The resources at Grey Fox are spread across six different zones. Of these, Gibson had the most growth, with a 181% increase in indicated resources to 290,000 oz. and an 80% increase in inferred resources at 245,000 oz. Another notable zone is the Whiskey-Jack, which had 97% indicated mineralization with 116,000 oz. gold, while also possessing the greatest average true widths and the highest grade of any zone at Grey Fox.
In addition to its exploration success, McEwen also attributed the resource growth to the market factors, namely a higher gold price ($2,000/oz. now versus $1,750/oz. in 2021), which also allowed it to use a lower cut-off grade (from 2.30 g/t to 1.60 g/t).
Grey Fox is part of McEwen’s proposed expansion of the Fox Complex in Northern Ontario. The expansion is centered on the sequential underground development and mining of several deposits that also include Froome, Stock West and…
