McEwen (NYSE:MUX) today announced a significant milestone in its strategy to double corporate production, releasing a new Mineral Resource Estimate (MRE) for its 100%-owned Tartan Mine Project near Flin Flon, Manitoba.
The estimate, calculated using a gold price of $3,000 per ounce—reflecting the metal's historic surge in early 2026—reveals a robust high-grade deposit with significant expansion potential.
The MRE identifies 308,900 ounces of gold in the Indicated category (2,619,000 tonnes at 3.67 g/t) and an additional 302,700 ounces in the Inferred category (2,832,900 tonnes at 3.32 g/t).
The resource remains open at depth and along the recently discovered Western Flank, where step-out drilling has consistently returned high-grade intercepts.
To capitalize on this momentum, McEwen has allocated a $6 million exploration budget for 2026, specifically targeting the conversion of Inferred ounces and testing the strike length of the Tartan Lake Shear Zone.
Management is concurrently advancing a phased restart plan for the former-producing mine.
Initial operations are targeting a throughput of 500 tonnes per day (tpd), the rate at which the mine previously operated, to deliver approximately 30,000 ounces of gold per year.
However, engineering reviews are already evaluating the feasibility of doubling mill capacity to 1,000 tpd, which could scale annual output to between 45,000 and 55,000 ounces.
Current activities at the site include metallurgical test work focused on modernizing recovery circuits, underground infrastructure planning, and a comprehensive review of existing environmental licenses to ensure a rapid transition to production.