Canada-based McEwen Mining is developing a new mining operation at the Stock property of the Fox Complex, in Timmins, Ontario.
The Stock property, which includes the former Stock mill and mine, has yielded about 137 000 oz of gold from an underground operation between 1989 and 2005.
McEwen’s exploration has delineated three deposits: East, Main and West.
According to McEwen’s development plan, pre-construction activities of the Stock portal have started, facilitating access to the three gold zones, West, Main and East.
The company targets production to start in the second half of 2025, with initial operations focusing on the East zone. This area, bolstered by a recent increase in resource estimates, is expected to contribute significantly to early production and cash flow, setting the stage for further development across the site.
McEwen Mining’s decision to advance operations at the Stock property is underpinned by several strategic advantages over its current Froome mine operation. Unlike Froome mine, which is deeper underground and located 35 km away from the Stock mill, the Stock property offers closer proximity to existing infrastructure. This geographical advantage translates into significantly lower transportation costs, enhancing operational efficiency and cost-effectiveness.
Furthermore, the geological characteristics of the Stock ore, particularly its softer work index compared to materials processed at Froome, are expected to support higher mill throughput and increased gold production. This positions the Stock property to bolster McEwen Mining’s output and financial performance over the long term.
Another notable advantage of the Stock property is its exemption from royalties for a substantial portion of its resources, unlike the Froome mine. This advantageous financial structure further enhances the profitability and economic viability of McEwen Mining’s operations at the Fox Complex.
Looking ahead, McEwen Mining plans to concurrently develop access to all three gold zones – East, Main, and West – through strategic ramp constructions. This phased approach will optimize the extraction of mineral resources, ensuring sustainable production and long-term profitability for the company.