McEwen Mining Inc.’s (NYSE: MUX) (TSX: MUX) 52%-Owned McEwen Copper Releases ‘Exciting Results’ from Los Azules Copper Project Revealing Continuity of Mineralization

• McEwen Mining, a diversified gold and silver producer with operations in the Americas, owns 52% of McEwen Copper and its Los Azules Project in San Juan, Argentina
• McEwen Copper has reported initial exploration and solid delineation results that have similarities to world class porphyry copper deposits in Chile and Peru
• Exploration results (AZ22174) include 1,052 m of continuous copper mineralization to the end of the hole implying extensions of the deposit to the north and at depth
• Delineation results (AZ23191) revealed copper continuity in the core of the deposit, with some of the highest grades reported to date
• McEwen Copper will release an update of results from its extensive drill program of more than 25,000 m in 75 new holes in the near future

McEwen Copper, the base metal developer 52% owned by McEwen Mining (NYSE: MUX) (TSX: MUX), recently reported infill and step-out exploration drilling results at its 100%-owned Los Azules Project in Argentina. Los Azules, a large porphyry copper-gold-silver deposit with considerable growth potential, has many characteristics comparable to world-class deposits in South America. Interestingly, while its ultimate depth and lateral extent are unknown, the project is already ranked as the world’s 9th largest undeveloped copper project (https://ibn.fm/7ettb).

The reported assay results include one drill hole from exploration and one from the delineation. The exploration program targets increasing known mineralization further to the north and at depth. The delineation program seeks to reduce geological and resource modelling risk prior to a planned 2024 feasibility study. The company’s initial exploration hole, AZ22174, was drilled to a depth of 1,128 m, with visible copper mineralization observed along its entire core length during logging. Assaying results include a 1,052 m intercept averaging 0.29% copper (“Cu”), 0.05 g/t gold (“Au”), and 1.0 g/t silver (“Ag”). Within this intercept a high-grade core returned 480 m of 0.42% Cu and also included a 26 m sub-interval of early mineral porphyry and quartz veinlets averaging 1.46% Cu (https://ibn.fm/Xsg9w).

Mineralization along the drill hole is more prevalent below 500 m, where more than 66% of the overall contained copper in the hole (480 m grading 0.42% Cu) resides. According to McEwen Copper, the results from AZ22174 reinforce its belief in deposit extensions likely occurring to the north and at depth.

“Exciting results in hole AZ22174 highlight the potential of exploration to create additional value for McEwen Copper, and continuity of mineralization in the infill program is de-risking our mineral resource.” commented Michael Meding, Vice President and General Manager of McEwen Copper.

Meanwhile, the delineation program continued in hole AZ23191, which lies 50 m north of Section 36 (see Figure 2 of the January 26 press release; https://ibn.fm/5c8Rc) near the center of the deposit. Assay results grading 1.39% Cu over 236 m, including a 42 m sub-interval with grading 2.78% Cu are among the very best intercepts reported on the project to date. Assays along the final 31 m of the hole remain pending. Such a high grade intercept occurring proximal to a lower grade hole in the core of the deposit (AZ22180), is indicative of the structurally controlled nature of mineralization. Overall, grades are highest where structural control is strongest.

The exploration and delineation drilling program restarted in October last year, and covers more than 25,000 m in 75 new holes. The program, which is designed to (a) demonstrate extensions of the Los Azules project to the north, south, and at depth, (b) provide metallurgical, hydrological, and geotechnical data to facilitate mine design, and (c) increase infill drilling to upgrade the Cu, Au, and Ag resource classification to measured and indicated, is on course. Since January 2022 and the third week of February 2023, McEwen Copper had completed more than 30,000 m of drilling. The company expects to release a more comprehensive update of results from the drilling campaign soon.

McEwen Mining is a diversified gold and silver producer with operations in Nevada, Canada, Mexico, and Argentina. The company also has significant exposure to copper through its 52%-owned McEwen Copper, owner of the Los Azules project in Argentina and the Elder Creek project in Nevada.

For more information, visit the company’s website at www.McEwenMining.com.

NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at http://ibn.fm/MUX

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