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Operations
Operations

Paymaster Property

paymaster
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 still in operation after 100 years. Dome Mine delivered over 17 million ounces of gold and produces 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.

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 and measured 1,390 grams per tonne Au over .9 m - see photo below.

vgp_09_02

 

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

Paymaster - Open Pit (0.51 gpt Au cut-off) and Underground (2.57 gpt Au cut-off) Resource Estimate (on a 100% basis)

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

Drill Results - View Results PDF
Paymaster Surface Plan and Cross Sections - View Diagrams PDF.

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