The next great mine prospect at McEwen Mining’s prolific Fox Complex, outside Matheson, is coming into focus.
The Toronto gold company released a new mineral resource estimate for its Grey Fox deposit, three kilometres southeast of McEwen’s Black Fox Mine and 75 kilometres east of Timmins.
McEwen reports an indicated resource 1,538,000 ounces of gold, up 32 per cent from the last estimate in 2021, and an inferred resource to 458,000 ounces of gold, up 95 per cent.
The difference between indicated and inferred resources is the degree of confidence in the amount of minerals in the ground with indicated being the higher and inferred being the lower.
McEwen views Grey Fox as having significant long-term growth potential to extend the mining life at the Fox Complex.
The Grey Fox and Tamarack deposits are two mines waiting in the development queue on McEwen’s Black Fox property, east of the town of Matheson, which includes the Black Fox and Froome mines.
Grey Fox is close to the Porcupine-Destor fault, which is historically associated with 110 million ounces of gold production.
An update of the mineral resources at the Fox Complex will be out in a few weeks.
In a statement, company chairman and chief owner Rob McEwen said putting money into the drill bit paid off.
“Our investment in exploration on the Fox Complex properties has successfully expanded our gold resources, which will enable us to both increase annual production and extend the mine life. Grey Fox is one of several exploration targets contributing to the growth of gold resources and enhancing the future production at our Fox Complex.”