McEwen Inc. has secured a significant minority position in Paragon Geochemical Laboratories Inc., acquiring approximately 31% of the company through a transaction valued at CDN$15.3 million. The mining company will purchase 648,002 Paragon shares from Britannia Life Sciences Inc. and an additional 226,286 shares via private placement, with both transactions priced at CDN$17.50 per share and settled through McEwen stock. This strategic investment centers on advancing PhotonAssay technology, a rapid and non-destructive analytical method for assaying precious and base metals that offers substantial improvements over traditional fire assay techniques.
McEwen already utilizes PhotonAssay in its exploration programs at the Fox Complex in Ontario and the Gold Bar Mine Complex in Nevada, demonstrating the company's commitment to implementing advanced analytical methods across its operations. Paragon Geochemical Laboratories has established itself as a leading provider of advanced analytical services for the mining sector, with PhotonAssay representing a cornerstone of its technological offerings. The technology provides significant advantages in speed and accuracy while maintaining non-destructive properties, allowing for more efficient mineral analysis and resource evaluation. Additional information about the transaction can be found at https://ibn.fm/bot3U.
This investment reflects the growing importance of advanced analytical technologies in modern mining operations, where accurate and timely assay results can significantly impact exploration efficiency and resource development decisions. The partnership between McEwen and Paragon signals a broader industry trend toward adopting innovative technologies that enhance operational effectiveness while maintaining environmental considerations. McEwen's portfolio includes exposure to gold, copper, and silver through its mining operations in the United States, Canada, and Argentina, along with a substantial copper development project in Argentina.
The company's shares trade on both the New York Stock Exchange and Toronto Stock Exchange under the symbol MUX. Further updates and corporate information are available through the company's newsroom at https://ibn.fm/MUX. The mining industry continues to embrace technological innovations that improve analytical precision and operational efficiency. PhotonAssay represents one such advancement, offering the potential to transform how mining companies conduct resource evaluation and quality control processes. This strategic investment positions McEwen to benefit from ongoing developments in analytical technology while supporting broader adoption across the mining sector.
