Acquisition Date

2010 / Nov / 09


8.0% Stream @ $566/oz*


McEwen Mining Inc.

The Black Fox Mine is located outside of Matheson, Ontario in the Timmins Gold District. Black Fox began operating as an open pit mine and transitioned to underground operations in 2011. Underground ore is extracted using a combination of long hole stoping, cut and fill, and narrow vein mining methods. Ore is accessed from a series of declines branching off from the main ramp to surface. The underground mine at Black Fox begins at the bottom of the open pit approximately 200 metres below surface and is expected to extend to more than 800 metres in depth.

Ore mined at Black Fox is transported to the Black Fox mill, located 28 km away, and is fed into a 2,400 tpd grinding circuit which includes a two-stage closed circuit ball mill. Soluble gold is recovered by adsorption on activated carbon using carbon-in-column, carbon-in-leach, and carbon-in-pulp processes yielding recoveries of 90% to 95% on average.

McEwen announced results from a Preliminary Economic Assessment for the Fox Complex in January 2022 and released an updated Mineral Resource Estimate for the Froome Mine. The Measured & Indicated Resources as of July 2021 are 194 kozs of gold contained in 1.43 Mt at a grade of 4.22 g/t (2.35 g/t gold cut-off) and Inferred Resources are 29 kozs of gold contained in 276 kt at a grade of 3.32 g/t (2.35 g/t gold cut-off).

As of December 2020, the Probable Mineral Reserve at Black Fox underground was 14 kozs of gold contained in 0.10 Mt at a grade of 4.05 g/t (3.64 g/t gold cut-off).

Recent Activity

October 2021

Commercial production was achieved at Froome in September, which was three months ahead of schedule. The underground mining infrastructure at Froome is expected to be fully developed by June 2022.

August 2021

Black Fox produced 7,100 gold equivalent ounces in Q2 2021 at total cash costs and all-in sustaining costs of $917 and $1,088 per gold equivalent ounces sold, respectively. Mining transitions to the Froome deposit and commercial production is on track to begin in Q4 2021.

*6.3% on Black Fox Ext. including a portion of the Pike River concessions


Black Fox


Black Fox Royalty Map
Black Fox Royalty Map