Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
McEwen Mining (NYSE: MUX) (TSX: MUX) reported on Wednesday positive exploration drill results from its Stock property, part of the Black Fox Complex, near Timmins, Ontario. A high-grade drill intersection of 18.0 g/t Au over 9.1 m, including 120 g/t Au over 1.3 m, was encountered 250 m below the deepest intersection from exploration in 2018.
The Black Fox Complex comprises 5,100 hectares of land packages, including the Black Fox mine, a key component of the complex. The Black Fox mine produced a total of 884,000 ounces of gold to the end of 2018.
The Stock property currently under exploration hosts the Black Fox-Stock mill, which currently processes ore from the Black Fox mine. The property is the site of the former Stock mine that produced 137,000 ounces of gold between 1989 and 2005, bringing the combined production at the Black Fox Complex to over one million ounces of gold.
Drilling will continue for remainder of the year, and McEwen expects to release additional results in Q4.
