McEwen Mining Inc.


8.0% Stream @ $566/oz*

Acquisition Date

2010 / Nov / 09

The Black Fox Mine is located outside of Matheson, Ontario in the Timmins Gold District. Black Fox began operating as an open pit mine and transitioned to underground operations in 2011. Underground ore is extracted using a combination of long hole stoping, cut and fill, and narrow vein mining methods. Ore is accessed from a series of declines branching off from the main ramp to surface. The underground mine at Black Fox begins at the bottom of the open pit approximately 200 metres below surface and is expected to extend to more than 800 metres in depth.

Ore mined at Black Fox is transported to the Black Fox mill, located 28 km away, and is fed into a 2,400 tpd grinding circuit which includes a two-stage closed circuit ball mill. Soluble gold is recovered by adsorption on activated carbon using carbon-in-column, carbon-in-leach, and carbon-in-pulp processes yielding recoveries of 90% to 95% on average.

As of December 2018, the Probable Mineral Reserve at Black Fox underground was 89 kozs of gold contained in 0.4 Mt at a grade of 6.3 g/t (3.55 g/t cut-off). The Indicated Resource at Black Fox underground was 472 kozs contained in 1.9 Mt at 7.7 g/t gold (3.0 g/t cut-off inclusive of Reserves).


Recent Activities

January 2021
McEwen closed a private placement of approximately US$13 million. The proceeds will be used to fund the development of the Froome deposit. McEwen reported that they will be completing the access ramp to the Froome deposit in late Q1 2021 and expect to reach commercial production in Q4 2021.

October 2020
Development of the underground access to the Froome deposit is on track, having advanced 47% by the end of the third quarter of 2020.

*6.3% on Black Fox Ext. including a portion of the Pike River concessions


Black Fox


Black Fox Royalty Map
Black Fox Royalty Map