McEwen Confirms High-Grade Copper Discovery at Los Azules, Argentina

McEwen Copper Inc., 48.3% owned by McEwen Mining Inc. has revealed some recent developments in Argentina. At Los Azules, infill drilling during the 2023-24 season significantly advanced the project, with over 70,000 meters drilled. This drilling upgraded resource categories, validated the geological model, and confirmed the high-grade zone. The extensive drilling has enhanced the geological model's accuracy and extended the supergene enrichment zone's mineralization both laterally and at depth. With resource drilling now complete, the Los Azules Feasibility Study remains on schedule for delivery in early 2025, marking a crucial milestone in the project's development and positioning it for future advancements.

Other announcements includes new legislation introduced by President Milei aimed at attracting substantial domestic and foreign investments to the country. Additionally, a notable US$4.4 billion transaction has been spearheaded by BHP, the world’s largest mining company, and Lundin Mining to acquire two significant copper deposits in the same province as McEwen Copper's Los Azules project.

The drill campaign at Los Azules achieved its key objective by infilling existing drill hole data, which supports the conversion of resources to Measured and Indicated Mineral Resources for inclusion in the Feasibility Study. Alongside this, the campaign also included geotechnical, metallurgical, hydrogeological, and condemnation drilling. These efforts have provided critical data to enhance the study's accuracy and comprehensiveness, ensuring a robust foundation for the project's development and future planning.

Substantial advancements in the geological characterization of the Los Azules deposit have been achieved through an intensive drilling campaign conducted between 2022 and 2024. The drilling has revealed a complex system of copper-bearing early and inter-mineral porphyry dikes and hydrothermal magmatic breccias intersecting a pre-mineral diorite intrusive. These dikes are oriented northwest-southeast and steeply dip to the east. The deposit exhibits variable copper mineralization across different rock types and its vertical profile, with distinct zones including leached, supergene (enriched), and primary (hypogene) mineralization. This zoning is consistent with the characteristics observed in many porphyry copper deposits globally, enhancing the deposit’s geological model and resource estimation.

Los Azules is being designed to stand out from traditional copper mines through its focus on sustainability and efficiency. The project aims to significantly reduce water consumption and carbon emissions, with a goal of achieving carbon neutrality by 2038. Additionally, it will be powered entirely by renewable electricity once operational.

McEwen Copper is a well-capitalized private company that fully owns the significant and advanced-stage Los Azules copper project in San Juan Province, Argentina. As a 48.3%-owned subsidiary of McEwen Mining Inc., McEwen Copper benefits from the expertise and financial backing of its parent company, which is publicly traded on the NYSE and TSX under the ticker MUX. McEwen Mining is a leading global metals producer with a diversified portfolio of gold and silver mining operations across North and South America.