McEwen Reports Mineral Resource Estimate for Tartan Mine Project
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 23 2026
0mins
McEwen is pleased to report its Mineral Resource Estimate for the Tartan Mine Project, located in Flin Flon, Manitoba. The Mineral Resource Estimate outlines 308,900 Indicated gold ounces and 302,700 Inferred gold ounces, with good potential to increase the size of the resource through additional drilling: 1) Immediately around the resource, along the Western and Eastern Flanks of the Main Zone 2) Vertically at the Main and South Zones, and 3) On the adjoining, optioned Tartan West property to the west, where good gold grades have been reported in recent surface samples and historic drill holes. The Tartan Mine Project forms part of the company's goal of doubling production to 250,000-300,000 gold ounces by 2030. McEwen expects initial annual production at Tartan to average approximately 30,000 gold ounces, with the potential to expand throughput through future permit modifications. The company believes that doubling the potential mill capacity from 500 tonnes per day to 1,000 tpd could see production grow to 45,000-55,000 ounces per year.
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Analyst Views on MUX
Wall Street analysts forecast MUX stock price to rise
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 18.840
Low
21.00
Averages
22.00
High
23.50
Current: 18.840
Low
21.00
Averages
22.00
High
23.50
About MUX
McEwen Inc. is a gold and silver mining production and exploration company. It is involved in a copper development project. Its operations sites include San Jose Mine, Fox Complex, Gold Bar mine, El Gallo Complex, Project Fenix, and Los Azules. The San Jose mine is in the northwest corner of the Deseado Massif region, over 20 kilometers north of Newmont's Cerro Negro mine. The Fox Complex is in the Timmins Gold Mining Camp in Northern Ontario, Canada. The Gold Bar Mine is in the southern Roberts Mountains of the Battle Mountain-Eureka-Cortez gold trend in Eureka County, Central Nevada. The El Gallo Complex is in Mexico’s Sinaloa State, along the foothills of the Sierra Madres Occidental mountain range. Fox West properties are in the heart of Timmins Gold Camp in northern Ontario, Canada. It holds an interest in Tartan Lake Gold Mine Project, which is in the province of Manitoba, Canada. It also holds Jewel Ridge and Jewel Ridge West projects and Lookout Mountain discoveries.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
McEwen Inc. Added to Russell 2000 Index Effective June 29, 2026
- Index Inclusion Impact: McEwen Inc. (MUX) will officially join the Russell 2000 Index at the opening of U.S. markets on June 29, 2026, which is expected to enhance its market visibility and attract more institutional investor interest.
- Liquidity Enhancement: Being part of the Russell 2000 Index, McEwen is anticipated to experience increased trading volume and liquidity, which will contribute to stock stability and bolster investor confidence.
- Strengthened Industry Position: This inclusion signifies an elevation in McEwen's recognition within the materials sector, potentially facilitating comparisons with peers and driving opportunities in resource development and financing.
- Future Outlook: With the extension of the Grey Fox mine life by 15 years, McEwen's long-term growth potential is set to strengthen, likely drawing more investor attention to its future growth strategies.
See More
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- Inclusion in Russell 2000: McEwen Inc. was officially added to the Russell 2000 Index on June 29, 2026, which is expected to enhance the company's visibility among institutional investors and index-tracking strategies, potentially attracting more investor interest.
- Increased Market Coverage: The Russell 3000 Index represents approximately 98% of the investable U.S. equity market, and McEwen's inclusion signifies recognition of its market position, likely enhancing the long-term value creation potential for its shareholders.
- Large Asset Management Scale: As of the end of June 2025, approximately $12.2 trillion in assets are benchmarked against Russell indexes, and this substantial asset management scale is expected to provide McEwen with more investment opportunities and market attention.
- Ongoing Growth Strategy: McEwen Inc. is focused on advancing its gold, silver, and copper assets, with a goal to double its annual production to 250,000 to 300,000 gold equivalent ounces by 2030, demonstrating the company's commitment to resource development and market expansion.
See More
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See More
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- Expansion Targets: This year's drilling plan focuses on extending the Bonanza and Golden Gate zones, particularly to the East, Northeast, and Southwest, while also testing other gold-rich veins, ensuring further development potential for the mining area.
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- Updated Geological Model: A drill core re-logging program is underway based on the updated geological model to better delineate gold-rich shear zones and veins, expected to provide a stronger foundation for further expansion in the 2026 drilling campaign.
See More
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- Extended Mine Life: The mine life is projected to extend by 15 years, supporting the company's goal of increasing total annual production to 250,000 to 300,000 gold equivalent ounces by 2030, thereby strengthening its competitive position in the market.
- Self-Funding Capability: With gold prices around $4,000 per ounce, McEwen anticipates that the project will generate sufficient cash flow to self-fund production growth with limited to no share dilution, thus protecting existing shareholders' interests.
- Capital Costs and Resource Upside: The initial capital cost for the Grey Fox mine is estimated at $181 million, and since current reserves account for only 40% of the total resource, there is significant upside potential for reserve growth through resource conversion, enhancing the overall value of the project.
See More
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- Index Inclusion Impact: McEwen Inc. (MUX) will officially join the Russell 2000 Index at the opening of U.S. markets on June 29, 2026, which is expected to enhance its market visibility and attract more institutional investor interest.
- Liquidity Enhancement: Being part of the Russell 2000 Index, McEwen is anticipated to experience increased trading volume and liquidity, which will contribute to stock stability and bolster investor confidence.
- Strengthened Industry Position: This inclusion signifies an elevation in McEwen's recognition within the materials sector, potentially facilitating comparisons with peers and driving opportunities in resource development and financing.
- Future Outlook: With the extension of the Grey Fox mine life by 15 years, McEwen's long-term growth potential is set to strengthen, likely drawing more investor attention to its future growth strategies.
See More
McEwen Inc. Added to Russell 2000 Index, Enhancing Visibility
- Inclusion in Russell 2000: McEwen Inc. was officially added to the Russell 2000 Index on June 29, 2026, which is expected to enhance the company's visibility among institutional investors and index-tracking strategies, potentially attracting more investor interest.
- Increased Market Coverage: The Russell 3000 Index represents approximately 98% of the investable U.S. equity market, and McEwen's inclusion signifies recognition of its market position, likely enhancing the long-term value creation potential for its shareholders.
- Large Asset Management Scale: As of the end of June 2025, approximately $12.2 trillion in assets are benchmarked against Russell indexes, and this substantial asset management scale is expected to provide McEwen with more investment opportunities and market attention.
- Ongoing Growth Strategy: McEwen Inc. is focused on advancing its gold, silver, and copper assets, with a goal to double its annual production to 250,000 to 300,000 gold equivalent ounces by 2030, demonstrating the company's commitment to resource development and market expansion.
See More
McEwen Inc. Annual Meeting Results Announced
- Voting Overview: At the Annual Meeting held on June 4, 2026, a total of 34,079,421 shares were voted, representing 57.32% of the 59,452,799 outstanding shares entitled to vote, indicating strong shareholder engagement in corporate governance.
- Board Election Results: Eleven directors were successfully elected, with Robert R. McEwen receiving 96.96% of the votes, reflecting shareholders' high confidence in his leadership and enhancing the stability of corporate governance.
- Auditor Appointment Confirmation: The appointment of Ernst & Young LLP was ratified with 99.62% support, ensuring financial transparency and compliance for the fiscal year 2026, which boosts investor confidence.
- Share Issuance Approval: The approval for the issuance of shares to Robert R. McEwen received 98.45% support, indicating shareholder trust in the company's future strategy while providing flexibility in its capital structure.
See More
Drilling Commences at High-Grade Gold Surebet Discovery
- Drilling Program Initiated: Drilling has commenced at the high-grade gold Surebet discovery with 2 drills on site and 5 additional drills arriving soon, totaling 7 rigs for the fully funded 50,000-meter drill program planned for 2026, which is expected to significantly enhance resource estimates.
- Expansion Targets: This year's drilling plan focuses on extending the Bonanza and Golden Gate zones, particularly to the East, Northeast, and Southwest, while also expanding the Surebet zone to the West and testing other gold-rich mineralized veins, further validating the area's potential.
- High Visible Gold Rate: To date, 355 out of 386 drill holes (92%) have intersected visible gold (VG-NE), indicating remarkable continuity and richness of mineralization, which is likely to attract increased investor interest.
- Updated Geological Model: A drill core re-logging program is underway based on the updated geological model to better delineate gold-rich shear zones and veins, which is expected to provide more precise guidance for future drilling and enhance the development potential of the site.
See More
Drilling Commences at High-Grade Gold Surebet Discovery
- Drilling Program Launch: Drilling has commenced at the high-grade gold Surebet discovery, with 2 drills currently on site and plans to increase to 7, targeting 50,000 meters of systematic drilling in 2026 to expand known mineralization and test the potential location of the Motherlode source.
- Expansion Targets: This year's drilling plan focuses on extending the Bonanza and Golden Gate zones, particularly to the East, Northeast, and Southwest, while also testing other gold-rich veins, ensuring further development potential for the mining area.
- Significant Gold Discovery: To date, 100% of the 386 drill holes have intersected gold mineralization, with 92% containing visible gold, demonstrating remarkable continuity and richness, indicating that Surebet could become one of the most significant gold discoveries in British Columbia in recent years.
- Updated Geological Model: A drill core re-logging program is underway based on the updated geological model to better delineate gold-rich shear zones and veins, expected to provide a stronger foundation for further expansion in the 2026 drilling campaign.
See More
McEwen Releases Pre-Feasibility Study for Grey Fox Project
- Gold Production Potential: McEwen's pre-feasibility study for the Grey Fox project indicates an expected annual gold production of 87,000 ounces from 2028 to 2041, with potential peaks of 100,000 ounces in 2029, significantly enhancing the company's long-term growth prospects.
- Extended Mine Life: The mine life is projected to extend by 15 years, supporting the company's goal of increasing total annual production to 250,000 to 300,000 gold equivalent ounces by 2030, thereby strengthening its competitive position in the market.
- Self-Funding Capability: With gold prices around $4,000 per ounce, McEwen anticipates that the project will generate sufficient cash flow to self-fund production growth with limited to no share dilution, thus protecting existing shareholders' interests.
- Capital Costs and Resource Upside: The initial capital cost for the Grey Fox mine is estimated at $181 million, and since current reserves account for only 40% of the total resource, there is significant upside potential for reserve growth through resource conversion, enhancing the overall value of the project.
See More
