Silver Mines secures $20m investment from Lundin, Rule-led fund
The company's flagship project hosts the largest known undeveloped silver resource in Australia.
Consolidated production by McEwen Mining for the first quarter included 23,300 oz. of gold and 493,200 oz. of silver, or 30,600 gold equivalent ounces. That number is down 13% from 35,100 gold equivalent ounces for the first quarter of 2020.
The company has set its 2021 guidance at 141,000 to 160,000 oz. gold equivalent or 110,500 to 127,900 oz. of gold and 2.30 million to 2.45 million oz. of silver. The mid-range of planned gold output is up almost 30% from the full year 2020 production of 92,100 oz.
The Black Fox gold mine at the Fox complex near Timmins, Ont., produced 5,200 gold equivalent ounces in Q1 2021 compared to 8,300 oz. a year earlier. Ramp-up is underway for transitioning to the Froome deposit, which is expected to reach commercial production by the end of this year. The deposit has measured and indicated underground resources of 1.1 million tonnes grading 5.09 g/t gold equivalent ounces and inferred resources of 300,000 tonnes grading 0.91 g/t.
Expect McEwen to release a preliminary economic assessment for expansion at the Fox complex in late Q2 2021.
The company also owns the El Gallo gold-silver complex in Mexico and the Gold Bar gold complex in Nevada. It is a 49% partner (with Hochschild) in the San Jose gold-silver mine in Argentina.
(This article first appeared in the Canadian Mining Journal)
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