McEwen's Tartan Mine Shows Increase in Inferred Gold Ounces

By Chris Stiles • Wednesday, March 25 04:23 • Permanent Link

McEwen said its Tartan mine project in Flin Flon, Manitoba now carries an estimated 308,900 indicated gold ounces and 302,700 inferred gold ounces, based on a gold price of US$3,000 an ounce.

The indicated resource totals 2.619 million tonnes grading 3.67 grams per tonne, while the inferred resource totals 2.833 million tonnes grading 3.32 grams per tonne.

At a 3.0 g/t cutoff used for comparison with the 2017 estimate, the 2026 model shows 234,700 indicated ounces from 1.230 million tonnes grading 5.94 g/t and 209,500 inferred ounces from 1.264 million tonnes grading 5.16 g/t. In the 2017 model at the same cutoff, indicated resources were 240,000 ounces from 1.180 million tonnes grading 6.32 g/t, while inferred resources were 37,000 ounces from 240,000 tonnes grading 4.89 g/t.

That means inferred ounces at the 3.0 g/t cutoff rose by 172,500 ounces, from 37,000 to 209,500. Indicated ounces at that cutoff fell by 5,300 ounces, from 240,000 to 234,700.

McEwen said recent drilling at the edges of the resource continues to point to expansion. On the western flank, hole TLMZ25-49 returned 12.3 g/t over 14.0 meters, while TLMZ25-51W3 returned 7.5 g/t over 18.9 meters and TLMZ25-51W1 returned 6.6 g/t over 7.0 meters. On the eastern flank, TLMZ23-26W6 returned 12.6 g/t over 2.9 meters, TLMZ23-26W1 returned 6.6 g/t over 6.0 meters, and TLMZ21-01 returned 9.7 g/t over 4.2 meters. At depth, TLMZ23-26 returned 4.2 g/t over 53.7 meters and TLMZ23-26W5 returned 12.7 g/t over 3.2 meters.

The company budgeted $6 million for Tartan exploration in 2026, with work aimed at expanding the resource and testing nearby drill targets.

On development plans, McEwen said it is evaluating restart scenarios at the mine, with initial production targeted at about 30,000 ounces a year at 500 tonnes per day. It also said a future expansion to 1,000 tonnes per day could lift output to 45,000 to 55,000 ounces annually.

The Tartan mine produced about 47,000 ounces before shutting down in 1989. Following these announcements, the company's shares moved 2.19%, and are now trading at a price of $22.83. For more information, read the company's full 8-K submission here.

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