McEwen Mining (TSX: MUX; NYSE: MUX) is acquiring claims in Mexico about 10 km from the company’s El Gallo mine in Sinaloa state that it believes have the possibility of extending the life of the gold-silver mining operation, and chairman and chief owner Rob McEwen isn’t ruling out more purchases in the months ahead.
In an interview with The Northern Miner, McEwen said management is still looking for opportunities to build the company’s resources, which could include an acquisition, and also said he would consider a merger of equals if the right opportunity presented itself.
The claims McEwen Mining is purchasing this week in Mexico from Almadex Minerals (TSXV: AMZ; US-OTC: AXDDF) make up the El Encuentro project, and cover an area of hydrothermal alteration and gold-silver mineralization where significant surface sample results were produced from trenching in 1996.
At that time, the project was owned by Almaden Minerals, before it was spun out into Almadex in 2015. In a press release announcing the sale, Almadex said that “given McEwen’s presence in the area, they are best placed to develop these assets in the near term.”
The properties lie on an important mineral trend over 7 km long, and McEwen’s team says the acquisition completes the consolidation of the district surrounding its El Gallo mine and El Gallo silver deposit. McEwen Mining has explored extensively along the trend, and already discovered two satellite mineral resources, Twin Domes and Las Milpas.
For the rest of this article, click here: http://www.northernminer.com/news/mcewen-picks-up-more-ground-in-mexico/1003773005/?utm_source=NMWR1&utm_medium=email&utm_campaign=NMWR1-EN05052016&e=rq0wMrp3vyWrlxu0q82vM20