2017 Black Fox Mine Exploration HighlightsIn 2017, Black Fox underground exploration was focused on extensions of existing resources proximal to the mine infrastructure, and areas below and along the flanks of the deposit where potential exists for new discoveries. Through this exploration program, several advanced development targets including the High Quartz (HQ), extensions of the Deep Central (DC), and the Far East zones, were brought into the conceptual mine plan. Additional exploration targets include the Far West, Gap, and deeper below the DC (see Figure 1). High Quartz (HQ) Drilling in the HQ, carried out from an exploration drift at the 1,700 ft (520 m) elevation, and targeting mineralization at the 2,000-2,600 ft (600-800 m) elevation, had positive results. Highlights of this drilling include:
- Hole 520-EX286-05 grading 43.6 g/t gold over 1.61 m, 330 ft (100 m) west of the DC, centered on the 2,300 ft (700 m) elevation.
- Hole 520-EX346-17 grading 7.2 g/t gold over 3.89 m at the 3,000 ft (910 m) elevation; and
- Hole 520EX-346-23 grading 39.6 g/t gold over 5.13 m at the 2,700 ft (830 m) elevation.
- Hole 680-F115-09 grading 77.3 g/t gold over 4.02 m (not true width) at the 2,800 ft (840 m) elevation; and
- Hole 520-EX346-35 grading 29.5 g/t gold over 1.72 m at the 2,200 ft (675 m) elevation.
- Hole 740-L275-71, which had six significant intervals, including 41.0 g/t gold over 1.75 m, followed by 36.9 g/t gold over 6.1 m, and 27.2 g/t gold over 4.0 m, and 23.2 g/t gold over 1.56 m, and 223.7 g/t gold over 9.2 m, and 15.5 g/t gold over 1.25 m (not true widths).
- Hole 520-EX662-07 grading 23.3 g/t gold over 3.00 m.
- Hole 490-L164-83 grading 16.3 g/t gold over 4.54 m (not true width) at approximately the 1,500 ft (470 m) elevation; and
- Hole 490-L164-87 grading 25.0 g/t gold over 1.00 m, followed by 25.6 g/t gold over 1.0 m, and 46.7 g/t gold over 1.84 m (not true widths) at approximately the 1,200 ft (370 m) elevation.
- Hole 520-EX290-02 grading 87.3 g/t gold over 1.15 m, located 1,000 ft (300 m) west of the DC and centered on the 675 m elevation; and
- Hole 520-EX286-45 grading 80.3 g/t gold over 0.73 m at the 2,100 ft (650 m) elevation.
Five surface drill holes have recently been completed targeting base metal and gold mineralization. Hole 17BF-621, located down the dip of the near surface mineralization returned 23.6% zinc, 15.0% lead, 0.15 g/t gold, 277 g/t silver over 5.10 m (not true width).Two underground drills were also mobilized, one targeting the down dip projection of the surface base metal and gold zone, and the second tracing the Deep Tamarack zone up dip at the 1,650 and 2,000 ft (500 and 600 m) elevations. Hole 520-EX582-45 located 260 ft (80 m) up dip of Deep Tamarack returned 5.6% zinc, 0.4% lead, 0.5 g/t gold and 9.8 g/t silver over 5.97 m, including 40.8% zinc over 0.37 m (not true width). In 2017, six underground holes from the 1,700 ft (520 m) elevation were drilled to refresh the understanding of a tight cluster of historic holes that define the Deep Tamarack zone. Drill holes tested the 2,450 and 2,800 ft (750 and 850 m) elevations on approximately 160 ft (50 m) horizontal spacing around the historic holes. Significant intersections of gold and base metal mineralization (not always coincident) include:
- Hole 520-EX582-40 grading 5.4 g/t gold over 4.70 m; and
- Hole 520-EX584-42 grading 10.4 % zinc, 1.3% lead, 1.43 g/t gold, 18 g/t silver over 2.00 m (not true width) in semi-massive sulfide mineralization.
McEwen has a total of 337 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 24% of McEwen.QUALIFIED PERSON Technical information pertaining to geology and exploration contained in this news release has been prepared under the supervision of Dean Crick. Mr. Crick is a "qualified person" within the meaning of NI 43-101. TECHNICAL INFORMATIONBlack Fox Complex drilling was conducted by Norex Drilling supervised by McEwen's Geology Department. All exploration drill core samples at the Black Fox Complex were submitted as 1/2 core and analyses reported herein were performed by the independent laboratories: Accurassay Laboratories, which is ISO/IEC 17025 certified, ALS Laboratories, which is ISO 9001/IEC17025 certified, Activation Labs, which is ISO 9001/IEC17025 certified, SGS Canada Laboratories, which is ISO9001/IEC17025 certified, and Swastika Laboratories, which is ISO 17025 certified. Samples from definition and select delineation drilling, and development sampling completed within the Black Fox mine are assayed at McEwen's onsite laboratory. McEwen's quality control program includes systematic insertion of blanks, standard reference material and duplicates to ensure laboratory accuracy. To determine the lengths of significant mineralised intervals, the following composite criteria was established: a minimum reportable interval length of 3 m was determined by establishing a cut off grade of 3.4 g/t Au for underground (1 g/t Au for near surface). A consecutive maximum length of 3 m of internal waste, including sub cut-off grade material, is allowed and incorporated into the reported composites. Where an interval of less than 3 m is considered, if the grade x length calculation is greater than 10, it may be reported. There is no top cutting or capping of assays. CAUTION CONCERNING FORWARD-LOOKING STATEMENTSThis news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results including, but not limited to, the closing of the Offering and the use of proceeds thereof. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks related to fluctuations in mine production rates, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. The Company's dividend policy will be reviewed periodically by the Board of Directors and is subject to change based on certain factors such as the capital needs of the Company and its future operating results. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement. The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.
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