TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) has provided an update on the Los Azules copper, gold, and silver project in Argentina, where it holds a 0.4% net smelter returns royalty.
The project is owned by McEwen Copper Inc, a subsidiary of McEwen Mining Inc (TSX:MUX, NYSE:MUX).
According to McEwen, the results align with the resource block model used in the 2023 preliminary economic assessment, boosting confidence in the project.
Its recently completed drilling season yielded significant intercepts, including 386 meters of 0.66% copper (Cu) and 196 meters of 0.99% Cu in one hole.
Drilling was designed to upgrade the copper resource estimate classification from Inferred to Measured or Indicated.
Los Azules is a large copper porphyry deposit with the potential for substantial growth, featuring characteristics comparable to world-class copper-gold deposits in South America. It was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence in 2022.
The completed phase of drilling spanned between October 2022 and June 2023, involving up to 15 rigs and 138 holes, totaling 39,900 meters of drilling. McEwen Mining anticipates that with further drilling, the model's predictive capacity will improve, resulting in a Measured and Indicated mineral resource estimate.
For TNR Gold Corp (TSX-V:TNR, OTC:TRRXF), a green energy royalty and gold company that does not have to contribute any capital for the development of Los Azules, the results are promising.
“It's very encouraging to see an updated independent mineral resource estimate that has increased significantly,” CEO Kirill Klip said in a statement.
“Reported by McEwen Copper infill and other resource drilling completed since the PEA model data cut-off date results include significant copper values over wide intercepts and confirm very good alignment of new assay results to the resource model prediction for the same area.”
Klip also expressed satisfaction with the significant developments surrounding the copper project, which has attracted Stellantis as a strategic partner.
The collaboration, in addition to Rio Tinto’s Nuton investment of $55 million, will play a crucial role in the future development of the massive copper, gold, and silver project.
Contact Angela at angela@proactiveinvestors.com
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