McEwen Mining Inc
For the period ended Jun 30, 2024. Filed Aug 7, 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.
Jun 30, 2024 · Filed Aug 7, 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.
During the first half of 2024, Los Azules spent $85.7 million in exploration expenditures at the Los Azules copper project in Argentina. These funds primarily supported key activities required to complete our planned feasibility study, such as an extensive drilling program, and the completion of geological and hydrological models. Our feasibility study is expected to be published in the first half of 2025.
McEwen Copper spent $37.5 million dollars in Q2/24 advancing the following exploration activities:
Drilling Program
Our drilling initiative for this season commenced in October 2023 and concluded in June 2024. During the 2023-2024 drilling campaign, we successfully completed approximately 230,800 feet (70,364 meters) of drilling. The Los Azules drill hole database for Q2/24 now totals approximately 710,000 feet (217,000 meters).
2023-2024 Preliminary Assay Results
Preliminary assay results from the 2023-2024 drilling season have been received and analyzed during H1/24. 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) |
| ● | 349 m of 0.77% Cu, including 232 m of 0.86% Cu in the Enriched zone (Hole AZ23292) |
| ● | 382 m of 0.54% Cu, including 74 m of 0.86% Cu in the Enriched zone (Hole AZ23277) |
Further details on our assay results were included in our press releases dated February 26, 2024 and May 16, 2024.
Environmental Impact Assessment
The first presentation of the Environmental Impact Assessment to the Technical Evaluation Commission (“CIEAM”) was delivered on November 24, 2023. Comments raised by CIEAM 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.
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