Drilling Commences at High-Grade Gold Surebet Discovery
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 hour ago
0mins
Source: Globenewswire
- Drilling Program Initiated: Drilling has commenced at the high-grade gold Surebet discovery with 2 drills on site and 5 additional drills arriving soon, totaling 7 rigs for the fully funded 50,000-meter drill program planned for 2026, which is expected to significantly enhance resource estimates.
- Expansion Targets: This year's drilling plan focuses on extending the Bonanza and Golden Gate zones, particularly to the East, Northeast, and Southwest, while also expanding the Surebet zone to the West and testing other gold-rich mineralized veins, further validating the area's potential.
- High Visible Gold Rate: To date, 355 out of 386 drill holes (92%) have intersected visible gold (VG-NE), indicating remarkable continuity and richness of mineralization, which is likely to attract increased investor interest.
- Updated Geological Model: A drill core re-logging program is underway based on the updated geological model to better delineate gold-rich shear zones and veins, which is expected to provide more precise guidance for future drilling and enhance the development potential of the site.
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Analyst Views on MUX
Wall Street analysts forecast MUX stock price to rise
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 20.100
Low
21.00
Averages
22.00
High
23.50
Current: 20.100
Low
21.00
Averages
22.00
High
23.50
About MUX
McEwen Inc. is a gold and silver mining production and exploration company. It is involved in a copper development project. Its operations sites include San Jose Mine, Fox Complex, Gold Bar mine, El Gallo Complex, Project Fenix, and Los Azules. The San Jose mine is in the northwest corner of the Deseado Massif region, over 20 kilometers north of Newmont's Cerro Negro mine. The Fox Complex is in the Timmins Gold Mining Camp in Northern Ontario, Canada. The Gold Bar Mine is in the southern Roberts Mountains of the Battle Mountain-Eureka-Cortez gold trend in Eureka County, Central Nevada. The El Gallo Complex is in Mexico’s Sinaloa State, along the foothills of the Sierra Madres Occidental mountain range. Fox West properties are in the heart of Timmins Gold Camp in northern Ontario, Canada. It holds an interest in Tartan Lake Gold Mine Project, which is in the province of Manitoba, Canada. It also holds Jewel Ridge and Jewel Ridge West projects and Lookout Mountain discoveries.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Drilling Commences at High-Grade Gold Surebet Discovery
- Drilling Program Launch: Drilling has commenced at the high-grade gold Surebet discovery, with 2 drills currently on site and plans to increase to 7, targeting 50,000 meters of systematic drilling in 2026 to expand known mineralization and test the potential location of the Motherlode source.
- Expansion Targets: This year's drilling plan focuses on extending the Bonanza and Golden Gate zones, particularly to the East, Northeast, and Southwest, while also testing other gold-rich veins, ensuring further development potential for the mining area.
- Significant Gold Discovery: To date, 100% of the 386 drill holes have intersected gold mineralization, with 92% containing visible gold, demonstrating remarkable continuity and richness, indicating that Surebet could become one of the most significant gold discoveries in British Columbia in recent years.
- Updated Geological Model: A drill core re-logging program is underway based on the updated geological model to better delineate gold-rich shear zones and veins, expected to provide a stronger foundation for further expansion in the 2026 drilling campaign.
See More
Drilling Commences at High-Grade Gold Surebet Discovery
- Drilling Program Initiated: Drilling has commenced at the high-grade gold Surebet discovery with 2 drills on site and 5 additional drills arriving soon, totaling 7 rigs for the fully funded 50,000-meter drill program planned for 2026, which is expected to significantly enhance resource estimates.
- Expansion Targets: This year's drilling plan focuses on extending the Bonanza and Golden Gate zones, particularly to the East, Northeast, and Southwest, while also expanding the Surebet zone to the West and testing other gold-rich mineralized veins, further validating the area's potential.
- High Visible Gold Rate: To date, 355 out of 386 drill holes (92%) have intersected visible gold (VG-NE), indicating remarkable continuity and richness of mineralization, which is likely to attract increased investor interest.
- Updated Geological Model: A drill core re-logging program is underway based on the updated geological model to better delineate gold-rich shear zones and veins, which is expected to provide more precise guidance for future drilling and enhance the development potential of the site.
See More
McEwen Releases Pre-Feasibility Study for Grey Fox Project
- Gold Production Potential: McEwen's pre-feasibility study for the Grey Fox project indicates an expected annual gold production of 87,000 ounces from 2028 to 2041, with potential peaks of 100,000 ounces in 2029, significantly enhancing the company's long-term growth prospects.
- Extended Mine Life: The mine life is projected to extend by 15 years, supporting the company's goal of increasing total annual production to 250,000 to 300,000 gold equivalent ounces by 2030, thereby strengthening its competitive position in the market.
- Self-Funding Capability: With gold prices around $4,000 per ounce, McEwen anticipates that the project will generate sufficient cash flow to self-fund production growth with limited to no share dilution, thus protecting existing shareholders' interests.
- Capital Costs and Resource Upside: The initial capital cost for the Grey Fox mine is estimated at $181 million, and since current reserves account for only 40% of the total resource, there is significant upside potential for reserve growth through resource conversion, enhancing the overall value of the project.
See More
McEwen Inc. Releases Pre-Feasibility Study Results for Grey Fox Project
- Gold Production Outlook: The Grey Fox project is expected to contribute approximately 100,000 ounces of gold to the Fox Complex by 2029, with an average annual production of 87,000 ounces from 2028 to 2041, significantly enhancing the company's overall production capacity and supporting its goal of achieving 250,000 to 300,000 gold equivalent ounces by 2030.
- Capital Expenditure Plan: Initial capital expenditures are estimated at $181 million, allocated as $17 million in 2026, $60 million in 2027, $80 million in 2028, and $24 million in 2029, with funding expected primarily from internal resources and operating cash flow, thereby minimizing equity dilution risks.
- Economic Benefit Analysis: At a gold price of $3,000 per ounce, the project's pre-tax net present value (NPV) is $429 million, with an internal rate of return (IRR) of 31% and a payback period of 3.9 years, indicating strong economic viability and profit potential.
- Community Contribution: The Grey Fox project is anticipated to create 220 full-time jobs over its 15-year mine life, positively impacting the local economy while maintaining close communication with Indigenous communities and local governments to ensure project sustainability.
See More
McEwen Inc. Announces 2026 Annual Meeting Details
- Annual Meeting Announcement: McEwen Inc. will hold its 2026 Annual Meeting on June 4 at 4:30 PM EDT in Toronto, enhancing shareholder engagement and transparency through a live webcast.
- Innovative Q&A Session: Following the meeting, a Bullpen Q&A moderated by Anthony Vaccaro will allow the leadership team to discuss operational performance, growth plans, and market outlook, fostering direct communication between shareholders and management.
- Voting Reminder for Shareholders: Shareholders of record as of April 20, 2026, are encouraged to vote their shares in advance, ensuring their voices are heard during the Annual Meeting, with voting instructions provided in proxy materials.
- Strategic Growth Prospects: McEwen's growth potential in gold and silver production, alongside its large copper development project, particularly the regenerative design of the Los Azules copper project, is expected to significantly contribute to future profitability and shareholder value.
See More
Goliath Resources Launches 2026 Drill Program at Surebet Discovery
- Drill Program Scale: Goliath Resources has initiated its 2026 drill program, which will encompass approximately 50,000 meters of systematic drilling aimed at expanding known mineralization at the Surebet discovery and testing the potential location of the Motherlode source, thereby laying the groundwork for future gold mining development.
- Expansion Potential: Drilling in the Bonanza and Golden Gate zones will extend to the East, Northeast, and Southwest, while the Surebet zone will expand to the West, with all mineralized lodes remaining open, indicating strong potential for new gold discoveries in the area.
- Significant Gold Discovery: To date, all drill holes at the Surebet discovery have successfully intersected gold mineralization, with 92% of holes containing visible gold (VG-NE), underscoring the remarkable continuity and richness of the mineralization system, which could represent one of the most significant gold discoveries in British Columbia in recent years.
- Updated Geological Model: The updated geological model identifies five primary mineralized zones: Bonanza, Surebet, Golden Gate, Whopper, and Eldorado, all demonstrating strong gold mineralization potential, further validating Goliath Resources' strategic value in the region.
See More
Drilling Commences at High-Grade Gold Surebet Discovery
- Drilling Program Launch: Drilling has commenced at the high-grade gold Surebet discovery, with 2 drills currently on site and plans to increase to 7, targeting 50,000 meters of systematic drilling in 2026 to expand known mineralization and test the potential location of the Motherlode source.
- Expansion Targets: This year's drilling plan focuses on extending the Bonanza and Golden Gate zones, particularly to the East, Northeast, and Southwest, while also testing other gold-rich veins, ensuring further development potential for the mining area.
- Significant Gold Discovery: To date, 100% of the 386 drill holes have intersected gold mineralization, with 92% containing visible gold, demonstrating remarkable continuity and richness, indicating that Surebet could become one of the most significant gold discoveries in British Columbia in recent years.
- Updated Geological Model: A drill core re-logging program is underway based on the updated geological model to better delineate gold-rich shear zones and veins, expected to provide a stronger foundation for further expansion in the 2026 drilling campaign.
See More
Drilling Commences at High-Grade Gold Surebet Discovery
- Drilling Program Initiated: Drilling has commenced at the high-grade gold Surebet discovery with 2 drills on site and 5 additional drills arriving soon, totaling 7 rigs for the fully funded 50,000-meter drill program planned for 2026, which is expected to significantly enhance resource estimates.
- Expansion Targets: This year's drilling plan focuses on extending the Bonanza and Golden Gate zones, particularly to the East, Northeast, and Southwest, while also expanding the Surebet zone to the West and testing other gold-rich mineralized veins, further validating the area's potential.
- High Visible Gold Rate: To date, 355 out of 386 drill holes (92%) have intersected visible gold (VG-NE), indicating remarkable continuity and richness of mineralization, which is likely to attract increased investor interest.
- Updated Geological Model: A drill core re-logging program is underway based on the updated geological model to better delineate gold-rich shear zones and veins, which is expected to provide more precise guidance for future drilling and enhance the development potential of the site.
See More
McEwen Releases Pre-Feasibility Study for Grey Fox Project
- Gold Production Potential: McEwen's pre-feasibility study for the Grey Fox project indicates an expected annual gold production of 87,000 ounces from 2028 to 2041, with potential peaks of 100,000 ounces in 2029, significantly enhancing the company's long-term growth prospects.
- Extended Mine Life: The mine life is projected to extend by 15 years, supporting the company's goal of increasing total annual production to 250,000 to 300,000 gold equivalent ounces by 2030, thereby strengthening its competitive position in the market.
- Self-Funding Capability: With gold prices around $4,000 per ounce, McEwen anticipates that the project will generate sufficient cash flow to self-fund production growth with limited to no share dilution, thus protecting existing shareholders' interests.
- Capital Costs and Resource Upside: The initial capital cost for the Grey Fox mine is estimated at $181 million, and since current reserves account for only 40% of the total resource, there is significant upside potential for reserve growth through resource conversion, enhancing the overall value of the project.
See More
McEwen Inc. Releases Pre-Feasibility Study Results for Grey Fox Project
- Gold Production Outlook: The Grey Fox project is expected to contribute approximately 100,000 ounces of gold to the Fox Complex by 2029, with an average annual production of 87,000 ounces from 2028 to 2041, significantly enhancing the company's overall production capacity and supporting its goal of achieving 250,000 to 300,000 gold equivalent ounces by 2030.
- Capital Expenditure Plan: Initial capital expenditures are estimated at $181 million, allocated as $17 million in 2026, $60 million in 2027, $80 million in 2028, and $24 million in 2029, with funding expected primarily from internal resources and operating cash flow, thereby minimizing equity dilution risks.
- Economic Benefit Analysis: At a gold price of $3,000 per ounce, the project's pre-tax net present value (NPV) is $429 million, with an internal rate of return (IRR) of 31% and a payback period of 3.9 years, indicating strong economic viability and profit potential.
- Community Contribution: The Grey Fox project is anticipated to create 220 full-time jobs over its 15-year mine life, positively impacting the local economy while maintaining close communication with Indigenous communities and local governments to ensure project sustainability.
See More
McEwen Inc. Announces 2026 Annual Meeting Details
- Annual Meeting Announcement: McEwen Inc. will hold its 2026 Annual Meeting on June 4 at 4:30 PM EDT in Toronto, enhancing shareholder engagement and transparency through a live webcast.
- Innovative Q&A Session: Following the meeting, a Bullpen Q&A moderated by Anthony Vaccaro will allow the leadership team to discuss operational performance, growth plans, and market outlook, fostering direct communication between shareholders and management.
- Voting Reminder for Shareholders: Shareholders of record as of April 20, 2026, are encouraged to vote their shares in advance, ensuring their voices are heard during the Annual Meeting, with voting instructions provided in proxy materials.
- Strategic Growth Prospects: McEwen's growth potential in gold and silver production, alongside its large copper development project, particularly the regenerative design of the Los Azules copper project, is expected to significantly contribute to future profitability and shareholder value.
See More
Goliath Resources Launches 2026 Drill Program at Surebet Discovery
- Drill Program Scale: Goliath Resources has initiated its 2026 drill program, which will encompass approximately 50,000 meters of systematic drilling aimed at expanding known mineralization at the Surebet discovery and testing the potential location of the Motherlode source, thereby laying the groundwork for future gold mining development.
- Expansion Potential: Drilling in the Bonanza and Golden Gate zones will extend to the East, Northeast, and Southwest, while the Surebet zone will expand to the West, with all mineralized lodes remaining open, indicating strong potential for new gold discoveries in the area.
- Significant Gold Discovery: To date, all drill holes at the Surebet discovery have successfully intersected gold mineralization, with 92% of holes containing visible gold (VG-NE), underscoring the remarkable continuity and richness of the mineralization system, which could represent one of the most significant gold discoveries in British Columbia in recent years.
- Updated Geological Model: The updated geological model identifies five primary mineralized zones: Bonanza, Surebet, Golden Gate, Whopper, and Eldorado, all demonstrating strong gold mineralization potential, further validating Goliath Resources' strategic value in the region.
See More
