Northwire Canada EditionThursday, November 12, 2026
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Gold 3,869.00 −3.3% Silver 49.85 −4.1% Copper 6.18 −1.7% Oil 86.65 +0.1% Palladium 986.75 −5.7% TWO 0.370 +0.0% BIG 0.940 −1.1% VCG 1.10 +0.0% SCD 0.150 +3.5% GAL 0.370 −0.7% SAG 0.640 −3.0% VIZ 0.195 +0.0% SAGA 0.375 −6.2% ZEN 0.530 −3.6% TDG 0.490 +0.0% GDP 0.250 +8.7% PDN 8.41 +0.0% FL 0.355 −1.4% RIO 2.59 −3.0% COSA 0.280 −9.7% DML 3.00 −4.0% Gold 3,869.00 −3.3% Silver 49.85 −4.1% Copper 6.18 −1.7% Oil 86.65 +0.1% Palladium 986.75 −5.7% TWO 0.370 +0.0% BIG 0.940 −1.1% VCG 1.10 +0.0% SCD 0.150 +3.5% GAL 0.370 −0.7% SAG 0.640 −3.0% VIZ 0.195 +0.0% SAGA 0.375 −6.2% ZEN 0.530 −3.6% TDG 0.490 +0.0% GDP 0.250 +8.7% PDN 8.41 +0.0% FL 0.355 −1.4% RIO 2.59 −3.0% COSA 0.280 −9.7% DML 3.00 −4.0%
Resource Estimate

2025 Year-End Resource Estimate - Grey Fox Project: +23% Indicated to 1.9 Million Gold Ounces; Inferred 436,000 Gold Ounces; Upcoming Prefeasibility Study in Q2 2026

By The Northwire Desk — AI Analysis Jan 20, 2026 · 06:00 MUX · 31.9 McEwen Inc.
MUX · Price

Executive Summary

  • McEwen Inc. announced its Year‑End 2025 mineral resource estimate for the Grey Fox project, reporting 1.9 M ounces Indicated and 436 k ounces Inferred gold resources – a 23 % increase in Indicated ounces versus 2024.
  • The estimate incorporates both underground and open‑pit mining scenarios ahead of a Pre‑Feasibility Study (PFS) slated for Q2 2026, with plans to accelerate underground zones (Gibson & Whiskey Jack) and evaluate expanded open‑pit potential.
  • Recent drill results (e.g., 10.1 g/t Au over 5.8 m) and the acquisition of the adjacent Stroud Property (historical ~270 k oz) provide upside to further grow the resource; $5‑$10 M is budgeted for additional drilling in 2026.

Key Details

  • Resource Totals (2025):
  • Indicated: 1,892,000 oz Au (19,474 kt @ 3.02 g/t)
  • Inferred: 436,000 oz Au (5,101 kt @ 2.66 g/t)
  • Growth vs. 2024: +23 % Indicated ounces; +18 % Inferred ounces.
  • Underground Zones:
  • Gibson Zone – Indicated 393 k oz (4.5 Mt @ 2.72 g/t); Inferred 297 k oz (3.6 Mt @ 2.59 g/t).
  • Whiskey Jack – Indicated 122 k oz (735 kt @ 5.16 g/t); Inferred 5 k oz (27 kt @ 5.84 g/t).
  • Open‑Pit Component: Resource modeled within current claim footprint; potential expansion pending land agreement with adjacent owner.
  • Stroud Property: Acquired 2024; historical estimate ~270 k oz Au (non‑NI 43‑101); 6,000 m of verification drilling completed in 2025; full resource estimate to be released with next Fox Complex update.
  • Recent Drill Highlights (post‑cut‑off):
  • Hole 25GF‑1597: 10.1 g/t Au over 5.8 m
  • Hole 25GF‑1599: 5.2 g/t Au over 5.4 m
  • Hole 25GF‑1605: 23.8 g/t Au over 1.6 m (press release 2 Sep 2025)
  • Budget for 2026 Drilling: $5–$10 M allocated to further delineate Grey Fox resources.
  • PFS Timeline: Planned publication in Q2 2026; will evaluate accelerated underground mining using existing ramp and infrastructure, plus open‑pit scenarios to maximize long‑term value.
  • Technical Reviewers (Qualified Persons): Sean Farrell (Exploration Manager), Luke Willis (Director of Resource Modelling), Kevin Bromfield (Project Director – Grey Fox).

Notable Quotes

“Grey Fox will be an important part of the Company’s goal of doubling production by 2030, as we continue the Fox Complex’s transition into a long‑life mining operation.” – McEwen Management

All forward‑looking statements are subject to risks and uncertainties detailed in the release.

Read the original news release →

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