The Vancouver-based miner explained that the report supports the scientific and technical disclosure in the mineral resource estimates.

The government-controlled news site reports that total output from the Magadan region is 40 tonnes of gold since January 2019.

The southern Bolívar state is besieged by irregular groups pushing to take control of placer gold mines.

The deposits occur within a common mineralized structural corridor and were central to the St Barbara take over of Atlantic Gold for C$722 million in 2019.

In Q3 2019 the metal surged after its first bull-market breakout in years, driving much-higher prevailing prices.

Net proceeds of the offering will be used to advance McEwen's current mining projects.

Premiums dropped to $2-$3.50 an ounce in top consumer China, compared with last week's $4-$4.50 an ounce range.