“These results demonstrate that the Gibson area of Grey Fox has good grading mineralization over mineable widths in close proximity to existing underground infrastructure,” the company said in a release. “Grey Fox is currently a more than 1-million-oz. gold deposit and is the next project in our growth pipeline after the current development of our Stock project.
McEwen plans to develop Grey Fox and Stock in the 70-sq.-km Fox complex 70 km from Timmins along 18 km of the Destor-Porcupine fault. The complex includes the past-producing Black Fox and the active Froome mine. Black Fox produced 950,000 oz. during 1997 to 2001 and from 2009 to 2021. Froome, less than 1 km west of Black Fox, started in 2021 and produced 44,400 oz. last year.
Shares in McEwen Mining gained 3% to C$11.75 apiece on Wednesday afternoon in Toronto, valuing the company at C$609 million. They’ve traded in a 52-week range of C$8.05 to C$17.08.
