McEwen Mining Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
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Los Azules Project
Los Azules, San Juan, Argentina
The Los Azules project is one of the world’s largest undeveloped open-pit copper porphyry copper deposits and is located in the Province of San Juan, Argentina. Key highlights of our Q1/24 activities include.
Drilling Program
Our 2023-2024 drilling program began in October 2023. By March 31, 2024, we completed approximately 185,000 feet (56,500 meters) of drilling consisting of resource, metallurgical, geotechnical, and hydrogeological targets, in addition to drilling for condemnation and stability. The Los Azules drill hole database now totals approximately 664,000 feet (203,000 meters).
2023-2024 Preliminary Assay Results
Preliminary assay results from the 2023-2024 drilling season have been received and analyzed during Q1/24. These assay results include significant copper values over wide intercepts and align with those predicted by the resource block model used in the June 2023 Preliminary Economic Assessment (“PEA”) for Los Azules. Drill highlights include:
| ● | 257 m of 0.76% Cu, within the enriched zone (Hole AZ23205) |
| ● | 446 m of 0.63% Cu, including 76 m of 0.92% Cu (Hole AZ23228) |
| ● | 250 m of 0.68% Cu, in the Enriched zone, including 192 m of 0.83% Cu (Hole AZ23230) |
Further details on our assay results were released in our press release dated February 26, 2024.
Improved Copper Recovery
The Phase 1 copper heap leaching metallurgical tests conducted at SGS Chile Limitada in Santiago, Chile demonstrated an average copper recovery of 76.0% using conventional bio-heap leaching technology. This marks a notable increase of 3.2% compared to the recovery rate utilized in the 2023 PEA, representing a potential after tax NPV(8%) increase of approximately $262 million. Further details are included in our press release dated February 22, 2024.
Environmental Impact Assessment
The first presentation of the Environmental Impact Assessment to the Technical Evaluation Commission (“CIEAM”) was developed on November 24, 2023. The Company convened a technical exhibition meeting with members of the government's technical commission to discuss the assessment of the environmental impact report on exploitation. The comments raised primarily focused on water management and the preservation of onsite meadows/wetlands. Furthermore, additional works and infrastructure needs identified by the Company were addressed during the meeting.
Following this presentation, in April 2024, CIEAM visited our Los Azules site for two days to continue their evaluation of our Environmental Impact Assessment.
Investment in McEwen Copper
Our 47.7% attributable share of operations, including exploration costs, from our investment in McEwen Copper resulted in the recognition of a loss of $18.0 million in Q1/24.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.