https://www.engineeringnews.co.za

McEwen seeks $15m to continue exploration at Fox

15th February 2022

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Dual-listed McEwen Mining has announced a financing to fund continued exploration at the Fox Complex, in Timmins, Ontario.

The financing consists of a $15.08-million (C$19.21-million) private placement offering of 12.5-million flow-through shares at $1.04 each. The offering will close on March 1.

McEwen recently announced the results from the Fox Complex preliminary economic assessment (PEA), which outlined a 12-year mine plan, generating 71 980 oz/y at an all-in sustaining cost of $1 225/oz. Chairperson Rob McEwen said that the PEA was an encouraging first iteration, but stated that continuing exploration successes, improved economics and a shorter payback would be needed before the company would decide to proceed with the project.

McEwen noted that the PEA provided a sound basis for identifying where best to leverage exploration and delineation spending. Management was confident that mineral resources could be expanded in the Stock area with targeted drilling within 400 m from the surface at Stock West and Stock Main.

Recent exploration drilling has identified the host lithology (green carbonate unit) and similar mineralisation to the Stock West deposit nearer to surface, between the historical Stock mine infrastructure and the Destor-Porcupine Fault Zone. Evaluation of the extent of this unit and its mineralisation is underway.

The company stated that successfully delineating potentially economic mineralisation near surface, close to the proposed decline at Stock and adjacent to the Fox Mill could significantly improve near-term project economics and payback.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Latest News

Showroom

Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.047 0.978s - 140pq - 2rq
Subscribe Now