McEwen Mining (MUX.TO; NYSE:MUX) has announced an updated resource estimate for the company’s El Gallo 2 project in Mexico’s Sinaloa state which is located near the company’s El Gallo Mine. The total resource currently consists of 64 million ounces of silver and 200,000 ounces of gold in the measured and indicated categories, and an additional 14.5 million ounces of silver and 66,000 ounces of gold in the inferred category.
The new resource estimate contains ‘just’ 78.4 million ounces of silver, which is a decrease from last year’s 83.5 million ounces,but keep in mind the San Dimas zone was removed from the El Gallo 2 project and added to the El Gallo 1 Mine resources.
Disclosure: The author holds no position in McEwen Mining. Please see our disclaimer for current positions.