Flon, Manitoba, and has reported high-grade drill intercepts that will feed into an updated mineral resource estimate.
In Argentina, news releases describe progress at the Los Azules copper project, including feasibility study results and participation in Argentina’s Large Investment Incentive Regime. McEwen also issues news on strategic investments such as its planned 31% interest in Paragon Geochemical Laboratories and its stake in Paragon Advanced Labs Inc., both linked to PhotonAssay™ technology. Investors can use this news feed to monitor drilling results, technical studies, acquisitions, permitting milestones, financing transactions and corporate developments affecting MUX.
McEwen Mining (NYSE: MUX, TSX: MUX) announced a flow-through financing at $14.36 (Cdn$19.59) per share, a 19% premium to market. The financing, divided into two parts, aims to raise US$22.0 million (Cdn$30,035,790) to fund exploration and development at the Fox Complex in Ontario. Part 1 targets Canadian Exploration Expenses with 643,000 shares at US$15.56 (Cdn$21.23) per share, while Part 2 targets Canadian Development Expenses with 890,000 shares at US$13.49 (Cdn$18.41) per share. The closing is expected on June 14, 2024, subject to customary conditions including TSX and NYSE approvals. Cantor Fitzgerald is leading the syndicate of placement agents.
McEwen Mining (NYSE: MUX) reported encouraging assay results from the Grey Fox deposit, part of the Fox Complex. The assays indicate high-grade gold near the surface, with potential for deeper mineralization similar to nearby Black Fox and Froome mines.
Key results include:
- 24GF-1426: 586.7 g/t Au over 0.5 m
- 24GF-1424: 14.3 g/t Au over 5.0 m
- 24GF-1397: 17.4 g/t Au over 4.2 m
- 22GF-1366: 8.8 g/t Au over 3.9 m
The current resource estimate for Grey Fox stands at 1,168,000 oz gold indicated and 236,000 oz inferred. Recent drilling has focused on expanding existing resources and identifying new mineralized zones. McEwen plans an updated resource estimate in September.
Grey Fox's geological setting shares similarities with the high-production Young-Davidson Mine, enhancing its potential value. Furthermore, the mineralization is suitable for lower-cost open pit mining.
McEwen Copper completed a 70,000-meter feasibility drilling program at their Los Azules project in Argentina. Key highlights include intercepts of 349 m of 0.77% Cu and 382.5 m of 0.54% Cu. The season's infill drilling campaign aimed to confirm deposit size and grade, test for mineralization extensions, and explore new areas. Initial results suggest an increase in Measured and Indicated resources, with successful mineralization extensions both north and south of the current pit shell. Exploration identified a large porphyry system 3 km east of Los Azules. The results will support the Los Azules Feasibility Study, expected to be completed by early 2025.
McEwen Mining reported its Q1 2024 results, highlighting financial data, production figures, and project developments. The company's gross profit increased to $6.0 million, with an adjusted EBITDA of $6.3 million. They reported a consolidated net loss of $20.4 million, mainly due to an $18.0 million loss from the investment in McEwen Copper. The company's liquidity and capital resources remained stable, with consolidated cash and cash equivalents of $22.0 million. Production from the Gold Bar, Fox Complex, and San José mines exceeded expectations, with a total of 32,725 gold equivalent ounces in Q1. McEwen Mining's Los Azules copper project showed promising results, with significant drilling achievements and improved copper recovery rates. The company also announced the acquisition of Timberline Resources to strengthen their project portfolio in Nevada.
McEwen Mining Inc. (NYSE: MUX) announced the release of their Q1 2024 financial results and invites investors to join the conference call on May 9th, 2024, at 11:00 AM EDT. The management will discuss financial results, project developments, and hold a Q&A session.
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