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McEwen Copper: Los Azules Progress Report #4

·13 min read
McEwen Mining
McEwen Mining

Figure 1 – Cross-section 30-30’

Figure 1 – Cross-section 30-30’
Figure 1 – Cross-section 30-30’

Figure 2 – Cross-section 36-36’

Figure 2 – Cross-section 36-36’
Figure 2 – Cross-section 36-36’

Figure 3 - Cross-section 44-44’

Figure 3 - Cross-section 44-44’
Figure 3 - Cross-section 44-44’

Figure 4 - Cross-section 48-48’

Figure 4 - Cross-section 48-48’
Figure 4 - Cross-section 48-48’

Figure 5 - Locations of the cross-sections on the plan of the deposit

Figure 5 - Locations of the cross-sections on the plan of the deposit
Figure 5 - Locations of the cross-sections on the plan of the deposit

Long intercepts with good grades

222.0 m of 0.95% Cu including 44.0 m of 1.38% Cu (AZ22158)
238.0 m of 0.58% Cu including 10.0 m of 1.10% Cu (AZ22161)
194.0 m of 0.56% Cu including 8.0 m of 1.04% Cu (AZ22163)

TORONTO, Aug. 04, 2022 (GLOBE NEWSWIRE) -- McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to report the latest assay results from its Los Azules project, which continues to deliver long intercepts of good grades.

The drill program underway has three important objectives:

  • Improve confidence in the resource by converting Inferred mineral resources to the Indicated category;

  • Accelerate project advancement with metallurgical, hydrological and geotechnical drilling and

  • Test the limits of the depth extension of the higher-grade mineralization.

Results from this drilling program will be used to update the 2017 Los Azules PEA (Preliminary Economic Assessment). The updated version will be released in Q1, 2023.

The 2017 PEA was calculated using prices of $3/lb copper, $1,300/oz gold and $17/oz silver price. It projected robust economics, driven by large operating margins, large annual production, a short payback period and long mine life (link to the report: http://www.mcewenmining.com/files/technical_reports/los_azules/LosAzulesPEA_Rev0_20171016.pdf). Drilling has halted for the winter and will resume in October when spring arrives in Argentina.

Earlier this year, Mining Intelligence ranked Los Azules as one of the world’s top five largest undeveloped porphyry copper deposits that is not already owned by a major mining company.

The opportunity to expand the deposit at depth remains open for further testing. While the median depth of drill holes within the Los Azules resource database is 175 meters (m), it is not uncommon for porphyry copper mineralization to extend well beyond a kilometer or more of depth. Numerous drill holes have encountered strong copper grades below the 2017 PEA pit bottom. Only three holes have been drilled to a depth of a kilometer and all encountered mineralization.

The highest-grade mineral domains at Los Azules are clearly the hydrothermal and magmatic breccias and late-stage quartz veins which can extend kilometres to depth. There are numerous examples of such deposits in Argentina and Chile. The most recent is Filo Mining’s spectacular assay results of earlier this year. The Filo deposit is 300 kilometres north of Los Azules, also in the San Juan province, Argentina.

The deepest occurrence of a breccia at Los Azules is at a hole depth of some 810 m in drill hole AZ1299 and deepest occurrence of late-stage quartz veins is found at 990 m down the same hole.

A dedicated exploration program associated with higher grade domains at Los Azules has not yet been conducted. Most holes drilled to date are vertical and intersect the breccias at very low angles. Improving our understanding of the nature and distribution of the highest-grade mineral zones at Los Azules is a priority for the upcoming drilling seasons.

The most recent drill results are presented below in the cross-section Figures 1 to 4. These display the current inclined and historic vertical holes, with histograms of total copper content along their length, overlayed on a simplified interpretation of overburden, leached, enriched and primary mineral zones, and the 30-year pit shell (shown by green line), as defined by the 2017 PEA.

Section 30-30', shown in Figure 1, includes hole AZ22158, with an attractive intercept of 222.0 m grading 0.95% Cu, and including an interval of 44.0 m grading 1.38% Cu. Partial results were reported in the Los Azules Progress Report #3 published on June 23, 2022. Hole AZ22166 was stopped at the arrival of winter and will be completed in spring.

Figure 1 – Cross-section 30-30’

Figure 1 – Cross-section 30-30’
Figure 1 – Cross-section 30-30’


A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d669f48-1246-4926-81e9-f52b8c14ba75

Section 36-36’, shown in Figure 2, received eight new drill holes during the recent campaign. The final intercept reported was hole AZ22162, which targeted the gap between hole AZ22138 (522.1 m grading 0.42% Cu) and AZ22139.

Hole AZ22162 returned 348.0 m grading 0.28% Cu, while also ending in enriched mineralization. It appears to correlate well with historic hole AZ0838 (188.3 m grading 0.27% Cu).

Figure 2 – Cross-section 36-36’

Figure 2 – Cross-section 36-36’
Figure 2 – Cross-section 36-36’


A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/959dc2c8-4d5c-4a71-9f81-229dab4c8e82

Cross Section 44-44' shown in Figure 3 presents hole AZ22163 (194.0 m grading 0.56% Cu). AZ22163 includes 8.0 m of high-grade 1.04% Cu and supports 146.0 m of high-grade 1.10% Cu reported in historic hole AZ0620. Hole AZ22167 (80.4 m grading 0.21% Cu) results are as expected and similar to the historic hole LA0402.

Figure 3 - Cross-section 44-44’

Figure 3 - Cross-section 44-44’
Figure 3 - Cross-section 44-44’


A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cf4ca450-eab9-43fa-ba4a-2f010c0c31cd

Cross-section 48-48' shown in Figure 4, profiles three new holes. Hole AZ22149 (296.4 m grading 0.55% Cu including 54 m of 1.38% Cu), drilled just west of the center of the section, was released in our June 23 exploration update. Hole AZ22161, drilled east of the center of the section, with 238.0 m grading 0.58% Cu and including 10 m of 1.10% Cu, supports historic intercepts in adjacent holes AZ1060A (221.0 m grading 0.53% Cu) and AZ18136 (194.0 m grading 0.43% Cu), all below the 30-year pit shell, indicating significant potential for mineralization at depth.

Holes AZ22147 and AZ22165 were drilled off the west and east flanks to delimit margins of the deposit and did not encounter significant mineralization.

Figure 4 - Cross-section 48-48’

Figure 4 - Cross-section 48-48’
Figure 4 - Cross-section 48-48’


A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8d64800f-fa2f-479b-9f4d-93e6763b3281

Figure 5 - Locations of the cross-sections on the plan of the deposit

Figure 5 - Locations of the cross-sections on the plan of the deposit
Figure 5 - Locations of the cross-sections on the plan of the deposit


A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9848f4e5-c2ee-4ac1-85f9-ba7e786577e3

The Los Azules deposit is sequentially sub-divided into 50 m cross sections beginning at the southeast end of the deposit and progressing to the northwest. Section 36-36’ is approximately the mid-section of the deposit. As a matter of cross-referencing results presented in the Los Azules Progress Report #3 published on June 23, 2022, note that Section 36-36’ was previously identified as Section A-A’ and Section 48-48’ as Section C-C’. Section 40-40’ identifies with Section B-B’ and was not included in this release as no new results have been added there.

Drilling resumes in October, and the plan is to complete 45,500 m.

Link to Drilling Results and Hole Collar Locations and Lengths for January to May 2022 at Los Azules: https://www.mcewenmining.com/files/doc_news/archive/2022/202208_LosAzules/2022_08_Los_Azules_Update_4.xlsx (alternatively see Tables 1 and 2 at the end of this press release).

Technical Information 

The technical content of this news release has been reviewed and approved by Stephen McGibbon, P.Geo, SVP Exploration of McEwen Mining and a Qualified Person as defined by NI 43-101.

All samples were collected in accordance with generally accepted industry standards. Drill core samples usually taken at 2 m intervals are split and submitted to Alex Stewart International laboratory in Mendoza, Argentina for the following assays: gold determination using fire assay fusion and an atomic absorption spectroscopy finish (Au4-30); a 39 multi-element suite using ICP-OES analysis (ICP-AR 39); copper content determination using a sequential copper analysis (Cu-Sequential). An additional 19-element analysis (ICP-ORE) was performed for samples with high sulfide content.

The Company carries out a Quality Assurance / Quality Control program consistent with NI 43-101 and industry best practices utilising a combination of standards and blanks approximately one in every 25 samples. Results are monitored as the final certificates are received and any re-assay requests are sent back immediately. Pulp and prep duplicate sample analyses are also taken as part of the QAQC process. Approximately 5% of sample pulps are sent to a secondary laboratory for check assays. In addition, the assay lab performs its own internal QAQC checks with results available in the certificates for review by the Company.

Table 1 – Drill Results January-May 2022 at Los Azules

Hole-ID

Section

Predominant Mineral Zone

From (m)

To
(m)

Length (m)

Cu
(%)

Au
(g/t)

Ag
(g/t)

Comment

AZ22137A

36

Total

133.0

557.3

424.3

0.47

0.027

0.008

 

incl

 

Enriched

133.0

342.0

209.0

0.49

0.028

0.016

 

and

 

Primary

342.0

557.3

215.3

0.44

0.026

0.001

incl. 8m of 1.00% Cu in Primary

AZ22138

36

Total

138.0

660.1

522.1

0.42

0.064

1.883

 

incl

 

Enriched

138.0

348.0

210.0

0.60

0.064

2.180

incl. 28m of 0.87% Cu in Enriched

and

 

Primary

348.0

660.1

312.1

0.30

0.065

1.683

 

AZ22139

36

Total

114.5

282.6

168.2

0.08

0.060

1.447

 

incl

 

Enriched

206.5

282.6

76.1

0.12

0.032

1.164

 

AZ22140

36

Total

117.4

342.8

225.4

0.16

0.030

1.117

 

incl

 

Enriched

117.4

314.0

196.6

0.16

0.032

1.173

 

and

 

Primary

314.0

342.8

28.8

0.16

0.019

0.732

 

AZ22141

40

Total

183.1

551.0

367.9

0.50

0.069

1.535

 

incl

 

Enriched

183.1

360.0

176.9

0.50

0.044

1.437

 

and

 

Primary

360.0

551.0

191.0

0.50

0.092

1.625

 

AZ22142

36

Total

92.0

511.1

419.1

0.79

0.152

3.508

incl 32m of 1.11% Cu &

incl

 

Enriched

92.0

278.0

186.0

0.93

0.095

3.544

104m of 1.00% Cu in Enriched

and

 

Primary

278.0

511.1

233.1

0.67

0.198

3.479

46m of 1.59% Cu in Primary

AZ22143

36

Total

92.5

403.0

310.5

0.20

0.015

0.880

 

incl

 

Enriched

92.5

266.0

173.5

0.22

0.016

0.985

 

and

 

Primary

266.0

403.0

137.0

0.18

0.014

0.747

 

AZ22144

36

Total

58.0

506.6

448.6

0.30

0.02

0.84

 

incl

 

Enriched

58.0

204.0

146.0

0.31

0.01

0.52

 

and

 

Primary

204.0

506.6

302.6

0.29

0.02

1.00

incl 104.6m of 0.48% Cu

AZ22145

40

Total

76.0

257.0

181.0

0.18

0.02

1.90

 

incl

 

Enriched

76.0

194.0

118.0

0.16

0.03

2.25

 

and

 

Primary

194.0

257.0

63.0

0.21

0.01

1.26

 

AZ22146

40

Total

91.0

421.5

330.5

0.83

0.11

2.30

 

incl

 

Enriched

91.0

394.0

303.0

0.86

0.11

2.26

incl 103.4m of 1.31% Cu

and

 

Primary

394.0

421.5

27.5

0.50

0.10

2.76

 

AZ22147

48

Total

60.0

240.8

180.8

0.03

0.02

0.50

 

incl

 

Enriched

60.0

67.0

7.0

0.10

0.08

1.27

 

AZ22148

40

Total

76.0

315.0

239.0

0.26

0.02

1.01

 

incl

 

Enriched

76.0

212.0

136.0

0.33

0.02

0.85

 

and

 

Primary

212.0

315.0

103.0

0.16

0.02

1.23

 

AZ22149

48

Total

131.6

428.0

296.4

0.55

0.04

1.62

 

incl

 

Enriched

131.6

278.0

146.4

0.34

0.02

0.32

 

and

 

Primary

278.0

428.0

150.0

0.76

0.06

2.91

incl 54m of 1.38% Cu from 376m

AZ22150

44

Total

78.0

257.4

179.4

0.14

0.01

0.53

 

incl

 

Enriched

78.0

126.0

48.0

0.04

0.01

0.25

 

and

 

Primary

126.0

257.4

131.4

0.17

0.01

0.63

 

AZ22158

30

Enriched

72.0

294.0

222.0

0.95

0.09

1.57

incl 44m of 1.38% Cu from 144m

and

 

Primary

294.0

300.0

6.0

0.34

0.05

0.43

 

AZ22161

48

Enriched

116.0

354.0

238.0

0.58

0.07

1.19

incl 10m of 1.10% Cu from 156m

AZ22162

36

Enriched

102.0

450.0

348.0

0.28

0.40

1.13

incl 2m of 0.86% Cu from 232m

AZ22163

44

Enriched

92.0

286.0

194.0

0.56

0.04

0.68

incl 8m of 1.04% Cu from 98m

AZ22164

38

Leached

18.0

242.0

224.0

0.04

0.02

1.32

 

AZ22165

48

Leached

24.5

200.0

175.5

0.04

0.04

1.27

 

AZ22166

30

Enriched

82.7

199.6

116.9

0.13

0.02

0.81

incl 53.6m of 0.25% Cu from 146m

AZ22167

44

Enriched

72

152.4

80.4

0.21

0.02

0.78

incl 54.4m of 0.25% Cu from 98m

Table 2 - Hole Collar Locations and Lengths for January-May 2022 Drill Results at Los Azules

HOLE-ID

Azimuth

Dip

Length

Loc X

Loc Y

Loc Z

AZ22137A

250

-70

557.3

2383289

6559336

3667

AZ22138

250

-78

660.1

2383569

6559450

3676

AZ22139

70

-79

282.6

2383725

6559494

3719

AZ22140

160

-76

342.8

2383687

6559463

3701

AZ22141

250

-78

551.0

2383530

6559636

3669

AZ22142

70

-65

511.1

2383286

6559334

3667

AZ22143

250

-70

403.0

2382768

6559131

3723

AZ22144

250

-70

506.6

2382889

6559204

3688

AZ22145

250

-73

257.0

2382912

6559411

3628

AZ22146

250

-75

422.0

2383406

6559591

3644

AZ22147

250

-68

241.0

2382558

6559708

3642

AZ22148

250

-75

315.0

2383106

6559482

3647

AZ22149

70

-77

428.0

2382879

6559875

3618

AZ22150

70

-82

257.4

2382670

6559536

3661

AZ22158

250

-65

300.0

2383561

6559115

3627

AZ22161

250

-81

354.0

2383575

6559120

3658

AZ22162

250

-70

450.0

2383442

6560030

3641

AZ22163

73

-70

286.0

2383725

6559494

3719

AZ22164

70

-68

242.0

2383429

6559812

3648

AZ22165

70

-71

200.0

2383733

6559603

3726

AZ22166

250

-70

199.6

2383652

6560106

3672

AZ22167

70

-80

152.4

2383727

6559175

3675

Coordinates listed in Table 2 based on Gauss Kruger - Campo Inchauspe Zone 2

 

  

WEBSITE
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CONTACT INFORMATION

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Suite 2800, P.O. Box 24 
Toronto, ON, Canada 
M5H 1J9 

Investor Relations: 
(866)-441-0690 Toll-Free 
(647)-258-0395 

Mihaela Iancu ext. 320 
info@mcewenmining.com

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