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McEwen Copper Announces Completion of the Feasibility Drilling Program

16.05.2024  |  GlobeNewswire

70,000 meters completed, highlights include:

349.0 m of 0.77% Cu, including 232.0 m of 0.86% Cu (AZ23292)

382.5 m of 0.54% Cu, including 74.0 m of 0.86% Cu (AZ23277)

TORONTO, May 16, 2024 -- McEwen Copper Inc., 47.7% owned by McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to provide the assay results from the currently completed drill season at the Los Azules project in Argentina. The prime objectives of this season's infill drilling campaign were: 1. to confirm the size and grade of the deposit as compared to the 2023 PEA estimate and upgrade the resource categories for the upcoming feasibility study; 2. test for extensions of mineralization beyond the current pit shell; and 3. explore our large property package for other mineralized areas.

Based on the assay results received to date, our first objective appears to have been met. Initial interpretation suggests that our infill drilling will result in an increase in Measured and Indicated resources and an overall mineral inventory within 5% of the PEA estimate. Testing for extensions beyond the planned pit has successfully encountered mineralization both to the north and to the south. Primary mineralization was intercepted (202.0 m of 0.20% Cu) over 400 meters north of last year's deep exploration hole, confirming its extension at depth a significant distance to the north. Exploration south of the planned pit has intercepted the principal mineralized intrusive more than 700 meters south of previous drill intercepts and indicates that prospective intrusives continue well to the south of the pit.

Exploration over our property has produced an intriguing target, late in the season. Initial results of a concession-wide regional mapping and sampling campaign have identified strong evidence of a large porphyry system 3 kilometers east of the Los Azules deposit. Porphyry-style veining and quartz vein stockworks with copper oxide mineralization have been recognized within this new target, with assay results pending.

Additionally, this news release covers all results from the first half of the 2023-24 drill program (see Table 1). Final results will be published when all the geochemistry is completed.

The objective of the 2023-2024 drilling campaign is to collect all the necessary information to support the completion of the Los Azules Feasibility Study by early 2025. This information continues to arrive and will be processed in the following months. Resource drilling is focused on converting all the mineralization to be mined in the first 5 years to Measured and Indicated resource, to increase confidence during the payback period. Geotechnical, metallurgical, hydrogeological, exploration, and condemnation drilling are also being performed.

Highlights

  • Hole AZ23292 returned an intercept of 349 m of 0.77% Cu (approx. true thickness). The Enriched zone portion of this hole extends over 346 meters and includes an intercept of 232 m of 0.86% Cu.
  • Hole AZ23277 has an intercept of 382.5 m of 0.54% Cu (approx. true thickness). The Enriched zone portion of this hole extends over 306 meters with a grade of 0.61% Cu and includes an intercept of 74 m of 0.86% Cu.

Results

Results are summarized in two schematic cross sections (Figures 2 and 3), which include simplified interpretations of the Overburden, Leached, Enriched and Primary zones. The Enriched mineral zone refers to the enrichment of a copper deposit by precipitation-derived water circulation that carries copper minerals downward through the rocks to accumulate in a thick, often horizontal "blanket". Immediately above the Enriched zone is the Leached zone, from which copper was removed and transported. Weathering and oxidation often aid in this process. Below the Enriched zone, the Primary (or Hypogene) zone is formed by ascending copper-rich fluids having a much deeper magmatic origin. The green line on the sections indicates the pit floor of the 30-year pit shell from the 2023 NI 43-101 Preliminary Economic Assessment (PEA).

Figure 1 presents a plan view of the location of two sections and the holes reported. Adjacent cross sections are located 50 m apart from each other, starting with the lowest numbered section at the south end of the deposit and progressing to the north.

Figure 1 - Plan View Location of Cross-sections and Drill Holes Reported in this News Release


Figure 2 displays an intercept of 349 m grading 0.77% Cu (AZ23292) and includes 232 m grading 0.86% Cu within the Enriched zone. This hole extends higher-grade Enriched zone mineralization in the center of the section to the east and at depth.

Figure 2 - Section 40 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)


Figure 3 highlights a 382.5 m interval grading 0.54% Cu (AZ23277) and includes an interval of 74 m grading 0.86% Cu within the Enriched zone. This hole extends higher-grade mineralization in the eastern portion of the Enriched zone to the east and at depth.

Figure 3 - Section 52 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)


Growing the Deposit

Exploration hole AZ23241 (Figure 4) intersected a long interval of low-grade mineralization in the Primary Zone (202.0 m of 0.20% Cu) and began to enter higher-grade mineralization at the end of the hole (12.0 m of 0.44% Cu). This hole is located completely outside of the 2023 PEA base case mineable pit shell. This hole is over 400 meters to the north of exploration hole AZ22174, also located outside of the 2023 PEA base case mineable pit shell, which encountered 1,052.0 m of 0.29% Cu including 480 m of 0.42% Cu (Figure 4). These intercepts suggest that primary mineralization continues at depth a significant distance to the north. Exploration drilling south of the deposit has extended the presence of the early mineral porphyry more than 700 meters south of previous drilling and well outside of the southern pit boundary. This porphyry is host for the majority of the mineralization at Los Azules and encountering it a significant distance farther south indicates that the deposit may also continue in this direction. Assays for these holes are pending.

A comprehensive structural model for the deposit has been completed that will provide a better understanding of structural controls on the deposit and aid in future exploration work. Field verification of a previous property-wide structural study using satellite information was carried out in January and has refined the identification of nearby exploration targets.

Figure 4 - North-South Longitudinal Section (Looking East) With Deep Exploration Holes to the North and Exploration Holes to the South With Early Mineral Porphyry Shown in Red

Indications of Another Porphyry Copper System Nearby

To date, geological mapping and geochemical sampling has been focused primarily near the Los Azules deposit and only covers roughly 40% of our large concession. To address this limitation, a mapping and sampling campaign was begun in December, to obtain 100% coverage of our concession.

Early results of this work have identified a large new porphyry system 3 kilometers east of Los Azules. Preliminary work has identified porphyry-style veining and alteration, indicating the presence of a porphyry copper system. Areas with strong quartz vein stockworking and the recognition of copper oxides at surface add to the prospectiveness of this newly identified area (Figure 5).

Figure 5 - Quartz Stockwork Veining and Copper Oxides Identified at Surface in Porphyry Copper System 3 Kilometers East of Los Azules

Table 1 summarizes copper (Cu), gold (Au) and silver (Ag) assay results received from October 2023 to December 31, 2023.

Table 1 - Recent Los Azules Drilling Results

Hole-ID

Section

Predominant
Mineral Zone
From
(m)
To
(m)
Length
(m)
Cu
%
Au
(g/t)
Ag
(g/t)
Comment

AZ23238 50-51 Total 102.0 201.0 99.0 1.02 0.07 2.75
Enriched 102.0 201.0 99.0 1.02 0.07 2.75
AZ23239 35 Total 48.0 225.5 177.5 0.61 0.07 1.61
Enriched 48.0 225.5 177.5 0.61 0.07 1.61 Incl. 86.0m of 0.76% Cu
AZ23240 41 Total 104.0 224.5 120.5 0.98 0.11 1.53
Enriched 104.0 224.5 120.5 0.98 0.11 1.53 Incl. 112.5m of 1.04% Cu
AZ23241 71 Total 18.0 740.0 722.0 0.11 0.01 0.63
Enriched 18.0 300.0 282.0 0.07 0.01 0.60
Primary 538.0 740.0 202.0 0.20 0.01 0.72 Incl. 12.0m of 0.44% Cu
AZ23242 45 Total 86.0 200.0 114.0 0.92 0.08 1.77
Enriched 86.0 200.0 114.0 0.92 0.08 1.77
AZ23243 46 Total 82.0 150.0 68.0 0.53 0.04 1.26
Enriched 82.0 150.0 68.0 0.53 0.04 1.26
AZ23244A 43-44 Total 92.0 230.3 138.3 0.54 0.05 1.66
Enriched 92.0 230.3 138.3 0.54 0.05 1.66 Incl. 112.0m of 0.63% Cu
AZ23245 43 Total 86.0 220.7 134.7 0.99 0.06 1.74
Enriched 86.0 220.7 134.7 0.99 0.06 1.74
AZ23246 39-38 Total 123.0 235.1 112.1 1.04 0.11 2.34
Enriched 123.0 235.1 112.1 1.04 0.11 2.34 Incl. 81.1m of 1.15% Cu
AZ23248 42 Total 98.0 227.0 129.0 0.87 0.08 1.71
Enriched 98.0 227.0 129.0 0.87 0.08 1.71 Incl. 93.0m of 1.02% Cu
AZ23249 40 Total 88.0 219.6 131.6 0.37 0.05 1.08
Enriched 88.0 219.6 131.6 0.37 0.05 1.08 Incl. 52.0m of 0.46% Cu
AZ23250 38 Total 114.0 210.0 96.0 0.69 0.06 1.05
Enriched 114.0 210.0 96.0 0.69 0.06 1.05
AZ23251 56 Total 82.0 430.8 348.8 0.37 0.05 1.65
Enriched 82.0 198.0 116.0 0.40 0.03 1.10 Incl. 40.0m of 0.67% Cu
Primary 198.0 430.8 232.8 0.36 0.06 1.93
AZ23252 54 Total 86.0 172.1 86.1 0.52 0.07 1.22
Enriched 86.0 172.1 86.1 0.52 0.07 1.22
AZ23253 36 Total 96.0 307.0 211.0 0.28 0.01 0.35
Enriched 96.0 290.0 194.0 0.29 0.01 0.36
Primary 290.0 307.0 17.0 0.19 0.02 0.25
AZ23254 41 Total 147.5 200.0 52.5 0.27 0.05 2.23
Enriched 147.5 200.0 52.5 0.27 0.05 2.23 Incl. 18.5m of 0.57% Cu
AZ23255 45 Total 120.5 253.7 133.2 0.55 0.04 1.36
Enriched 120.5 253.7 133.2 0.55 0.04 1.36 Incl. 64.0m of 0.74% Cu
AZ23257 39 Total 87.0 202.0 115.0 0.28 0.04 1.50
Enriched 87.0 202.0 115.0 0.28 0.04 1.50 Incl. 24.0m of 0.60% Cu
AZ23258A 28 Total 62.0 347.0 285.0 0.50 0.05 0.95
Enriched 62.0 300.0 238.0 0.56 0.06 0.87 Incl. 142.0m of 0.63% Cu
Primary 300.0 347.0 47.0 0.22 0.03 1.34
AZ23259MET 50 Total 115.0 347.0 232.0 0.46 0.02 0.93
Enriched 115.0 334.0 219.0 0.48 0.02 0.96 Incl. 114.0m of 0.73% Cu
Primary 334.0 347.0 13.0 0.12 0.02 0.55
AZ23260 32 Total 102.0 313.0 211.0 0.40 0.03 1.05
Enriched 102.0 313.0 211.0 0.40 0.03 1.05 Incl. 56.0m of 0.71% Cu
AZ23261 33 Total 98.0 299.0 201.0 0.40 0.03 0.74
Enriched 98.0 299.0 201.0 0.40 0.03 0.74 Incl. 20.0m of 0.81% Cu
AZ23262 36 Total 98.0 191.0 93.0 0.45 0.07 0.79
Enriched 98.0 191.0 93.0 0.45 0.07 0.79 Incl. 46.0m of 0.59% Cu
AZ23263 37 Total 170.0 318.5 148.5 0.59 0.09 2.26
Enriched 170.0 282.0 112.0 0.64 0.07 1.77
Primary 282.0 318.5 36.5 0.47 0.14 3.77
AZ23264 55 Total 78.5 276.0 197.5 0.63 0.10 2.91
Enriched 78.5 268.0 189.5 0.64 0.10 2.93 Incl. 64.0m of 0.91% Cu
Primary 268.0 276.0 8.0 0.32 0.10 2.47
AZ23265 54 Total 150.2 281.0 130.8 0.48 0.06 1.05
Enriched 150.2 281.0 130.8 0.48 0.06 1.05 Incl. 77.8m of 0.57% Cu
AZ23267 29 Total 66.0 218.0 152.0 0.51 0.06 0.79
Enriched 66.0 218.0 152.0 0.51 0.06 0.79 Incl. 110m of 0.63% Cu
AZ23268 50 Total 102.0 249.5 147.5 0.35 0.02 1.01
Enriched 102.0 249.5 147.5 0.35 0.02 1.01
AZ23269 31 Total 122.0 222.5 100.5 0.55 0.05 1.66
Enriched 122.0 222.5 100.5 0.55 0.05 1.66
AZ23271 26 Total 192.0 393.5 201.5 0.15 0.01 0.60
Enriched 192.0 390.0 198.0 0.16 0.01 0.58
Primary 390.0 393.5 3.5 0.07 0.04 1.66
AZ23273 25 Total 64.0 289.0 225.0 0.50 0.08 1.37
Enriched 64.0 289.0 225.0 0.50 0.08 1.37 Incl. 120m of 0.77% Cu
AZ23274 53 Total 72.0 207.4 135.4 0.81 0.06 2.24
Enriched 72.0 207.4 135.4 0.81 0.06 2.24
AZ23275 33 Total 60.0 216.5 156.5 0.91 0.08 1.44
Enriched 60.0 208.0 148.0 0.93 0.08 1.44 Incl. 78m of 1.19% Cu
Primary 208.0 216.5 8.5 0.63 0.07 1.43
AZ23276 53 Total 104.0 209.8 105.8 0.38 0.05 1.21
Enriched 104.0 209.8 105.8 0.38 0.05 1.21 Incl. 58m of 0.57% Cu
AZ23277 52 Total 94.0 476.5 382.5 0.54 0.10 2.33
Enriched 94.0 400.0 306.0 0.61 0.11 2.62 Incl. 74m of 0.86% Cu
Primary 400.0 476.5 76.5 0.25 0.06 1.20
AZ23279 53 Total 55.8 192.5 136.7 0.41 0.06 2.50
Enriched 55.8 192.5 136.7 0.41 0.06 2.50
AZ23280 56 Total 34.0 485.5 451.5 0.33 0.05 1.72
Enriched 34.0 485.5 451.5 0.33 0.05 1.72 Incl. 80m of 0.56% Cu
AZ23282A 30 Total 166.0 354.5 188.5 0.15 0.00 0.40
Enriched 166.0 354.5 188.5 0.15 0.00 0.40
AZ23283 25 Total 165.0 342.5 177.5 0.70 0.06 1.82
Enriched 165.0 342.5 177.5 0.70 0.06 1.82 Incl. 112m of 0.91% Cu
AZ23284 27 Total 55.3 264.8 209.5 0.52 0.11 1.37
Enriched 55.3 236.0 180.7 0.54 0.11 1.36 Incl. 112m of 0.67% Cu
Primary 236.0 264.8 28.8 0.44 0.09 1.46
AZ23285 59 Total 90.0 256.6 166.6 0.10 0.01 0.64
Enriched 90.0 174.0 84.0 0.14 0.01 0.68
Primary 174.0 256.6 82.6 0.08 0.00 0.59
AZ23286 48 Total 143.2 329.0 185.8 0.09 0.02 0.68
Enriched 143.2 258.0 114.8 0.08 0.02 0.86
Primary 258.0 329.0 71.0 0.11 0.02 0.38
AZ23289 49 Total 152.0 278.0 126.0 0.73 0.06 2.76
Enriched 152.0 278.0 126.0 0.73 0.06 2.76
AZ23290 51 Total 136.0 260.1 124.1 0.53 0.05 1.63
Enriched 136.0 260.1 124.1 0.53 0.05 1.63
AZ23291 47 Total 102.0 241.5 139.5 0.67 0.06 3.26
Enriched 102.0 241.5 139.5 0.67 0.06 3.26 Incl. 60m of 0.89% Cu
AZ23292 40 Total 114.0 463.0 349.0 0.77 0.10 2.11
Enriched 114.0 460.0 346.0 0.77 0.10 2.09 Incl. 232m of 0.86% Cu
Primary 460.0 463.0 3.0 0.72 0.30 3.93
AZ23293 44 Total 73.0 382.7 309.7 0.28 0.03 1.99
Enriched 73.0 218.0 145.0 0.38 0.06 3.57 Incl. 56m of 0.66% Cu
Primary 218.0 382.7 164.7 0.20 0.01 0.60
AZ23294 30 Total 90.0 218.0 128.0 0.41 0.15 6.78
Enriched 90.0 218.0 128.0 0.41 0.15 6.78 Incl. 16m of 0.74% Cu
AZ23297A 47 Total 74.0 360.5 286.5 0.42 0.05 1.35
Enriched 74.0 360.5 286.5 0.42 0.05 1.35 Incl. 26m of 0.73% Cu
AZ23298 5a Total 294.0 600.5 306.5 0.16 0.03 1.29
Enriched 294.0 396.0 102.0 0.20 0.03 0.66
Primary 396.0 600.5 204.5 0.15 0.03 1.61
AZ23299B 23 Total 94.0 310.0 216.0 0.21 0.25 1.41
Enriched 94.0 254.0 160.0 0.24 0.31 1.71
Primary 254.0 310.0 56.0 0.12 0.07 0.56
AZ23300 42 Total 102.0 241.0 139.0 1.01 0.08 2.43
Enriched 102.0 241.0 139.0 1.01 0.08 2.43
AZ23301 40 Total 188.0 398.0 210.0 0.18 0.02 0.81
Enriched 188.0 398.0 210.0 0.18 0.02 0.81
AZ23303 30 Total 106.0 285.0 179.0 0.53 0.05 5.48
Enriched 106.0 234.0 128.0 0.62 0.07 7.16 Incl. 92m of 0.78% Cu
Primary 234.0 285.0 51.0 0.31 0.01 1.27
AZ23304 44 Total 134.0 387.5 253.5 0.17 0.02 0.58
Enriched 134.0 387.5 253.5 0.17 0.02 0.58
AZ23306 40 Total 172.0 476.0 304.0 0.45 0.05 1.34
Enriched 172.0 476.0 304.0 0.45 0.05 1.34
AZ23307 55 Total 134.0 184.8 50.8 0.18 0.03 0.52
Enriched 134.0 184.8 50.8 0.18 0.03 0.52
AZ23309 28 Total 88.0 299.0 211.0 0.45 0.03 1.13
Enriched 88.0 266.0 178.0 0.49 0.03 1.22 Incl. 26m of 0.92% Cu
Primary 266.0 299.0 33.0 0.22 0.04 0.69
AZ23310 26 Total 74.0 369.6 295.6 0.20 0.03 0.83
Enriched 74.0 369.6 295.6 0.20 0.03 0.83
AZ23311 44 Total 94.0 513.0 419.0 0.40 0.03 1.12
Enriched 94.0 276.0 182.0 0.39 0.01 0.38 Incl. 52m of 0.54% Cu
Primary 276.0 513.0 237.0 0.40 0.04 1.69 Incl. 66m of 0.79% Cu
AZ23312 55 Total 114.0 212.5 98.5 0.36 0.02 0.50
Enriched 114.0 194.0 80.0 0.41 0.02 0.55 Incl. 26m of 0.74% Cu
Primary 194.0 212.5 18.5 0.15 0.02 0.28
AZ23314 37 Total 102.0 316.5 214.5 0.64 0.06 1.10
Enriched 102.0 300.0 198.0 0.66 0.06 1.12 Incl. 84m of 0.89% Cu
Primary 300.0 316.5 16.5 0.36 0.05 0.81
AZ23315 37 Total 72.0 206.4 134.4 0.32 0.10 1.84
Enriched 72.0 206.4 134.4 0.32 0.10 1.84 Incl. 72.4m of 0.57% Cu


Technical information

The technical content of this press release has been reviewed and approved by Darren King, Director of Exploration of McEwen Copper, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

All samples were collected in accordance with generally accepted industry standards. Drill core samples, usually taken at 2 m intervals, were split and submitted to the Alex Stewart International laboratory located in the Province of Mendoza, Argentina, for the following assays: gold determination using fire fusion assay and an atomic absorption spectroscopy finish (Au4-30); a 39 multi-element suite using ICP-OES analysis (ICP-AR 39); copper content determination using a sequential copper analysis (Cu-Sequential LMC-140). An additional 19-element analysis (ICP-ORE) was performed for samples with high sulphide content and that exceeded the limits of the ICP-OES analysis.

The company conducts a Quality Assurance/Quality Control program in accordance with NI 43-101 and industry best practices using a combination of standards and blanks on approximately one out of every 25 samples. Results are monitored as final certificates are received, and any re-assay requests are sent back immediately. Pulp and preparation sample analyses are also performed as part of the QAQC process. Approximately 5% of the sample pulps are sent to a secondary laboratory for control purposes. In addition, the laboratory performs its own internal QAQC checks, with results made available on certificates for Company review.

Table 2 - Hole Locations and Lengths for Los Azules Drilling Results

HOLE-ID Azimuth Dip Length Loc X Loc Y Loc Z
AZ23238 205 -71 201.00 2383108.93 6559892.69 3618.48
AZ23239 90 -73 225.50 2383291.79 6559109.63 3638.32
AZ23240 250 -70 224.50 2383349.87 6559430.59 3635.63
AZ23241 250 -70 740.00 2382746.14 6560826.06 3653.29
AZ23242 257 -72 200.00 2383341.59 6559657.16 3634.88
AZ23243 47 -80 150.00 2383312.1 6559713.31 3627.57
AZ23244A 250 -75 230.30 2383422.55 6559609.27 3664.48
AZ23245 270 -73 220.70 2383360.72 6559558.82 3637.93
AZ23246 236 -69 235.10 2383377.45 6559341.84 3639.54
AZ23248 242 -72 227.00 2383367.74 6559510.9 3638.59
AZ23249 248 -74 219.60 2382962.63 6559241.34 3638.21
AZ23250 238 -74 210.00 2383217.21 6559241.98 3631.86
AZ23251 250 -80 430.75 2383008.71 6560126.27 3626.21
AZ23252 216 -70 172.10 2382956.7 6560008.3 3617.5
AZ23253 70 -77 307.00 2383018.5 6559063.1 3655.9
AZ23254 251 -68 200.00 2383490.5 6559498.8 3682.1
AZ23255 70 -76 253.70 2383341.6 6559657.1 3646.8
AZ23257 60 -70 202.00 2383376.7 6559342.8 3650.5
AZ23258A 250 -74 83.00 2383557 6558832 3663.9
AZ23259MET 250 -74 347.00 2382844.65 6559742.72 3604.22
AZ23260 250 -83 313.00 2383256.27 6558935.42 3666.58
AZ23261 250 -72 299.00 2383310.44 6559019.34 3645.87
AZ23262 54 -85 191.00 2383383.41 6559180.01 3642.08
AZ23263 250 -68 318.50 2383451.34 6559272.72 3647.94
AZ23264 70 -75 276.00 2382965.36 6560055.22 3611.83
AZ23265 70 -74 281.00 2383082.7 6560043.5 3628.43
AZ23267 246 -67 218.00 2383570.34 6558891.55 3657.03
AZ23268 70 -72 249.50 2383155.92 6559856.86 3620.7
AZ23269 50 -70 222.50 2383305.74 6558902.25 3658.88
AZ23271 250 -73 393.50 2383765.83 6558804.49 3697.56
AZ23273 250 -73 289.00 2383435.28 6558680.31 3666.67
AZ23274 70 -69 207.40 2382936.99 6559938.48 3600.47
AZ23275 270 -68 216.50 2383441.31 6559053.13 3649.14
AZ23276 250 -73 209.80 2383236.54 6560054.57 3638.55
AZ23277 250 -76 476.50 2383155.65 6559962.6 3624.46
AZ23279 250 -69 192.50 2383096.12 6559997.05 3621.08
AZ23280 70 -80 485.50 2382886.31 6560080.64 3604.87
AZ23282A 70 -77 354.50 2383640.7 6558970 3670.87
AZ23283 70 -73 342.50 2383333.26 6558591.57 3672.27
AZ23284 218 -72 264.80 2383478.28 6558753.12 3656.6
AZ23285 189 -73 256.60 2382660.09 6560140.26 3592.24
AZ23286 250 -71 329.00 2383559.06 6559895.32 3663.26
AZ23289 232 -69 278.00 2383144.1 6559821.65 3618.66
AZ23290 250 -69 260.10 2383018.48 6559838.85 3609.93
AZ23291 256 -61 241.50 2383211.83 6559701.44 3619.15
AZ23292 250 -79 463.00 2383366.47 6559401.53 3637.6
AZ23293 250 -79 382.70 2382848.48 6559430.82 3629.84
AZ23294 70 -73 218.00 2382951.62 6558714.14 3677.95
AZ23297A 90 -67 360.50 2383321.5 6559783.34 3626.56
AZ23298 250 -70 600.50 2383827.28 6557218.92 3837.42
AZ23299B 56 -73 310.00 2383214.16 6558423.55 3683.88
AZ23300 250 -73 241.00 2383411.5 6559520.86 3651.4
AZ23301 250 -80 398.00 2383641.55 6559506.34 3719.38
AZ23303 70 -73 285.00 2382745.01 6558655.69 3744.74
AZ23304 250 -76 387.50 2383619.16 6559706.95 3704.2
AZ23306 250 -80 476.00 2383532.54 6559463.46 3689.28
AZ23307 127 -65 184.80 2383162.23 6560107.98 3662.57
AZ23309 250 -75 299.00 2383384.57 6558763.83 3663.04
AZ23310 63 -74 369.60 2383203.62 6558579.65 3671.41
AZ23311 70 -73 513.00 2382847.94 6559431.92 3629.79
AZ23312 70 -76 212.50 2383168.16 6560109.28 3662.59
AZ23314 70 -73 316.50 2383163.31 6559169.16 3652.25
AZ23315 70 -71 206.40 2383220.02 6559188.86 3642.63
Coordinates listed in Table 2 based on Gauss Kruger - POSGAR 94 Zone 2

ABOUT MCEWEN COPPER

McEwen Copper is a well-funded, private company which owns 100% of the large, advanced-stage Los Azules copper project, located in the San Juan province, Argentina. McEwen Copper is a 47.7%-owned private subsidiary of McEwen Mining, which has the ticker MUX on NYSE and TSX.

Los Azules is being designed to be distinctly different from a conventional copper mine, consuming significantly less water, emitting much lower carbon and progressing towards carbon neutral by 2038, and being powered by 100% renewable electricity once in operation. In June 2023, an updated Preliminary Economic Assessment (PEA) was released, which projects a long life of mine, short payback period, low production cost per pound, high annual copper production and a 21.2% after-tax IRR.

ABOUT MCEWEN MINING

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. McEwen Mining also holds a 47.7% interest in McEwen Copper, which is developing the large, advanced-stage Los Azules copper project in Argentina. The Company's goal is to improve the productivity and life of its assets with the objective of increasing the share price and providing a yield. Rob McEwen, Chairman and Chief Owner, has a personal investment in the companies of US$220 million. His annual salary is US$1.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This 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. 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, effects of the COVID-19 pandemic, 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 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. 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, 2023, 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 the management of McEwen Mining Inc.

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WEB SITE SOCIAL MEDIA
www.mcewenmining.com McEwen Mining
Facebook: facebook.com/mcewenmining
LinkedIn: linkedin.com/company/mcewen-mining-inc-
CONTACT INFORMATION Twitter: twitter.com/mcewenmining
150 King Street West Instagram: instagram.com/mcewenmining
Suite 2800, PO Box 24
Toronto, ON, Canada McEwen Copper
Facebook: facebook.com/ mcewencopper
M5H 1J9 LinkedIn: linkedin.com/company/mcewencopper
Twitter: twitter.com/mcewencopper
Relationship with Investors: Instagram: instagram.com/mcewencopper
(866)-441-0690 - Toll free line
(647)-258-0395 Rob McEwen
Facebook: facebook.com/mcewenrob
Mihaela Iancu ext. 320 LinkedIn: linkedin.com/in/robert-mcewen-646ab24
info@mcewenmining.com Twitter: twitter.com/robmcewenmux


Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/33c694f2-b6ae-456d-a566-32248720fdce

https://www.globenewswire.com/NewsRoom/AttachmentNg/16722842-96dd-4a47-beac-2263e2b7337a

https://www.globenewswire.com/NewsRoom/AttachmentNg/8146c956-b3b7-446f-a436-9f7bf9c98461

https://www.globenewswire.com/NewsRoom/AttachmentNg/23733c85-b899-4512-a8b4-5fc735c5f6bb

https://www.globenewswire.com/NewsRoom/AttachmentNg/fcde6690-9948-4c5a-b459-d2cac0c41ebd



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McEwen Mining Inc.
Bergbau
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US58039P1075

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