McEwen Inc. (NYSE/TSX: MUX) has announced a significant Mineral Resource Estimate for its Tartan Mine Project, located near Flin Flon, Manitoba. The estimate details 308,900 ounces of gold in the Indicated category and 302,700 ounces in the Inferred category, calculated using a gold price of US$3,000 per ounce. This development marks a key step in the company's strategic plans for resource expansion and production growth.
Resource Details and Expansion Potential
The Tartan Mine Project's resource is based on 2,619,000 tonnes at 3.67 grams per tonne (gpt) gold for Indicated resources and 2,832,900 tonnes at 3.32 gpt gold for Inferred resources. Recent drilling activities indicate strong potential to increase the resource size in several areas: immediately around the existing resource along the Western and Eastern Flanks of the Main Zone, vertically at the Main and South Zones, and on the adjoining Tartan West property to the west, where recent surface samples and historic drill holes have reported good gold grades.
Production Goals and Development Plans
This project is integral to McEwen's objective of doubling its gold production to between 250,000 and 300,000 ounces annually by 2030. Initial annual production at the Tartan Mine is expected to average approximately 30,000 gold ounces. However, the company believes that by modifying permits to increase mill capacity from 500 tonnes per day (tpd) to 1,000 tpd, production could potentially grow to 45,000–55,000 ounces per year. An exploration budget of $6 million has been allocated for 2026 to further expand the resource and test near-mine and regional drill targets.
Historical Context and Current Activities
The Tartan Mine, situated about 12 kilometers northeast of Flin Flon within the Flin Flon Greenstone Belt, has a rich history dating back to early exploration in the 1920s. Construction began in the mid-1980s, with mining operations starting in 1987. Initially equipped with a 250 tpd mill, it was later expanded to 500 tpd. The mine produced roughly 47,000 ounces of gold before ceasing operations in 1989 due to declining gold prices and mechanical challenges.
Currently, McEwen is conducting metallurgical test work to optimize the process plant design and underground mine planning. The company is also reviewing existing environmental licenses to ensure operations can proceed within the current 500 tpd authorization. The Mineral Resource Estimate, effective as of December 31, 2025, was prepared by qualified persons from Global Resource Engineering in Golden, Colorado, adhering to the 2014 CIM Definition Standards.
Key Highlights and Future Outlook
- Indicated Resources: 308,900 gold ounces from 2,619,000 tonnes at 3.67 gpt gold.
- Inferred Resources: 302,700 gold ounces from 2,832,900 tonnes at 3.32 gpt gold.
- Exploration Budget: $6 million in 2026 for resource expansion and target testing.
- Production Potential: Initial output of 30,000 ounces annually, with plans to increase to 45,000–55,000 ounces through capacity enhancements.
This report underscores McEwen's commitment to revitalizing the Tartan Mine, leveraging its historical assets and new exploration data to drive future growth in the gold mining sector.
