TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) said it was pleased with the latest assay results from the Los Azules copper project, where operator McEwen Mining reported “consistent” infill results.
TNR holds a 0.4% net smelter returns royalty (NSR) on Los Azules, of which 0.04% of the 0.4% NSR Royalty is held on behalf of a shareholder.
Highlights from the latest results include 0.50% copper (Cu) over 502 metres (m), including 0.87% Cu over 172m; 1.00% Cu over 282m, including 1.40% Cu over 172m; and 0.66% Cu over 500m, including 0.92% Cu over 276m.
McEwen subsidiary McEwen Copper Inc said it had four different drilling contractors with 13 drills turning, according to Michael Meding, vice president and general manager of McEwen Copper.
“This initiative also involves training and optimizing the entire value chain, with the significant engagement of local suppliers and services,” Meding said in a statement.
Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence.
New results highlight project potential
TNR CEO Kirill Klip hailed the latest round of drill results.
"Strong team performance is accelerating the McEwen Copper Los Azules program in 2023. These new exploration results highlight the potential to create additional value for the Los Azules project, and continuity of mineralization in the infill program is de-risking the project,” Klip said in a statement.
The CEO noted that automaker Stellantis is a strategic partner in the future development of this copper, gold and silver project, as well as an additional investment of US$55 million in McEwen Copper by Rio Tinto's venture Nuton.
"It's very encouraging to see the opportunity to expand the deposit. Together with Nuton, McEwen Copper is exploring new technologies that save energy, water, time and capital, advancing Los Azules towards the goal of the leading environmental performance,” Klip said.
“The involvement of Rio Tinto with its innovative technology, may also accelerate realizing the enormous potential of the Los Azules project.”
Klip told investors that TNR’s vision is aligned with companies like Stellantis, who aim to decarbonize mobility, and mining industry leaders like Rob McEwen's vision 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,” Klip said.
TNR Gold does not have to contribute any capital for the development of the Los Azules Project. Its business model is to have industry leaders such as McEwen Mining as operators on the projects to potentially generate royalty cash flows for TNR shareholders.
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