TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) announced that McEwen Mining Inc (TSX:MUX, NYSE:MUX) has provided an update on the Los Azules Copper Project in Argentina, in which TNR holds a 0.4% net smelter returns (NSR) royalty.
The green energy metals royalty and gold company said on January 26, 2023, McEwen Copper, a 68%-owned subsidiary of McEwen Mining, reported “rich copper values over attractive widths resulting from infill drilling at Los Azules”, which included 108 metres (m) of 1.71% copper.
The news release further said: “Los Azules is a large porphyry copper-gold-silver deposit with considerable growth potential, where its ultimate depth and lateral extents remain to be determined”.
“We are pleased to see these significant developments on the advancing Los Azules Project towards feasibility and continued support by Rob McEwen of McEwen Copper,” TNR Gold CEO Kirill Klip said in a statement.
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“It's very encouraging to see the opportunity to expand the deposit, and the involvement of Rio Tinto, which may accelerate realizing the enormous potential of the Los Azules Project with Rio Tinto's innovative technology,” Klip added.
TNR Gold noted that McEwen Copper has raised more than US$81 million, including a US$40 million investment from Rob McEwen, and is well positioned for further stages of development of the Los Azules Project.
The company added that the McEwen Mining news release also mentioned that since October, some 11,900m have been drilled from 46 holes at Los Azules and “we see drill results that support and enhance our geological modelling”.
As well, McEwen Copper said the infill drilling results are designed to upgrade copper resources classification into the Measured & Indicated category.
Vancouver-based TNR Gold’s 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.
Contact Sean at sean@proactiveinvestors.com