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MUX

$2.09
-0.04 -1.88% Volume: 2,355,636 February 23, 2018
TSX:
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$2.65
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Gold
$1,333.95
-3.01 -0.23% Volume: February 23, 2018
Silver
$16.58
-0.03 -0.15% Volume: February 22, 2018
Copper
$3.24
+0.03 +0.81% Volume: 300 February 22, 2018

Paymaster

About Paymaster

Located in Timmins

The Paymaster Property is part of the former producing Paymaster Mine and it holds the Paymaster West project, that was initially explored and mined down to 600 feet between 1915 and 1919. Limited drilling in the 1950’s at the 1,500 ft level and at the 2,500 ft level encountered good grades and widths, indicating that there is excellent potential at depth.

Paymaster is located next door to Dome Mine, a Goldcorp producer that was in operation for over 100 years. Dome Mine delivered over 17 million ounces of gold and produced to a depth of 5,500 feet, while other neighbours in Timmins have been mined to 7,000 feet.

The Paymaster Property is a joint venture with Goldcorp, in which McEwen Mining is the operator with a 61% property interest and Goldcorp holds the balance of 39%. The interest in the Paymaster property was acquired from Goldcorp through an option and joint venture agreement dating from 2008. The requirements of the option agreement included $6 million in exploration expenditures and 27,000 metres of core diamond drilling on the property. In 2012 the commitments were fulfilled and the option to acquire ownership interest in the Paymaster Property was exercised. During the four years of the option term, exploration work expanded to the east the known gold mineralization zones from Fuller Property, Buffalo Ankerite South Mine and Buffalo Ankerite North Mine and added subsequent resource potential through the development of a resource at the Paymaster West Project.

About Diagram About Diagram Paymaster

2009 Exploration Program

vgp_09_02

The 2009 exploration program on the property has released sets of holes that confirmed the presence of near surface, high-grade and widespread gold mineralization.

Hole VGP-09-20 was released on October 19, 2009 intersected gold mineralization including 1,390 grams per tonne gold over 0.9 metres - see photo on the left.

In June 2013 a NI 43-101 conforming resource estimate was completed on Paymaster.

 

Paymaster Resource Estimate - Open Pit & Underground (On a 100% Basis)

Open Pit Indicated
Tonnes (000's) Grade (gpt) Gold (oz)
4,660 1.61 242,000
Open Pit Inferred
Tonnes (000's) Grade (gpt) Gold (oz)
1,400 1.61 72,000
Underground Inferred
Tonnes (000's) Grade (gpt) Gold (oz)
220 6.14 43,000

The resource estimates above were calculated at cut-offs of 0.51 gpt Au for open pit and 2.57 gpt Au for underground.

Drill Results - View Results PDF

Paymaster Surface Plan and Cross Sections - View Diagrams PDF.