McEwen Mining Secures 50/50 JV on Nevada Gold Property with 341K Au EQ Ounces Inferred Resource
MUX has more than doubled off its 52-week low of $6.88 on light trading volume (0.2× avg).
Summary
McEwen Mining Inc. has entered into a 50/50 joint venture agreement with Iconic Minerals Ltd. to advance the New Pass gold property in Nevada. The 2,140-hectare property hosts an inferred mineral resource of 341,750 gold equivalent ounces, with plans for an initial 20-30 hole drill program targeting resource expansion. This formalizes an existing option agreement and positions McEwen to participate in the development of a prospective Carlin-type gold system. This partnership is a positive step for McEwen, adding a new exploration asset with significant potential to its portfolio, building on the company's recent return to profitability and operational improvements. The focus on expanding known mineralization could materially enhance project value and future production prospects.
At the time of this announcement, MUX was trading at $24.54 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $1.5B. The 52-week trading range was $6.88 to $29.70. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: TMX Newsfile.