Bay Street News

McEwen Copper Update, Excitement in Argentina: Milei Magic Is Turbocharging Foreign Investments; US$4.4 Billion Copper Transaction by BHP and Lundin Mining; Los Azules Infill Drilling Confirmed High Grade Copper Zone

Infill Drill Highlights:
AZ24375:217 metersof1.11 % Cu, incl.100 metersof1.32 % Cu
AZ24335:158 metersof0.84 % Cu, incl.78.5 metersof1.10 % Cu
AZ24403:276 metersof0.86 % Cu, incl.160 metersof0.96 % Cu
AZ24320:146 metersof0.89 % Cu
AZ24332:119.6 metersof0.72 % Cu

TORONTO, Aug. 08, 2024 (GLOBE NEWSWIRE) — McEwen Copper Inc., 48.3% owned by McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to comment on the excitement in Argentina that includes:

Remarkable and Welcoming Legislation – Milei Magic

President Milei’s government introduced legislation that has rolled out the welcome mat for large-scale domestic and foreign direct investments in Argentina.

This legislation recently approved by Argentina’s government is called “Bases and Starting Points for the Freedom of Argentines” and includes the Incentive Regime for Large Investors (RIGI), offering significant tax and foreign exchange incentives to encourage domestic and direct foreign investment in key sectors of the economy, including mining.

This program addresses most of all past stumbling blocks for sustained development of the mining sector in Argentina, and it’s a huge step in the right direction.

We are excited about these changes as they open the door for many infrastructure investments in Argentina and significantly improve the economics of the Los Azules project and lower risks for investors. Details of the legislation are found in Appendix A – More Information on RIGI and you can click here for the official summary.

US$4.4 Billion Copper Transaction

Last week, BHP, the world’s largest mining company, and Lundin Mining announced a US$4.4 Billion transaction through which they have agreed to jointly acquire the two copper deposits Filo del Sol and Josemaria located in the same San Juan province of Argentina as Los Azules.

We believe that this transaction is a convincing demonstration of San Juan and Argentina´s attractiveness for large-scale mining projects and evidence of Argentina moving towards becoming a Tier 1 mining jurisdiction. Click on these links to read details of the transaction, in press releases by BHP, Lundin Mining, and Filo Corp.  

Los Azules Infill Drilling Highlights Confirming High Grade Copper Zone

At Los Azules, infill drilling upgraded the resource categories, validated the geological model and confirmed the high-grade zone. During the 2023-24 drilling season over 70,000 meters (m) were completed, that have strengthened the interpretation of the geological model in addition to extending the supergene enrichment zone mineralization, both at the edges and to depth.

Resource drilling for the Los Azules Feasibility Study is now complete, and the study remains on track for delivery in early 2025.

Drilling Highlights

The 2023-2024 drill campaign successfully achieved its objective of infilling existing drill hole data to support the conversion of resources to Measured or Indicated Mineral Resources to include in the Los Azules Feasibility Study. In addition, geotechnical, metallurgical, hydrogeological and condemnation drilling was carried out.

The locations of the highlighted results are presented in 8 figures. A plan or aerial view of the resources and the outline of the PEA pit are shown in Figure 1. Figures 2 to 7 show recent drilling in relation to the overburden, the leached, enriched and primary zones, and the 30-year pit shell of the 2023 Preliminary Economic Assessment (PEA) (marked by the green line in the sections). Figure 8 represents a cross section with recent drill data and inferred geology.

Drill results and location information for this press release are available in Appendix B – Detailed Data From the 2023-2024 Drilling Campaign at Los Azules.
Figure 1 shows a plan view of the location of the sections and drill holes reported in this press release. All cross sections are 50 m equidistant from each other, with the lowest numbered section starting from the southern end of the deposit. Shown in blue are the collars of the drill holes included in this news release.

Figure 1 – Plan View Location of Cross-sections and Drill Holes Reported in This News Release

The section marked on Figure 1 by the red dashed line is presented in Figure 2 as the longitudinal view looking northeast and indicating the location of the reported holes. Note the position of the highlighted holes within the zone of enriched (or supergene) mineralization and how they mostly ended in mineralized material, indicating the potential for mineralization to continue at depth. The length of the enriched zone on this section is 3.9 kilometers. The enriched zone now continues beyond the southern limit of the PEA mineable pit shell.

Figure 2 – Longitudinal Section (Looking Northeast)

Figure 3 shows a 217 m intercept of 1.11 % Cu (AZ24375) and includes a 100 m interval of 1.32% Cu within the enriched zone. This hole infills a data gap within the center of the deposit and confirms the continuity of higher-grade mineralization.

Figure 3 – Section 45 – Drilling, Mineralized Zones and 30-Year PEA Pitshell (Looking Northwest)

Figure 4 shows an intercept of 276 m of 0.86 % Cu (AZ24403) that includes 160 m of 0.96% Cu in the enriched zone. This hole also infills a drilling gap in the center of the deposit with higher grade mineralization.

Figure 4 – Section 43 – Drilling, Mineralized Zones and 30-Year PEA Pitshell (Looking Northwest)

Figure 5 shows a 146 m intercept of 0.89 % Cu (AZ24320). The drill hole extends high grade mineralization to the west of a previously drilled hole (AZ22152MET).

Figure 5 – Section 32 – Drilling, Mineralized Zones and 30-Year PEA Pitshell (Looking Northwest)

Figure 6 shows an intercept of 158 m of 0.84 % Cu (AZ24335) that includes 78.5 m of 1.10% Cu within the enriched zone. The drill hole ended in mineralized material, indicating the potential for mineralization to continue at depth within the enriched zone, as indicated by previously released drill holes.

Figure 6 – Section 31 – Drilling, Mineralized Zones and 30-Year PEA Pitshell (Looking Northwest)

Figure 7 shows a 119.6 m intercept of 0.72 % Cu (AZ24332) in the enriched zone. This hole extends the higher-grade mineralization seen previously in AZ23309 in the central portion of the enriched zone towards the east and at depth.

Figure 7 – Section 28 – Drilling, Mineralized Zones and 30-Year PEA Pitshell (Looking Northwest)

Geological Model – Interpretation and Its Relationship with the Copper Mineralization

Geological understanding of the Los Azules deposit has increased significantly with the drilling performed from 2022 to 2024. A series of copper-bearing early and inter-mineral porphyry dikes and hydrothermal magmatic breccias are cutting across a pre-mineral diorite intrusive. The dikes dip steeply to the east in their northwest-southeast orientations.

All rock types contain variable copper mineralization, depending on their position within the deposit’s vertical profile. From top to bottom, the zoning includes leached, supergene (enriched) and primary (hypogene), which are characteristic of many porphyry copper deposits worldwide.

Hypogene mineralization, associated with the early mineral porphyry and proximal host rock, is characterized by a stockwork of abundant type A veinlets containing quartz, pyrite, and chalcopyrite. In much of the deposit’s footprint, mineralization encountered at depth strongly indicates the potential to extend further, beyond 1,000 meters.

The supergene copper enrichment process created higher grades in the early mineral porphyry and associated hydrothermal magmatic breccias, and lower grades in the less permeable pre-mineral pluton and inter-mineral porphyries. The supergene mineralization will be the principal mineral feed for the leach pad for the Feasibility Study.

In Figure 8 Section 29 shows, in its central part, the early mineral porphyry (purple color) intruding or cutting the pre-mineral diorite (light green color). To a lesser extent, thin inter-mineral porphyry dikes (light blue color), affect both the early mineral porphyry and the pre-mineral diorite. The early mineral porphyry is the primary source of copper mineralization in the deposit.

Figure 8 – Recent Drill Data and Inferred Geology in Cross Section 29

Technical Information

The technical content of this press release has been reviewed and approved by Darren King, Director of Exploration of McEwen Copper, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

All tasks, including the collection of samples for geochemical analysis, were carried out in accordance with generally accepted mining industry standards. Drill core samples were analyzed by Alex Stewart International laboratory, located in the Province of Mendoza, Argentina, whose assays consisted of: gold analysis by fire fusion assay and an atomic absorption spectroscopy finish (Au4-30); multiple element studies by ICP-OES analysis (ICP-AR 39); determination of copper content by sequential copper analysis (Cu-Sequential LMC-140). In addition, and for samples with high sulfide content (Cu, Ag, Pb and Zn) and exceeding the limits of analysis, an ICP-ORE type analysis was performed.

The company is conducting a quality control/assurance program in accordance with NI 43-101, and industry best practices, using a combination of standards and blanks on approximately one out of every 25 samples. Results are monitored as final certificates are received and any re-assay requests are sent immediately. Analysis of pulp and preparation samples is also performed as part of the quality control process. Approximately 5% of the sample pulps are sent to a secondary laboratory for control purposes. In addition, the laboratory performs its own internal quality control checks, and the results are made available on certificates for company review.

ABOUT MCEWEN COPPER

McEwen Copper is a well-funded, private company that owns 100% of the large, advanced-stage Los Azules copper project, located in the San Juan province, Argentina. McEwen Copper is a 48.3%-owned private subsidiary of McEwen Mining, which trades under the ticker MUX on NYSE and TSX.

Los Azules is being designed to be distinctly different from a conventional copper mine by consuming significantly less water, emitting much lower carbon, progressing towards carbon neutral by 2038, and being powered by 100% renewable electricity once in operation. The updated Preliminary Economic Assessment (PEA) released in June 2023 projects a long life of mine, short payback period, low production cost per pound, high annual copper production, and a 21.2% after-tax IRR.

ABOUT MCEWEN MINING

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico, and Argentina. McEwen Mining also owns a 48.3% interest in McEwen Copper, which is developing the large, advanced-stage Los Azules copper project in Argentina. The Company’s objective is to improve the productivity and life of its assets with the goal of increasing the share price and providing investor yield. Rob McEwen, Chairman and Chief Owner, has a personal investment in the companies of US$225 million. His annual salary is US$1.

Appendix A
– More Information on RIGI –

The RIGI grants a series of benefits in tax, customs and foreign exchange regulations for investment projects in the mining sector that comply with the requirements set up by the law.

The main requirements for beneficiaries of RIGI are as follows:

The Los Azules project is believed to be able to meet all criteria to be considered a strategic project under the terms of the RIGI legislation.

The main benefits to the beneficiaries of the RIGI are the following:

          1.   Income Tax

          2.   Value Added Tax (VAT)

          3.   Other Taxes

          4.   Imports

          5.   Exports

          6.   Foreign Exchange Regime

          7.   Stability Safeguards

Beneficiaries are also granted tax, customs and foreign exchange stability for 30 years from joining the RIGI. In the case of Strategic Export projects developed in stages, stability can be extended up to 40 years from the commencement of production of the first stage.

The safeguards offered by the stability have these main features:

Dispute Resolution

Appendix B
– Detailed Data From the 2023-2024 Drilling Campaign at Los Azules –

Table 1 – Recent Los Azules Drilling Results

Hole-ID Section Predominant Mineral Zone From
(m)
To
(m)
Length
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
Comment
AZ24316 26 Total 111.0 315.5 204.5 0.63 0.05 1.23  
    Enriched 111.0 293.0 182.0 0.64 0.05 1.22 Incl. 123 m of 0.8% Cu
    Primary 293.0 315.5 22.5 0.26 0.00 1.70  
AZ24317 56 Total 107.0 305.0 198.0 0.18 0.03 0.61  
    Enriched 107.0 305.0 198.0 0.18 0.03 0.61  
    Primary              
AZ24318MET 50 Total 124.0 229.5 105.5 0.70 0.05 2.53  
    Enriched 124.0 229.5 105.5 0.70 0.05 2.53 Incl. 12 m of 1.44% Cu
    Primary              
AZ24319 35 Total 160.0 355.0 195.0 0.45 0.04 0.96  
    Enriched 160.0 332.0 172.0 0.48 0.04 1.04 Incl. 84 m of 0.51% Cu
    Primary 332.0 355.0 23.0 0.27 0.03 0.36  
AZ24320 32 Total 58.0 204.0 146.0 0.89 0.05 1.67  
    Enriched 58.0 204.0 146.0 0.89 0.05 1.67  
    Primary              
AZ24321 30 Total 117.0 389.8 272.8 0.60 0.05 1.32  
    Enriched 117.0 389.8 272.8 0.60 0.05 1.32 Incl. 12 m of 0.85% Cu
    Primary              
AZ24322 44 Total 144.0 491.0 347.0 0.43 0.06 1.78  
    Enriched 144.0 491.0 347.0 0.43 0.06 1.78 Incl. 130 m of 0.57% Cu
    Primary              
AZ24323 26 Total 86.0 184.6 98.6 0.19 0.01 0.64  
    Enriched 86.0 184.6 98.6 0.19 0.01 0.64  
    Primary              
AZ24324 34 Total 108.0 343.0 235.0 0.37 0.02 0.36  
    Enriched 108.0 322.0 214.0 0.40 0.02 0.37 Incl. 12 m of 0.92% Cu
    Primary 322.0 343.0 21.0 0.12 0.02 0.30  
AZ24325 25 Total 76.0 338.0 262.0 0.19 0.02 0.65  
    Enriched 76.0 266.0 190.0 0.21 0.02 0.65  
    Primary 266.0 338.0 72.0 0.14 0.02 0.64  
AZ24326 26 Total 108.0 331.0 223.0 0.42 0.05 1.30  
    Enriched 108.0 256.0 148.0 0.52 0.07 1.47 Incl. 57.7 m of 0.59% Cu
    Primary 256.0 331.0 75.0 0.23 0.03 0.95  
AZ24327 31 Total 78.0 316.0 238.0 0.38 0.03 1.10  
    Enriched 78.0 316.0 238.0 0.38 0.03 1.10  
    Primary              
AZ24328 48 Total 126.0 231.0 105.0 0.08 0.02 1.13  
    Enriched 126.0 231.0 105.0 0.08 0.02 1.13  
    Primary              
AZ24329 29 Total 90.0 332.0 242.0 0.24 0.03 0.89  
    Enriched 90.0 290.0 200.0 0.25 0.03 0.96  
    Primary 290.0 332.0 42.0 0.17 0.02 0.56  
AZ24330 56 Total 164.0 185.0 21.0 0.70 0.03 1.26  
    Enriched 164.0 185.0 21.0 0.70 0.03 1.26  
    Primary              
AZ24332 28 Total 136.0 255.6 119.6 0.72 0.06 1.72  
    Enriched 136.0 255.6 119.6 0.72 0.06 1.72  
    Primary              
AZ24334 48 Total 104.0 657.0 553.0 0.42 0.07 2.94  
    Enriched 104.0 412.0 308.0 0.50 0.08 3.53 Incl. 60 m of 0.71% Cu
    Primary 412.0 657.0 245.0 0.32 0.06 2.21  
AZ24335 31 Total 69.5 227.5 158.0 0.84 0.10 0.98  
    Enriched 69.5 227.5 158.0 0.84 0.10 0.98 Incl. 78.5 m of 1.10% Cu
    Primary              
AZ24336CC 8a Total 218.0 501.0 283.0 0.20 0.08 1.93  
    Enriched 218.0 370.0 152.0 0.25 0.14 2.76  
    Primary 370.0 501.0 131.0 0.14 0.02 0.91  
AZ24338 5a Total 252.0 729.5 477.5 0.19 0.02 0.88  
    Enriched 252.0 490.0 238.0 0.23 0.04 0.97  
    Primary 490.0 729.5 239.5 0.14 0.01 0.78  
AZ24339CC 12a Total 140.0 517.5 377.5 0.16 0.02 0.68  
    Enriched 140.0 470.0 330.0 0.17 0.02 0.67  
    Primary 470.0 517.5 47.5 0.11 0.01 0.74  
AZ24340 26 Total 66.0 300.5 234.5 0.50 0.04 1.04  
    Enriched 66.0 300.5 234.5 0.50 0.04 1.04 Incl. 72 m of 0.78% Cu
    Primary              
AZ24341 48 Total 87.0 261.5 174.5 0.57 0.07 1.09  
    Enriched 87.0 261.5 174.5 0.57 0.07 1.09  
    Primary              
AZ24342 28 Total 81.0 235.5 154.5 0.39 0.05 2.82  
    Enriched 81.0 235.5 154.5 0.39 0.05 2.82  
    Primary              
AZ24343 58 Total 71.0 365.6 294.6 0.17 0.01 0.67  
    Enriched 71.0 344.0 273.0 0.18 0.01 0.70  
    Primary 344.0 365.6 21.6 0.07 0.00 0.30  
AZ24344 43 Total 140.0 312.0 172.0 0.43 0.05 1.50  
    Enriched 140.0 312.0 172.0 0.43 0.05 1.50 Incl. 52 m of 0.62% Cu
    Primary              
AZ24345 44 Total 80.7 291.2 210.5 0.37 0.02 1.98  
    Enriched 80.7 190.0 109.3 0.55 0.02 1.68 Incl. 66 m of 0.66% Cu
    Primary 190.0 291.2 101.2 0.17 0.02 2.31  
AZ24346 40 Total 44.0 196.6 152.6 0.06 0.00 0.64  
    Enriched 44.0 100.0 56.0 0.07 0.00 0.33  
    Primary 100.0 196.6 96.6 0.06 0.00 0.83  
AZ24347 14 Total 88.0 295.8 207.8 0.30 0.05 0.90  
    Enriched 88.0 286.0 198.0 0.30 0.05 0.94  
    Primary 286.0 295.8 9.8 0.15 0.06 0.30  
AZ24348 40 Total 168.0 373.7 205.7 0.20 0.01 0.56  
    Enriched 168.0 373.7 205.7 0.20 0.01 0.56  
    Primary              
AZ24349 22 Total 98.0 356.0 258.0 0.44 0.04 1.27  
    Enriched 98.0 339.4 241.4 0.46 0.04 1.31 Incl. 84 m of 0.78% Cu
    Primary 339.4 356.0 16.6 0.20 0.03 0.63  
AZ24350 30 Total 96.0 224.0 128.0 0.10 0.02 1.01  
    Enriched 96.0 154.0 58.0 0.12 0.03 1.21  
    Primary 154.0 224.0 70.0 0.08 0.02 0.85  
AZ24351A 29 Total 110.0 449.4 339.4 0.29 0.03 1.52  
    Enriched 110.0 400.0 290.0 0.31 0.03 1.69  
    Primary 400.0 449.4 49.4 0.12 0.01 0.51  
AZ24352 12 Total 168.3 379.3 211.0 0.34 0.05 0.67  
    Enriched 168.3 358.0 189.7 0.36 0.05 0.56  
    Primary 358.0 379.3 21.3 0.13 0.03 1.62  
AZ24353 46 Total 90.0 338.5 248.5 0.35 0.04 1.85  
    Enriched 90.0 320.0 230.0 0.37 0.04 1.96  
    Primary 320.0 338.5 18.5 0.12 0.00 0.52  
AZ24354 42 Total 194.0 331.0 137.0 0.14 0.01 0.71  
    Enriched 194.0 331.0 137.0 0.14 0.01 0.71  
    Primary              
AZ24355 56 Total 84.5 288.5 204.0 0.23 0.01 0.87  
    Enriched 84.5 288.5 204.0 0.23 0.01 0.87  
    Primary              
AZ24356 56 Total 51.0 205.5 154.5 0.70 0.15 3.79  
    Enriched 51.0 108.0 57.0 0.17 0.04 1.43  
    Primary 108.0 205.5 97.5 1.01 0.21 5.14 Incl. 30 m of 2.84% Cu
AZ24357 22 Total 152.0 386.0 234.0 0.21 0.02 2.51  
    Enriched 152.0 302.0 150.0 0.24 0.02 0.45  
    Primary 302.0 386.0 84.0 0.17 0.02 6.18  
AZ24358 36 Total 70.2 264.5 194.3 0.23 0.01 0.57  
    Enriched 70.2 188.0 117.8 0.18 0.01 0.53  
    Primary 188.0 264.5 76.5 0.31 0.00 0.62  
AZ24360 24 Total 84.0 335.5 251.5 0.21 0.02 0.89  
    Enriched 84.0 258.0 174.0 0.25 0.02 0.87  
    Primary 258.0 335.5 77.5 0.12 0.02 0.93  
AZ24361 12 Total 220.0 335.2 115.2 0.42 0.06 1.37  
    Enriched 220.0 308.0 88.0 0.49 0.07 1.35 Incl. 28 m of 0.68% Cu
    Primary 308.0 335.2 27.2 0.17 0.03 1.45  
AZ24362 34 Total 76.0 309.0 233.0 0.34 0.01 1.01  
    Enriched 76.0 309.0 233.0 0.34 0.01 1.01  
    Primary              
AZ24363 48 Total 96.0 335.6 239.6 0.18 0.01 0.71  
    Enriched 96.0 250.0 154.0 0.20 0.00 0.57  
    Primary 250.0 335.6 85.6 0.14 0.01 0.96  
AZ24364 51 Total 92.0 215.4 123.4 0.21 0.03 0.82  
    Enriched 92.0 215.4 123.4 0.21 0.03 0.82  
    Primary              
AZ24365 55 Total 118.0 291.5 173.5 0.40 0.01 1.32  
    Enriched 118.0 291.5 173.5 0.40 0.01 1.32 Incl. 10 m of 0.89% Cu
    Primary              
AZ24366 22 Total 182.0 328.2 146.2 0.17 0.02 0.78  
    Enriched 182.0 298.0 116.0 0.19 0.02 0.91  
    Primary 298.0 328.2 30.2 0.10 0.01 0.25  
AZ24367 50 Total 94.0 433.5 339.5 0.32 0.05 1.30  
    Enriched 94.0 400.0 306.0 0.32 0.06 1.30  
    Primary 400.0 433.5 33.5 0.26 0.04 1.34  
AZ24368 4 Total 138.0 220.5 82.5 0.21 0.03 0.52  
    Enriched 138.0 220.5 82.5 0.21 0.03 0.52  
    Primary              
AZ24369A 48 Total 122.0 248.0 126.0 0.61 0.05 1.14  
    Enriched 122.0 248.0 126.0 0.61 0.05 1.14 Incl. 58 m of 1.01% Cu
    Primary              
AZ24370 8 Total 156.0 290.0 134.0 0.39 0.04 0.53  
    Enriched 156.0 262.0 106.0 0.44 0.05 0.60 Incl. 20 m of 0.81% Cu
    Primary 262.0 290.0 28.0 0.22 0.04 0.25  
AZ24371 36 Total 98.0 302.1 204.1 0.31 0.03 0.74  
    Enriched 98.0 290.0 192.0 0.32 0.03 0.77  
    Primary 290.0 302.1 12.1 0.16 0.00 0.25  
AZ24372 10 Total 155.7 298.2 142.5 0.38 0.06 0.99  
    Enriched 155.7 298.2 142.5 0.38 0.06 0.99  
    Primary              
AZ24373 54 Total 120.0 291.5 171.5 0.22 0.00 0.71  
    Enriched 120.0 264.0 144.0 0.23 0.00 0.75  
    Primary 264.0 291.5 27.5 0.13 0.00 0.53  
AZ24374 52 Total 91.3 340.6 249.3 0.35 0.01 0.54  
    Enriched 91.3 340.6 249.3 0.35 0.01 0.54  
    Primary              
AZ24375 45 Total 152.0 369.0 217.0 1.11 0.07 3.65  
    Enriched 152.0 369.0 217.0 1.11 0.07 3.65 Incl. 100 m of 1.32% Cu
    Primary              
AZ24376 4 Total 158.0 261.9 103.9 0.21 0.05 1.13  
    Enriched 158.0 193.0 35.0 0.28 0.02 0.69  
    Primary 193.0 261.9 68.9 0.18 0.06 1.35  
AZ24377 9 Total 148.0 297.5 149.5 0.40 0.04 0.89  
    Enriched 148.0 291.4 143.4 0.41 0.04 0.88 Incl. 40 m of 0.62% Cu
    Primary 291.4 297.5 6.2 0.20 0.04 0.92  
AZ24378 29 Total 174.0 454.0 280.0 0.38 0.05 1.31  
    Enriched 174.0 314.0 140.0 0.41 0.05 1.19  
    Primary 314.0 454.0 140.0 0.34 0.06 1.43  
AZ24379 24 Total 114.0 365.8 251.8 0.22 0.02 0.89  
    Enriched 114.0 365.8 251.8 0.22 0.02 0.89  
    Primary              
AZ24380 5 Total 60.0 287.5 227.5 0.16 0.01 0.62  
    Enriched 60.0 256.0 196.0 0.17 0.01 0.63  
    Primary 256.0 287.5 31.5 0.12 0.00 0.58  
AZ24381 18 Total 234.0 375.1 141.1 0.16 0.02 0.90  
    Enriched 234.0 292.0 58.0 0.22 0.02 0.90  
    Primary 292.0 375.1 83.1 0.12 0.02 0.90  
AZ24382 20 Total 194.0 385.0 191.0 0.13 0.02 0.60  
    Enriched 194.0 329.0 135.0 0.15 0.02 0.70  
    Primary 329.0 385.0 56.0 0.10 0.01 0.37  
AZ24383 50 Total 74.2 371.7 297.5 0.38 0.01 8.00  
    Enriched 74.2 356.0 281.8 0.39 0.01 8.39  
    Primary 356.0 371.7 15.7 0.18 0.01 0.86  
AZ24384 18 Total 202.3 270.0 67.7 0.16 0.01 0.29  
    Enriched 202.3 270.0 67.7 0.16 0.01 0.29  
    Primary              
AZ24385 38 Total 84.0 250.4 166.4 0.21 0.00 0.44  
    Enriched 84.0 216.0 132.0 0.21 0.00 0.46  
    Primary 216.0 250.4 34.4 0.19 0.01 0.33  
AZ24386 1a Total 228.0 380.3 152.3 0.21 0.06 1.07  
    Enriched 228.0 378.0 150.0 0.21 0.06 1.06  
    Primary 378.0 380.3 2.3 0.22 0.02 1.50  
AZ24387 52 Total 62.0 452.0 390.0 0.46 0.07 2.27  
    Enriched 62.0 106.0 44.0 0.69 0.10 2.72 Incl. 44 m of 0.69% Cu
    Primary 106.0 202.0 96.0 0.43 0.06 2.33 Incl. 132 m of 0.51% Cu
AZ24388 6 Total 170.0 245.3 75.3 0.21 0.10 1.22  
    Enriched 170.0 221.7 51.7 0.22 0.10 0.99  
    Primary 221.7 245.3 23.6 0.20 0.11 1.77  
AZ24389 28 Total 176.0 343.3 167.3 0.16 0.01 0.52  
    Enriched 176.0 343.3 167.3 0.16 0.01 0.52  
    Primary              
AZ24390 24 Total 194.0 338.8 144.8 0.15 0.01 0.38  
    Enriched 194.0 338.8 144.8 0.15 0.01 0.38  
    Primary              
AZ24391 45 Total 133.0 331.0 198.0 0.84 0.09 2.32  
    Enriched 133.0 331.0 198.0 0.84 0.09 2.32 Incl. 129 m of 1.16% Cu
    Primary              
AZ24392A 54 Total 100.0 324.0 224.0 0.15 0.01 0.68  
    Enriched 100.0 306.0 206.0 0.16 0.01 0.71  
    Primary 306.0 324.0 18.0 0.13 0.00 0.27  
AZ24393 16 Total 186.0 264.7 78.7 0.08 0.02 0.42  
    Enriched 186.0 264.7 78.7 0.08 0.02 0.42  
    Primary              
AZ24394 28 Total 69.0 242.3 173.3 0.20 0.02 1.65  
    Enriched 69.0 144.0 75.0 0.14 0.01 0.46  
    Primary 144.0 242.3 98.3 0.24 0.03 2.55  
AZ24395A 20 Total 168.0 407.0 239.0 0.16 0.01 0.45  
    Enriched 168.0 407.0 239.0 0.16 0.01 0.45  
    Primary              
AZ24396 49 Total 81.0 497.0 416.0 0.37 0.13 2.40  
    Enriched 81.0 440.0 359.0 0.39 0.15 2.50  
    Primary 440.0 497.0 57.0 0.25 0.05 1.76  
AZ24397 16 Total 198.0 412.4 214.4 0.25 0.05 1.11  
    Enriched 198.0 322.0 124.0 0.34 0.07 1.39  
    Primary 322.0 412.4 90.4 0.13 0.02 0.72  
AZ24398 3a Total 194.0 408.8 214.8 0.23 0.04 45.73  
    Enriched 194.0 408.8 214.8 0.23 0.04 45.73  
    Primary              
AZ24399 16 Total 172.0 367.9 195.9 0.55 0.07 0.96  
    Enriched 172.0 367.9 195.9 0.55 0.07 0.96 Incl. 104 m of 0.65% Cu
    Primary              
AZ24400 26 Total 176.0 227.0 51.0 0.36 0.01 2.33  
    Enriched 176.0 227.0 51.0 0.36 0.01 2.33  
    Primary              
AZ24401 32 Total 78.0 324.5 246.5 0.24 0.00 0.62  
    Enriched 78.0 324.5 246.5 0.24 0.00 0.62  
    Primary              
AZ24402 20 Total 66.0 230.0 164.0 0.24 0.01 0.56  
    Enriched 66.0 166.0 100.0 0.29 0.01 0.64  
    Primary 166.0 230.0 64.0 0.17 0.01 0.44  
AZ24403 43 Total 151.0 427.0 276.0 0.86 0.06 2.32  
    Enriched 151.0 427.0 276.0 0.86 0.06 2.32 Incl. 160.0 m of 0.96% Cu
    Primary              
AZ24404 29 Total 66.7 73.5 6.9 0.19 0.02 0.58  
    Enriched 66.7 72.0 5.4 0.18 0.01 0.25  
    Primary 72.0 73.5 1.5 0.23 0.04 1.80  
AZ24404A 29 Total 87.0 133.0 46.0 0.14 0.01 2.18  
    Enriched              
    Primary 87.0 133.0 46.0 0.14 0.01 2.18  
AZ24404B 29 Total 133.0 187.5 54.5 0.22 0.01 0.56  
    Enriched              
    Primary 133.0 187.5 54.5 0.22 0.01 0.56  
AZ24405 14 Total 246.0 317.6 71.6 0.15 0.03 0.65  
    Enriched 246.0 314.0 68.0 0.15 0.03 0.65  
    Primary 314.0 317.6 3.6 0.16 0.02 0.61  
AZ24406 55 Total 84.0 324.2 240.2 0.10 0.03 0.78  
    Enriched 84.0 230.0 146.0 0.14 0.02 0.79  
    Primary 230.0 324.2 94.2 0.05 0.04 0.77  
AZ24407 12 Total 186.0 259.0 73.0 0.09 0.03 0.42  
    Enriched 186.0 259.0 73.0 0.09 0.03 0.42  
    Primary              
AZ24408 32 Total 80.0 313.5 233.5 0.25 0.01 0.67  
    Enriched 80.0 313.5 233.5 0.25 0.01 0.67  
    Primary              
AZ24409 54 Total 102.0 270.0 168.0 0.23 0.01 0.90  
    Enriched 102.0 270.0 168.0 0.23 0.01 0.90  
    Primary              
AZ24410 6 Total 186.0 241.0 55.0 0.19 0.02 0.43  
    Enriched 186.0 241.0 55.0 0.19 0.02 0.43  
    Primary              
AZ24411 14 Total 180.0 334.0 154.0 0.19 0.06 0.80  
    Enriched 180.0 232.0 52.0 0.31 0.08 0.70  
    Primary 232.0 334.0 102.0 0.13 0.05 0.86  
AZ24412 12 Total 180.2 297.5 117.3 0.20 0.04 0.96  
    Enriched 180.2 272.0 91.8 0.22 0.04 0.99  
    Primary 272.0 297.5 25.5 0.13 0.04 0.85  
AZ24413 38 Total 136.0 317.0 181.0 0.19 0.01 0.64  
    Enriched 136.0 317.0 181.0 0.19 0.01 0.64  
    Primary              
AZ24414 47 Total 110.0 415.6 305.6 0.55 0.06 2.25  
    Enriched 110.0 415.6 305.6 0.55 0.06 2.25 Incl. 104.5 m of 0.73% Cu
    Primary              
AZ24415 56 Total 108.0 346.0 238.0 0.15 0.04 0.74  
    Enriched 108.0 322.0 214.0 0.15 0.04 0.74  
    Primary 322.0 346.0 24.0 0.12 0.05 0.73  
AZ24417 12 Total 126.0 253.7 127.7 0.32 0.04 0.90  
    Enriched 126.0 253.7 127.7 0.32 0.04 0.90  
    Primary              
AZ24418 16 Total 141.0 329.0 188.0 0.57 0.09 0.70  
    Enriched 141.0 284.0 143.0 0.63 0.09 0.77 Incl. 64 m of 0.66% Cu
    Primary 284.0 329.0 45.0 0.41 0.11 0.48 Incl. 7 m of 0.58% Cu
AZ24419 6 Total 182.0 248.0 66.0 0.15 0.04 1.16  
    Enriched 182.0 204.0 22.0 0.27 0.03 0.77  
    Primary 204.0 248.0 44.0 0.09 0.05 1.35  
AZ24421 44 Total 100.0 229.0 129.0 0.64 0.06 1.71  
    Enriched 100.0 229.0 129.0 0.64 0.06 1.71 Incl. 72 m of 0.85% Cu
    Primary              
AZ24422 42 Total 184.0 236.2 52.2 1.31 0.11 2.16  
    Enriched 184.0 236.2 52.2 1.31 0.11 2.16  
    Primary              
GTK2424 15 Total 106.0 152.8 46.8 0.44 0.05 3.62  
    Enriched 106.0 152.8 46.8 0.44 0.05 3.62 Incl. 29.0 m of 0.60% Cu
    Primary              
GTK2424B 15 Total 152.8 272.9 120.2 0.69 0.03 1.30  
    Enriched 152.8 155.0 2.3 0.28 0.06 6.50  
    Primary 155.0 272.9 117.9 0.70 0.03 1.18  
GTK2425 15 Total 150.0 300.0 150.0 0.21 0.05 1.00  
    Enriched 150.0 300.0 150.0 0.21 0.05 1.00  
    Primary              
GTK2426 43 Total 70.0 400.0 330.0 0.62 0.09 1.99  
    Enriched 70.0 400.0 330.0 0.62 0.09 1.99 Incl. 150 m of 0.86% Cu
    Primary              
GTK2427 25 Total 160.0 250.0 90.0 0.14 0.00 0.37  
    Enriched 160.0 250.0 90.0 0.14 0.00 0.37  
    Primary              
GTK2430 25 Total 121.5 125.0 3.5 0.08 0.00 0.25  
    Enriched 121.5 125.0 3.5 0.08 0.00 0.25  
    Primary              
GTK2430A 25 Total 98.0 300.0 202.0 0.19 0.02 1.13  
    Enriched 98.0 300.0 202.0 0.19 0.02 1.13  
    Primary              
GTK2431 49 Total 72.0 400.0 328.0 0.35 0.03 1.48  
    Enriched 72.0 400.0 328.0 0.35 0.03 1.48  
    Primary              
GTK2432 8 Total 236.0 350.0 114.0 0.30 0.05 0.99  
    Enriched 236.0 350.0 114.0 0.30 0.05 0.99  
    Primary              
OBS-MW-1 56 Total 42.0 519.0 477.0 0.08 0.04 0.50  
    Enriched 42.0 198.0 156.0 0.15 0.08 0.75  
    Primary 198.0 519.0 321.0 0.05 0.01 0.38  
OBS-MW-2 45 Total 58.0 401.0 343.0 0.55 0.07 1.72  
    Enriched 58.0 401.0 343.0 0.55 0.07 1.72 Incl. 124 m of 0.80% Cu
    Primary              
OBS-MW-3 13 Total 196.0 332.0 136.0 0.55 0.06 1.28  
    Enriched 196.0 318.0 122.0 0.58 0.06 1.38 Incl. 116 m of 0.60% Cu
    Primary 318.0 332.0 14.0 0.22 0.06 0.25  
OBS-MW-3A 13 Total 331.5 542.0 210.5 0.28 0.03 0.53  
    Enriched              
    Primary 331.5 542.0 210.5 0.28 0.03 0.53  
OBS-MW-4 43 Total 72.0 404.0 332.0 0.30 0.02 1.31  
    Enriched 72.0 228.0 156.0 0.34 0.03 1.60  
    Primary 228.0 404.0 176.0 0.26 0.01 1.06  

Table 2 – Locations and Lengths of Recent Los Azules Drilling Results

HOLE-ID Azimuth Dip Length Loc X Loc Y Loc Z
AZ24316 250 -73 315.5 2383435.1 6558678.2 3666.7
AZ24317 70 -69 305.0 2383122 6560160.6 3674.5
AZ24318MET 90 -36 229.5 2382779.4 6559715.5 3599.8
AZ24319 70 -74 355.0 2383196.1 6559064.4 3662.8
AZ24320 270 -74 204.0 2383392.9 6558995.4 3643.8
AZ24321 250 -71 389.8 2383587.5 6558949.7 3658.1
AZ24322 250 -74 491.0 2383529.3 6559670.4 3678.8
AZ24323 250 -75 184.6 2382815.5 6558454.5 3745.7
AZ24324 70 -74 343.0 2383177 6559013.5 3655.6
AZ24325 70 -75 338.0 2383203 6558546.2 3674.4
AZ24326 70 -75 331.0 2383435 6558675.4 3666.9
AZ24327 250 -73 316.0 2383306.1 6558900.8 3659
AZ24328 68 -78 231.0 2383354.5 6559819.4 3629.4
AZ24329 250 -76 332.0 2383267.6 6558804.7 3662.4
AZ24330 263 -70 185.0 2383121.7 6560157.4 3674.5
AZ24332 70 -70 255.6 2383385.1 6558761.7 3663.1
AZ24333 301 -52 194.8 2383371.7 6559955.7 3634.3
AZ24334 250 -80 657.0 2383092.1 6559726.7 3614.6
AZ24335 70 -78 227.5 2383420.4 6558945.8 3646
AZ24336CC 250 -75 501.0 2383790.1 6557046.2 3823
AZ24338 250 -70 729.5 2384000 6557297.5 3883.3
AZ24339CC 250 -75 517.5 2383757.2 6556832.1 3814.6
AZ24340 70 -75 300.5 2383315.6 6558678 3668.4
AZ24341 250 -70 261.5 2383352 6559818.5 3629.4
AZ24342 70 -77 235.5 2383292.3 6558738.8 3661.9
AZ24343 185 -66 365.6 2382578.4 6560067 3586.9
AZ24344 250 -72 312.0 2383467.1 6559604.4 3666.3
AZ24345 250 -71 291.2 2382849.6 6559429.1 3630
AZ24346 249 -67 196.6 2382734.1 6559174.8 3658.4
AZ24347 250 -75 295.8 2383765.6 6558161.7 3713.7
AZ24348 70 -76 373.7 2383529.3 6559460.5 3689.2
AZ24349 250 -71 356.0 2383437.7 6558468.5 3700.7
AZ24350 243 -68 224.0 2382747.6 6558657.2 3744.2
AZ24351A 70 -73 449.4 2383570.2 6558891.6 3657
AZ24352 250 -76 379.3 2383637.7 6558013.6 3763
AZ24353 250 -71 338.5 2382747.2 6559491.2 3634.9
AZ24354 70 -72 331.0 2383492 6559556 3675.8
AZ24355 198 -69 288.5 2382702.8 6560022.5 3591
AZ24356 119 -63 205.5 2383473.6 6560288.5 3635.9
AZ24357 250 -74 386.0 2383719.2 6558572.6 3692.8
AZ24358 250 -74 264.5 2382963.9 6559038.7 3656.4
AZ24360 242 -81 335.5 2383323.4 6558544.4 3672.3
AZ24361 70 -67 335.2 2383633.7 6558012.4 3762.8
AZ24362 70 -77 309.0 2382967.6 6558938 3658
AZ24363 250 -68 335.6 2382600.9 6559549.9 3631.6
AZ24364 305 -63 215.4 2383473.5 6560004.4 3632.3
AZ24365 209 -65 291.5 2382823.8 6559998.4 3596.3
AZ24366 70 -74 328.2 2383719.2 6558572.5 3692.9
AZ24367 150 -70 433.5 2383369.4 6559934.6 3632.3
AZ24368 70 -70 220.5 2383843.8 6557666.9 3759.5
AZ24369A 15 -35 248.0 2382815.2 6559609.1 3611.2
AZ24370 70 -73 290.0 2383762.9 6557847.5 3751
AZ24371 70 -80 302.1 2382963.7 6559039.3 3656.6
AZ24372 70 -72 298.2 2383721.7 6557926.1 3743.3
AZ24373 70 -75 291.5 2382487.8 6559839.3 3587.8
AZ24374 70 -80 340.6 2382378.8 6559677.2 3595.8
AZ24375 280 -40 369.0 2383234.7 6559609 3618
AZ24376 250 -76 261.9 2383854.5 6557668 3759.8
AZ24377 250 -70 297.5 2383912.7 6557951.5 3733.8
AZ24378 249 -84 454.0 2383572.8 6558894.3 3656.9
AZ24379 250 -79 365.8 2383672.9 6558661.5 3671.5
AZ24380 250 -69 287.5 2383520.9 6557574.7 3754.9
AZ24381 250 -73 375.1 2383881.6 6558410.5 3744.4
AZ24382 250 -75 385.0 2383812.9 6558493.9 3722.1
AZ24383 250 -75 371.7 2382534.8 6559631 3619.9
AZ24384 70 -72 270.0 2383876 6558413.8 3744
AZ24385 250 -74 250.4 2382677.9 6559044.2 3699.1
AZ24386 70 -66 380.3 2383594.5 6557354.9 3770
AZ24387 160 -75 452.0 2383073.9 6559955.7 3615.8
AZ24388 250 -73 245.3 2383809 6557753.3 3759.2
AZ24389 70 -75 343.3 2383652.7 6558870.2 3668.6
AZ24390 70 -67 338.8 2383672.7 6558661.5 3671.8
AZ24391 218 -37 331.0 2383237.1 6559607.8 3618
AZ24392A 250 -71 324.0 2382488.6 6559841.7 3587.7
AZ24393 70 -74 264.7 2383915.7 6558318.9 3763.5
AZ24394 250 -71 242.3 2383003.5 6558630.9 3681.5
AZ24395A 70 -72 407.0 2383810.6 6558491.4 3722.2
AZ24396 70 -70 497.0 2382951.1 6559736.8 3610.2
AZ24397 250 -73 412.4 2383914.1 6558320 3763.5
AZ24398 250 -75 408.8 2383875.3 6557352.8 3819.4
AZ24399 250 -71 367.9 2383549.7 6558195.1 3737.3
AZ24400 70 -80 227.0 2383849.2 6558833.7 3730
AZ24401 70 -71 324.5 2382979.8 6558834.9 3659.8
AZ24402 70 -79 230.0 2383224.9 6558285.7 3695.7
AZ24403 288 -38 427.0 2383241 6559501 3622.5
AZ24404 70 -80 73.5 2382979.1 6558675.9 3676.6
AZ24404A 70 -80 133.0 2382976.8 6558675.1 3676.4
AZ24404B 70 -80 187.5 2382979.2 6558676.2 3676.5
AZ24405 70 -70 317.6 2383898.7 6558212.1 3758.5
AZ24406 5 -73 324.2 2382428.7 6559844.6 3584.9
AZ24407 70 -75 259.0 2383947.8 6558123.8 3772.9
AZ24408 250 -73 313.5 2383123.5 6558887.3 3652.9
AZ24409 70 -71 270.0 2383325.1 6560123.8 3637
AZ24410 70 -74 241.0 2383810.2 6557751.3 3759.3
AZ24411 250 -75 334.0 2383900.6 6558211.4 3758.5
AZ24412 250 -77 297.5 2383951.4 6558124.2 3773.1
AZ24413 70 -71 317.0 2383520.4 6559350.7 3679.3
AZ24414 270 -48 415.6 2383225.1 6559738 3619.7
AZ24415 70 -70 346.0 2383245 6560206.7 3679.7
AZ24416 250 -75 201.0 2380165.6 6563489.6 3660.7
AZ24417 250 -67 253.7 2383846.3 6558100 3721.4
AZ24418 70 -77 329.0 2383458.5 6558159 3714.9
AZ24419 70 -73 248.0 2383934.6 6557799 3756.1
AZ24420 70 -72 130.2 2383908.7 6557896.2 3737
AZ24421 259 -62 229.0 2383234.5 6559560.4 3621.3
AZ24422 250 -35 236.2 2383244 6559487.3 3620.8
GTK2424 240 -60 152.8 2383264.4 6558036.3 3715.5
GTK2424B 240 -60 272.9 2383267 6558032.5 3715.7
GTK2425 60 -60 300.0 2383748.7 6558200.4 3706.7
GTK2426 60 -70 400.0 2383250.9 6559528.2 3623.5
GTK2427 60 -65 250.0 2383595.5 6558686.7 3667
GTK2428 0 -90 100.2 2383357.8 6558607.9 3682.7
GTK2429 0 -90 100.0 2383198.9 6559061.2 3662.6
GTK2430 240 -65 125.0 2383142.9 6558538.2 3676.3
GTK2430A 240 -65 300.0 2383142.1 6558540.1 3676.3
GTK2431 340 -65 400.0 2382804.6 6559687.8 3607.7
GTK2432 170 -65 350.0 2383672.8 6557811.5 3784.3
OBS-MW-1 0 -90 519 2383457.9 6560277.3 3636.7
OBS-MW-2 0 -90 401 2383284.9 6559630 3627.1
OBS-MW-3 0 -90 332 2383569.5 6558052.6 3777
OBS-MW-3A 0 -90 542 2383570.4 6558052.5 3776.8
OBS-MW-4 0 -90 404 2382888.5 6559379 3633.9
Coordinates listed in Table 2 based on Gauss Kruger – POSGAR 94 Zone 2    

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and information, including “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.’s (the “Company”) estimates, forecasts, projections, expectations, or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”, for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.

Want News Fast?

Subscribe to our email list by clicking here:
https://www.mcewenmining.com/contact-us/#section=followUs 
and receive news as it happens!

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/1b207c75-f162-4b47-ae5a-821d4a4f011b

https://www.globenewswire.com/NewsRoom/AttachmentNg/5b50b2e1-0728-49b5-a0c4-7bf225be6b72

https://www.globenewswire.com/NewsRoom/AttachmentNg/d743d6c9-feef-490f-b566-431ce52bbf87

https://www.globenewswire.com/NewsRoom/AttachmentNg/645b4f26-b185-4407-a8d6-de1095aeae67

https://www.globenewswire.com/NewsRoom/AttachmentNg/c556c85d-a659-4a20-80a7-b86bc49dd340

https://www.globenewswire.com/NewsRoom/AttachmentNg/d90d8121-e535-415b-80d0-cab4ee125c64

https://www.globenewswire.com/NewsRoom/AttachmentNg/e334a17d-f72f-4a2f-874d-fea9871e8fa2

https://www.globenewswire.com/NewsRoom/AttachmentNg/391e22f5-2cab-42ef-8e8f-308112612943


Bay Street News