Pre-Feasibility Study for Grey Fox at Fox Complex - High Returns, Manageable Capital, Mine Life Extended to 2041
Original announcement by tmx on
- Company
- McEwen Inc.
- Ticker
- MUX
- Exchange
- TSX
- Region
- Ontario
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-09-12 14:49:28 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
McEwen Inc. announced the results of a Pre-Feasibility Study (PFS) for its 100%-owned Grey Fox Project in Ontario, projecting a 15-year mine life extension to 2041 for the Fox Complex. The PFS outlines strong economics, with a pre-tax NPV(5%) of $1.25 billion and an IRR of 70% at a gold price of $4,500/oz, and an initial CAPEX of $181 million. The study also declares a maiden probable reserve for Grey Fox of 9.4 million tonnes at 3.24 g/t gold for 980.3 koz, and updates mineral resources for the entire Fox Complex.
Reasoning: The Pre-Feasibility Study for the Grey Fox Project demonstrates robust economics with high IRR and NPV, manageable capital expenditures, and significantly extends the mine life of the Fox Complex, contributing to increased gold production and declaring substantial reserves.
Positive factors
- High IRR (70% pre-tax at $4500/oz gold price)
- Significant NPV ($1.25 billion pre-tax at $4500/oz gold price)
- Extended mine life by 15 years to 2041 for the Fox Complex
- Manageable initial CAPEX ($181 million)
- Declaration of significant gold reserves (980.3 koz probable)
- Contribution to increased gold production for the Fox Complex
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 23
Classification and evidence
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("CIL")
Extracted facts
Stored fact records: 23. Some facts used in scoring do not have a stored record.
Resource Estimates (22)
indicatedGrey Fox · goldTonnes: 18819000Grade: 3.28Grade Unit: g/tContained Metal: 1986Contained Unit: kozView all detailsHide details
Identity
- Project
- Grey Fox
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo
- Resource group id
- resource:c74adbf4eebf9f4dbbb6
Resource Data
- Category
- indicated
- Tonnes
- 18819000
- Grade
- 3.28
- Grade Unit
- g/t
- Contained Metal
- 1986
- Contained Unit
- koz
- Cutoff Grade
- 1.35
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-07-11
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Grey Fox Indicated Mineral Resource provides a substantial base for the project, with significant tonnage and contained gold at a good grade, underpinning the economic viability presented in the PFS.
Positive factors
- Large indicated resource tonnage and contained gold
- Good grade for underground mining
- Supports PFS and reserve declaration
Evidence · table
“18,819”
Context: Indicated
inferredGrey Fox · goldTonnes: 5056000Grade: 2.69Grade Unit: g/tContained Metal: 438Contained Unit: kozView all detailsHide details
Identity
- Project
- Grey Fox
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo
- Resource group id
- resource:79df4a3d1001c3abbe32
Resource Data
- Category
- inferred
- Tonnes
- 5056000
- Grade
- 2.69
- Grade Unit
- g/t
- Contained Metal
- 438
- Contained Unit
- koz
- Cutoff Grade
- 1.35
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-07-11
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Grey Fox Inferred Mineral Resource adds to the project's overall scale and provides future exploration upside, though its lower confidence category means it cannot directly support economic studies.
Positive factors
- Adds to overall resource base
- Potential for future conversion to higher confidence categories
Negative factors
- Lower confidence category (Inferred)
Evidence · table
“5,056”
Context: Inferred
inferredStroud · goldTonnes: 1866000Grade: 2.8Grade Unit: g/tContained Metal: 168Contained Unit: kozView all detailsHide details
Identity
- Project
- Stroud
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo
- Resource group id
- resource:6e28fefbadfe2e7d2459
Resource Data
- Category
- inferred
- Tonnes
- 1866000
- Grade
- 2.8
- Grade Unit
- g/t
- Contained Metal
- 168
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-03-26
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The maiden Inferred Mineral Resource for the Stroud Property establishes a new resource base for the recently acquired asset, providing future exploration potential for the Fox Complex.
Positive factors
- Maiden resource for the recently acquired Stroud Property
- Adds to the overall Fox Complex resource base
Negative factors
- Lower confidence category (Inferred)
Evidence · table
“1,866”
Context: Inferred
Tags used in scoring
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: This is the first formal resource estimate declared for the recently acquired Stroud Property.
Evidence · text
“we have declared a maiden resource at the recently acquired Stroud Property.”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
measuredBlack Fox · goldTonnes: 244000Grade: 3.59Grade Unit: g/tContained Metal: 28Contained Unit: kozView all detailsHide details
Identity
- Project
- Black Fox
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo
- Resource group id
- resource:2c59759924da3b591254
Resource Data
- Category
- measured
- Tonnes
- 244000
- Grade
- 3.59
- Grade Unit
- g/t
- Contained Metal
- 28
- Contained Unit
- koz
- Cutoff Grade
- 1.35
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Black Fox Measured Mineral Resource provides a high-confidence component to the Fox Complex, supporting mine planning with well-established tonnage and grade.
Positive factors
- Highest confidence category (Measured)
- Good grade for underground mining
Evidence · table
“244”
Context: Measured
indicatedBlack Fox · goldTonnes: 141000Grade: 3.54Grade Unit: g/tContained Metal: 16Contained Unit: kozView all detailsHide details
Identity
- Project
- Black Fox
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo
- Resource group id
- resource:75c642ce3cd6e8bee3c9
Resource Data
- Category
- indicated
- Tonnes
- 141000
- Grade
- 3.54
- Grade Unit
- g/t
- Contained Metal
- 16
- Contained Unit
- koz
- Cutoff Grade
- 1.35
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Black Fox Indicated Mineral Resource contributes to the overall confidence and scale of the Fox Complex, with good grades supporting potential future reserve conversion.
Positive factors
- Good grade for underground mining
- Reasonable geological confidence
Evidence · table
“141”
Context: Indicated
inferredBlack Fox · goldTonnes: 385000Grade: 2.9Grade Unit: g/tContained Metal: 36Contained Unit: kozView all detailsHide details
Identity
- Project
- Black Fox
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo
- Resource group id
- resource:394d91d83755c99972b6
Resource Data
- Category
- inferred
- Tonnes
- 385000
- Grade
- 2.9
- Grade Unit
- g/t
- Contained Metal
- 36
- Contained Unit
- koz
- Cutoff Grade
- 1.35
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Black Fox Inferred Mineral Resource provides additional potential for the Fox Complex, though its lower confidence category requires further drilling for upgrade.
Positive factors
- Adds to overall resource base
Negative factors
- Lower confidence category (Inferred)
Evidence · table
“385”
Context: Inferred
measuredFroome · goldTonnes: 212000Grade: 2.45Grade Unit: g/tContained Metal: 17Contained Unit: kozView all detailsHide details
Identity
- Project
- Froome
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo
- Resource group id
- resource:65526da0935d7574cf19
Resource Data
- Category
- measured
- Tonnes
- 212000
- Grade
- 2.45
- Grade Unit
- g/t
- Contained Metal
- 17
- Contained Unit
- koz
- Cutoff Grade
- 1.35
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Froome Measured Mineral Resource provides a high-confidence component to the Fox Complex, supporting detailed mine planning and operational continuity.
Positive factors
- Highest confidence category (Measured)
- Contributes to high-confidence resource base
Evidence · table
“212”
Context: Measured
indicatedFroome · goldTonnes: 440000Grade: 2.94Grade Unit: g/tContained Metal: 42Contained Unit: kozView all detailsHide details
Identity
- Project
- Froome
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo
- Resource group id
- resource:a2f3b1d44f0f5d31e80a
Resource Data
- Category
- indicated
- Tonnes
- 440000
- Grade
- 2.94
- Grade Unit
- g/t
- Contained Metal
- 42
- Contained Unit
- koz
- Cutoff Grade
- 1.35
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Froome Indicated Mineral Resource adds to the overall confidence and scale of the Fox Complex, providing a solid base for future mine planning and potential reserve conversion.
Positive factors
- Reasonable geological confidence
- Good grade for underground mining
Evidence · table
“440”
Context: Indicated
inferredFroome · goldTonnes: 302000Grade: 2.93Grade Unit: g/tContained Metal: 28Contained Unit: kozView all detailsHide details
Identity
- Project
- Froome
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo
- Resource group id
- resource:ac53155a4d448e2f65f5
Resource Data
- Category
- inferred
- Tonnes
- 302000
- Grade
- 2.93
- Grade Unit
- g/t
- Contained Metal
- 28
- Contained Unit
- koz
- Cutoff Grade
- 1.35
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Froome Inferred Mineral Resource provides additional potential for the Fox Complex, requiring further drilling to improve confidence and support future development.
Positive factors
- Adds to overall resource base
Negative factors
- Lower confidence category (Inferred)
Evidence · table
“302”
Context: Inferred
indicatedStock Project - West & Main Zones · goldTonnes: 3179000Grade: 2.63Grade Unit: g/tContained Metal: 268Contained Unit: kozView all detailsHide details
Identity
- Project
- Stock Project - West & Main Zones
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo
- Resource group id
- resource:346ea56cfee22ab2a383
Resource Data
- Category
- indicated
- Tonnes
- 3179000
- Grade
- 2.63
- Grade Unit
- g/t
- Contained Metal
- 268
- Contained Unit
- koz
- Cutoff Grade
- 1.3
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Stock Project West & Main Zones Indicated Mineral Resource provides a substantial contribution to the Fox Complex, with good tonnage and grade supporting future development.
Positive factors
- Reasonable geological confidence
- Significant tonnage and contained gold
Evidence · table
“3,179”
Context: Indicated
inferredStock Project - West & Main Zones · goldTonnes: 2468000Grade: 2.31Grade Unit: g/tContained Metal: 184Contained Unit: kozView all detailsHide details
Identity
- Project
- Stock Project - West & Main Zones
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo
- Resource group id
- resource:f03842cb9de1b42d55c9
Resource Data
- Category
- inferred
- Tonnes
- 2468000
- Grade
- 2.31
- Grade Unit
- g/t
- Contained Metal
- 184
- Contained Unit
- koz
- Cutoff Grade
- 1.3
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Stock Project West & Main Zones Inferred Mineral Resource provides additional potential for the Fox Complex, requiring further work to upgrade confidence.
Positive factors
- Adds to overall resource base
Negative factors
- Lower confidence category (Inferred)
Evidence · table
“2,468”
Context: Inferred
indicatedStock Project - East Zone · goldTonnes: 1790000Grade: 2.12Grade Unit: g/tContained Metal: 122Contained Unit: kozView all detailsHide details
Identity
- Project
- Stock Project - East Zone
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo
- Resource group id
- resource:402b36cd110d7d8f2f83
Resource Data
- Category
- indicated
- Tonnes
- 1790000
- Grade
- 2.12
- Grade Unit
- g/t
- Contained Metal
- 122
- Contained Unit
- koz
- Cutoff Grade
- 1.3
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Stock Project East Zone Indicated Mineral Resource adds to the Fox Complex's resource base, providing a component with reasonable geological confidence for future evaluation.
Positive factors
- Reasonable geological confidence
- Contributes to the overall resource base
Evidence · table
“1,790”
Context: Indicated
inferredStock Project - East Zone · goldTonnes: 1350000Grade: 2.02Grade Unit: g/tContained Metal: 87Contained Unit: kozView all detailsHide details
Identity
- Project
- Stock Project - East Zone
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo
- Resource group id
- resource:4b8ff6ca8d25f0d21287
Resource Data
- Category
- inferred
- Tonnes
- 1350000
- Grade
- 2.02
- Grade Unit
- g/t
- Contained Metal
- 87
- Contained Unit
- koz
- Cutoff Grade
- 1.3
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Stock Project East Zone Inferred Mineral Resource provides additional potential for the Fox Complex, requiring further drilling to improve confidence.
Positive factors
- Adds to overall resource base
Negative factors
- Lower confidence category (Inferred)
Evidence · table
“1,350”
Context: Inferred
indicatedFuller · goldTonnes: 2184000Grade: 3.14Grade Unit: g/tContained Metal: 221Contained Unit: kozView all detailsHide details
Identity
- Project
- Fuller
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Luke Willis, P.Geo
- Resource group id
- resource:5bbee871629677d0e6f4
Resource Data
- Category
- indicated
- Tonnes
- 2184000
- Grade
- 3.14
- Grade Unit
- g/t
- Contained Metal
- 221
- Contained Unit
- koz
- Cutoff Grade
- 1.35
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-04-09
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Fuller Indicated Mineral Resource provides a substantial contribution to the Fox Complex, with good grade and contained gold at a reasonable confidence level.
Positive factors
- Reasonable geological confidence
- Good grade for underground mining
- Significant contained gold
Evidence · table
“2,184”
Context: Indicated
inferredFuller · goldTonnes: 1625000Grade: 2.19Grade Unit: g/tContained Metal: 114Contained Unit: kozView all detailsHide details
Identity
- Project
- Fuller
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Luke Willis, P.Geo
- Resource group id
- resource:e6c8ecd80b056f762bc4
Resource Data
- Category
- inferred
- Tonnes
- 1625000
- Grade
- 2.19
- Grade Unit
- g/t
- Contained Metal
- 114
- Contained Unit
- koz
- Cutoff Grade
- 1.35
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-04-09
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Fuller Inferred Mineral Resource provides additional potential for the Fox Complex, requiring further drilling to improve confidence.
Positive factors
- Adds to overall resource base
Negative factors
- Lower confidence category (Inferred)
Evidence · table
“1,625”
Context: Inferred
measuredDavidson Tisdale · goldTonnes: 198000Grade: 6.44Grade Unit: g/tContained Metal: 41Contained Unit: kozView all detailsHide details
Identity
- Project
- Davidson Tisdale
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Luke Willis, P.Geo
- Resource group id
- resource:e3711cb65e484786a8eb
Resource Data
- Category
- measured
- Tonnes
- 198000
- Grade
- 6.44
- Grade Unit
- g/t
- Contained Metal
- 41
- Contained Unit
- koz
- Cutoff Grade
- 1.3
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-04-09
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Davidson Tisdale Measured Mineral Resource is a high-quality component of the Fox Complex, featuring very high grades at the highest confidence level, supporting potential high-value production.
Positive factors
- Highest confidence category (Measured)
- Very high grade for underground mining
Evidence · table
“198”
Context: Measured
indicatedDavidson Tisdale · goldTonnes: 95000Grade: 5.8Grade Unit: g/tContained Metal: 18Contained Unit: kozView all detailsHide details
Identity
- Project
- Davidson Tisdale
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Luke Willis, P.Geo
- Resource group id
- resource:c48e82b9158a9b76c212
Resource Data
- Category
- indicated
- Tonnes
- 95000
- Grade
- 5.8
- Grade Unit
- g/t
- Contained Metal
- 18
- Contained Unit
- koz
- Cutoff Grade
- 1.3
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-04-09
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Davidson Tisdale Indicated Mineral Resource features very high grades at a reasonable confidence level, contributing a high-quality component to the Fox Complex.
Positive factors
- Very high grade for underground mining
- Reasonable geological confidence
Evidence · table
“95”
Context: Indicated
inferredDavidson Tisdale · goldTonnes: 200000Grade: 3.44Grade Unit: g/tContained Metal: 22Contained Unit: kozView all detailsHide details
Identity
- Project
- Davidson Tisdale
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Luke Willis, P.Geo
- Resource group id
- resource:f71580d43ac6dc434ca8
Resource Data
- Category
- inferred
- Tonnes
- 200000
- Grade
- 3.44
- Grade Unit
- g/t
- Contained Metal
- 22
- Contained Unit
- koz
- Cutoff Grade
- 1.3
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-04-09
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The Davidson Tisdale Inferred Mineral Resource provides additional potential for the Fox Complex, requiring further drilling to improve confidence.
Positive factors
- Adds to overall resource base
Negative factors
- Lower confidence category (Inferred)
Evidence · table
“200”
Context: Inferred
measuredFox Complex (Total) · goldTonnes: 654000Grade: 4.09Grade Unit: g/tContained Metal: 86Contained Unit: kozView all detailsHide details
Identity
- Project
- Fox Complex (Total)
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo, Mr. Luke Willis, P.Geo
- Resource group id
- resource:fce96fae9d9ab3d8c643
Resource Data
- Category
- measured
- Tonnes
- 654000
- Grade
- 4.09
- Grade Unit
- g/t
- Contained Metal
- 86
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The total Measured Mineral Resource for the Fox Complex represents a high-confidence, high-grade component of the overall resource base, supporting long-term mine planning.
Positive factors
- High confidence category (Measured)
- Good overall grade for the complex
Evidence · table
“654”
Context: Measured
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
indicatedFox Complex (Total) · goldTonnes: 26648000Grade: 3.12Grade Unit: g/tContained Metal: 2673Contained Unit: kozView all detailsHide details
Identity
- Project
- Fox Complex (Total)
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo, Mr. Luke Willis, P.Geo
- Resource group id
- resource:6a08c57947455fdeb01a
Resource Data
- Category
- indicated
- Tonnes
- 26648000
- Grade
- 3.12
- Grade Unit
- g/t
- Contained Metal
- 2673
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The total Indicated Mineral Resource for the Fox Complex represents a very substantial and high-quality resource base, providing significant potential for future reserve conversion and long-term production.
Positive factors
- Very large indicated resource tonnage and contained gold
- Good overall grade for the complex
- Provides a strong base for future reserve conversion
Evidence · table
“26,648”
Context: Indicated
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredFox Complex (Total) · goldTonnes: 13252000Grade: 2.53Grade Unit: g/tContained Metal: 1077Contained Unit: kozView all detailsHide details
Identity
- Project
- Fox Complex (Total)
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr. Carson Cybolsky, P.Geo, Mr. Luke Willis, P.Geo
- Resource group id
- resource:99adc8078c76e5fca256
Resource Data
- Category
- inferred
- Tonnes
- 13252000
- Grade
- 2.53
- Grade Unit
- g/t
- Contained Metal
- 1077
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The total Inferred Mineral Resource for the Fox Complex represents substantial future potential, offering significant exploration upside for the complex, though requiring further drilling to upgrade confidence.
Positive factors
- Significant overall inferred resource tonnage and contained gold
- Provides future exploration upside for the complex
Negative factors
- Lower confidence category (Inferred)
Evidence · table
“13,252”
Context: Inferred
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
probableGrey Fox · goldTonnes: 9405800Grade: 3.24Grade Unit: g/tContained Metal: 980.3Contained Unit: kozView all detailsHide details
Identity
- Project
- Grey Fox
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mark Hatton, P.Eng.
- Resource group id
- resource:542186c99ca7f87c121c
Resource Data
- Category
- probable
- Tonnes
- 9405800
- Grade
- 3.24
- Grade Unit
- g/t
- Contained Metal
- 980.3
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-03-27
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The declaration of a substantial Probable Mineral Reserve for Grey Fox is a key positive outcome of the PFS, providing a robust foundation for the project's economic viability and future production.
Positive factors
- Declaration of significant probable reserves
- High contained gold ounces
- Good grade for underground mining
- Forms the basis for the PFS economics
Evidence · table
“3.24”
Context: 9,405.8
Metallurgical Results (1)
laboratory testingGrey Fox · goldRecovery: 87.5 %View all detailsHide details
Identity
- Project
- Grey Fox
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- MUX
Test Work
- Program Status
- detailed
- Test Type
- laboratory testing
- Processing Route
- crushing, grinding, primary Carbon-In-Leach (CIL) circuit
Recovery
- Recovery
- 87.5 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-08T00:00:00.000Z
Reasoning: The estimated gold recovery of 87.5% via the CIL circuit is a solid result for the Grey Fox project, providing confidence in the metallurgical assumptions underpinning the PFS economics.
Positive factors
- Good gold recovery for the CIL process
- Supports the economic assumptions of the PFS
Evidence · text
“Gold Recovery has been estimated at 87.5% based on laboratory testing.”
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.