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McEwen Mining is putting money into exploration to better outline its future areas of gold mining in the Timmins area.
The Toronto gold company announced last week it’s raised $22 million through flow-through shares to fund ongoing exploration and development in northeastern Ontario. McEwen didn’t specify in a news release which properties are earmarked for funding.
In the last year, McEwen has focused much of its efforts on the Stock Property at its larger Fox Complex outside Matheson.
The Stock West discovery is expected to be McEwen’s next area of production in a couple of years.
The company has spent a lot of money on exploration in the area of the former Stock Mine and the attached mill where it’s processing all the material coming from the Fox Mine and the Froome deposit.
Previous gold mining at Stock stopped at a depth of 330 metres but exploration shows promising grades deeper down at 600 metres. The company began drilling to the west of the Stock Mine and discovered Stock West. Development planning began a few years ago to mine there after finishing at Froome.
With Stock West close to the mill, McEwen decided to access it by ramp. Exploration drilling began around the portal and good gold grades were found. The Ramp Portal Zone provides the opportunity to generate early cash flow to fund a portion of the ramp.
Pending receipt of permits, construction of the ramp is planned to start in 2024.
