Guest post:
Gold in the USA, the Alaskan Elephant Country: the Pitch for Elevation to Climb a Huge Wall of Worry, Ignition Stage - TNR Shotgun Gold
Gold made the highest daily close in history at $3,433 on June 13th this year, after surging over $3,500 intraday on April 22, 2025. Nothing grows straight into the sky, and gold enters the well-deserved and much-needed consolidation stage.
This exceptionally powerful gold bull market will continue its climb to new highs following this healthy consolidation phase after the amazing breakout earlier this year. The gold bull market must properly digest the gains following the parabolic breakout move. Still, we are not in "Gold Bubble" territory yet.
There is no "Gold Bubble" yet. Retail investors are not chasing gold gains FOMO by buying gold ETFs in droves. Gold ETF share of Equity ETFs is still below the post-2011 average and below 3%. This share hit a high of above 8% in 2011, signifying the top of the gold parabolic move at that time.
Another chart from Graddhy "Gold vs M2" (currency supply), demonstrates it as well: gold is not in the bubble territory yet, while general equities are being stretched into the bubble territory already. There is room for this gold bull market to go much higher after this consolidation stage.
It is time for gold miners to begin to follow gold and climb a huge wall of worry separating them from the outstanding performance of gold. The new M&A wave can ignite this rally for gold miners and push up valuations in the gold sector.
Miners are long due for breaking out and can start outperforming gold advancement during this healthy consolidation phase for the powerful gold bull market. Increased operation margins and profits for the major gold miners are making their way into financial reports, which should bring the headlines and introduce new investors to the sector.
Gold miners have a lot of work to do just to catch up outstanding performance of gold this year. Excitement will be building up during the coming M&A wave, and investors will rediscover gold exploration companies.
Greed and FOMO will be forcing hedge fund managers to gain exposure to the gold and mining sectors, otherwise risking underperforming the more savvy forward-looking peers who are building their positions in the real hard assets and commodities.
With their expanding margins, "gold miners are printing money", and this news is slowly making its rounds among investors. M&A is the only way for major gold mining companies to rebuild the falling gold reserves and keep the existing gold production from falling over the cliff.
The smart money is taking profits in gold and looking for new M&A targets among the best-run gold miners. These investments are lifting gold producers first, and even a minimal spillover in the junior mining with gold exploration companies will create fireworks there.
This coming wave of M&A among gold producers and the success of investments made by Rob McEwen, Erik Sprott and other prominent gold entrepreneurs in the new promising projects will drive the next stage of remarkable gains for intelligent investors.
The scarcity will drive up the strategic value of the gold projects in the best mining jurisdictions. A well-known billionaire investor, John Paulson, secured his stake in Donlin Gold, the new giant Gold mining camp on US soil in the making.
Your further research can show why NovaGold is holding its stake in TNR Gold. With the rising gold price and a new era for the development of natural resources on US soil, particularly in Alaska, the Shotgun Gold Project is coming very close to its launch on the new orbit of valuation and development.
Smart money is accumulating the best Gold Stories to climb over a huge wall of worry following another major leg up for this Gold Bull Market, propelled by the debasement of all currencies.
Imagine tapping into Alaska's gold-rich Tintina Gold Belt, where TNR Gold's Shotgun Project shines with an inferred resource of 706,000 ounces at 1.1 grams per tonne. Located just 190 km south of the world-class Donlin Gold Project. Shotgun Gold offers a prime opportunity for a major mining partnership. With its advanced exploration stage, multiple high-potential targets, and geological similarities to nearby giants, this project is poised for growth.
"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.
Shotgun Gold is a Project located in South West Alaska, USA, in the same regional area as Novagold’s Donlin Gold Project.
Lang’s & Baker’s 2001 academic study specifically identifies both projects as "major porphyry granite-related gold deposits" that are related to a widespread magmatic gold mineralising event. Riveting stuff. What it implies in layman’s terms is that both projects arose from the same geological kitchen sink, leading one to the supposition that they should both possess similar favourable geological properties.
To that effect, Shotgun’s general mineralisation style resembles the neighbouring Donlin Gold project. For instance, Shotgun’s particular intrusion is associated with 69.7Ma magmatism, while Donlin Gold holds 70ma magmatism.
Shotgun’s particular boon is in the details. Shotgun’s mineralisation has been identified to possess little-to-no "nugget effect". A high ‘nugget effect’ means high variability between samples that are closely spaced. "No nugget effect" implies tight-fisted uniform mineralisation of a bulk tonnage gold system. There’s no need to dig up empty rock space, so the stripping ratio for any potential mine will be low, keeping costs way down.
What’s more, when a system’s topographical layout lines up neatly at the top of a ridge-like Shotgun's, it means the extraction of resource systems in similar conditions is very efficient - there is no need to remove layers of empty waste rock by tentatively stripping the ridge. Instead, one decisively takes the top of the hill in its entirety. Shotgun’s targeted bulk tonnage gold system runs from the very surface down to *at least* a depth of 150m (Open). "Open" means exploration to date has not identified the end of the mineralization from the drilling performed so far.
For the Shotgun Gold Project, Shotgun Ridge is just one of the multiple gold target areas controlled by TNR Gold. "Shot", "King" and "Winchester" add to the collection to form a distinct district with five (5) separate gold exploration targets identified so far.
The Company is actively introducing Shotgun Gold to potential partners to decisively drill the entirety of these prospects. The objective of such a partnership would be to expand the known area of mineralisation, define new mineralised areas and conclusively assess the Project’s potential top-end valuation.
“We need to bring US$10mln in to drill the project very strongly,” says TNR Gold Executive Chairman Kirill Klip. “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 five nearby targets. There’s no reason to suppose that our ground cannot hold multiple mineralised systems.”
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.
TNR Gold shareholders are eagerly anticipating further positive developments from Argentina for the Los Azules Copper Project, bolstered by the overwhelming support of the TNR Gold Team and strong endorsement of our strategic direction at the recent Annual General Meeting.
“I would like to thank all our shareholders for your overwhelming support, and the vote of confidence in the TNR Gold Team and our strategy for maximizing shareholders value,” stated Kirill Klip, Executive Chairman of TNR Gold. “Our Company has repaid our investment loan in full, and we do not have any debt. We believe that the recent market prices of our shares do not fully reflect the underlying value of TNR’s assets. Our transformation from a project-generator junior mining company into a cashflow-generating royalty company may bring the necessary catalyst for improved market valuation of our assets.”
Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp:
"TNR Gold’s portfolio spans various mining assets, with a key focus on its Shotgun gold project in Alaska and royalties in two advanced-stage projects in Argentina: the Mariana lithium project, owned by Ganfeng Lithium, and the Los Azules copper-gold project, held by McEwen Copper."
"TNR Gold is about to make a strategic shift in its business model and position itself as a revenue-generating royalty firm, according to analysts at Fundamental Research Corp.
Production began earlier this year at the Mariana lithium project, owned by China’s Ganfeng Lithium, with TNR set to begin receiving royalty payments as early as the fourth quarter of 2025.
Based on current spot lithium prices, Fundamental Research estimates annual royalty revenue from Mariana could reach C$1 million." (Angela Harmantas)
"The company's other flagship royalty asset is on the Los Azules copper-gold project in Argentina, controlled by privately held McEwen Copper Inc, a division of McEwen Mining Inc (TSX:MUX, NYSE:MUX). The large-scale, open-pittable deposit holds an estimated 38 billion pounds of copper, 4.7 million ounces of gold, and 159 million ounces of silver. McEwen plans to complete a resource update and feasibility study this quarter, with construction targeted for 2026 and production slated to start by 2029.FRC projects that TNR’s royalty from Los Azules could generate annual revenues of up to C$10 million at current copper prices.
The firm reiterated its Buy rating and increased a fair value estimate from C$0.28 to C$0.30 per share, compared with a current trading price of C$0.09." (Angela Harmantas)
Disclaimer: Please be aware that any opinions, estimates or forecasts regarding the performance of TNR Gold Corp. in any research reports do not represent the opinions, estimates or forecasts of TNR Gold Corp. or of its management.
"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)
