TNR Gold in the Alaskan Elephant Country: Shotgun Gold Project Relationship With Developing NovaGold's Donlin Gold Mining Camp

Shotgun Gold Project Relationship With Developing NovaGold's Donlin Gold Mining Camp

By Grok (Edited)

Overview of TNR Gold's Shotgun Gold Project

"TNR Gold Corp. (TSX-V: TNR) holds a 90% interest in the Shotgun Gold Project, an advanced-stage exploration property in southwestern Alaska, USA, within the Kuskokwim Gold Belt. The project is a porphyry-style gold system targeted for a bulk mineable resource, with an inferred mineral resource of 705,960 ounces of gold (as per the NI 43-101 Technical Report dated May 27, 2013). 

TNR's strategy is to attract a joint venture partner, such as a major mining company, to advance exploration and development, leveraging its proximity to established infrastructure and other major projects in the region. Recent exploration (2022-2023) focused on geochemical and geophysical anomalies from historical surveys, including those conducted by NovaGold in 1998.

NovaGold's Donlin Gold Project and Mining Camp Development

NovaGold Resources Inc. (NYSE American/TSX: NG) is a key player in Alaska's gold sector through its involvement in the Donlin Gold Project, located in the same Kuskokwim Gold Belt. Donlin Gold is one of the world's largest known undeveloped gold deposits, with Measured and Indicated Resources of approximately 39 million ounces (541 million tonnes at 2.24 g/t gold) and an additional 6 million ounces Inferred, inclusive of Proven and Probable Reserves of 34 million ounces at 2.09 g/t gold. The project is managed by Donlin Gold LLC, jointly owned by NovaGold (50%) and Barrick Gold Corporation (50% until recently).

As of April 2025, NovaGold and Paulson & Co. (a U.S.-based investment firm) announced a $1 billion transaction to acquire Barrick's 50% stake, restructuring ownership: NovaGold increases to 60% (acquiring 10% for $200 million), and Paulson acquires 40% ($800 million). This deal, which includes equal governance rights and an option for NovaGold to buy out Barrick's outstanding debt, positions Donlin as a flagship development asset with strong exploration upside (current resources cover only ~5% of the land package). The project has federal and state permits in place and benefits from partnerships with local Native corporations (Calista for subsurface rights and The Kuskokwim Corporation for surface rights), emphasizing community support and jurisdictional safety in Alaska.

Development of Donlin is advancing toward feasibility and financing, with potential for a long-life, high-grade open-pit mine. It is expected to create significant infrastructure, including roads, power, ports, and camps, transforming the area into a major "gold mining camp" – a hub that could support satellite projects by reducing logistical costs and enabling economies of scale.

Relationship Between Shotgun Gold and Donlin Gold's Development

The relationship between TNR's Shotgun Gold Project and NovaGold's Donlin Gold is multifaceted, rooted in historical ties, geographical proximity, geological similarities, and strategic synergies for regional development. There is no current operational or financial partnership between TNR and NovaGold (or Donlin Gold LLC), but the projects are interconnected in the broader Alaskan gold landscape. Below is a breakdown:

1. Historical Partnership and Project Transfer

- Shotgun originated from early exploration by NovaGold. In the 1990s-2000s, NovaGold conducted soil surveys (1998) and geophysical work (e.g., SJ Geophysics EM surveys in 2011-2012) on the property, identifying key anomalies that TNR later built upon. - TNR optioned the project from NovaGold and, in 2010, negotiated full ownership by acquiring NovaGold's remaining 50% interest for 6 million TNR shares and 3 million warrants. This ended the direct JV but established TNR as the primary owner, with NovaGold retaining indirect exposure through its historical stake in TNR (NovaGold has been described as a "shareholder" in TNR in various updates). - Post-acquisition, TNR advanced Shotgun to its current resource stage, but early data from NovaGold's work remains integral to ongoing exploration.

2. Geographical and Infrastructural Proximity

- Shotgun is located approximately 190 km (118 miles) south of Donlin Gold, placing it within the emerging Kuskokwim Gold Belt – a world-class, multi-million-ounce gold district. - As Donlin advances (e.g., through its 2025 ownership restructuring and ongoing drilling), it is poised to develop extensive infrastructure, including access roads, airstrips, power generation, and logistics hubs. TNR executives, including Kirill Klip (Executive Chairman), have highlighted how this could benefit Shotgun as a "satellite" deposit, potentially lowering development costs by sharing regional facilities. For instance, Donlin's planned mining camp could enable easier access, reduced permitting hurdles, and shared supply chains for nearby projects like Shotgun. - This positioning aligns with TNR's goal of attracting majors (e.g., similar to Barrick or Newmont) who could integrate Shotgun into a larger camp strategy, especially as Alaska's gold sector heats up with investments like Saudi Arabia's sovereign wealth fund acquiring NovaGold shares in 2020.

3. Geological Similarities and Exploration Potential

- Both projects are intrusion-related porphyry gold systems with comparable signatures: large-tonnage, bulk-mineable deposits in a tectonically active belt. Academic studies (e.g., by Dr. Tim Baker) list Shotgun alongside Donlin as a "major porphyry gold deposit" with potential for structural repeats and deeper mineralization. - Donlin's recent drilling (e.g., 2020-2021 intercepts like 24.44m at 14.6 g/t gold) demonstrates the belt's depth potential, which TNR believes could mirror at Shotgun (where resources are shallow, from surface to 150m). TNR's 2022-2023 field programs revisited NovaGold-era targets, suggesting untapped upside potential if Donlin's camp validates the district's scale. - NovaGold's success at Donlin (e.g., stock rally of 36% post-2025 Paulson deal) is seen by TNR as a catalyst, drawing attention to the region and increasing interest in satellites like Shotgun.

4. Strategic and Investment Ties

- NovaGold's involvement in Donlin underscores the region's appeal, indirectly boosting TNR's profile. TNR promotes Shotgun as part of the "Alaskan Elephant Country," often referencing Donlin in investor presentations and seeking partners amid Donlin's momentum. - No direct equity or royalty links exist today, but TNR's advisory board includes former NovaGold director Greg Johnson, providing ongoing strategic alignment. TNR is actively soliciting JV interest from majors, positioning Shotgun to leverage Donlin's development for faster advancement. - Recent X (Twitter) discussions from TNR and Klip (e.g., posts from July-September 2025) emphasize this synergy, linking Shotgun's potential to Donlin's $1B transaction and portraying the area as a U.S.-based gold hub.

In summary, while not directly partnered today, Shotgun's relationship to Donlin's development is strategic: historical NovaGold involvement provided foundational data, geographical closeness offers infrastructural benefits as Donlin builds a mining camp, and geological parallels position Shotgun for growth in a validated district. TNR views Donlin's progress (e.g., the 2025 Barrick exit and Paulson entry) as a tailwind, enhancing Shotgun's appeal for future partnerships. Investors should review full technical reports and consult advisors, as exploration results are not independently verified by TNR's QP."

TNR Shotgun Gold Project In "The Alaskan Elephant Country". Dr Tim Baker: "Major Porphyry Gold Deposits".

"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)

TNR Gold Shotgun Gold Project Presentation from Kirill Klip

Please visit the TNR Gold website for all updated presentations.

Please read my legal disclaimer. There is NO investment advice on any of Kirill Klip's feeds and blogs. Always consult a qualified financial adviser before making any investment decisions. 

Do Your Own Research.

Gold Made a New All-Time High at $2,072 the Day After The Highest Monthly Close in History Over $2,000 - Next is a Climb to $2,500, $5,000 and Over $10,000

Gold made a new all-time high at $2,072 the day after the highest monthly close in history over $2,000. The previous all-time high at $2,070 was made by Gold in August 2020. Next is a climb to $2,500, $5,000 and over $10,000. 

Gold made the highest monthly close in history over $2,000. We can expect that next will be a new all-time high for Gold which will open the road to climb to the new record prices of $2,500, $5,000 and over $10,000 per ounce of Gold.

Gold is not celebrating wars and the annihilation of human life. The price of Gold is pointing to the obvious imbalances in the world governance and global financial system. We have another wake-up call, I do hope the inevitable rise of Gold price to $2,500, $5,000 and over $10,000 will be orderly. 

You can play the Deep Fake Video Games with Crypto only for so many years, the Deep Fake "Efficient Markets" like the Gold Market can be manipulated for decades, the illusion of your own choice to fight your own brothers to the last drop of your own blood for the elites has been cultivated for millennia. 

"Gold is coiling into the very powerful spring and knocking on the new all-time high "Heaven's Door". As with all generational Bull Markets, any price suppression and market manipulation can lead only to one thing: another opportunity to accumulate the best stories in the Gold mining junior space where new fortunes will be created in the next few years to come. Nobody knows the future, but history can teach us about manias and "irrational exuberance" spilling over from chasing Crypto Dragons into real assets and solid values that some junior miners can represent in the marketplace."

Gold price action points to the obvious, any manipulation provides another unique opportunity to accumulate it. Ruthless Mr Market is separating YouTube traders and their money. The wise ones are given another chance and more time to learn and find The Best Stories among junior miners, which will build new fortunes.

"Only the patient investors who still can read, analyse and use the powerful organic intelligence tool - calculator, will be rewarded by the ruthless Mr Market. Only you can decide what to do after your own research and due diligence."

 

"We are getting closer to The Next Catalyst for Gold. The whole new generation of investors has to learn the hard way history lessons. They must find real, solid values after being used, disillusioned and thrown away by "The Ponzi on Steroids". "The Thousand and One" digitized scams known to humans remain scams even on the blockchains."

Central banks continue to accumulate Gold while retail investors are chasing Crypto Dragons.

"Central banks are buying a record amount of Gold and China is increasing dramatically its officially announced Gold reserves. According to Statista, worldwide Gold demand amounted to 4,740.8 metric tons in 2022, an increase of 18.1% from 4,012.8 metric tons in the previous year. Total Gold demand was just below $300 Billion in 2022."

"In 2022, worldwide Gold production stood at 3,100 metric tons. Central Banks bought a record 1,136 metric tons of Gold and their demand soared to a 55-year high. The amount of above-ground reserves for Gold is estimated to be around 205,238 metric tons by the end of 2021, according to the World Gold Council. The total "Market Cap" of Gold can be estimated at roughly $13 Trillion."

The whole world will be probably shocked if China ever reveals the amount of its true Gold reserves which are held by numerous entities under China's control including the citizens of China and the vast Chinese diaspora. 

"There is no Gold 2.0, there are over 5,000 years of humankind's history with Gold. Investors are tired of losing money by chasing Crypto Dragons and Bitcoin Dreams in the Tether Metaverse."

Gold in the USA, the Alaskan Elephant Country: TNR Gold Shotgun Gold Project Presentation

 

"My belief is TNR's Shotgun Gold Project can potentially grow and become a foremost, immediate satellite site Gold deposit to Donlin Gold's Mining Camp infrastructure. This vision is based on our exploration work and academic studies like the ones from Dr Tim Baker in which Shotgun Gold Project is not only listed alongside Donlin Creek as one of the "Major Porphyry Gold Deposits" but is also projected to contain the similar porphyry intrusion-related type system as Donlin." 

Kirill Klip, Executive Chairman

TNR Gold Corp.

TNR Gold Shotgun Gold Project Presentation from Kirill Klip

Please visit the TNR Gold website for all updated presentations.

Please read my legal disclaimer. There is NO investment advice on any Kirill Klip feeds and blogs. Always consult a qualified financial adviser before any investment decisions. 

Do Your Own Research.

TNR Gold in the Alaskan Elephant Country: "I Believe the Shotgun Gold Project Could Become One of the Main Satellite Gold Projects of the Donlin Gold Mining Camp"

Gold is coiling into the very powerful spring and knocking on the new all-time high "Heaven's Door". As with all generational Bull Markets, any price suppression and market manipulation can lead only to one thing: another opportunity to accumulate the best stories in the Gold mining junior space where new fortunes will be created in the next few years to come. Nobody knows the future, but history can teach us about manias and "irrational exuberance" spilling over from chasing Crypto Dragons into real assets and solid values that some junior miners can represent in the marketplace. 

Only the patient investors who still can read, analyse and use the powerful organic intelligence tool - calculator, will be rewarded by the ruthless Mr Market. Only you can decide what to do after your own research and due diligence. 

The US Dollar Index fell below 100, we are getting the ignition stage for Gold and Silver now.

"Gold mining stocks are ready to follow the Gold breakout and to drive their owners into the future climbing up over a huge wall of worry."

"Gold and silver miners have been hitting another major oversold condition in the marketplace. The right entry point will always defy the probability of your investment success and now we have another truly unique entry point for the best mining stories."

All I can say here is that we found our Story for the next leg of the Bull Market many years ago and bought as many shares as we could. We continued our investments in TNR Gold even during the darkest pandemic days. Now, after a lot of very hard work, our Company TNR Gold Corp. is on a solid financial footing and ready to enjoy new highs.

My Vision for TNR Gold and Strategy: Share Buyback, Potential Valuations, and Shotgun Gold Project Spinout

“We are building The Green Energy Metals Royalty and Gold Company. Our business model provides the unique entry point into the creation of supply chains for critical materials like energy metals which are powering Tesla Energy rEVolution and Gold industry which is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of mining cycle: starting with the power of blue sky discovery and including partnerships with industry leaders like McEwen Mining, Ganfeng Lithium and Lundin Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”

Kirill Klip, Executive Chairman TNR Gold Corp.

Today I would like to present our strategy for the Shotgun Gold Project in more detail for all our shareholders.

TNR Gold – AmeriGold – Shotgun Gold

The Company’s strategy with the Shotgun Gold Project is to attract a partnership with one of the major gold mining companies. TNR is actively introducing the project to interested parties. We may be at the beginning of a great discovery. There is a clear path on how to move this project forward using the geological and geophysical research currently available to target drilling to expand the resource and form the basis of a preliminary economic analysis. The next step is to acquire a partner who shares our vision and recognizes the growth potential and value to be added to the Shotgun project over time. 

I believe that in order to maximise shareholder value and reach the potential valuations presented above we must preserve capital, reduce the amount of outstanding shares and not invest in Alaska our own capital.

Our strategy presented to potential strategic partners involves the creation of a JV with one of the major gold mining companies when our partner will be investing very substantial capital in the development of the Shotgun Gold Project while earning a stake in the project.

TNR Gold shareholders will benefit from the strategic partner’s capital being invested “in the ground” and industry expertise, including operations in Alaska.

The Management is investigating the best value creation strategies for the Shotgun Gold Project and has put in place the corporate structure of AmeriGold – the stand-alone company that could potentially inherit the Shotgun Gold Project JV operations after the contemplated potential spinout from TNR Gold.

This article is for information only and provides publicly available information and my personal Vision and valuation matrix of TNR Gold. I am the largest individual shareholder of our Company. Nothing in this blog post constitutes investment advice, offer or solicitation of the sale of any securities. Please carefully read all our Legal Disclaimers and conduct your own due diligence as always.

Thank you for your support of TNR Gold!

Tesla Nicola rEVolution and Gold. 

Proactive:

TNR Gold’s Shotgun Project In Alaska Has All The Trappings And Trimmings It Takes To Attract In A Major

Alastair Ford

"TNR Gold’s track record of successful deals with majors like Ganfeng and McEwen Mining should stand it in good stead as manoeuvring continues on the Tintina gold belt.

“I believe the Shotgun gold project could become one of the main satellite gold projects of the Donlin gold camp,” says Kirill Klip, the chief executive and largest shareholder of TNR Gold Corp (CVE:TNR).

Shotgun is the flagship asset of TNR, and is located to the south of Donlin, just inside the boundary of the famous Tintina gold belt which arcs right across Alaska.

It’s a gold belt that has proved prolific in delivering up sizeable discoveries over the years, and now boasts a serious number of major producing mines, including at their forefront, the Pogo mine, owned by Northern Star Resources (ASX:NST) and the Fort Knox mine, owned by Kinross (TSE:K).

But Donlin takes things to another level again.

With its 39mln ounces of gold grading well over two grams per tonne, it’s one of the largest open pit deposits anywhere in the world.

Not surprising then that one of the biggest names in the industry, Barrick Gold (TSE:ABX), is playing a crucial role in bringing it on, alongside partner NovaGold (TSE:NG).

Will these two stay as partners for the duration, or will Barrick step in and buy out NovaGold?

Or, for that matter, will a third party, like Newmont, show up late at the party and try to initiate some sort of division of the spoils with Barrick along the lines of the current hard-won arrangement in Nevada?

These are matters for speculation just at the minute, but it might not be long before we see tangible corporate action.

And it’s not altogether out of the question that Shotgun will get caught up in it too.

After all, TNR has plenty of form in forming strong alliances with the world’s leading mining companies.

In an earlier phase of its existence it made two major discoveries in Argentina, the Los Azules copper project, now being brought forward by McEwen Mining (TSE:MUX), and the Mariana lithium project, now being brought forward by Ganfeng Lithium. After some adroit deal-making TNR managed to retain substantial royalties in these projects. (KK edit) However, the latter estimate was made by the analyst before Ganfeng  announced an increase of the lithium resource at Mariana of more than 250%.

This background of successful deal-making with majors ought to provide TNR with a real advantage when it comes to assessing options for Shotgun in the coming months.

To some degree, it’s a fairly simple exercise for investors to form an idea of what the future holds, but in the case of Shotgun Klip is keen that TNR ends up retaining a 25% interest, rather than just a royalty.

In this, he does have some room for manoeuvre, because Shotgun isn’t just another piece of prospective ground. Rather, the project already boasts an inferred resource of over 700,000 ounces of gold at Shotgun Ridge, and shows every sign of being able to deliver a markedly larger total than that, once the next major exploration programme delivers its results.

Shotgun Ridge is just one of multiple gold target areas controlled by TNR Gold. ‘Shot’, ‘King’ and ‘Winchester’ add to the collection to form a distinct gold district with five  separate targets identified so far

When that will be though is the big question.

To take Shotgun up to the next level, Klip is clear that a major exploration spend is required – upwards of US$5mln and ideally closer to US$10mln. On one scenario he could go into the market and raise that money himself.

But here’s where his position as a major shareholder in the company becomes key.

“Even a US$5mln raise would be very dilutive to all our shareholders at this stage and will not guarantee success,” he says.

“We need to bring US$10mln in to drill the project very strongly.

The first US$5mln to take the project from the current 700,000 ounce resource up to the two million ounce mark, the rest to drill out the five nearby targets. There’s no reason to suppose that our ground cannot hold multiple mineralised systems.”

At Shotgun the thinking is that there may be upwards of five million ounces of gold in the ground, and there is precedent. At this stage the geology shows remarkable similarity to Donlin.

An academic study conducted in 2001 by Lang & Baker specifically identifies both projects as ‘major porphyry granite related gold deposits’ related to a singular widespread magmatic gold mineralising event that constitutes this horseshoe-like region.

The implication is that both projects arose from the same geographical kitchen sink, leading to the reasonable supposition that they should possess similar favourable geological properties. 

“We are talking about a high tonnage bulk system,” says Klip. “There are no nuggets, it’s very uniform.”

Shotgun’s particular boon is in the details. Shotgun’s mineralisation has been shown  to possess little-to-no ‘nugget effect’. A high ‘nugget effect’ means high variability between samples that are closely spaced. ‘No nugget effect’ implies a tight and uniform mineralisation of a bulk tonnage gold system. So there’s no need to dig up empty rock space as one does when chasing a vein so the stripping ratio for any mine will be low, keeping costs down.

Among the notable intercepts already banked, the company boasts 242 metres grading 1.25 grams gold per tonne, 209 metres at 1.02 grams, and just under 47 metres at 1.14 grams.

What’s more, the gold that’s been identified thus far sits at the top of a ridge, meaning that the stripping ratio for any mine will be low, which in turn will keep costs down.

“I’m in the business to get the maximum out of this new gold bull market. We’ve been waiting for it for nearly ten years after 2011. I just need to get the best deal,” says Klip

“We are not dreamers. We did it with the copper. We did it with the lithium. I would like to make it even bigger with the gold. I would like to do better, to keep a 25% stake.”

Not for him as a shareholder the dilutive effects of repeated equity fundings to support exploration. His favored option – of bringing a major in – would in the end, he calculates, mean that current shareholders end up retaining more of the project, and hence more of the value, in the long-term.

Will the strategy work?

Well, it already shows every sign of doing so.

“A deal could happen any day,” says Klip.

“Literally. We are seeing interest. But we are not in any hurry. The interest at the moment is from mid-sized companies. I do not like to commit to shallow money with sums that look great on paper but come from parties that lack the appropriate technical and financial depth with consistent follow-through in the years following the deal. We hold the high ground. We want to be patient and attract the best of the best, like we did with Ganfeng Lithium years ago - one of the top gold major company to make sure that we can get the absolute most of Shotgun’s resources in development.”

For now, the company is actively introducing Shotgun Gold to potential partners and is much more open to drilling the entirety of these prospects in a strong fashion so that it can expand the known area of mineralisation and conclusively assess the project’s top-end valuation. 

And it’s in this context that the royalty portfolio cleaves once more into view. These are serious assets, and they promise cashflow in the near-term. There’s significant value in the company on their strength alone. All of which means that TNR isn’t like some other juniors, desperately lurching from one equity raise to the next simply to keep going. There’s far more to it than that. In fact, there’s a carefully thought out strategy that looks likely to reap significant benefits for shareholders in the near-to-medium term."

Please read my legal disclaimer. There is NO investment advice on any Kirill Klip feeds and blogs. Always consult a qualified financial adviser before any investment decisions. 

Do Your Own Research.