McEwen to Acquire Golden Lake Exploration
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 29 2026
0mins
Should l Buy MUX?
McEwen and Golden Lake Exploration are pleased to announce that they have entered into a Definitive Agreement on January 28, 2026 in respect of a proposed transaction, whereby McEwen would acquire all of the issued and outstanding shares of Golden Lake by way of plan of arrangement. If the Proposed Transaction is completed, Golden Lake would become a wholly-owned subsidiary of McEwen. Golden Lake's principal asset is its 100%-owned Jewel Ridge and Jewel Ridge West projects located adjacent to McEwen's Windfall and Lookout Mountain discoveries, part of the Gold Bar Mine Complex, in the Eureka Mining District of Nevada. Historical drill highlights from Jewel Ridge project include 2.20 gpt gold over 28.96 meters, 1.24 gpt gold over 56.39 meters, 2.37 gpt gold over 67.57 meters. These holes are located north of McEwen's Windfall deposit, where a recent drill hole returned 5.55 gpt gold over 44.2 meters. Incorporating Golden Lake's projects into the Gold Bar Mine Complex will help continue the mine's transformation into a long-life operation by investing in exploration and leveraging the current McEwen infrastructure.
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Analyst Views on MUX
Wall Street analysts forecast MUX stock price to fall
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 24.370
Low
21.00
Averages
22.00
High
23.50
Current: 24.370
Low
21.00
Averages
22.00
High
23.50
About MUX
McEwen Inc is a gold and silver mining production and exploration company. The Company is also involved in a copper development project. Its operations sites include San Jose Mine, Fox Complex, Gold Bar mine, El Gallo Complex, Project Fenix, Los Azules, and Fox West. The San Jose mine is located in the northwest corner of the Deseado Massif region, approximately 20 kilometers north of Newmont's Cerro Negro mine. The Fox Complex is located in the Timmins Gold Mining Camp in Northern Ontario, Canada. The Gold Bar Mine is located in the southern Roberts Mountains of the Battle Mountain-Eureka-Cortez gold trend in Eureka County, Central Nevada. The El Gallo Complex is located in Mexico’s Sinaloa State, along the foothills of the Sierra Madres Occidental mountain range. The Fox West properties are located in the heart of Timmins Gold Camp in northern Ontario, Canada. The Company also holds an interest in Tartan Lake Gold Mine Project, which is located in the province of Manitoba, Canada.
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.
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- Strong Mineralization Continuity: All completed drill holes to date have intersected gold mineralization, demonstrating excellent continuity and widths within the 1.8 km² Surebet Discovery, providing a solid foundation for future expansion.
- High-Grade Ore Identification: Of the 110 holes drilled in 2025, 83 holes (76%) contained visible gold, showcasing the widespread distribution of gold mineralization and further confirming its potential as a significant gold discovery.
- Future Drilling Plans: The fully funded 2026 drilling program will focus on expanding the five main mineralized zones, with expectations to further validate the presence of the Motherlode source, thereby driving future resource growth.
See More
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- Significant Gold Discovery: Goliath reports a 13.2% average increase in gold equivalent grades across 54 drill holes, with drill hole GD-25-337 achieving 10.83 g/t AuEq over 22.82 meters, highlighting the economic potential of the region.
- Continuous Expansion of Drilling Results: To date, 100% of the drill holes have intersected gold mineralization, demonstrating remarkable continuity and widths at the Surebet Discovery, with future drilling expected to confirm and expand this critical gold resource.
- Diverse High-Grade Ore Types: Three distinct rock types containing substantial visible gold have been identified at the Surebet Discovery, further confirming the potential presence of a Motherlode magmatic source nearby, indicating future resource development opportunities.
- Fully Funded 2026 Drilling Program: Goliath is fully funded for its 2026 drilling campaign, which will focus on expanding the five main mineralized zones, expected to enhance the project's economic value and market appeal.
See More
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- Market Upgrade: Goliath Resources Limited has successfully transitioned from the OTCQB to the OTCQX market, marking a significant advancement in meeting high financial standards and best corporate governance practices, thereby enhancing its visibility and credibility among U.S. investors.
- Resource Control: Goliath fully controls the Golddigger property in the Golden Triangle, covering 91,518 hectares and located near historically significant gold mines, which enhances its exploration potential and competitive position in the region.
- Exploration Results: The Surebet discovery boasts a gold recovery rate of 92.2%, with 48.8% being free gold, indicating superior metallurgical characteristics that further solidify Goliath's strategic position in the precious metals sector.
- Infrastructure Advantage: The project benefits from robust infrastructure, including the town of Kitsault capable of housing 300 people and direct barge access to Prince Rupert, ensuring efficient resource transportation and supporting future development plans.
See More
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- Resource Control: The Golddigger property, fully controlled by Goliath, spans 91,518 hectares in the Canadian Golden Triangle, strategically located near the renowned Red Line geological contact, which is anticipated to provide critical support for future gold-copper-silver mineralization exploration.
- Exploration Results: The Surebet discovery boasts a gold recovery rate of 92.2%, with 48.8% being free gold, indicating superior metallurgical characteristics that may attract increased investor interest in its potential value.
- Infrastructure Advantages: The property is situated near the communities of Alice Arm and Kitsault, featuring robust infrastructure, including facilities capable of housing 300 people and direct barge access to Prince Rupert, enhancing the project's feasibility and development potential.
See More
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See More
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- Acquisition Agreement: McEwen Mining has entered into a definitive agreement to acquire all outstanding shares of Golden Lake Exploration through a court-approved plan, further expanding its asset portfolio.
- Shareholder Value Increase: Under the proposed transaction, Golden Lake shareholders will receive 0.003876 McEwen shares for each Golden Lake share, representing an implied offer price of C$0.12 per share, which is a 60% premium over the 20-day volume-weighted average price as of January 26, 2026.
- Asset Integration Advantage: Golden Lake's principal assets include its 100%-owned Jewel Ridge and Jewel Ridge West projects, located adjacent to McEwen's Windfall and Lookout Mountain discoveries, enhancing McEwen's resource consolidation capabilities in Nevada's Eureka Mining District.
- Strategic Implications: This acquisition not only incorporates Golden Lake into McEwen's business landscape but also strengthens its competitive position in the gold mining industry, particularly against the backdrop of rising gold prices, which is expected to provide robust growth momentum for the future.
See More
