The Gold Bar South (“GBS”) royalty property (previously known as Afgan), owned and operated by McEwen Mining Inc. (TSX & NYSE: MUX), is located on the Battle Mountain-Eureka Trend, about 40 kilometers northwest of Eureka, Nevada. EMX’s GBS 1% NSR royalty covers a Carlin-type, sediment-hosted oxide gold deposit situated ~5.6 kilometers southeast of McEwen’s Gold Bar open pit mining operation.
McEwen provided an update for the Gold Bar operation in a feasibility study that included open pit resource and reserve contributions from GBS in a Technical Report filed on SEDAR titled “Gold Bar Project Form 43-101F1 Technical Report Feasibility Study Eureka County, Nevada” with an effective date of January 7, 2021 and a report date of February 22, 2021.*
GBS Mineral Resources from 2022 Feasibility Study
GBS Mineral Reserves from 2022 Feasibility Study
McEwen also provided a “Q1 2022 Results” update which stated that “We received regulatory approval to amend the plan of operations to include the Gold Bar South (GBS) deposit on April 1st, 2022. We are planning to start construction of the access road and heap leach pad expansion to accommodate the expected gold production starting in Q4 2022” (See McEwen news release dated May 10, 2022).
*The Mineral Resources and Reserves have been estimated in accordance with CIM guidelines. The Mineral Resource estimate and related geologic modeling were conducted by, or under the supervision of Kelly Lippoth, C.P.G. of McEwen Mining Inc, Elko, Nevada. Ms. Lippoth is a Qualified Person, and not independent of McEwen for purposes of NI 43-101.Mineral Resources were reported by McEwen inclusive of Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. Contained metal does not account for recovery losses. The current Mineral Resources and Reserves represent the most recent publicly disclosed estimates for GBS. Rows and columns may not add up due to rounding.