12:02 PM EDT, 07/23/2025 (MT Newswires) -- (Adds comment and updates shares.)

McEwen Mining (MUX.TO) on Wednesday reported the discovery of high-grade gold mineralization located 200-meters west of the Froome mine, the current source of production at the Fox Complex in Ontario.

Intercepts along the Froome West high-grade plunge include 36.0 grams per tonne (g/t) gold over 10.0 meters, including 160.0 g/t gold over 2.2 meters, and 9.3 g/t gold over 7.8 meters.

"We are excited at the potential of what Froome West holds, in an area of our property that is relatively underexplored; our current mineralization model extends to a depth of 250 meters and remains open both at depth and to the West," said Rob Glover, chief geologist of McEwen.

"With geology and mineralization styles comparable to those seen at Black Fox, which encountered mineralization as deep as 1,000 meters, the Froome West area has the potential to lead us to the discovery of a deposit of similar scale and significance," Glover said.

National Bank of Canada maintained its outperform rating and $21.50 price target on the company's shares following the release.

The bank said its investment thesis for McEwen considers several de-risking events at the Los Azules project in Argentina.

McEwen shares were last seen down $0.11 to $15.72 on the Toronto Stock Exchange.

Price: 15.76, Change: -0.07, Percent Change: -0.44