TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) has highlighted encouraging drill results from McEwen Copper’s Los Azules copper-gold-silver project, in Argentina, on which it holds a 0.4% net smelter return royalty.
McEwen Copper reported the assay results from the final unreleased drill holes of the 2022-2023 season which were designed to collect information required to advance a feasibility towards completion in the first quarter of 2025.
Highlights from the assays included 446 meters of 0.63% copper, including 76 meters of 0.92% copper.
Hole AZ23205MET returned 257 meters of 0.76% copper within the enriched zone; hole AZ23228MET returned 446 meters of 0.63% copper in the enriched zone, including 76 meters of 0.92% copper; and hole AZ23230MET returned 250 meters of 0.68% copper in the enriched zone, including 192 meters of 0.83% copper.
TNR Gold CEO Kirill Klip said that these assay results not only validated previous drilling results but also confirmed the continuity of mineralization and extended the mineralization.
"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,” Klip said in a statement.
He noted that in February 2023, automaker Stellantis invested ARS $30 billion, and with an additional investment of ARS $42 billion made after the new preliminary economic assessment (PEA) publication, has a total investment of ARS $72 billion.
"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,'” he said.
“The Los Azules Project PEA results highlighted the potential to create a very robust leach project while reducing environmental footprint, and greater environmental and social stewardship sets the Project apart from other potential mine developments.”
TNR Gold’s business model involves working with industry leaders like McEwen Mining to potentially generate royalty cash flows and deliver value to shareholders without contributing capital to the project's development.