McEwen and Iconic Minerals Form 50/50 JV, Plan 20-30 Hole Drill at New Pass
McEwen Mining and Iconic Minerals formed a 50/50 joint venture to advance the 2,140-hectare New Pass gold property in Nevada. Iconic will manage an initial 20-30 hole RC drill program targeting up-dip and strike extensions of the Carlin-type deposit to grow the 15.5 million short-ton inferred resource.
1. Joint Venture Agreement
McEwen Mining and Iconic Minerals formalized a 50%/50% joint venture on the 2,140-hectare New Pass gold property in Churchill County, Nevada. The agreement establishes proportional funding obligations, a management committee, and dilution provisions for non-participation.
2. Initial Drill Program
Iconic Minerals will manage an initial reverse-circulation drill program comprising 20 to 30 angled holes targeting up-dip and north-south extensions of the Carlin-type jasperoid-hosted deposit. Historical IP surveys and past drilling define multiple oxidation anomalies that the program will test for resource continuity.
3. Resource and Expansion Potential
The New Pass property hosts an inferred oxide-dominant resource of approximately 15.5 million short tons grading 0.022 oz/ton gold equivalent, open along strike and at depth. Continued exploration and a forthcoming NI 43-101 report aim to quantify potential resource growth and enhance project value.