8-K
McEwen Inc. (MUX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) ofthe Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 28, 2022
McEWEN MINING INC.
(Exact name of registrant as specified in its charter)
| Colorado<br> (State or other jurisdiction of<br> incorporation or organization) | 001-33190<br> (Commission File<br> Number) | 84-0796160<br> (I.R.S. Employer<br> Identification No.) |
|---|
150 King Street West, Suite 2800
Toronto, Ontario, Canada M5H 1J9
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number including area code:
(866) 441-0690
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock | MUX | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 7.01 | Regulation FD Disclosure |
|---|
On November 28, 2022, McEwen Mining Inc. (the “Company”) issued a press release providing an update to its exploration program at its Fox Complex property. A copy of that press release is attached to this report as Exhibit 99.1.
The information furnished under this Item 7.01, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by reference to such filing.
Item 9.01 Financial Statements andExhibits.
| (d) | Exhibits. The following exhibit is furnished with this report: |
|---|---|
| 99.1 | Press release dated November 28, 2022 |
| --- | --- |
| 104 | Cover Page Interactive Data File – the cover page XBRL<br>tags are embedded within the Inline<br>XBRL document |
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Cautionary Statement
With the exception of historical matters, the matters discussed in the press release include forward-looking statements within the meaning of applicable securities laws that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained therein. Such forward-looking statements include, among others, statements regarding future production and cost estimates, exploration, development, construction and production activities. Factors that could cause actual results to differ materially from projections or estimates include, among others, the continuing effects of the COVID-19 pandemic and related governmental responses, metal prices, economic and market conditions, operating costs, receipt of permits, receipt of working capital, and future drilling results, as well as other factors described in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2021, and other filings with the United States Securities and Exchange Commission. Most of these factors are beyond the Company’s ability to predict or control. The Company disclaims any obligation to update any forward-looking statement made in the press release, whether as a result of new information, future events, or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| McEWEN MINING INC. | ||
|---|---|---|
| Date: November 28, 2022 | By: | /s/ Carmen Diges |
| Carmen Diges, General Counsel |
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Exhibit 99.1
Good Grades Near Surface, High Grade at Depth
Gold in the Sediments at Grey Fox
TORONTO, November 28,2022 - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report that our ongoing exploration program has identified four new gold veins in the Grey Fox area within the Fox Complex. Drilling results reveal significant gold mineralization in veins within sedimentary rocks with good gold grades near surface and high-grade gold values encountered at depth.
“Whatwe find exciting about this discovery is that the host rock of these veins is very different than the host rock for 98% of Grey Fox’sestimated gold resources of 1.2 million ounces Indicated and 240,000 ounces Inferred. These newly discovered veins are in the sparselyexplored sedimentary rocks. Such rocks are the same primary gold-bearing host rock as our Froome mine, 3 miles north of Grey Fox, andare also one of the important host rocks of some of the largest gold mines in Timmins such as Newmont Mining’s Pamour, Hollingerand Dome mines,” stated Stephen McGibbon, SVP Exploration.
At Grey Fox, gold zones are stacked parallel to a southeast-trending regional flexure in the Destor-Porcupine Fault Zone (DPFZ) (Figure 1). This important regional feature is associated with approximately 3.5 million ounces of gold (past production plus current mineral resources) in the immediate area of Grey Fox.
Figure 1 – Grey Fox - Gibson TargetArea Within the Southeast Trending Flexure of the DPFZ
The four new Grey Fox - Gibson zone veins occur as shallow as 150 meters (m) below surface and, so far, have been traced down to 330 m. The drill core values (assays) are robust and include near surface intersections of 13.1 grams per tonne (g/t) gold (Au) over 7.3 m and 6.3 g/t Au over 5.0 m; and at depth of 29.1 g/t Au over 1.8 m. The advantages of such a shallow location are reduced time and expense for establishing mineral resources and for future mine development.
In our 2021 drilling, hole 21GF-1333 assayed 5.6g/t Au over 10.2 m in sediments, and 250 m to the southwest, hole 21GF-1356 assayed **5.2 g/t Au over 3.1 m core length also in sediments.**Five drill holes from this year’s program have encountered high-grade intercepts or visible gold outside the boundary of our existing gold resources (Table 1). These collective results appear to be on strike and have opened a large corridor of prospective ground. Interpreted dimensions of the Gibson target area extends at least 475 m along strike and to at least 300 m depth. Such dimensionsrepresent a meaningful opportunity for significant resource additions (Figure 2 and 3).
For Geologists
Drilling has encountered multiple quartz veins hosting visible gold and up to 3% sulfides within sericite and carbonate-altered sediments. In some cases, the veins are brecciated and have crustiform (layered or void-filling) textures that are characteristic of Grey Fox. These observations support our interpretation that the veins are an extension of the Grey Fox deposit, are steeply NW-dipping and trending in a NE-SW direction.
Located within the Gibson target area is a surface ramp constructed more than 30 years ago that was used by a previous operator to take a bulk sample and recovered 2,900 oz from 8,500 tonnes with a reported grade of more than 10 g/t Au. The low gold price at that time likely discouraged further development.
This area will be one of our exploration priorities in 2023.
Figure 2 – Plan View of Grey Fox -Gibson Target Area Including Historic Ramp
Figure 3 – Cross Section of GreyFox - Gibson Target Area with Interpreted Vein Sets
Table 1 HighlightDrill Intercepts from the Grey Fox Deposit Program
| Hole ID | From (m) | To (m) | Length (m) | True Width (m) | Au (g/t) | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 21GF-1333* | 378.4 | 382.1 | 3.8 | 2.2 | 5.1 | |||||
| 386.0 | 403.6 | 17.6 | 10.2 | 5.6 | ||||||
| Including | 394.2 | 395.4 | 1.2 | 0.7 | 25.0 | |||||
| 22GF-1363 | 355.0 | 356.3 | 1.3 | 1.1 | 13.0 | |||||
| 407.8 | 413.6 | 5.8 | 4.8 | 3.7 | ||||||
| 443.7 | 446.2 | 2.5 | 1.8 | 29.1 | ||||||
| 22GF-1364 | 149.3 | 150.0 | 0.7 | 0.4 | 5.4 | |||||
| 227.5 | 228.0 | 0.5 | 0.3 | 6.7 | ||||||
| 237.0 | 238.0 | 1.0 | 0.6 | 3.1 | ||||||
| 278.1 | 284.0 | 5.9 | 3.3 | 2.1 | ||||||
| 421.6 | 422.9 | 1.3 | 0.7 | 5.5 | ||||||
| 22GF-1365 | 144.9 | 157.1 | 12.2 | 7.3 | 13.1 | |||||
| 297.0 | 297.9 | 0.9 | 0.6 | 18.2 | ||||||
| 324.6 | 325.8 | 1.2 | 0.7 | 9.5 | ||||||
| 349.0 | 362.2 | 13.2 | 8.0 | 2.8 | ||||||
| Including | 358.9 | 360.0 | 1.2 | 0.7 | 14.2 | |||||
| 22GF-1366 | 148.0 | 155.9 | 7.9 | 5.0 | 6.3 | |||||
| 154.8 | 155.9 | 1.1 | 0.7 | 30.0 | ||||||
| 352.1 | 363.2 | 11.1 | 7.0 | 2.9 | ||||||
| 22GF-1372 | Assays Pending | VG | ||||||||
| * = Previously Released |
For a completelist of drill results at Grey Fox since April 25^th^, 2022, including hole location and alignment, click here: https://www.mcewenmining.com/files/doc_news/archive/2022/2022_11_FoxComplex/Drill_Intercepts_from_the_Grey_Fox_Program.xlsx
TECHNICAL INFORMATION
Technical information pertaining to the Fox Complex exploration contained in this news release has been prepared under the supervision of Sean Farrell, P.Geo., a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects." Fox Complex drilling (including the Grey Fox Program) was supervised by McEwen’s Geology Department. All exploration drill core samples at the Grey Fox were submitted as 1/2 core. Analyses reported herein were usually performed by the fire assay method by the independent laboratories: Pangea Laboratorio (NMX-EC-17025-IMNC-2018, ISO /IEC 17025:2017)
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, contain 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 the 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/A for the fiscal year ended December 31, 2021, 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 notaccept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management ofMcEwen Mining Inc.
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns 68% of McEwen Copper which owns 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 its share price and providing a yield. Its Chairman and Chief Owner has personally provided the company with $220 million and takes an annual salary of $1.
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| Investor Relations:<br><br> <br>(866)-441-0690 Toll-Free<br><br> <br>(647)-258-0395<br><br> <br><br><br> <br>Mihaela Iancu ext. 320<br><br> <br><br><br> <br>info@mcewenmining.com | Website: www.mcewenmining.com<br><br> <br><br><br> <br>Facebook: facebook.com/mcewenmining<br><br> <br>Facebook: facebook.com/mcewenrob<br><br> <br><br><br> <br>Twitter: twitter.com/mcewenmining<br><br> <br>Twitter: twitter.com/robmcewenmux<br><br> <br><br><br> <br>Instagram: instagram.com/mcewenmining | 150 King Street West<br><br> <br>Suite 2800, P.O. Box 24<br><br> <br>Toronto, ON, Canada<br><br> <br>M5H 1J9 | |
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