- McEwen just reported new copper assays at its Los Azules project in San Juan, Argentina, the 9th largest undeveloped copper deposit in the world
- These results lead the company closer to realizing the full extent and economic potential of the deposit
- The latest drilling program, which began in October 2022 and concluded on June 19, 2023, has attracted new investment capital at rates implying a significant boost in the company’s value
- McEwen’s management is confident a future mine would support annual production of 415 million pounds of copper during its first 13 years at Los Azules, while creating long-term and sustainable value for its shareholders and all stakeholders
McEwen Mining (NYSE: MUX) (TSX: MUX), an asset-rich, diversified gold and silver producer in the Americas, on July 12th reported additional copper assays at its Los Azules project in San Juan, Argentina. Recent infill and other resource drilling completed since the data cut-off for the 2023 Preliminary Economic Assessment (“PEA”) highlights the strength of the resource model by directly comparing new assay results to the resource model prediction for the same area. A high level of predictability in the resource model represents an important milestone for McEwen and its efforts towards tapping into this vast resource (https://ibn.fm/qGfzj).
Over the course of the latest drill program, which began in October 2022 and concluded on June 19, 2023, up to 15 rigs completed some 39,900 m of drilling in 138 holes and have expanded the overall drill hole database to 126,000 m. Each hole serves to evaluate and de-risk geotechnical, hydrological, resource or exploration-related parameters and opportunities on a deposit whose depth and lateral extent has yet to be fully determined.
Preparations are underway for the next phase of drilling, which is expected to kick-off in early October. This phase will build on the progress made thus far and continue to increase geologic certainty with drilling needed to delineate a measured mineral resource estimate on the material expected to be mined in the first five years of operations. This work will support completion of a Feasibility Study (“FS”) in 2024/25 and could lead to a construction decision that would achieve the annual production of 415 million pounds of copper for the initial 13 years as contemplated in the 2023 PEA. This will be equivalent to supplying copper to 2.2 million electric vehicles annually.
With Los Azules ranked as the 9th largest undeveloped copper deposit in the world by Mining Intelligence (2022), McEwen Mining stands to emerge as a leader showcasing mining’s innovative contribution to the green economy while creating exceptional value for its shareholders. Recent investments by Stellantis, one of the world’s largest automakers and mobility providers and also Nuton LLC, a Rio Tinto venture, serve as international recognition of the long-term potential of the Los Azules project.
For more information, visit the company’s website at www.McEwenMining.com.
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at http://ibn.fm/MUX
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