McEwen drills thick oxides at Windfall in Nevada

McEwen Inc. (TSX, NYSE-A: MUX) has cut one of the thickest oxide hits yet at the Windfall area of its Gold Bar Mine Complex in Nevada, a result that may strengthen the case for adding near-surface ounces and stretching the mine life.A new hole, WF039, returned 74.7 metres of Carlin-type, sediment-hosted oxides, grading 2.4 grams gold per tonne from 30.5 metres downhole, including 7.6 metres of 12.8 grams, McEwen said Wednesday. Other near-surface intercepts include 64 metres of 1.7 grams from 41.1 metres in hole WF037 and 89.9 metres of 1 gram from 89.9 metres in hole WF045. A deeper zone continues to emerge, with 6.1 metres of 6.1 grams from 141.7 metres depth in hole WF101.“These follow-up intercepts reinforce visibility for resource accretion, mine life extensions and cost tailwinds on buoyant grades,” National Bank Financial analyst Don DeMarco wrote in a Wednesday note.The Windfall trend lies about 50 km southeast from Gold Bar and tracks along a 1.6-km section of the Windfall fault. Windfall, located in the Eureka district, is about 330 km northeast of Carson City. Regional peers include i-80 Gold’s (TSX: IAU; NYSE-A: IAUX) Ruby Hill project in Eureka and Nevada Gold Mines’ Cortez/Goldrush complex – the 61.5%-38.5% joint venture between Barrick Mining (TSX: ABX; NYSE: GOLD) and Newmont (TSX: NGT; NYSE: NEM) to the northwest along trend.McEwen shares edged higher to C$27.77 Wednesday in Toronto, taking their 12-month gain to 80%. The company has a market capitalization of C$1.6 billion ($1.2 billion).Map of Eureka property showing Windfall, Lookout Mountain and i-80 Gold’s Ruby Hill mine. Credit: McEwen Inc.Life extensionThe oxide material could potentially be processed by heap leach, the same method used at Gold Bar, and the private-land setting may shorten permitting. Gold Bar currently has a mine plan through 2029.McEwen acquired Windfall with Timberline Resources last year. Timberline’s former Eureka deposit holds measured and indicated resources of 23.4 million tonnes grading 0.56 gram gold per tonne for 423,000 oz. gold. It also holds 6.6 million tonnes inferred at 0.38 grams gold for 84,000 oz. of metal. The Windfall deposit does not yet have a declared resource estimate.At depth, WF101 follows a step-out near WF033 that cut 8.7 metres of 8.08 grams gold including a short interval with silver, lead and zinc credits. Assays are pending on nearby holes.McEwen is to continue definition and step-out drilling at Windfall, test lateral and depth extensions and publish an updated resource after assays are received.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com