TNR Gold Corp has issued an update on the Los Azules Copper Project in San Juan, Argentina, in which it holds a 0.4% net smelter returns (NSR) royalty.
The project is held by McEwen Copper Inc, a subsidiary of McEwen Mining. On Thursday, McEwen Copper offered a progress report this week on the Los Azules project highlighting three drill holes.
Hole AZ22146 intersected 330 meters (m) of 0.83% copper, including 103.4 m of 1.31% copper; hole AZ22149 intersected 298 m of 0.55% copper, including 54.0 m of 1.38% copper; and hole AZ22158 intersected 176 m of 1% copper, including 44.0 m of 1.38% copper.
READ: TNR Gold updates on its NSR royalty at Los Azules copper project via McEwen Mining's progress report
The objectives of the 59,000-meter drilling program at Los Azules are to upgrade the inferred mineral resources to indicated; conduct metallurgical, hydrological and geotechnical drilling to accelerate study work; and selectively test high-value exploration targets, according to McEwen.
This program will almost double the historic database of 66,000 m of drilling from 202 holes. In 2022, 13,500 m have been drilled in 29 holes to date, and assays have been returned for 6,035 m of drilling from 15 holes, which are designed to improve confidence and increase our Indicated resource category.
On Tuesday, McEwen Mining also announced the closing of the second tranche of a private placement offering of up to 8 million common shares of McEwen Copper. priced at US$10 per common share, which generated total gross proceeds of $15 million.
Total proceeds from the two trances stand at $55 million, and the offering will remain open until July 6, according to a statement from McEwen.
TNR Gold Corp is working to become the green energy metals royalty and gold company. In the last 26 years, TNR, through its lead generator business model, has been successful in generating high-quality exploration projects around the globe.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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