Mcewen Inc. (NYSE/TSX: MUX) has announced the final drill results for the Tartan Mine Project, near Flin Flon, Manitoba. The company completed the acquisition of Tartan on January 5, 2026, through the purchase of Canadian Gold Corp. The updated mineral resource estimate is expected to be released by the end of February and will be used to develop future plans as the company targets doubling production by 2030.
The highlights from the recent results include an intercept of 7.5 grams per tonne (gpt) gold over 18.9 meters, expanding the gold mineralization along the western flank beyond the previous result reported by Canadian Gold Corp., which returned 12.3 gpt gold over 14.0 meters in November 2025.
The objective of the ongoing drilling is to increase the number of ounces per vertical meter, which could allow for higher annual gold production in a potential mine restart while driving economies of scale to lower production and development costs. The success along the western flank shows the strike length of the main zone has expanded from 100 meters near the surface to approximately 150 meters at depth. Additional drill results along the western flank returned 6.6 gpt gold over 7.0 meters and 4.9 gpt gold over 7.9 meters, expanding the gold mineralization approximately 30 meters further to the west, over a vertical distance of 80 meters.
The company is currently budgeting $3 million for exploration at Tartan in 2026 and plans to increase this total if strong results continue to be delivered throughout Q1. Since drilling was restarted by Canadian Gold in 2023, 35 of the 39 drill holes (approximately 90%) have successfully intersected what the company believes to be potentially economic mineralization at the main zone.
The Tartan Mine, located approximately 12 km northeast of Flin Flon, Manitoba within the Flin Flon Greenstone Belt, produced approximately 47,000 ounces of gold before shutting down due to a decline in the gold price and mechanical challenges. The last NI 43-101 resource estimate, published in 2017 by Satori Resources Inc., showed indicated resources of 240,000 ounces gold and inferred resources of 37,000 ounces gold.
The results, combined with planned investment into exploration, are expected to allow Tartan to become one of the company’s key growth drivers as it moves towards its goal of doubling production by 2030. The company aims to leverage existing mine infrastructure and the high-grade gold at Tartan to keep capital costs low and develop the mine in phases.
Mcewen Inc. provides its shareholders with exposure to a growing base of gold and silver production, in addition to a large copper development project, all in the Americas. The company also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company deploying PhotonAssay™ units around the world, a technology poised to become the new industry standard for assaying precious and base metals.
It is important to note that the scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., consulting geologist for the company, and a qualified person as defined under National Instrument 43-101. The drill core samples were collected by Canadian Gold Corp. and transported for preparation and assay by Paragon Geochemical in Surrey, BC. As a result of these announcements, the company's shares have moved 2.19% on the market, and are now trading at a price of $22.83. For more information, read the company's full 8-K submission here.
