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TNR Gold Corp.
TNR Gold Corp.
Registriert in: Kanada WKN: A1JAZT Rohstoffe:
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Heimatbörse: TSX Venture Alternativ: TRRXF
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Symbol: TNR.V Forum:

TNR Gold NSR Royalty Update - Los Azules Copper, Gold and Silver Project - McEwen Copper Announces Completion of the Feasibility Drilling Program

21.05.2024 | 14:30 Uhr | Newsfile

Vancouver, May 21, 2024 - TNR Gold Corp. (TSXV: TNR) ("TNR", "TNR Gold" or the "Company") is pleased to announce that McEwen Mining Inc. ("McEwen Mining") has provided an update on the Los Azules copper, gold and silver project in San Juan, Argentina. TNR holds a 0.4% net smelter returns royalty ("NSR Royalty") (of which 0.04% of the 0.4% NSR Royalty is held on behalf of a shareholder) on the Los Azules Copper Project. The Los Azules project is held by McEwen Copper Inc. ("McEwen Copper"), a subsidiary of McEwen Mining.

The news release issued by McEwen Mining on May 16, 2024 stated:

"70,000 meters completed, highlights include:

349.0 m of 0.77% Cu, including 232.0 m of 0.86% Cu (AZ23292)

382.5 m of 0.54% Cu, including 74.0 m of 0.86% Cu (AZ23277)

McEwen Copper Inc., 47.7% owned by McEwen Mining Inc., is pleased to provide the assay results from the currently completed drill season at the Los Azules project in Argentina. The prime objectives of this season's infill drilling campaign were: 1. to confirm the size and grade of the deposit as compared to the 2023 PEA estimate and upgrade the resource categories for the upcoming feasibility study; 2. test for extensions of mineralization beyond the current pit shell; and 3. explore our large property package for other mineralized areas.

Based on the assay results received to date, our first objective appears to have been met. Initial interpretation suggests that our infill drilling will result in an increase in Measured and Indicated resources and an overall mineral inventory within 5% of the PEA estimate. Testing for extensions beyond the planned pit has successfully encountered mineralization both to the north and to the south. Primary mineralization was intercepted (202.0 m of 0.20% Cu) over 400 meters north of last year's deep exploration hole, confirming its extension at depth a significant distance to the north. Exploration south of the planned pit has intercepted the principal mineralized intrusive more than 700 meters south of previous drill intercepts and indicates that prospective intrusives continue well to the south of the pit.

Exploration over our property has produced an intriguing target, late in the season. Initial results of a concession-wide regional mapping and sampling campaign have identified strong evidence of a large porphyry system 3 kilometers east of the Los Azules deposit. Porphyry-style veining and quartz vein stockworks with copper oxide mineralization have been recognized within this new target, with assay results pending.

Additionally, this news release covers all results from the first half of the 2023-24 drill program (see Table 1). Final results will be published when all the geochemistry is completed.

The objective of the 2023-2024 drilling campaign is to collect all the necessary information to support the completion of the Los Azules Feasibility Study by early 2025. This information continues to arrive and will be processed in the following months. Resource drilling is focused on converting all the mineralization to be mined in the first 5 years to Measured and Indicated resource, to increase confidence during the payback period. Geotechnical, metallurgical, hydrogeological, exploration, and condemnation drilling are also being performed.

Highlights

  • Hole AZ23292 returned an intercept of 349 m of 0.77% Cu (approx. true thickness). The Enriched zone portion of this hole extends over 346 meters and includes an intercept of 232 m of 0.86% Cu.
  • Hole AZ23277 has an intercept of 382.5 m of 0.54% Cu (approx. true thickness). The Enriched zone portion of this hole extends over 306 meters with a grade of 0.61% Cu and includes an intercept of 74 m of 0.86% Cu.

Results

Results are summarized in two schematic cross sections (Figures 2 and 3), which include simplified interpretations of the Overburden, Leached, Enriched and Primary zones. The Enriched mineral zone refers to the enrichment of a copper deposit by precipitation-derived water circulation that carries copper minerals downward through the rocks to accumulate in a thick, often horizontal "blanket". Immediately above the Enriched zone is the Leached zone, from which copper was removed and transported. Weathering and oxidation often aid in this process. Below the Enriched zone, the Primary (or Hypogene) zone is formed by ascending copper-rich fluids having a much deeper magmatic origin. The green line on the sections indicates the pit floor of the 30-year pit shell from the 2023 NI 43-101 Preliminary Economic Assessment (PEA).

Figure 1 presents a plan view of the location of two sections and the holes reported. Adjacent cross sections are located 50 m apart from each other, starting with the lowest numbered section at the south end of the deposit and progressing to the north.



Figure 1 - Plan View Location of Cross-sections and Drill Holes Reported in this News Release

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/209892_f74f380c94be7beb_003full.jpg

Figure 2 displays an intercept of 349 m grading 0.77% Cu (AZ23292) and includes232 m grading 0.86% Cu within the Enriched zone. This hole extends higher-grade Enriched zone mineralization in the center of the section to the east and at depth.



Figure 2 - Section 40 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/209892_f74f380c94be7beb_004full.jpg

Figure 3 highlights a 382.5 m interval grading 0.54% Cu (AZ23277) and includes an interval of 74 m grading 0.86% Cu within the Enriched zone. This hole extends higher-grade mineralization in the eastern portion of the Enriched zone to the east and at depth.



Figure 3 - Section 52 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/209892_f74f380c94be7beb_005full.jpg

Growing the Deposit

Exploration hole AZ23241 (Figure 4) intersected a long interval of low-grade mineralization in the Primary Zone (202.0 m of 0.20% Cu) and began to enter higher-grade mineralization at the end of the hole (12.0 m of 0.44% Cu). This hole is located completely outside of the 2023 PEA base case mineable pit shell. This hole is over 400 meters to the north of exploration hole AZ22174, also located outside of the 2023 PEA base case mineable pit shell, which encountered 1,052.0 m of 0.29% Cuincluding 480 m of 0.42% Cu (Figure 4). These intercepts suggest that primary mineralization continues at depth a significant distance to the north. Exploration drilling south of the deposit has extended the presence of the early mineral porphyry more than 700 meters south of previous drilling and well outside of the southern pit boundary. This porphyry is host for the majority of the mineralization at Los Azules and encountering it a significant distance farther south indicates that the deposit may also continue in this direction. Assays for these holes are pending.

A comprehensive structural model for the deposit has been completed that will provide a better understanding of structural controls on the deposit and aid in future exploration work. Field verification of a previous property-wide structural study using satellite information was carried out in January and has refined the identification of nearby exploration targets.



Figure 4 - North-South Longitudinal Section (Looking East) With Deep Exploration Holes to the North and Exploration Holes to the South With Early Mineral Porphyry Shown in Red

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/209892_f74f380c94be7beb_006full.jpg

Indications of Another Porphyry Copper System Nearby

To date, geological mapping and geochemical sampling has been focused primarily near the Los Azules deposit and only covers roughly 40% of our large concession. To address this limitation, a mapping and sampling campaign was begun in December, to obtain 100% coverage of our concession.

Early results of this work have identified a large new porphyry system 3 kilometers east of Los Azules. Preliminary work has identified porphyry-style veining and alteration, indicating the presence of a porphyry copper system. Areas with strong quartz vein stockworking and the recognition of copper oxides at surface add to the prospectiveness of this newly identified area (Figure 5).



Figure 5 - Quartz Stockwork Veining and Copper Oxides Identified at Surface in Porphyry Copper System 3 Kilometers East of Los Azules

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/209892_f74f380c94be7beb_007full.jpg

Table 1 summarizes copper (Cu), gold (Au) and silver (Ag) assay results received from October 2023 to December 31, 2023.

Table 1 - Recent Los Azules Drilling Results

Hole-ID
Section
Predominant
Mineral Zone
From
(m)
To
(m)
Length
(m)
Cu
%
Au
(g/t)
Ag
(g/t)
Comment
AZ23238 50-51 Total 102.0 201.0 99.0 1.02 0.07 2.75


Enriched 102.0 201.0 99.0 1.02 0.07 2.75
AZ23239 35 Total 48.0 225.5 177.5 0.61 0.07 1.61


Enriched 48.0 225.5 177.5 0.61 0.07 1.61 Incl. 86.0m of 0.76% Cu
AZ23240 41 Total 104.0 224.5 120.5 0.98 0.11 1.53


Enriched 104.0 224.5 120.5 0.98 0.11 1.53 Incl. 112.5m of 1.04% Cu
AZ23241 71 Total 18.0 740.0 722.0 0.11 0.01 0.63


Enriched 18.0 300.0 282.0 0.07 0.01 0.60


Primary 538.0 740.0 202.0 0.20 0.01 0.72 Incl. 12.0m of 0.44% Cu
AZ23242 45 Total 86.0 200.0 114.0 0.92 0.08 1.77


Enriched 86.0 200.0 114.0 0.92 0.08 1.77
AZ23243 46 Total 82.0 150.0 68.0 0.53 0.04 1.26


Enriched 82.0 150.0 68.0 0.53 0.04 1.26
AZ23244A 43-44 Total 92.0 230.3 138.3 0.54 0.05 1.66


Enriched 92.0 230.3 138.3 0.54 0.05 1.66 Incl. 112.0m of 0.63% Cu
AZ23245 43 Total 86.0 220.7 134.7 0.99 0.06 1.74


Enriched 86.0 220.7 134.7 0.99 0.06 1.74
AZ23246 39-38 Total 123.0 235.1 112.1 1.04 0.11 2.34


Enriched 123.0 235.1 112.1 1.04 0.11 2.34 Incl. 81.1m of 1.15% Cu
AZ23248 42 Total 98.0 227.0 129.0 0.87 0.08 1.71


Enriched 98.0 227.0 129.0 0.87 0.08 1.71 Incl. 93.0m of 1.02% Cu
AZ23249 40 Total 88.0 219.6 131.6 0.37 0.05 1.08


Enriched 88.0 219.6 131.6 0.37 0.05 1.08 Incl. 52.0m of 0.46% Cu
AZ23250 38 Total 114.0 210.0 96.0 0.69 0.06 1.05


Enriched 114.0 210.0 96.0 0.69 0.06 1.05
AZ23251 56 Total 82.0 430.8 348.8 0.37 0.05 1.65


Enriched 82.0 198.0 116.0 0.40 0.03 1.10 Incl. 40.0m of 0.67% Cu


Primary 198.0 430.8 232.8 0.36 0.06 1.93
AZ23252 54 Total 86.0 172.1 86.1 0.52 0.07 1.22


Enriched 86.0 172.1 86.1 0.52 0.07 1.22
AZ23253 36 Total 96.0 307.0 211.0 0.28 0.01 0.35


Enriched 96.0 290.0 194.0 0.29 0.01 0.36


Primary 290.0 307.0 17.0 0.19 0.02 0.25
AZ23254 41 Total 147.5 200.0 52.5 0.27 0.05 2.23


Enriched 147.5 200.0 52.5 0.27 0.05 2.23 Incl. 18.5m of 0.57% Cu
AZ23255 45 Total 120.5 253.7 133.2 0.55 0.04 1.36


Enriched 120.5 253.7 133.2 0.55 0.04 1.36 Incl. 64.0m of 0.74% Cu
AZ23257 39 Total 87.0 202.0 115.0 0.28 0.04 1.50


Enriched 87.0 202.0 115.0 0.28 0.04 1.50 Incl. 24.0m of 0.60% Cu
AZ23258A 28 Total 62.0 347.0 285.0 0.50 0.05 0.95


Enriched 62.0 300.0 238.0 0.56 0.06 0.87 Incl. 142.0m of 0.63% Cu


Primary 300.0 347.0 47.0 0.22 0.03 1.34
AZ23259MET 50 Total 115.0 347.0 232.0 0.46 0.02 0.93


Enriched 115.0 334.0 219.0 0.48 0.02 0.96 Incl. 114.0m of 0.73% Cu


Primary 334.0 347.0 13.0 0.12 0.02 0.55
AZ23260 32 Total 102.0 313.0 211.0 0.40 0.03 1.05


Enriched 102.0 313.0 211.0 0.40 0.03 1.05 Incl. 56.0m of 0.71% Cu
AZ23261 33 Total 98.0 299.0 201.0 0.40 0.03 0.74


Enriched 98.0 299.0 201.0 0.40 0.03 0.74 Incl. 20.0m of 0.81% Cu
AZ23262 36 Total 98.0 191.0 93.0 0.45 0.07 0.79


Enriched 98.0 191.0 93.0 0.45 0.07 0.79 Incl. 46.0m of 0.59% Cu
AZ23263 37 Total 170.0 318.5 148.5 0.59 0.09 2.26


Enriched 170.0 282.0 112.0 0.64 0.07 1.77


Primary 282.0 318.5 36.5 0.47 0.14 3.77
AZ23264 55 Total 78.5 276.0 197.5 0.63 0.10 2.91


Enriched 78.5 268.0 189.5 0.64 0.10 2.93 Incl. 64.0m of 0.91% Cu


Primary 268.0 276.0 8.0 0.32 0.10 2.47
AZ23265 54 Total 150.2 281.0 130.8 0.48 0.06 1.05


Enriched 150.2 281.0 130.8 0.48 0.06 1.05 Incl. 77.8m of 0.57% Cu
AZ23267 29 Total 66.0 218.0 152.0 0.51 0.06 0.79


Enriched 66.0 218.0 152.0 0.51 0.06 0.79 Incl. 110m of 0.63% Cu
AZ23268 50 Total 102.0 249.5 147.5 0.35 0.02 1.01


Enriched 102.0 249.5 147.5 0.35 0.02 1.01
AZ23269 31 Total 122.0 222.5 100.5 0.55 0.05 1.66


Enriched 122.0 222.5 100.5 0.55 0.05 1.66
AZ23271 26 Total 192.0 393.5 201.5 0.15 0.01 0.60


Enriched 192.0 390.0 198.0 0.16 0.01 0.58


Primary 390.0 393.5 3.5 0.07 0.04 1.66
AZ23273 25 Total 64.0 289.0 225.0 0.50 0.08 1.37


Enriched 64.0 289.0 225.0 0.50 0.08 1.37 Incl. 120m of 0.77% Cu
AZ23274 53 Total 72.0 207.4 135.4 0.81 0.06 2.24


Enriched 72.0 207.4 135.4 0.81 0.06 2.24
AZ23275 33 Total 60.0 216.5 156.5 0.91 0.08 1.44


Enriched 60.0 208.0 148.0 0.93 0.08 1.44 Incl. 78m of 1.19% Cu


Primary 208.0 216.5 8.5 0.63 0.07 1.43
AZ23276 53 Total 104.0 209.8 105.8 0.38 0.05 1.21


Enriched 104.0 209.8 105.8 0.38 0.05 1.21 Incl. 58m of 0.57% Cu
AZ23277 52 Total 94.0 476.5 382.5 0.54 0.10 2.33


Enriched 94.0 400.0 306.0 0.61 0.11 2.62 Incl. 74m of 0.86% Cu


Primary 400.0 476.5 76.5 0.25 0.06 1.20
AZ23279 53 Total 55.8 192.5 136.7 0.41 0.06 2.50


Enriched 55.8 192.5 136.7 0.41 0.06 2.50
AZ23280 56 Total 34.0 485.5 451.5 0.33 0.05 1.72


Enriched 34.0 485.5 451.5 0.33 0.05 1.72 Incl. 80m of 0.56% Cu
AZ23282A 30 Total 166.0 354.5 188.5 0.15 0.00 0.40


Enriched 166.0 354.5 188.5 0.15 0.00 0.40
AZ23283 25 Total 165.0 342.5 177.5 0.70 0.06 1.82


Enriched 165.0 342.5 177.5 0.70 0.06 1.82 Incl. 112m of 0.91% Cu
AZ23284 27 Total 55.3 264.8 209.5 0.52 0.11 1.37


Enriched 55.3 236.0 180.7 0.54 0.11 1.36 Incl. 112m of 0.67% Cu


Primary 236.0 264.8 28.8 0.44 0.09 1.46
AZ23285 59 Total 90.0 256.6 166.6 0.10 0.01 0.64


Enriched 90.0 174.0 84.0 0.14 0.01 0.68


Primary 174.0 256.6 82.6 0.08 0.00 0.59
AZ23286 48 Total 143.2 329.0 185.8 0.09 0.02 0.68


Enriched 143.2 258.0 114.8 0.08 0.02 0.86


Primary 258.0 329.0 71.0 0.11 0.02 0.38
AZ23289 49 Total 152.0 278.0 126.0 0.73 0.06 2.76


Enriched 152.0 278.0 126.0 0.73 0.06 2.76
AZ23290 51 Total 136.0 260.1 124.1 0.53 0.05 1.63


Enriched 136.0 260.1 124.1 0.53 0.05 1.63
AZ23291 47 Total 102.0 241.5 139.5 0.67 0.06 3.26


Enriched 102.0 241.5 139.5 0.67 0.06 3.26 Incl. 60m of 0.89% Cu
AZ23292 40 Total 114.0 463.0 349.0 0.77 0.10 2.11


Enriched 114.0 460.0 346.0 0.77 0.10 2.09 Incl. 232m of 0.86% Cu


Primary 460.0 463.0 3.0 0.72 0.30 3.93
AZ23293 44 Total 73.0 382.7 309.7 0.28 0.03 1.99


Enriched 73.0 218.0 145.0 0.38 0.06 3.57 Incl. 56m of 0.66% Cu


Primary 218.0 382.7 164.7 0.20 0.01 0.60
AZ23294 30 Total 90.0 218.0 128.0 0.41 0.15 6.78


Enriched 90.0 218.0 128.0 0.41 0.15 6.78 Incl. 16m of 0.74% Cu
AZ23297A 47 Total 74.0 360.5 286.5 0.42 0.05 1.35


Enriched 74.0 360.5 286.5 0.42 0.05 1.35 Incl. 26m of 0.73% Cu
AZ23298 5a Total 294.0 600.5 306.5 0.16 0.03 1.29


Enriched 294.0 396.0 102.0 0.20 0.03 0.66


Primary 396.0 600.5 204.5 0.15 0.03 1.61
AZ23299B 23 Total 94.0 310.0 216.0 0.21 0.25 1.41


Enriched 94.0 254.0 160.0 0.24 0.31 1.71


Primary 254.0 310.0 56.0 0.12 0.07 0.56
AZ23300 42 Total 102.0 241.0 139.0 1.01 0.08 2.43


Enriched 102.0 241.0 139.0 1.01 0.08 2.43
AZ23301 40 Total 188.0 398.0 210.0 0.18 0.02 0.81


Enriched 188.0 398.0 210.0 0.18 0.02 0.81
AZ23303 30 Total 106.0 285.0 179.0 0.53 0.05 5.48


Enriched 106.0 234.0 128.0 0.62 0.07 7.16 Incl. 92m of 0.78% Cu


Primary 234.0 285.0 51.0 0.31 0.01 1.27
AZ23304 44 Total 134.0 387.5 253.5 0.17 0.02 0.58


Enriched 134.0 387.5 253.5 0.17 0.02 0.58
AZ23306 40 Total 172.0 476.0 304.0 0.45 0.05 1.34


Enriched 172.0 476.0 304.0 0.45 0.05 1.34
AZ23307 55 Total 134.0 184.8 50.8 0.18 0.03 0.52


Enriched 134.0 184.8 50.8 0.18 0.03 0.52
AZ23309 28 Total 88.0 299.0 211.0 0.45 0.03 1.13


Enriched 88.0 266.0 178.0 0.49 0.03 1.22 Incl. 26m of 0.92% Cu


Primary 266.0 299.0 33.0 0.22 0.04 0.69
AZ23310 26 Total 74.0 369.6 295.6 0.20 0.03 0.83


Enriched 74.0 369.6 295.6 0.20 0.03 0.83
AZ23311 44 Total 94.0 513.0 419.0 0.40 0.03 1.12


Enriched 94.0 276.0 182.0 0.39 0.01 0.38 Incl. 52m of 0.54% Cu


Primary 276.0 513.0 237.0 0.40 0.04 1.69 Incl. 66m of 0.79% Cu
AZ23312 55 Total 114.0 212.5 98.5 0.36 0.02 0.50


Enriched 114.0 194.0 80.0 0.41 0.02 0.55 Incl. 26m of 0.74% Cu


Primary 194.0 212.5 18.5 0.15 0.02 0.28
AZ23314 37 Total 102.0 316.5 214.5 0.64 0.06 1.10


Enriched 102.0 300.0 198.0 0.66 0.06 1.12 Incl. 84m of 0.89% Cu


Primary 300.0 316.5 16.5 0.36 0.05 0.81
AZ23315 37 Total 72.0 206.4 134.4 0.32 0.10 1.84


Enriched 72.0 206.4 134.4 0.32 0.10 1.84 Incl. 72.4m of 0.57% Cu

Technical information

The technical content of this press release has been reviewed and approved by Darren King, Director of Exploration of McEwen Copper, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

All samples were collected in accordance with generally accepted industry standards. Drill core samples, usually taken at 2 m intervals, were split and submitted to the Alex Stewart International laboratory located in the Province of Mendoza, Argentina, for the following assays: gold determination using fire fusion assay and an atomic absorption spectroscopy finish (Au4-30); a 39 multi-element suite using ICP-OES analysis (ICP-AR 39); copper content determination using a sequential copper analysis (Cu-Sequential LMC-140). An additional 19-element analysis (ICP-ORE) was performed for samples with high sulphide content and that exceeded the limits of the ICP-OES analysis.

The company conducts a Quality Assurance/Quality Control program in accordance with NI 43-101 and industry best practices using a combination of standards and blanks on approximately one out of every 25 samples. Results are monitored as final certificates are received, and any re-assay requests are sent back immediately. Pulp and preparation sample analyses are also performed as part of the QAQC process. Approximately 5% of the sample pulps are sent to a secondary laboratory for control purposes. In addition, the laboratory performs its own internal QAQC checks, with results made available on certificates for Company review.

Table 2 - Hole Locations and Lengths for Los Azules Drilling Results

HOLE-ID Azimuth Dip Length Loc X Loc Y Loc Z
AZ23238 205 -71 201.00 2383108.93 6559892.69 3618.48
AZ23239 90 -73 225.50 2383291.79 6559109.63 3638.32
AZ23240 250 -70 224.50 2383349.87 6559430.59 3635.63
AZ23241 250 -70 740.00 2382746.14 6560826.06 3653.29
AZ23242 257 -72 200.00 2383341.59 6559657.16 3634.88
AZ23243 47 -80 150.00 2383312.1 6559713.31 3627.57
AZ23244A 250 -75 230.30 2383422.55 6559609.27 3664.48
AZ23245 270 -73 220.70 2383360.72 6559558.82 3637.93
AZ23246 236 -69 235.10 2383377.45 6559341.84 3639.54
AZ23248 242 -72 227.00 2383367.74 6559510.9 3638.59
AZ23249 248 -74 219.60 2382962.63 6559241.34 3638.21
AZ23250 238 -74 210.00 2383217.21 6559241.98 3631.86
AZ23251 250 -80 430.75 2383008.71 6560126.27 3626.21
AZ23252 216 -70 172.10 2382956.7 6560008.3 3617.5
AZ23253 70 -77 307.00 2383018.5 6559063.1 3655.9
AZ23254 251 -68 200.00 2383490.5 6559498.8 3682.1
AZ23255 70 -76 253.70 2383341.6 6559657.1 3646.8
AZ23257 60 -70 202.00 2383376.7 6559342.8 3650.5
AZ23258A 250 -74 83.00 2383557 6558832 3663.9
AZ23259MET 250 -74 347.00 2382844.65 6559742.72 3604.22
AZ23260 250 -83 313.00 2383256.27 6558935.42 3666.58
AZ23261 250 -72 299.00 2383310.44 6559019.34 3645.87
AZ23262 54 -85 191.00 2383383.41 6559180.01 3642.08
AZ23263 250 -68 318.50 2383451.34 6559272.72 3647.94
AZ23264 70 -75 276.00 2382965.36 6560055.22 3611.83
AZ23265 70 -74 281.00 2383082.7 6560043.5 3628.43
AZ23267 246 -67 218.00 2383570.34 6558891.55 3657.03
AZ23268 70 -72 249.50 2383155.92 6559856.86 3620.7
AZ23269 50 -70 222.50 2383305.74 6558902.25 3658.88
AZ23271 250 -73 393.50 2383765.83 6558804.49 3697.56
AZ23273 250 -73 289.00 2383435.28 6558680.31 3666.67
AZ23274 70 -69 207.40 2382936.99 6559938.48 3600.47
AZ23275 270 -68 216.50 2383441.31 6559053.13 3649.14
AZ23276 250 -73 209.80 2383236.54 6560054.57 3638.55
AZ23277 250 -76 476.50 2383155.65 6559962.6 3624.46
AZ23279 250 -69 192.50 2383096.12 6559997.05 3621.08
AZ23280 70 -80 485.50 2382886.31 6560080.64 3604.87
AZ23282A 70 -77 354.50 2383640.7 6558970 3670.87
AZ23283 70 -73 342.50 2383333.26 6558591.57 3672.27
AZ23284 218 -72 264.80 2383478.28 6558753.12 3656.6
AZ23285 189 -73 256.60 2382660.09 6560140.26 3592.24
AZ23286 250 -71 329.00 2383559.06 6559895.32 3663.26
AZ23289 232 -69 278.00 2383144.1 6559821.65 3618.66
AZ23290 250 -69 260.10 2383018.48 6559838.85 3609.93
AZ23291 256 -61 241.50 2383211.83 6559701.44 3619.15
AZ23292 250 -79 463.00 2383366.47 6559401.53 3637.6
AZ23293 250 -79 382.70 2382848.48 6559430.82 3629.84
AZ23294 70 -73 218.00 2382951.62 6558714.14 3677.95
AZ23297A 90 -67 360.50 2383321.5 6559783.34 3626.56
AZ23298 250 -70 600.50 2383827.28 6557218.92 3837.42
AZ23299B 56 -73 310.00 2383214.16 6558423.55 3683.88
AZ23300 250 -73 241.00 2383411.5 6559520.86 3651.4
AZ23301 250 -80 398.00 2383641.55 6559506.34 3719.38
AZ23303 70 -73 285.00 2382745.01 6558655.69 3744.74
AZ23304 250 -76 387.50 2383619.16 6559706.95 3704.2
AZ23306 250 -80 476.00 2383532.54 6559463.46 3689.28
AZ23307 127 -65 184.80 2383162.23 6560107.98 3662.57
AZ23309 250 -75 299.00 2383384.57 6558763.83 3663.04
AZ23310 63 -74 369.60 2383203.62 6558579.65 3671.41
AZ23311 70 -73 513.00 2382847.94 6559431.92 3629.79
AZ23312 70 -76 212.50 2383168.16 6560109.28 3662.59
AZ23314 70 -73 316.50 2383163.31 6559169.16 3652.25
AZ23315 70 -71 206.40 2383220.02 6559188.86 3642.63
Coordinates listed in Table 2 based on Gauss Kruger - POSGAR 94 Zone 2

ABOUT MCEWEN COPPER

McEwen Copper is a well-funded, private company which owns 100% of the large, advanced-stage Los Azules copper project, located in the San Juan province, Argentina. McEwen Copper is a 47.7%-owned private subsidiary of McEwen Mining, which has the ticker MUX on NYSE and TSX.

Los Azules is being designed to be distinctly different from a conventional copper mine, consuming significantly less water, emitting much lower carbon and progressing towards carbon neutral by 2038, and being powered by 100% renewable electricity once in operation. In June 2023, an updated Preliminary Economic Assessment (PEA) was released, which projects a long life of mine, short payback period, low production cost per pound, high annual copper production and a 21.2% after-tax IRR.

ABOUT MCEWEN MINING

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. McEwen Mining also holds a 47.7% interest in McEwen Copper, which is developing the large, advanced-stage Los Azules copper project in Argentina. The Company's goal is to improve the productivity and life of its assets with the objective of increasing the share price and providing a yield. Rob McEwen, Chairman and Chief Owner, has a personal investment in the companies of US$220 million. His annual salary is US$1."

The McEwen Mining press release appears to be reviewed and verified by a Qualified Person (as that term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects) and the procedures, methodology and key assumptions disclosed therein are those adopted and consistently applied in the mining industry, but no Qualified Person engaged by TNR has done sufficient work to analyze, interpret, classify or verify McEwen Mining's information to determine the current mineral resource or other information referred to in its press releases. Accordingly, the reader is cautioned in placing any reliance on the disclosures therein.

"We are pleased that significant developments on the advancement of the Los Azules Copper Project towards feasibility have led to the increased Stellantis holdings in McEwen Copper as a strategic partner of this large copper, gold and silver project. In February 2023, Stellantis invested ARS $30 billion, and with additional investment of ARS $42 billion made after the new preliminary economic assessment (PEA) publication, has a total investment of ARS $72 billion. An aggregate of US $65 million in McEwen Copper was also invested by Rio Tinto's Venture Nuton in 2022 and 2023," stated Kirill Klip, TNR's Chief Executive Officer. "TNR Gold's vision is aligned with the leaders of innovation among automakers like Stellantis, whose aim is decarbonizing mobility, and mining industry leaders such as Rob McEwen, whose vision is 'to build a mine for the future, based on regenerative principles that can achieve net zero carbon emissions by 2038'.

"The green energy rEVolution relies on the supply of critical metals like copper; delivering "green copper" to Argentina and the world will contribute to the clean energy transition and electrification of transportation and energy industries.

"The new president of Argentina introduced important government policies aimed at supporting business and unlocking the country's economic potential. Mining is being recognized as an integral part of this economic development plan, providing jobs and enriching local communities.

"Strong team performance of McEwen Copper is advancing the Los Azules Project towards a feasibility study. The Los Azules Project PEA results highlight the potential to create a very robust leach project while reducing the environmental footprint, and greater environmental and social stewardship sets the Project apart from other potential mine developments.

"It's also very encouraging to see an updated independent mineral resource estimate that has increased the resource significantly. These assay results not only validate previous drilling results but also confirm the continuity of, and extend the mineralization.

"Together with Nuton, McEwen Copper is exploring new technologies that save energy, water, time and capital, advancing Los Azules towards the goal of a leading environmental performance. The involvement of Rio Tinto, with its innovative technology, may also accelerate realizing the enormous potential of the Los Azules Project.

"Los Azules was ranked in the top ten largest undeveloped copper deposits in the world by Mining Intelligence (2022). TNR Gold does not have to contribute any capital for the development of the Los Azules Project. The essence of our business model is to have industry leaders like McEwen Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders."

ABOUT TNR GOLD CORP.

TNR Gold Corp. is working to become the green energy metals royalty and gold company.

Our business model provides a unique entry point in the creation of supply chains for critical materials like energy metals that are powering the energy rEVolution, and the gold industry that is providing a hedge for this stage of the economic cycle.

Our portfolio provides a unique combination of assets with exposure to multiple aspects of the mining cycle: the power of blue-sky discovery and important partnerships with industry leaders as operators on the projects that have the potential to generate royalty cashflows that will contribute significant value for our shareholders.

Over the past twenty-eight years, TNR, through its lead generator business model, has been successful in generating high-quality global exploration projects. With the Company's expertise, resources and industry network, the potential of the Mariana Lithium Project and Los Azules Copper Project in Argentina among many others have been recognized.

TNR holds a 1.5% NSR Royalty on the Mariana Lithium Project in Argentina, of which 0.15% NSR royalty is held on behalf of a shareholder. Ganfeng Lithium's subsidiary, Litio Minera Argentina ("LMA"), has the right to repurchase 1.0% of the NSR royalty on the Mariana Project, of which 0.9% is the Company's NSR Royalty interest. The Company would receive CAN$900,000 and its shareholder would receive CAN$100,000 on the repurchase by LMA, resulting in TNR holding a 0.45% NSR royalty and its shareholder holding a 0.05% NSR royalty.

The Mariana Lithium Project is 100% owned by Ganfeng Lithium. The Mariana Lithium Project has been approved by the Argentina provincial government of Salta for an environmental impact report, and the construction of a 20,000 tons-per-annum lithium chloride plant has commenced.

TNR Gold also holds a 0.4% NSR Royalty on the Los Azules Copper Project, of which 0.04% of the 0.4% NSR royalty is held on behalf of a shareholder. The Los Azules Copper Project is being developed by McEwen Mining.

TNR also holds a 7% net profits royalty holding on the Batidero I and II properties of the Josemaria Project that is being developed by Lundin Mining. Lundin Mining is part of the Lundin Group, a portfolio of companies producing a variety of commodities in several countries worldwide.

TNR provides significant exposure to gold through its 90% holding in the Shotgun Gold porphyry project in Alaska. The project is located in Southwestern Alaska near the Donlin Gold project, which is being developed by Barrick Gold and Novagold Resources. The Company's strategy with the Shotgun Gold Project is to attract a joint venture partnership with a major gold mining company. The Company is actively introducing the project to interested parties.

At its core, TNR provides a wide scope of exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun Gold porphyry project) and royalty holdings in Argentina (the Mariana Lithium project, the Los Azules Copper Project and the Batidero I & II properties of the Josemaria Project), and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.

On behalf of the Board of Directors,

Kirill Klip
Executive Chairman

www.tnrgoldcorp.com

For further information concerning this news release please contact Kirill Klip +1 604-229-8129

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "will", "could" and other similar words, or statements that certain events or conditions "may" or "could" occur, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: TNR's corporate objectives, and future potential transactions being considered by the Special Committee and the Board. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the Company's interim and annual Management's Discussion and Analysis which are available under the Company's SEDAR+ profile on www.sedarplus.ca. While management believes that the assumptions made and reflected in this news release are reasonable, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. In particular, there can be no assurance that: TNR will enter into one or more strategic transactions, partnership or a spin-out, or be able to complete any further royalty acquisitions or sales of royalty interests, or portions thereof; debt or equity financings will be available to TNR; or that TNR will be able to achieve any of its corporate objectives. TNR relies on the confirmation of its ownership for mining claims from the appropriate government agencies when paying rental payments for such mining claims requested by these agencies. There could be a risk in the future of the changing internal policies of such government agencies or risk related to the third parties, in future, challenging the ownership of such mining claims. Given these uncertainties, readers are cautioned that forward-looking statements included herein are not guarantees of future performance, and such forward-looking statements should not be unduly relied on.

In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting TNR and its royalty partners, McEwen Mining Inc., Ganfeng Lithium and Lundin Mining will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

Forward-looking information herein and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209892

 
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