Mcewen mining inc. announces exploration drilling at the gold bar mine continues to expand mineralization
Mcewen mining inc. reported on near surface and deep exploration drilling progress at its gold bar mine property in nevada, where the company commenced commercial production earlier this year. deep drilling program has begun to test for deep gold in sulfide targets similar to barrick gold’s latest discoveries gold rush and fourmile, which are located on trend 25 miles north of the gold bar property. the first deep drill hole is completed and was a geological success as it confirmed the presence of the right host rock units over a large intercept of 1,217 ft. (370 m), which contained anomalous gold-pathfinder elements and alteration indicating hydrothermal fluid movement through the rock formation, but it did not contain any gold values. a second deep hole, located 3.2 miles (5.2 km) away, is in progress. the gold bar mine deposits host gold reserves of 524,000 ounces at 0.029 opt (1 g/t) within measured and indicated gold resource of 720,000 ounces, and inferred gold resources of 106,000 ounces (as of dec. 31, 2018). the gold bar south deposit contains a further estimated indicated resource of 3,488 ktons at 0.029 opt (1 g/t) for 100,000 gold ounces. gold bar south is located 3.5 miles (5.6 km) southeast of the gold bar mine. a 60-hole drill program is underway at gold bar south with the goal of increasing the gold bar mine’s life beyond its current 7.4 years. results have been received for 32 new holes, which have shown mineralization extending below the 2018 conceptual open pit mine boundary. this drilling has encountered an area of higher-grade oxide mineralization of >0.06 opt (>2 g/t), which currently measures 50 m wide, 50 m long and 50 m thick. it is a zone of silicification and breccia bounded by ne and nw trending faults. a resource update for gold bar south will be completed by the end of the year, and a new reserve statement will be published in january 2020. the gold bar mine property is located on the prolific battle mountain - eureka trend, which includes the nearby cortez district and the recent world-class discoveries gold rush and fourmile. gold bar has several similarities to cortez including: a large mineralization and alteration footprint of 3 miles x 7.5 miles (5 km x 12 km), nw-se structural controls to mineralization, and the same age and type of host rocks. gold bar already has a significant gold endowment of 1.7 million ounces and is still under-explored, particularly at depth, compared to many mine properties in nevada. two deep holes are planned this year to test for higher-grade gold mineralization at depth. one hole has been completed at pot canyon near the wall fault, which is the extension of the cortez fault, and a second hole is currently being drilled at cabin creek. the first hole (gb470) intersected near-surface mineralization, returning 0.8 g/t gold over 23.8 m oxide, and 1.3 g/t gold over 16.2 m sulfide from 11-51 m below surface. at depth the hole was targeting the roberts mountain and hanson creek stratigraphy, which it intersected over a length of 1,217 ft. (370 m) starting at a depth of 3,900 ft. (1,200 m). analysis showed alteration (remobilized carbon) and anomalous pathfinder elements suggesting mineralization potential within this formation. the second deep hole at cabin creek is targeting roberts mountain and hanson creek-hosted mineralization at an estimated depth of 2,500 ft. (750 m). so far, the drill hole has encountered 377 ft. (84 m) of jasperoid from a depth of 2,000 ft. (600 m), that is interpreted to be silicified roberts mountain formation, again suggesting mineralization potential within the formation. no assays are completed and the hole is continuing deeper.
