お知らせ • Mar 23
McEwen Inc. Reports Tartan Mine Project Gold Mineral Resource Estimate
McEwen Inc. reported its Mineral Resource Estimate for the Tartan Mine Project, located in Flin Flon, Manitoba. The Mineral Resource Estimate outlines 308,900 Indicated gold ounces and 302,700 Inferred gold ounces (calculated using a gold price of USD 3,000 per ounce), with good potential to increase the size of the resource through additional drilling: 1) Immediately around the resource, along the Western and Eastern Flanks of the Main Zone 2) Vertically at the Main and South Zones, and 3) On the adjoining, optioned Tartan West property to the west, where good gold grades have been reported in recent surface samples and historic drill holes. The Tartan Mine Project forms part of the Company’s goal of doubling production to 250,000-300,000 gold ounces by 2030. McEwen expects initial annual production at Tartan to average approximately 30,000 gold ounces, with the potential to expand throughput through future permit modifications. The Company believes that doubling the potential mill capacity from 500 tonnes per day (tpd) to 1,000 tpd could see production grow to 45,000 - 55,000 ounces per year. Indicated Resources 308,900 gold ounces (2,619,000 tonnes @ 3.67 gpt gold). Inferred Resources 302,700 gold ounces (2,832,900 tonnes @ 3.32 gpt gold). Exploration budget of USD 6 million in 2026 to expand the resource and test near mine/regional drill targets. Metallurgical test work is underway to optimize process plant design, along with underground mine planning. Reviewing existing environmental licenses to operate within the current 500 tpd authorization. The Tartan Mine is located approximately 12 kilometers northeast of Flin Flon, Manitoba, within the Flin Flon Greenstone Belt. Early exploration began in the 1920s, with construction of the Tartan Mine in the mid-1980s. Mining began in 1987 with a 250 tpd mill, which was further expanded to 500 tpd. The mine produced approximately 47,000 ounces of gold before shutting down in 1989 due to a decline in the gold price and mechanical challenges. Mineral Resources are reported using the 2014 CIM Definition Standards. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Reasonable Prospects for Eventual Economic Extraction (RPEEE) were demonstrated using Mineable Stope Optimizer (MSO) shapes for the underground. Mineral Resources are reported above economic cut-off grades of 1.35 gpt gold for the assumed underground extraction methods and based on mining costs of USD 67.72/t (UG), process cost of USD 30.77/t, G&A cost of USD 16.60/t, metallurgical recovery of 90% and a gold price of USD 3,000/oz. The resource includes the “must take” material contained in the economic MSO shapes, some of which might be below the COG used for defining the shapes. No external dilution was included in resource totals. Effective date of the Mineral Resource Estimate is December 31, 2025. Numbers may not sum due to rounding. The previous NI 43-101 resource estimate for the Tartan Mine Project, which is now considered historical and should not be relied upon, was published in 2017 by Satori Resources Inc. (which became Canadian Gold Corp. and was subsequently acquired by McEwen in January 2026). A direct comparison between the 2017 and 2026 Mineral Resource Estimates is not possible, as the 2026 estimate used a lower cut-off grade and Mineable Stope Optimizer (MSO) shapes to constrain the underground resources. To help investors understand the growth since the last estimate, the Company has prepared a table using the same 3.0 gpt cut-off that was used to calculate the 2017 resource. 2026 at Cut-off Grade 3.0 gpt Au: Indicated 1,229,700 tonnes @ 5.94 gpt gold, 234,700 ounces. Inferred 1,263,600 tonnes @ 5.16 gpt gold, 209,500 ounces. 2017 at Cut-off Grade 3.0 gpt Au: Indicated 1,180,000 tonnes @ 6.32 gpt gold, 240,000 ounces. Inferred 240,000 tonnes @ 4.89 gpt gold, 37,000 ounces. Drill results located at the edges of the current Mineral Resource Estimate highlight the potential to grow the resource with additional drilling. The Company is budgeting USD 6 million for drilling at Tartan in 2026. Drill results along the Western-Eastern Flanks, including at depth where the zone remains open: Western Flank: TLMZ25-51W3 7.5 gpt gold, 18.9 meters; TLMZ25-49 12.3 gpt gold, 14.0 meters; TLMZ25-51W1 6.6 gpt gold, 7.0 meters. Eastern Flank: TLMZ21-01 9.7 gpt gold, 4.2 meters; TLMZ23-26W1 6.6 gpt gold, 6.0 meters; TLMZ23-26W6 12.6 gpt gold, 2.9 meters. Depth Potential: TLMZ23-26 4.2 gpt gold, 53.7 meters; TLMZ23-26W5 12.7 gpt gold, 3.2 meters. McEwen continues to advance the Tartan Mine Project as part of its broader strategy to double production to between 250,000 and 300,000 gold ounces per year by 2030. Beyond the Mineral Resource Estimate, the Company is evaluating mine restart scenarios at Tartan. Metallurgical optimization is a key area of focus, with test work and engineering also reviewing cyanide-free recovery technologies. Underground mine plans are advancing for restarting operations at 500 tpd, the rate at which the mine previously operated, targeting initial production of approximately 30,000 gold ounces per year. McEwen is also reviewing its current environmental license and the work required to restart operations. The Company believes Tartan has the potential to expand operations to 1,000 tpd and support production of 45,000-55,000 gold ounces per year. Technical information pertaining to the Tartan Mine Project exploration contained in this news release has been prepared under the supervision of Wesley Whymark, P.Geo., Consulting Geologist for McEwen, who is a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects." The technical information related to resource estimates in this news release has been reviewed and approved by Luke Willis, P.Geo., McEwen’s Director of Resource Modelling and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects.