“TNR Gold Net Profits Royalty (”NPR”) holding on the Batidero I and II properties with Josemaria Resources represents future growth potential for our royalty portfolio. We are also investigating new potential acquisitions while our main focus remains on the development of the Shotgun Gold Project in Alaska. The essence of our business model is to have industry leaders like Ganfeng Lithium, McEwen Mining and Lundin Group as operators on the projects that will potentially generate royalty cash flows to contribute and develop a significant long-term value for our shareholders."
"Adam Lundin, President and CEO comments "Josemaria and the broader Lundin Group companies have always strived to be long-term leaders in responsible exploration, development and operation of natural resource projects. We began environmental and social baseline studies at Josemaria in 2013, and we are very pleased to receive ESIA approval for the Project from the Mining Authority of San Juan. The approval recognizes our commitment to setting a leading example for resource projects in Argentina, and it moves us closer toward the construction stage of the Project. The ESIA approval brings the opportunity for jobs and economic development at both the local and national levels for Argentinians. It also shows Argentina's commitment to playing a role in supplying copper to the market while the world continues to transition toward a greener economy. The approval is a credit to the excellent work of our technical team and consultants, and our ongoing professional relationship with the San Juan authorities."
TNR Gold NPR Royalty On Batidero I And II: Lundin Mining To Acquire Josemaria Resources For $483 Million
"We are making the full circle here. I have started my investment journey in mining a very long time ago by now. I was very fortunate and lucky to buy my first Gold below $300 and Silver below $5. My best investment run in mining so far was in Tenke Mining with Lukas Lundin.I started my position in Tenke Mining below CAD 50 cents and later my stake was acquired as part of Lundin Mining acquisition of Tenke Mining for CAD $20 dollars. Sweet memories. Following Lukas Lundin and his success, I found TNR Gold and the rest is history in my chronicles on this blog.Now TNR Gold is plugged into the Tesla Energy rEVolution with our NSR Royalty Holdings on the entire emerging giants in Argentina: Mariana Lithium with Ganfeng and Los Azules Copper, Gold and Silver with McEwen Mining."
“I am very pleased that the TNR Gold team finds the full support of our major shareholders as well as the Company’s investment loan capital provider who continues to approve our business plan and long-term strategic initiatives,” commented Kirill Klip, Executive Chairman of TNR. “It is clear that this decision of our investment loan capital provider is a resounding show of confidence in TNR Gold’s long-term business strategy, our management team and all recent positive developments in our portfolio of assets.
“We can now concentrate our efforts on building this green energy metals royalty and gold company by maximizing the value of our royalty portfolio of lithium, copper, gold and silver projects that are instrumental in the electric vehicle and green energy sectors. We believe that our royalty holdings are undervalued, and their appropriate values are not reflected in Company’s share price. TNR Gold has industry interest in our assets and the Company is working on potential new strategic partnerships to provide benchmarks for the market valuations of our royalty holdings.
“Our Net Profits Royalty (”NPR”) holding on the Batidero I and II properties with Josemaria Resources represents future growth potential for our royalty portfolio. We are also investigating new potential acquisitions while our main focus remains on the development of the Shotgun Gold Project in Alaska. The essence of our business model is to have industry leaders like Ganfeng Lithium, McEwen Mining and Lundin Group as operators on the projects that will potentially generate royalty cash flows to contribute and develop a significant long-term value for our shareholders.
“I would like to thank all our shareholders for your support and on your behalf to thank our very talented team at TNR Gold who have achieved all these remarkable milestones for our Company.”
TNR GOLD CORP.
> THE GREEN ENERGY METALS ROYALTY AND GOLD COMPANY.
ABOUT US
TNR Gold Corp. is working to become the green energy metals royalty and gold company.
Over the past twenty-six years, TNR, through its lead generator business model, has been successful in generating high-quality exploration projects around the globe. With the Company’s expertise, resources and industry network, it identified the potential of the Los Azules Copper Project in Argentina and now holds a 0.4% NSR Royalty on the entire project, which is being developed by McEwen Mining Inc, (TNR holds a 0.04% NSR on behalf of a shareholder).
Los Azules Copper Project* indicated resource: 10.2 B lbs copper, 1.7 Moz gold and 55.7 Moz silver with the additional inferred resource: 19.3 B lbs copper, 3.8 Moz gold and 135.4 Moz silver.
In 2009, TNR founded International Lithium Corp. (“ILC”), a green energy metals company that was made public through the spin-out of TNR’s energy metals portfolio in 2011. ILC held interests in lithium projects in Argentina, Ireland and Canada.
TNR retains a 2.0% NSR Royalty on the entire Mariana Lithium Project in Argentina with Ganfeng Lithium, (TNR holds a 0.2% NSR on behalf of a shareholder). Ganfeng’s subsidiary, Litio Minera Argentina, has a right to repurchase 1.0% of the NSR Royalty on the Mariana Project, of which 0.9% relates to the Company’s NSR Royalty interest. The Company would receive $900,000 on the completion of the repurchase. The project is currently being advanced by Ganfeng Lithium International Co. Ltd.
Mariana Lithium Project** measured and indicated resource: 4,410,000 T of LCE and 49,700,000 T of potash with the additional inferred resource: 786,000 T of LCE and 9,260,000 T of potash.
(Updated Mariana Lithium Project measured and indicated resource: 6,854,000 T of LCE with the additional inferred resource: 1,267,000 T of LCE – Company news release, July 14, 2021)
TNR holds a 7% NPR holding on the Batidero I and II properties with Josemaria Resources Inc. Josemaria Resources is part of the Lundin Group, a portfolio of companies producing a variety of commodities in over 20 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 Inc.
Shotgun Gold Project*** inferred resource: 705,960 ounces Au at 1.06 g/t, mineralization appears to be open at depth and along the strike.
The Company’s strategy with Shotgun Gold Project is to attract a joint venture partnership with one of the gold major mining companies. The Company is actively introducing the project to interested parties.
At its core, TNR provides significant exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun Gold porphyry project) and Argentina (the Los Azules Copper and the Mariana Lithium projects) and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.
* “NI 43-101 Technical Report – Preliminary Economic Assessment Update for the Los Azules Project, Argentina” dated October 16, 2017. Prepared by Hatch for McEwen Mining.
** “NI 43-101 Technical Report Update of Lithium Brine Mineral Resources; Mariana Project, Salar de Llullaillaco, Argentina” dated January 12, 2020. Prepared by Geos for Ganfeng Lithium.
*** “NI 43-101 Technical Report on the Shotgun Gold Project, Southwest Alaska” dated May 27, 2013. Prepared by Nicholas Wyck and Allan Armitage for TNR Gold.
"The Josemaria Resources press releases and website material appear 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 Josemaria Resources' 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."
Josemaria Resources:
ESIA approval demonstrates support from the Argentinian government and marks an important milestone on the pathway to developing the Josemaria Copper-Gold-Silver Project
VANCOUVER. BC, April 11, 2022 /CNW/ - Josemaria Resources Inc. (TSX: JOSE) (OMX: JOSE) (OTCQB: JOSMF) ("Josemaria" or the "Company"), 100% owner of the Josemaria Copper-Gold-Silver Project ("the Project") with proven and probable mineral reserves of 6.7 billion pounds copper, 7 million ounces of gold, and 30.7 million ounces of silver, is pleased to announce that the Mining Authority of San Juan, Argentina has approved the Environmental Social Impact Assessment ("ESIA") for the Josemaria Project. The approval marks a significant milestone in the permitting process for Josemaria and solidifies the Project's staged development timeline. View PDF
Adam Lundin, President and CEO comments "Josemaria and the broader Lundin Group companies have always strived to be long-term leaders in responsible exploration, development and operation of natural resource projects. We began environmental and social baseline studies at Josemaria in 2013, and we are very pleased to receive ESIA approval for the Project from the Mining Authority of San Juan. The approval recognizes our commitment to setting a leading example for resource projects in Argentina, and it moves us closer toward the construction stage of the Project. The ESIA approval brings the opportunity for jobs and economic development at both the local and national levels for Argentinians. It also shows Argentina's commitment to playing a role in supplying copper to the market while the world continues to transition toward a greener economy. The approval is a credit to the excellent work of our technical team and consultants, and our ongoing professional relationship with the San Juan authorities."
Josemaria continues to work with the national and provincial authorities to progress the Project through the next stages of development. The Company is engaged in ongoing discussions regarding commercial agreements, and the securing of additional environmental and sectorial permits is underway. Additionally, the Company is progressing the Project through Basic Engineering and is obtaining quotations on long-lead equipment while expanding the exploration camp to support the ongoing development and infill drilling program.
ABOUT JOSEMARIA
Josemaria Resources Inc. is a natural resources company focused on developing its advanced stage, 100% owned Josemaria Copper-Gold Project in the San Juan Province of Argentina. The Company is a reporting issuer in all Provinces and its corporate head office is in Vancouver, BC. The Company's shares are listed on the TSX and on Nasdaq Stockholm under the symbol "JOSE", and trade on the OTCQB under the symbol "JOSMF".
Table 1 - The mineral reserve statement for the Josemaria Project, San Juan Province, Argentina, 28 September 2020
Category | Tonnage | Grade | Contained Metal | ||||
(Mt) | Cu (%) | Au (g/t) | Ag (g/t) | Cu lbs | Au oz (Millions) | Ag oz | |
Proven | 197 | 0.43 | 0.34 | 1.33 | 1,844 | 2.14 | 8.43 |
Probable | 815 | 0.27 | 0.19 | 0.85 | 4,861 | 4.87 | 22.29 |
Total Proven and Probable | 1,012 | 0.30 | 0.22 | 0.94 | 6,705 | 7.02 | 30.72 |
Notes to accompany Josemaria Mineral Reserve statement: | ||
1. | Mineral reserves have an effective date of 28 September 2020. The Qualified Person for the estimate is Mr. Robert McCarthy, P.Eng. | |
2. | The mineral reserves were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Definition Standards for Mineral Resources and Reserves, as prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council. | |
3. | The mineral reserves were based on a pit design which in turn aligned with an ultimate pit shell selected from a WhittleTM pit optimization exercise. Key inputs for that process are: | |
• | Metal prices of $3.00/lb Cu, $1,500/oz Au; $18.00/oz Ag | |
• | Variable Mining cost by bench and material type. Average costs are $1.351/t, $1.36/t and $1.65/t for ore, NAG waste and PAG waste, respectively. | |
• | Processing costs vary by metallurgical zone, ranging from $3.77/t tonalite ore milled to $3.71/t supergene. | |
• | Infrastructure On and Off-site $0.43/t milled | |
• | Indirect Costs $0.46/t miled | |
• | Sustaining capital costs of $0.54/t | |
• | Pit overall slope angles varying from 33° to 45° | |
• | Process recoveries for Cu and Au are based on grade. The average recovery is estimated to be 85% for Cu and 63% for Au. Ag recovery is fixed at 72%. | |
4. | Mining dilution is accounted for by averaging grades in adjacent blocks across a thickness of 2.5 m into each block (5.0 m per block contact). | |
5. | The mineral reserve has an economic cut-off for prime mill feed, based on NSR, of $5.22/t, $5.21/t, $5.18/t and $5.16/t milled for tonalite, rhyolite, porphyry and supergene material respectively and an additional $0.53/t for stockpiled ore. | |
6. | There are 991 Mt of waste in the ultimate pit. The strip ratio is 0.98 (waste:ore). | |
7. | All figures are rounded to reflect the relative accuracy of the estimate. Totals may not sum due to rounding as required by reporting guidelines. | |
QUALIFIED PERSONS
The technical information in this press release has been reviewed and approved by Mr. Bob Carmichael, P. Eng. (BC), the Company's Vice President of Exploration, and Mr. Dustin Smiley, P. Eng. (BC), the Company's Engineering Manager. Both Mr. Carmichael and Mr. Smiley are Qualified Persons under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
ADDITIONAL INFORMATION
The information was submitted for publication, through the agency of the contact person set out below, on April 11, 2022 13:0 EDT.
On behalf of Josemaria,
Adam Lundin,
President and CEO
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TSX: JOSE | OTCQB: JOSMF | Nasdaq Stockholm: JOSE | WKN: A2PN5S | ISIN: CA48086P1009
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, the potential future development of the Josemaria Project and the future operating or financial performance of the Company; ; costs and timing of the development of the Josemaria Project; the opportunity that the ESIA approval presents for jobs and economic development; mineral reserves and resource estimates future price of copper, gold and silver; the effect of government regulations (or changes thereto) with respect to the potential development of the Project, restrictions on production, export controls and duties, income taxes, royalties, expropriation of property, repatriation of profits, environmental legislation, land use, water use, mine safety, approval processes and the receipt of necessary permits are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. These forward-looking statements may also include statements regarding perceived merit of properties; exploration plans and budgets; work programs; capital expenditures; timelines; strategic plans; market prices for precious and base metals; or other statements that are not statements of fact. In addition, statements relating to "mineral resources" and "mineral reserves" are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral resources and mineral reserves described can be profitably produced in the future.
Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the Company's ability to finance the development of the Josemaria Project; commodity price fluctuations; assumptions and discount rates being appropriately applied to the Feasibility Study, uncertainty as to whether there will ever be production at the Company's Josemaria Project and any other future mineral exploration and development properties; risks related to the Company's ability to commence production and generate revenues or obtain adequate financing for its planned exploration and development activities; risks related to lack of infrastructure including but not limited to the risk whether or not the Josemaria Project will receive the requisite permits and, if it does, whether the Company will build the Josemaria Project; risks related to inclement weather which may delay or hinder activities at the Company's mineral properties; risks related to the Company's dependence on third parties for the development of its projects; uncertainties relating to the assumptions underlying resource and reserve estimates; mining and development risks, including risks related to infrastructure, accidents, equipment breakdowns, labor disputes, bad weather, non-compliance with environmental and permit requirements or other unanticipated difficulties with or interruptions in development, construction or production; the geology, grade and continuity of the Company's mineral deposits; the uncertainties involving success of exploration, development and mining activities; permitting timelines; risks pertaining to the outbreak of the global pandemics, including COVID-19; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; prices for energy inputs, labour, materials, supplies and services; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of mineral reserves and mineral resources; the need for cooperation of government agencies and indigenous groups in the development and operation of properties including the Josemaria Project; unanticipated variation in geological structures, metal grades or recovery rates; fluctuations in currency exchange rates; unexpected cost increases in estimated capital and operating costs; the need to obtain permits and government approvals; uncertainty related to title to the Company's mineral properties, the ability of the Company to satisfy the conditions of the terms and conditions of the debentures issued pursuant to credit facilities, including repayment thereof upon their respective maturity dates and the issuance of Common Shares thereunder and the timing and success in obtaining requisite regulatory (including TSX) approvals and other risks and uncertainties disclosed in the Company's periodic filings with Canadian securities regulators and in other Company reports and documents filed with applicable securities regulatory authorities from time to time, including the Company's Annual Information Form available under the Company's profile at www.sedar.com. In addition, these statements involve assumptions made with regard to the Company's ability to develop the Josemaria Project and to achieve the results outlined in the Feasibility Study; the ability to raise the capital required to fund construction and development of the Josemaria Project; and the results and impact of future exploration at the Josemaria Project. The Company's forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law."
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