07:54 AM EDT, 05/27/2024 (MT Newswires) -- McEwen Mining ( MUX ) reported Monday new assay results from the Grey Fox deposit within its Fox complex in Ontario that "demonstrate intriguing explorations targets at depth and attractive near surface gold grades with potential to be recovered utilizing lower cost open pit mining methods."

Highlights include 586.7 grams per tonne (g/t) gold over 0.5 meters, 14.3 g/t gold over 5.0 meters, 17.4 g/t gold over 4.2 meters and 8.8 g/t gold over 3.9 meters.

Most of the drilling completed in 2023 and 2024 has focused on increasing the existing resource in addition to identifying new mineralized horizons, according to McEwen.

The company said it expects to complete an updated resource estimate in late September.

McEwen's share price rose 3.7% to $15.52 last Friday.