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The Gold Bar South oxide deposit is about 3.5 miles from the company's Gold Bar mine. Economic studies and permitting are underway with the aim of incorporating Gold Bar South into the overall mine plan so openpit development could begin in late 2020.
McEwen, which last week purchased rights to the adjacent Gold Canyon property from Fremont Gold, as well as other strategic claims near Gold Bar, continues to explore in the region area. At Pot Canyon, reverse circulation holes are testing the lateral and vertical extent of a near-surface target where extensive alteration (silicification) and brecciation occurs at surface.
Deep core drilling is also testing a target below Pot Canyon for potentially large Carlin-type gold mineralisation, with initial results due later in August.
Shares in McEwen Mining (TSX:MUX) are trading at C$2.39, valuing the company at $867 million.
