McEwen Mining Inc.


8.0% Stream @ $551/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 October 31, 2017 the Proven and Probable Mineral Reserves at the Black Fox underground was 113 kozs of gold contained in 0.4 Mt at a grade of 8.9 g/t (3.72 g/t cut-off ). The Measured and Indicated Resource at the Black Fox underground, as of March 31, 2018, was 576 kozs contained in 2.3 Mt at 7.9 g/t gold (3.0 g/t cut-off inclusive of Reserves).


Recent Activities

September 2018
McEwen released an updated resource estimate for the Froome Deposit as well as exploration results from their $15 million exploration program at the Black Fox Complex. As of August 31, 2018 the Indicated Mineral Resource at Froome was 181 kozs contained in 1.1 Mt at 5.1 g/t gold (3.2 g/t cut-off ).

July 2018
During the first half of 2018, a total of 66,900 metres of exploration drilling was completed at the Black Fox Complex. Drilling during the second quarter has identified a mineralized structure in the footwall approximately 150 metres north of the Froome deposit. The gold-bearing trend hosts clusters of positive drill intersections that may lead to the definition of additional zones of mineralization proximal to the Froome deposit.

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


Black Fox


Black Fox Royalty Map
Black Fox Royalty Map