TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) reported that McEwen Mining, operator of the Los Azules copper, gold, and silver project in San Juan, Argentina, has provided a significant update on the project’s progress.
TNR Gold holds a 0.4% net smelter returns royalty on the Los Azules project, which is being advanced by McEwen Copper Inc, a subsidiary of McEwen Mining.
McEwen Copper has closed a second tranche of a private placement, raising $35 million from Nuton LLC, a Rio Tinto venture, as part of a $56 million total investment.
Nuton now holds 17.2% of McEwen Copper, which is advancing towards a feasibility study for the Los Azules project, scheduled for publication in the first half of 2025.
TNR Gold CEO Kirill Klip expressed confidence in the project, highlighting its importance to Argentina’s clean energy transition and the global demand for "green copper."
"Together with Nuton, McEwen Copper is exploring new technologies that save energy, water, time and capital, advancing Los Azules towards the goal of leading environmental performance,” Klip said in a statement from TNR Gold.
“The involvement of Rio Tinto, with its innovative technology, may also accelerate realizing the enormous potential of the Los Azules project.”
Klip also praised McEwen Copper's strategic partnerships with Rio Tinto and Stellantis, which invested heavily in the project.
The Los Azules project is one of the world's top 10 largest undeveloped copper deposits, according to Mining Intelligence.
A recent updated mineral resource estimate for the project has significantly increased the resource, with infill drilling confirming high-grade zones and completing the feasibility study drilling, which is on schedule for early 2025, according to TNR Gold.