McEwen Mining announced that its 2025 Mineral Resource Estimate for the Grey Fox Project in the Fox Complex now contains 1.9 million indicated gold ounces and 436,000 inferred ounces, a 23 % rise in indicated ounces compared with the 2024 estimate. The estimate was prepared using a $3,000 per ounce gold price and incorporates new drill results received after the 2025 cut‑off date.
The update highlights two high‑grade drill intercepts: a 10.1 gpt gold over 5.8 m from hole 25GF‑1597 and a 23.8 gpt gold over 1.6 m from hole 25GF‑1605. McEwen plans to spend $5–$10 million on additional drilling at Grey Fox in 2026, with the goal of further expanding the resource and supporting its target of doubling production by 2030. The company also noted that the adjacent Stroud Property, acquired in 2024, contains a historical resource of roughly 270,000 ounces that could be validated and added to the Grey Fox resource base.
Strategically, Grey Fox is a key component of the Fox Complex, which McEwen intends to transform into a long‑life operation. The resource expansion strengthens the company’s gold pipeline and complements the Los Azules copper project, which is progressing toward a feasibility study in Q2 2026. Management emphasized that the increased indicated ounces provide a clearer path to the 2030 production target and enhance the overall value of the Fox Complex.
The company’s guidance for 2026 includes a planned pre‑feasibility study for Grey Fox and a continued focus on optimizing mine and plant design. Management highlighted that the higher cut‑off and incorporation of open‑pit mining methods have contributed to the resource growth, while the conversion of some inferred ounces to indicated status reflects improved confidence in the resource model. These developments signal strong execution and a commitment to extending the mine life.
Investors reacted positively to the announcement, reflecting confidence in the expanded resource base and the company’s long‑term growth strategy.
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