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TNR Gold NSR Royalty Update on McEwen Los Azules Copper, Gold and Silver Project – New Assay Results

Vancouver, British Columbia–(Newsfile Corp. – April 11, 2023) – TNR Gold Corp. (TSXV: TNR) ("TNR", "TNR Gold" or the "Company") is pleased to announce…

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Vancouver, British Columbia–(Newsfile Corp. – April 11, 2023) – TNR Gold Corp. (TSXV: TNR) (“TNR“, “TNR Gold” or the “Company“) is pleased to announce an update from McEwen Mining Inc. (“McEwen Mining“) on the Los Azules copper, gold and silver project in San Juan, Argentina. TNR holds a 0.4% net smelter returns royalty (“NSR Royalty“) (of which 0.04% of the 0.4% NSR Royalty is held on behalf of a shareholder) on the Los Azules Copper Project. The Los Azules is held by McEwen Copper Inc. (“McEwen Copper“), a subsidiary of McEwen Mining.

The news release issued by McEwen Mining stated:

“TORONTO, April 05, 2023 — McEwen Copper Inc., 52%-owned by McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to report the latest assay results from Los Azules, where an ongoing drilling program continues to deliver consistent infill results. Located in San Juan, Argentina, the Los Azules Project has many features comparable to world-class copper-gold deposits in South America, including a thick blanket of higher-grade Enriched (or Supergene) mineralization.

Significant Infill Intercepts
0.50% Cu over 502 m, including 0.87% Cu over 172 m (AZ22181)
1.00% Cu over 282 m, including 1.40% Cu over 172 m (AZ22186)
0.66% Cu over 500 m, including 0.92% Cu over 276 m (AZ22184A)


  • Hole AZ22183 returned an Enriched zone intercept of 0.87% Cu over 152 m (est. true thickness) which expands mineralization from adjacent high-grade results drilled in prior programs (Figure 1 and 2).

  • In hole AZ22184A, an Enriched zone interval grading 0.92% Cu over 276 m (est. true thickness) occurs in a hydrothermal magmatic breccia within the core of the deposit (Figure 3). This breccia unit acts as a conduit for mineralizing fluids, sometimes forming higher grades within the broader porphyry mineralization at Los Azules.

  • Hole AZ22181 returned an Enriched zone intercept of 0.87% Cu over 172 m (est. true thickness) and fills a gap between high-grade holes drilled earlier in 2022 (Figure 4).

  • Hole AZ22186 includes an interval grading 1.00% Cu over 282 m (true thickness of 247 m) in the Enriched zone nearby a historic high-grade- intercept (Figure 5).

‘We have four different drilling contractors with 13 drills turning,’ commented Michael Meding, Vice President and General Manager of McEwen Copper. ‘This initiative also involves training and optimizing the entire value chain, with the significant engagement of local suppliers and services.’

After resuming the exploration program in October 2022, drilling has now reached the 25,000 meters initially planned and will continue until the end of the field season. Key objectives of the program include:

  • Increasing drilling density to upgrade the classification of shallower copper resources to measured and indicated categories.

  • Providing metallurgical, hydrological and geotechnical data for the feasibility study mine design to be completed in late 2024.

  • Testing for extensions of Los Azules mineralization to the north, south and at depth.

Table 1 presents the summary of copper (Cu), gold (Au) and silver (Ag) assay results from nineteen recently completed exploration or geotechnical holes totaling some 8,000 meters of core.

Table 1 – Los Azules drilling results, February – March 2023

Hole-ID Type Predominant Mineral Zone From
AZ22178 Exploration Total 96.0 597.0 501.0 0.40 0.07 1.04
Enriched 96.0 390.0 294.0 0.51 0.08 0.99
Primary 390.0 597.0 207.0 0.25 0.06 1.12
AZ22179 Exploration Total 106.0 749.0 643.0 0.54 0.08 1.34
Enriched 106.0 548.0 442.0 0.63 0.09 1.55 Incl. 96 m of 1.13% Cu
Primary 548.0 749.0 201.0 0.34 0.06 0.90
AZ22180 Exploration Total 94.0 639.5 545.5 0.40 0.07 0.88
Enriched 94.0 416.0 322.0 0.46 0.07 1.02
Primary 416.0 639.5 223.5 0.33 0.08 0.70 Incl. 46 m of 0.51% Cu
AZ22181 Exploration Total 72.0 573.9 501.9 0.50 0.09 1.29
Enriched 72.0 244.0 172.0 0.87 0.13 0.80 Incl. 52 m of 1.46% Cu
Primary 244.0 573.9 329.9 0.31 0.07 1.55
AZ22183 Exploration Total 76.0 330.0 254.0 0.64 0.07 1.13
Enriched 76.0 228.0 152.0 0.87 0.07 1.08 Incl. 54 m of 1.18% Cu
Primary 228.0 330.0 102.0 0.30 0.07 1.23
AZ22184A Exploration Total 114.0 614.0 500.0 0.66 0.10 1.18
Enriched 114.0 390.0 276.0 0.92 0.13 1.48 Incl. 76 m of 1.40% Cu
Primary 390.0 614.0 224.0 0.34 0.08 0.84
AZ22185 Exploration Total 124.0 521.7 397.7 0.62 0.07 1.43
Enriched 124.0 516.0 392.0 0.62 0.07 1.44 Incl. 72 m of 1.32% Cu
Primary 516.0 521.7 5.7 0.23 0.01 0.78
AZ22186 Exploration Total 74.0 371.2 297.2 0.96 0.06 1.18
Enriched 74.0 356.0 282.0 1.00 0.06 1.23 Incl. 172 m of 1.40% Cu
Primary 356.0 371.2 15.2 0.26 0.02 0.35
AZ22187A Exploration Total 42.0 284.0 242.0 0.04 0.01 0.67
Enriched 42.0 86.0 44.0 0.08 0.01 0.62
Primary 86.0 284.0 198.0 0.04 0.01 0.69
AZ22188 Exploration Total 60.0 229.5 169.5 0.64 0.06 0.95
Enriched 60.0 188.0 128.0 0.78 0.07 1.13 Incl. 42 m of 1.04% Cu
Primary 188.0 229.5 41.5 0.23 0.02 0.42
AZ23189 Exploration Total 78.0 299.6 221.6 0.39 0.02 0.35
Enriched 78.0 299.6 221.6 0.39 0.02 0.35 Incl. 102 m of 0.50% Cu
AZ23190 Exploration Total 90.0 305.4 215.4 0.39 0.02 0.47
Enriched 90.0 305.4 215.4 0.39 0.02 0.47 Incl. 30 m of 0.73% Cu
AZ23192 Exploration Total 102.0 329.5 227.5 0.24 0.02 0.37
Enriched 102.0 310.0 208.0 0.24 0.02 0.36
Primary 310.0 329.5 19.5 0.17 0.02 0.47
AZ23193 Exploration Enriched 108.0 448.7 340.7 0.34 0.03 1.39
AZ23194 Exploration Total 96.0 307.0 211.0 0.45 0.03 0.84
Enriched 96.0 300.0 204.0 0.46 0.03 0.82 Incl. 20 m of 1.09% Cu
Primary 300.0 307.0 7.0 0.24 0.07 1.64
GTK2212 Geotechnical Total 74.0 477.0 403.0 0.29 0.02 0.77
Enriched 74.0 178.0 104.0 0.71 0.04 1.59
Primary 180.0 477.0 297.0 0.14 0.01 0.48
GTK2313 Geotechnical Total 69.0 439.0 370.0 0.30 0.01 0.34
Enriched 69.0 434.0 365.0 0.30 0.01 0.34 Incl. 40 m of 0.62% Cu
Primary 434.0 439.0 5.0 0.08 0.00 0.25
GTK2314A Geotechnical Enriched 94.0 142.8 48.8 0.09 0.00 0.25


Results are summarized on four schematic cross-sections that include simplified interpretations of overburden thickness and the Leached, Enriched and Primary mineral zones. The Enriched (or Supergene) mineral zone refers to the enrichment of a copper deposit by precipitation-derived water circulation that carries copper minerals downward through the rocks to accumulate in a thick, often horizontal ‘blanket’. Immediately above the Enriched zone is the Leached zone, from which copper was removed and transported. Weathering and oxidation often aid in this process. Below the Enriched zone, the Primary (or Hypogene) zone is formed by ascending copper-rich thermal fluids having a much deeper magmatic origin. The green line outlines the 30-year pit floor from the 2017 NI 43-101 Preliminary Economic Assessment (PEA) report. Figure 1 is a plan view showing the location of these cross sections.

The cross sections are located 50 m apart, with the lowest numbered section beginning at the south end of the deposit and increasing to the north.

Figure 1 – Plan View Location of Cross-sections and Drill Holes in the Deposit

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Figure 2 – Section 38 – Drilling, mineral zones and 30-year PEA pit (looking north)

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In Figure 2, Section 38 shows an intercept of 0.87% Cu over 152 m (AZ22183) in the Enriched zone. Immediately to the east of this hole, the Enriched zone is modelled with a true thickness exceeding 300 m based on historic drilling results including 0.72% Cu over 333.1 m (AZ1168) and 0.74% Cu over 313.1 m (AZ1063). In this interval, the dominant copper mineral is chalcocite, which is highly soluble and an attractive attribute from a metallurgical point of view is that it allows for simplified recovery of much of the copper.

Figure 3 – Section 39 – Drilling, mineral zones and 30-year PEA pit (looking north)

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In Figure 3, Section 39 shows an intercept of 0.66% Cu over 500m (AZ22184A), including 0.92% Cu over 276 m in the Enriched zone and 0.34% Cu over 224 m in the deeper Primary zone. It is notable that the Enriched zone includes a high-grade sub-interval of 1.40% Cu over 76 m, associated with hydrothermal magmatic breccia. The breccia unit is the highest-grade domain modelled at Los Azules. The true thickness of the Enriched zone exceeds 300 m in the center of the section due to the influence of structural controls, such as faults, which affect the core of the deposit.

Figure 4 – Section 40 – Drilling, mineral zones and 30-year PEA pit (looking north)

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In Figure 4, Section 40, hole AZ22181 shows a grade of 0.50% Cu over501.9 m, including 0.87% Cu over 172 m in the Enriched zone and 0.31% Cu over 329.9 m in the Primary zone. Further to the west, hole AZ22188 shows an Enriched zone intercept grading 0.78% Cu over 128 m and includes 1.04% Cu over 42 m. Grades are consistent with those reported in the previous campaign for hole AZ22146 (0.83% Cu over 330.5 m). The Enriched zone is estimated up to 300 m in vertical thickness immediately east of hole AZ22181.

In Figure 5 below, Section 46 shows hole AZ22186 with an Enriched zone interval grading 1.00% Cu over 282 m including 1.40% Cu over 172 m, where the hydrothermal magmatic breccia is well mineralized. The intercept compares well with nearby historic hole AZ0619 which graded 1.67% Cu over 199.8 m.

Figure 5 – Section 46 – Drilling, mineral zones and 30-year PEA pit (looking north)

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Technical information

The technical content of this press release has been reviewed and approved by Stephen McGibbon, P. Geo., McEwen Mining’s Senior Consulting Geologist, and a qualified person as defined by NI 43-101.

All samples were collected in accordance with generally accepted industry standards. Drill core samples, usually taken at 2 m intervals, were split and submitted to the Alex Stewart International laboratory located in the Province of Mendoza, Argentina, for the following assays: gold determination using fire fusion assay and an atomic absorption spectroscopy finish (Au4-30); a 39 multi-element suite using ICP-OES analysis (ICP-AR 39); copper content determination using a sequential copper analysis (Cu-Sequential LM-140). An additional 19-element analysis (ICP-ORE) was performed for samples with high sulphide content.

The company conducts a Quality Assurance/Quality Control program in accordance with NI 43-101 and industry best practices using a combination of standards and blanks on approximately one out of every 25 samples. Results are monitored as final certificates are received, and any re-assay requests are sent back immediately. Pulp and preparation sample analyses are also performed as part of the QAQC process. Approximately 5% of the sample pulps are sent to a secondary laboratory for control purposes. In addition, the laboratory performs its own internal QAQC checks, with results made available on certificates for Company review.

Table 2 – Hole Locations and Lengths for Released Drilling Results at Los Azules

HOLE-ID Azimuth Dip Length Loc X Loc Y Loc Z
AZ22178 250 -75 597.0 2383521 6559032 3655
AZ22179 252 -82 749.0 2383358 6559469 3640
AZ22180 70 -79 639.5 2383341 6559233 3637
AZ22181 250 -77 573.9 2383261 6559363 3628
AZ22183 250 -72 330.0 2383304 6559266 3635
AZ22184A 70 -79 614.0 2383292 6559321 3633
AZ22185 250 -85 521.7 2383258 6559468 3628
AZ22186 250 -80 371.2 2382940 6559572 3615
AZ22187A 250 -83 284.0 2382123 6559695 3580
AZ22188 250 -75 229.5 2383133 6559317 3630
AZ23189 250 -75 299.6 2382934 6559457 3625
AZ23190 264 -71 305.4 2382883 6559545 3619
AZ23192 250 -83 329.5 2383255 6559042 3664
AZ23193 245 -60 448.7 2382943 6559898 3604
AZ23194 250 -78 307.0 2382953 6559517 3620
GTK2212 250 -72 477.0 2383084 6559352 3630
GTK2313 250 -72 439.0 2382652 6559674 3607
GTK2314A 277 -70 142.8 2382661 6559783 3600
Coordinates listed in Table 2 based on Gauss Kruger – POSGAR 94 Zone 2


McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it has large exposure to copper through its 52% ownership of McEwen Copper which owns the large, advanced stage Los Azules copper project in Argentina. The Company’s goal is to improve the productivity and extend the life of its mines with the objective of increasing its share value and price and providing a yield. Rob McEwen, Chairman and Chief Owner, has personal investment in the company of US$220 million. His annual salary is US$1.”

The McEwen Mining press release appears to be prepared by Qualified Persons (as that term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects) and the procedures, methodology and key assumptions disclosed therein are those adopted and consistently applied in the mining industry, but no Qualified Person engaged by TNR has done sufficient work to analyze, interpret, classify or verify McEwen Mining’s information to determine the current mineral resource or other information referred to in its press releases. Accordingly, the reader is cautioned in placing any reliance on the disclosures therein.

“We are pleased that significant developments on the advancement of the Los Azules Copper Project towards feasibility have brought Stellantis as a strategic partner in the future development of this giant copper, gold and silver project. An additional investment of US $55 million in McEwen Copper has been also been invested by Rio Tinto’s Venture Nuton,” stated Kirill Klip, TNR’s Chief Executive Officer. “TNR Gold’s vision is aligned with the leaders of innovation among automakers like Stellantis, with the aim of decarbonizing mobility, and our mining industry leaders like Rob McEwen’s vision ‘to build a mine for the future, based on regenerative principles that can achieve net zero carbon emissions by 2038’.

“The green energy rEVolution relies on the supply of critical metals like copper; delivering ‘green copper’ to Argentina and the world will contribute to the clean energy transition and electrification of transportation and energy industries.

“Strong team performance is accelerating the McEwen Copper Los Azules program in 2023. These new exploration results highlight the potential to create additional value for the Los Azules Project, and continuity of mineralization in the infill program is de-risking the project.

“It’s very encouraging to see the opportunity to expand the deposit. Together with Nuton, McEwen Copper is exploring new technologies that save energy, water, time and capital, advancing Los Azules towards the goal of the leading environmental performance. The involvement of Rio Tinto with its innovative technology, may also accelerate realizing the enormous potential of the Los Azules Project.

“Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022). TNR Gold does not have to contribute any capital for the development of the Los Azules Project. The essence of our business model is to have industry leaders like McEwen Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”


TNR Gold Corp. is working to become the green energy metals royalty and gold company.

Our business model provides a unique entry point in the creation of supply chains for critical materials like energy metals that are powering the energy rEVolution, and the gold industry that is providing a hedge for this stage of the economic cycle.

Our portfolio provides a unique combination of assets with exposure to multiple aspects of the mining cycle: the power of blue-sky discovery and important partnerships with industry leaders as operators on the projects that have the potential to generate royalty cashflows that will contribute significant value for our shareholders.

Over the past twenty-seven years, TNR, through its lead generator business model, has been successful in generating high-quality global exploration projects. With the Company’s expertise, resources and industry network, the potential of the Mariana Lithium Project and Los Azules Copper Project in Argentina among many others have been recognized.

TNR holds a 1.5% NSR Royalty on the Mariana Lithium Project in Argentina, of which 0.15% NSR royalty is held on behalf of a shareholder. Ganfeng Lithium’s subsidiary, Litio Minera Argentina (“LMA“), has the right to repurchase 1.0% of the NSR royalty on the Mariana Project, of which 0.9% is the Company’s NSR Royalty interest. The Company would receive CAN$900,000 and its shareholder would receive CAN$100,000 on the repurchase by LMA, resulting in TNR holding a 0.45% NSR royalty and its shareholder holding a 0.05% NSR royalty.

The Mariana Lithium Project is 100% owned by Ganfeng Lithium. The Mariana Lithium Project has been approved by the Argentina provincial government of Salta for an environmental impact report, and the construction of a 20,000 tons-per-annum lithium chloride plant has commenced.

TNR Gold also holds a 0.4% NSR Royalty on the Los Azules Copper Project, of which 0.04% of the 0.4% NSR royalty is held on behalf of a shareholder. The Los Azules Copper Project is being developed by McEwen Mining.

TNR also holds a 7% net profits royalty holding on the Batidero I and II properties of the Josemaria Project that is being developed by Lundin Mining. Lundin Mining is part of the Lundin Group, a portfolio of companies producing a variety of commodities in several countries worldwide.

TNR provides significant exposure to gold through its 90% holding in the Shotgun Gold porphyry project in Alaska. The project is located in Southwestern Alaska near the Donlin Gold project, which is being developed by Barrick Gold and Novagold Resources. The Company’s strategy with the Shotgun Gold Project is to attract a joint venture partnership with a major gold mining company. The Company is actively introducing the project to interested parties.

At its core, TNR provides a wide scope of exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun Gold porphyry project) and royalty holdings in Argentina (the Mariana Lithium project, the Los Azules Copper Project and the Batidero I & II properties of the Josemaria Project), and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.

On behalf of the Board of Directors,

Kirill Klip
Executive Chairman

For further information concerning this news release please contact Kirill Klip +1 604-229-8129

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and other similar words, or statements that certain events or conditions “may” or “could” occur, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: TNR’s corporate objectives, changes in share capital, market conditions for energy commodities, the successful completion of sales of portions of the NSR royalties and decisions of the government agencies and other regulators in Argentina. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled “Risks” and “Forward-Looking Statements” in the Company’s interim and annual Management’s Discussion and Analysis which are available under the Company’s profile on While management believes that the assumptions made and reflected in this news release are reasonable, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. In particular, there can be no assurance that: TNR will be able to repay its loans or complete any further royalty acquisitions or sales; debt or other financings will be available to TNR; or that TNR will be able to achieve any of its corporate objectives. TNR relies on the confirmation of its ownership for mining claims from the appropriate government agencies when paying rental payments for such mining claims requested by these agencies. There could be a risk in the future of the changing internal policies of such government agencies or risk related to the third parties challenging in the future the ownership of such mining claims. Given these uncertainties, readers are cautioned that forward-looking statements included herein are not guarantees of future performance, and such forward-looking statements should not be unduly relied on.

In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting TNR and its royalty partners, McEwen Mining Inc., Ganfeng Lithium, and Lundin Mining will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

Forward-looking information herein and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.

To view the source version of this press release, please visit

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