McEwen Mining Inc. reported on February 3, 2025, a significant increase in the estimated gold resources at its Fox Complex’s Grey Fox deposit as of December 31, 2024. The indicated gold resource increased by 32% to 1,538,000 ounces, while the inferred resource saw a 95% increase to 458,000 ounces.
The discovery cost for this resource increase was US$14.46 per ounce. This growth is attributed to successful exploration drilling that identified and extended new and existing gold lenses, alongside the use of a higher gold price of US$2,000 per ounce for resource calculation, which allowed for a lower cut-off grade of 1.60 g/t Au.
Notably, the Gibson zone's indicated resource increased by 181% to 290,000 ounces and its inferred resource by 80% to 245,000 ounces. The Whiskey-Jack zone also holds 116,000 ounces of indicated mineralization at a grade of 5.7 g/t Au, indicating robust potential for future production.
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