McEwen Inc 8-K, filed Mar 19, 2020
McEwen Inc. (MUX)
About this 8-K
McEwen Inc filed this 8-K on March 19, 2020, reporting on events of March 17, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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).
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| Item 7.01 | Regulation FD Disclosure |
On March 17, 2020, McEwen Mining Inc. held a conference call to discuss a summary of its fourth quarter and full-year 2019 financial and operating results and certain exploration and development plans for the future. A copy of the Power Point slides used in conjunction with the presentation by management on the call 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 and Exhibits. |
| (d) | Exhibits. The following exhibit is furnished with this report: |
| 99.1 | Power Point slides dated March 17, 2020 |
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |
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 exploration, development, construction and production activities. Factors that could cause actual results to differ materially from projections or estimates include, among others, metal prices, economic and market conditions, operating costs, receipt of permits, receipt of working capital, future drilling results and the effect of the recent coronavirus pandemic, as well as other factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, 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: March 17, 2020 | By: | /s/ Carmen Diges |
| Carmen Diges, General Counsel | ||
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Exhibit 99.1
March 17, 2020 Results for the Quarter and Year Ended December 31, 2019
MUX Cautionary Statement Risk adverse? Forget about buying our shares. Past performance is unreliable in predicting the future. Unexpected events can happen and can change forecasts.
Financial Results
Operating Results
MUX Froome Mine – Work Plan Froome Deposit Black Fox Deposit Section Looking North - East
MUX Typical Transverse Level Typical Longitudinal Level 1 1 1 1 1 2 2 2 2 2 4 Ramp Level Access Ore Pass Fresh Air/ Egress Raises Cross Cut Transverse Stope 1 1 2 2 3 3 4 Ramp Waste Pass Level Access Ore Pass Longitudinal Stope Sill PLAN – 195 masl Waste Pass Fresh Air/ Egress Raises
MUX Ontario Operations – Conceptual Long Term Vision Gold Production
Exploration Stock West Stock East Grey Fox Gold Bar Stock West
▪ Stock West ▪ Grey Fox ▪ Black Fox Mine ▪ Gold Bar South 2019 Exploration Highlights Discovered a significant new zone of mineralization Significantly increased the Indicated Resource and generated highly positive drill intersections at several targets in the area Positive results near existing active mining areas, with new underground developments that allowed us to drill the west and depth extensions Upgraded the mineral resource, defined zones of higher grade mineralization and opened extensions for potential growth
MUX Stock Property Exploration Review 6.4g/t Au / 42m 5.6g/t Au / 30m 27.2g/t Au / 7m Stock East mineralized zone Selected 2019 drill intersections 34.7g/t Au / 6.5m Lengths presented are core lengths 63.6g/t Au / 6.2m 2.5g/t Au / 21.8m 10.9g/t Au / 5.5m 7.7g/t Au / 25m 6.3g/t Au / 19m 4.2g/t Au / 14.5m 5.6g/t Au / 29.1m 1km Stock West Stock East New Discovery Mineral Inventory based on 31 holes 121 Koz Ind. Resource: 83 Koz @ 1.26 g/t Open Pit (0.5 g/t cog, 50 o pit) 38 Koz @ 3.19 g/t Underground (2.4 g/t cog) Stock Mine 137 Koz @ 5.48 g/t historical production High grade intersections beneath old workings and on depth extension
MUX - 200m - 400m - 600m - 800m - 1000m - 1200m - 200m - 400m - 600m - 800m - 1000m 5.24g/t Au / 14.8m incl. 19.2g/t Au / 2.9m 9.6g/t Au / 7.2m incl. 25.2g/t Au / 2.7m 34.7g/t Au / 6.5m incl. 74.1g/t Au / 3m 5.6g/t Au / 30m incl. 9.1g/t Au / 13m 63.6g/t Au / 6.2m incl. 317g/t Au / 1.2m 5.5g/t Au / 29.7m 7.7g/t Au / 25m incl. 11.2g/t Au / 16.2m 6.5g/t Au / 19m 6.7g/t Au / 39m 4.2g/t Au / 14.5m incl. 12.2g/t Au / 3.4m 3.3g/t Au / 17m incl. 5.8g/t Au / 9m Stock Deep 1000 m Indicated Resource: 121 Koz ▪ OP: 83 Koz @ 1.26 g/t Au ▪ UG: 38 Koz @ 3.19 g/t Au 2020 Infill & Step - out Drilling 27.2g/t Au / 7m incl. 311g/t Au / 0.6m 5.6g/t Au / 3.3m, 14.1g/t Au / 1.8 incl. 30.1g/t Au / 0.8m, Stock West New Discovery (Mineral Inventory ) Stock Mine 137 Koz @ 5.48 g/t historical production High grade intersections beneath old workings and on depth extension 2020 Focus at Stock West Mineralization over 3 km Mine Trend Stock East 0
MUX - 200m - 400m - 600m - 800m - 1000m - 1200m - 200m - 400m - 600m - 800m - 1000m Stock West Stock Mine 27.2g/t Au / 7m incl. 311g/t Au/ 0.6m 5.6g/t Au / 3.3m, 14.1g/t Au / 1.8 incl. 30.1g/t Au/ 0.8m Stock Deep 0 2020 Infill & Step - out Drilling 5.6g/t Au / 30m incl. 9.1g/t Au / 13m 5.5g/t Au / 29.7m 7.7g/t Au / 25m incl. 11.2g/t Au / 16.2m 6.5g/t Au / 19m 6.7g/t Au / 39m 4.2g/t Au / 14.5m incl. 12.2g/t Au / 3.4m Incl. 60.2g/t / 9m Stock Mine - N2 Zone Extension
147 Zone 1 Km (0.6 miles) Mar 2020 147NE South Zone Contact Zone Whiskey Jack Mafic Volcanics Ultramafic Volcanics Sedimentary Rocks Syenite Intrusion Mafic Volcanics Gibson Lengths presented are core lengths. 147 Zone 4 g/t Au / 34 m, incl. 7 g/t Au / 14 m 120.5 g/t Au / 1.1 m 9.6 g/t Au / 6.6 m , incl. 48.6 g/t Au / 1 m 147NE 265 g/t Au / 1.2 m 261 g/t Au / 0.6 m 39.5 g/t Au / 3.8 m , incl. 143 g/t Au / 1 m Contact Zone 14.1 g/t Au / 4.2 m , incl. 25.2 g/t Au / 2.2 m South Zone 10.9 g/t Au / 18.8 m , incl. 19.6 g/t Au / 5 m 13.6 g/t Au / 15 m , incl. 126.5 g/t Au / 1 m 29.1 g/t Au / 5 m , incl. 36 g/t Au / 4 m Gibson 28 g/t Au / 9 m , incl. 242 g/t Au / 1 m 26.7 g/t Au / 8 m , incl. 519 g/t Au / 0.4 m 5.5 g/t Au / 12.5 m , incl. 17.4 g/t Au / 3 m Whiskey Jack 9 g/t Au / 44 m , incl. 9.9 g/t Au / 39 m 53 g/t Au / 7.4 m , incl. 58.9 g/t Au / 6.6 m 9.7 g/t Au / 13 m , incl. 14.1 g/t Au / 8.4 m Mineral Inventory: 115 - 160 Koz @ 5g/t Au (cog 3.6 g/t) Mineralized Structure Gold Mineralization Best Hits 2019 (>50 GXM) High upside potential to continue growing the resource YE 2018 Indicated 465 Koz @ 6.6 g/t Au Inferred 100 Koz @ 6.8 g/t Au YE 2019* +155 Koz Indicated to 620 Koz @ 7.2 g/t Au +34 Koz Inferred to 133 Koz @ 6.3 g/t Au Grey Fox Global Resource Increase *See updated Grey Fox Resource Statement as per our March 16 th , 2020 press release.
MUX Black Fox Mine – Longitudinal Section 0.5 Km (0.3 miles) Froome Lengths presented are estimated true widths. 50 to 100 30 to 50 20 to 30 10 to 20 Au g/t x Core Length (m) 5 to 10 100 to 150 > 150 300W 490CZ 660W HQZ 810 Exp 335W 300W 79.2 g/t Au / 2.6m incl. 197.5 g/t Au / 1m 11.4 g/t Au / 3m incl. 57.7 g/t Au / 0.4m 78 g/t Au / 1.8m, 40.6 g/t Au / 3.3m incl. 152.5 g/t Au / 0.8m 13.9 g/t Au / 4.6m incl. 59.5 g/t Au / 0.8m 20.2 g/t Au / 2.5m incl. 52.8 g/t Au / 0.8m 200m (650 ft) 104.8 g/t Au / 1.5m incl. 232 g/t Au / 0.7m 35.1 g/t Au / 1.7m incl. 55.1 g/t Au / 1m ( Sep 6, 2018)
Development Concepts
MUX Unconstrained Pit Grey Fox – Open Pit Concept NORTH Contact Zone Section Looking South - West 147 Zone South Zone Gibson Portal Scenario 2 – open pit only, mining up to property boundary Contact Zone 147 Zone South Zone Gibson Portal Property Boundary NORTH 147 NE (Underground Design Shown For Comparison)
MUX Grey Fox – Underground Concept Fresh Air Raise To Surface Contact Zone Gibson Portal Section Looking South - West 147 Zone 147 NE Database Cut - off July 2nd 320m 114m 287el 245el 173el Scenario 1 – Underground Only Primary access via Gibson Ramp requiring Fresh Air Raise for ventilation and second egress
MUX Stock West Concept • Target the 400 m elevation – approximately 3,200 m of development at 5 m/day single drive = 1.8 years to get there. • Conduct exploration drilling from underground (cost savings) and possible bulk sample. • Production ventilation current concept same as Froome – twin the ramp from bottom level of the old Stock Mine over to Stock West for fresh air and exhaust drifts. Stock West Discovery Concept Down Ramp Existing Raises Concept Portal Fresh Air Raise Stock Shaft Fresh Air Raise Bottom Level of old Stock Mine 400mL Surface Elevation
Gold Bar Resources & Exploration
MUX Gold Bar Complex 6 km Gold Bar Process Plant Legend McEwen Property Gold Resource Faults Gold Bar Gold Bar South
MUX Resource Update M&I: 64 Koz @ 1.07 g/t Au Inf: 9 Koz @ 0.72 g/t Au 1.27 g/t / 16.8m 1.02 gpt / 36.6m 2.19 gpt / 59.4m 6.66 gpt / 24.4m 0.95 gpt / 19.81m 1.99 gpt / 21.3m 2.14 gpt / 54.9m 1.72 g/t / 10.7m 200m Potential Extension Au Mineralization 1.03 gpt / 35.05m Resource pit outline 0.46 gpt / 38.1m 1.67 gpt / 38.1m 3.41 gpt / 53.3m Gold Bar South 2019
March 17, 2020 Results for the Quarter and Year Ended December 31, 2019