TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) has announced an update from McEwen Mining on the Los Azules copper, gold, and silver project in San Juan, Argentina, where TNR holds a 0.4% net smelter returns royalty.
McEwen Mining has launched a private placement of just over 2.3 million shares of its subsidiary, McEwen Copper Inc., at $30 per share, aiming to raise $70 million to advance a bankable feasibility study for the Los Azules project.
A statement from McEwen Copper said the feasibility study is scheduled for completion by Q1 2025.
Notable commitments include McEwen Mining and Rob McEwen, its CEO, purchasing 27% of the offering.
The Los Azules project, one of the world's largest undeveloped copper deposits, aims to achieve net zero carbon emissions by 2038 and is expected to play a significant role in the global clean energy transition.
TNR Gold's CEO, Kirill Klip, expressed satisfaction with the progress at Los Azules, highlighting significant investments from Stellantis and Rio Tinto's Venture Nuton, which support advancing the project towards feasibility and contributing to the green energy transition.
"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,” Klip told shareholders.
Klip emphasized the project's potential for environmental stewardship, robust economic impact, and the importance of strategic partnerships in realizing its value without TNR Gold needing to invest additional capital.