Tuesday 22 August 2023

TNR Gold Mariana Lithium Royalty Holding - "Sebastián Vaca, from Ganfeng: "We Want to Be the Main Lithium Producer in Argentina and the World"


Forbes Argentina provided us with the opportunity to learn more technical details about the progress of the Mariana Lithium Project development by Ganfeng in Argentina. Sebastian Vaca, the Construction Manager of the Mariana Project of the Ganfeng Lithium, shares with TNR Gold shareholders the positive news from the construction site in Salta.

 


"We have more positive news for all TNR Gold shareholders about Ganfeng's progress at the Mariana Lithium Project coming from Salta, Argentina. Following the reports about the recent meeting of Governor Gustavo Sáenz with the Ganfeng Lithium Team, Adriana Bekerman (Vice President of Engineering and Operations of Ganfeng Lithium – Argentina) describes the recent developments at the Marina Lithium Project and highlights the opportunity that lithium represents for the economic and social growth of communities in Salta."



"We have important news for all TNR Gold shareholders and another confirmation about the ongoing progress at the Mariana Lithium Project coming from Argentina. Governor Gustavo Sáenz received President Li Liangbin and Vice President Wang Xiaoshen of the Ganfeng Lithium - "According to the Company's forecasts, Mariana will go into production next year". 










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.




TNR Gold Shares Details Behind Latest Share Buy Back Program




"The Company is of the view that the recent market prices of its Shares do not properly reflect the underlying value of the Shares. The Company has available cash from its sale of a portion of the Mariana Royalty sale and after repayment of outstanding debt. No insiders of the Company intend to participate in the Bid."


"For all TNR Gold shareholders, the following chart from the Ganfeng Lithium presentation is particularly important. The production facilities of 20,000 T of Lithium Chloride per year are called "Phase 1".


TNR Gold is plugged into Tesla Energy rEVolution with our Royalty Holdings on the Mariana Lithium Project with Ganfeng Lithium. I consider my personal investment in TNR Gold, as a unique entry point into the state-of-the-art vertically integrated lithium business being built by Ganfeng Lithium for the 21st century. 

Lithium Royalty Corp IPO Prospectus

We are building The Green Energy Royalty and Gold Company and participating in the creation of secure supply lines feeding The Switch and Tesla Energy rEVolution.


On my blog following the links below, you can find more information about TNR Gold Corp. and our Royalty Holdings. Do your own research, read all disclaimers, as usual, and stay safe and prosper. Join rEVolution!






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.



Forbes Argentina:

Sebastián Vaca, From Ganfeng: "We Want to Be the Main Lithium Producer in Argentina and the World"


Fernando Heredia

"In an interview with Forbes, the Construction Manager of the Mariana Project of the Ganfeng mining company, tells about the plans of the Chinese company in Argentina and talks about the possibility of manufacturing batteries in the country.

The mining giant Ganfeng sought out a pure strain from Salta to lead the construction teams of its projects in Argentina, where this province stands out from the rest of those that are part of the lithium triangle in the company's investment portfolio.

"I was born in Salta, raised in Salta, I studied in Salta, I did a large part of my career here and I think it is a particularly attractive province for mining because of the boost that is being given to it through many laws". This is how the Construction Manager of the Mariana Project, Sebastián Vaca, introduces himself to Forbes, before beginning an interview during his time at the International Lithium Seminar.

- What is the role that the company has worldwide and why did you decide to bet on Argentina?

Ganfeng is headquartered in China, it is one of the top 3 in lithium production and not only that, but we are covering everything from extraction to manufacturing and recycling of lithium batteries. We aim to be number one in lithium production. In the case of the Mariana Project in the Salar de Llullaillaco, the production that we will obtain is Lithium Chloride. 

- What is the difference between lithium carbonate, hydroxide and chloride?

All products are lithium salts. The production process differs widely between them. The main difference lies in the chemical elements with which lithium is combined. The choice to produce one or the other brand on the entire market. In general, the 3 products can be used to produce Lithium batteries and the product they need depends on each company. 


- What state is the Mariana Project in? What is the production expectation?

Mariana officially started construction last year in May 2022, that's when we did the construction inauguration ceremony. We are now in the construction stage. This project has two stages. In the salt flat, what we do is evaporation and a first part of the process where we obtain a pre-concentrated brine. This, later, will be transported to the Güemes industrial park, where we have already started the construction of the plant that will carry out the second stage of the process where we will obtain lithium chloride. So, we have been officially under construction since May of last year and we are making the pre-evaporation pools, there are 1,400 hectares of pools, soil movement and lining with geomembranes and geotextiles, which we have already executed about 45% to 50% of all. these pools, which is very good progress. At the end of last year, we started filling the pools, that is, we can say that we are in the "pre-production stage". When we begin to fill the pools with brine, we start pre-production because it is the initial stage to obtain the concentrated brine. We are also building the plants, the buildings, where the brine will enter, which as I was saying is where we are going to finish pre-processing the brine in Mariana to send it to Güemes and complete the entire process and obtain the lithium chloride that is in this case our final product. We start pre-production because it is the initial stage to obtain the concentrated brine. We are also building the plants, the buildings, where the brine will enter, which as I was saying is where we are going to finish pre-processing the brine in Mariana to send it to Güemes and complete the entire process and obtain the lithium chloride that is in this case our final product. We start pre-production because it is the initial stage to obtain the concentrated brine. We are also building the plants, the buildings, where the brine will enter, which as I was saying is where we are going to finish pre-processing the brine in Mariana to send it to Güemes and complete the entire process and obtain the lithium chloride that is in this case our final product.

- What production capacity will it have?

The estimated initial production of the Mariana Project is 20,000 tons of lithium chloride.

- When will production start?

The idea is to go into production during the year 2024, approximately between the second and third quarters, we are thinking of already having part of the production.

- How are your other exploration projects coming along and what depends on whether they are done?

Like any mining project, there are times that may seem very long. In particular, what we have is the Incahuasi project, where advanced exploration is being carried out to determine the actual amount of resources that it has. And then another project that we acquired over the past year is Pozuelos-Pastos Grandes, which is a little further along, in the engineering development stage. The idea we have is that during the first quarter of 2024 it will already enter the construction phase.

Sebastian Vaca, Ganfeng

- Are you one of the companies with the most projects in the pipeline?

We have, as I told you, these three. In addition, Ganfeng is the majority shareholder of the Cauchari-Olaroz project in Jujuy, they are the owners of 51% of the private part and have a strategic participation as a shareholder in the Sal de la Puna project. And we are constantly looking for new projects that we can incorporate into our portfolio. Ganfeng's idea is to be the number one benchmark and for that we need a lot of resources to work on them and make them go from being simply a resource to a material asset.

- Are you looking to be the main producers in the world, but also in Argentina?

Exactly. We are not currently in production, but there are some projects that are in production, such as the one I mentioned about Minera Exar, Cauchari-Olaroz, which is not entirely ours. Ganfeng's idea is to be number one worldwide and obviously in Argentina as well.

- How many tons can you imagine producing?

This first project has 20,000 tons of lithium chloride as a target. I cannot give you the numbers for this expansion and the others for sure because they are in the exploration stages, but they will be in that order of magnitude or more. It all depends on how good the results are. Besides, Ganfeng is not only here in Argentina, but there are several other places where it has operations.

- What is the attraction you see in Argentina to make such a strong commitment?

Argentina is friendly with mining in general and in particular with sustainable lithium mining. Although in recent times there had been talk of the nationalization of lithium, we know that it is something that is not consistent with the Constitution, which are resources that depend on each of the provinces that own them. This, added to the fact that mining companies were given a boost in Salta through many laws and created a very positive environment for mining investment, is what makes mining particularly attractive at this time in Argentina and in particular in Salta. There are obviously many things still to improve, because unfortunately it is not all rosy, but compared to other places, other markets, other countries, it is still attractive to make mining investment in Argentina.

- You mentioned that the company, in addition to producing lithium, also produces batteries. How do you see Argentina to play a role in that link? 

At this moment, the first link must be given a lot of impetus, because it is not something that is so simple either. It requires and demands a lot of manpower, a lot of work, and a lot of added value in going from the brine that is in a deposit in the salt flat to obtaining lithium chloride. Then, obviously, if it gets to the point of saying I can do and generate the complete battery, it would also be great and hopefully it really happens, that we can have all the necessary technology here in the country and the knowledge and human resources to do it. So, let's first focus on this first process, which is what is flourishing. And the other step is not going to be taken overnight. Of course it can be done, but it is not immediate. It requires a lot of effort, a lot of technology and other metals that we do not currently produce in the country and should be imported. At the moment, Country conditions and import conditions for all these inputs are quite complicated. There are many things to improve, such as the exchange rate, and the conditions in the country that are not so stable.

- Don't they rule it out for a second stage?

Under current conditions, we cannot give precision or be certain of this. I think it would be very beneficial for everyone, but you have to work a lot from all sides. From the mining companies, which are the ones who make the most of the investment; the provincial governments with whom we particularly have a very good relationship; and the national government, which is a little more in charge of providing certain macroeconomic conditions that allow for a good development of the project in general."



Thursday 17 August 2023

TNR Gold NSR Royalty on Los Azules Copper, Gold and Silver Project: "McEwen Eyes Copper IPO As Soon As November for Argentina Project"


Mining.com provides the latest information from Rob McEwen on the upcoming IPO and financing plans for the giant Los Azules Copper, Gold and Silver Project. The latest post-PEA drilling results confirm the PEA mineral resource model and McEwen Copper is firing on all cylinders moving closer to feasibility study. 

"The company hopes to complete the feasibility study late next year or early 2025 and start producing copper toward the end of the decade. Recent investments by automaker Stellantis NV and miner Rio Tinto Group have given the venture more breathing space.

At the same time, McEwen is talking to “various sources” about providing part of the $2.5 billion needed to build the mine, said the founder and former chairman of Goldcorp Inc. Construction financing would probably see McEwen Mining Inc.’s 52% interest in the copper unit “reduced by some degree,” he said." (Mining.com)

 



"We have two great videos from McEwen Mining and Rob McEwen to share with you today. TNR Gold shareholders have a new potential valuation reference point for the TNR Gold GEM Royalty portfolio. Rob discusses the Gold and Copper markets and gives great details about different Copper projects in Argentina and their valuations." 

 

"Strong team performance is accelerating the McEwen Copper Los Azules program in 2023. The 2023 Los Azules Project PEA results highlight the potential to create very robust leach project, while reducing environmental footprint and greater environmental and social stewardship sets the Project apart from other potential mine developments.

 


It’s very encouraging to see an updated independent mineral resource estimate that has increased significantly. 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."




Rob McEwen describes the opportunity to expand the deposit and the size of the giant Los Azules Project: "If you covert Copper, Gold and Silver at today's prices - you are looking at the equivalent of 60 Moz Gold deposit." You can find more very interesting comparisons of Los Azules and other major copper projects in Argentina in this video as well."

 


For all TNR Gold shareholders the part at 36" will be particularly interesting. According to Rob: "Osisko went into Ecuador recently and paid USD$50 million for 0.6% NSR Royalty on the deposit which is smaller than Los Azules. So, that will put just a Los Azules NSR Royalty worth maybe USD$100 million." 

"Pursuant to this transaction, McEwen Copper will hold a 100% interest in the Los Azules copper project in San Juan, Argentina, and a 100% interest in the Elder Creek exploration property in Nevada, subject to a 1.25% net smelter return (NSR) royalty on both assets payable to McEwen Mining." McEwen Mining NR July 06, 2021.

 


"MONTRÉAL, Nov. 07, 2022 (GLOBE NEWSWIRE) — Osisko Gold Royalties Ltd (“Osisko”) (OR: TSX & NYSE) is pleased to announce that it has entered into a binding agreement with SolGold plc (“SolGold”) (SOLG: TSX & LSE) with respect to a US$50 million royalty financing (the “Transaction”) to support the advancement of SolGold’s Cascabel copper-gold property in northeastern Ecuador.

As part of the Transaction, Osisko will acquire a 0.6% net smelter return royalty (the “NSR”) covering the entire 4,979 hectare Cascabel property, including SolGold’s world-class Alpala project for which SolGold released the results of a pre-feasibility study in April of 2022 (the “PFS”)."

McEwen Mining holds 1.25% NSR Royalty on Los Azules Copper which could be valued at USD $100 million based on the Royalty deal made by Osisko Gold Royalties, according to Rob McEwen. TNR Gold Holds 0.4% NSR Royalty on the giant Los Azules Copper, Gold and Silver project with McEwen Mining, of which 0.04% of the 0.4% NSR Royalty is held on behalf of a shareholder. 



TNR Gold's 0.36% NSR Royalty could be valued at USD $30 million, based on Rob McEwen's estimations analysing the recent Osisko Gold Royalties deal with SolGold in Ecuador. Below is the Alastair Ford article where you can find more information about TNR Gold and benchmarks for our GEM Royalty portfolio.



We are building The Green Energy Metals Royalty and Gold Company. TNR Gold is plugged into Tesla Energy rEVolution with our Royalty Holdings on the Mariana Lithium Project with Ganfeng Lithium, Los Azules Copper, Gold and Silver Project with McEwen Mining and Batidero I and II Properties of Josemaria Copper-Gold Project with Lundin mining.


On my blog following the links below, you can find more information about TNR Gold Corp. and our Royalty Holdings. Do your own research, read all disclaimers, as usual, and stay safe and prosper. Join rEVolution!


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









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.




Mining.com:



"Canadian mining entrepreneur Rob McEwen said he’s weighing financing options for a copper project in Argentina, with an initial public offering possible as soon as November.

While McEwen Copper Inc. is funded into next year as it drills the Los Azules project, it may go public later in 2023 or early 2024 to bankroll a feasibility study. The IPO could be in the range of $100 million to $150 million, although another private financing round is also an option, McEwen and copper unit chief Michael Meding both said in an interview.

The company hopes to complete the feasibility study late next year or early 2025 and start producing copper toward the end of the decade. Recent investments by automaker Stellantis NV and miner Rio Tinto Group have given the venture more breathing space.

At the same time, McEwen is talking to “various sources” about providing part of the $2.5 billion needed to build the mine, said the founder and former chairman of Goldcorp Inc. Construction financing would probably see McEwen Mining Inc.’s 52% interest in the copper unit “reduced by some degree,” he said.

The prospect of copper shortages — as demand for the wiring metal accelerates in the energy transition — is boosting the appeal of investing in large-scale deposits. Partly as a result, large producers are taking another look at Argentina after interventionist policies had held back the industry.

Despite an uncertain political situation in the inflation-ravaged nation, McEwen is optimistic about being able to move ahead with Los Azules no matter who is in power. The two executives spoke after outsider congressman Javier Milei pulled off an unexpected primary win that upended this year’s presidential race.

(By James Attwood)"




Tuesday 15 August 2023

TNR Gold Corp Highlights "Very Impressive" Intercept From McEwen Los Azules Copper



“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 $30 million in McEwen Copper was also invested by Rio Tinto’s Venture Nuton in 2023 after its initial investment of US $25 million in 2022,” 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. The 2023 Los Azules Project PEA results highlighted the potential to create very robust leach project, while reducing environmental footprint and greater environmental and social stewardship sets the Project apart from other potential mine developments.



It’s very encouraging to see an updated independent mineral resource estimate that has increased significantly. Reported by McEwen Copper infill and other resource drilling completed since the PEA model data cut-off date results include significant copper values over wide intercepts and confirm very good alignment of new assay results to the resource model prediction for the same area.



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.”






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:

NEWS RELEASE

TNR Gold NSR Royalty Update – Los Azules Copper, Gold & Silver Project – McEwen Copper Reports More Post-PEA Assay Results

"Vancouver, British Columbia – August 3, 2023: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold” or the “Company”) is pleased to announce that McEwen Mining Inc. (“McEwen Mining”) has provided an update 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 project is held by McEwen Copper Inc. (“McEwen Copper”), a subsidiary of McEwen Mining.



The news release issued on August 1, 2023, by McEwen Mining stated:

“TORONTO, Aug. 01, 2023 (GLOBE NEWSWIRE) — McEwen Copper Inc., 52% owned by McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), today reports additional assay results of the recently completed drilling season at its Los Azules project, located in San Juan, Argentina.

Significant Intercept: 
386 m of 0.66% Cu, including 196 m of 0.99% Cu (Hole GTK2320)

“These assay results include significant copper values over wide intercepts and demonstrate very good agreement between these new assay results and those predicted by the resource block model used in the 2023 Preliminary Economic Assessment,” said Rob McEwen, Chairman & Chief Owner.



Los Azules is a large copper porphyry deposit with growth potential, it has many features comparable to world-class copper-gold deposits in South America and its depth and lateral extent have yet to be determined. Infill drilling serves several purposes, including providing better data density to increase confidence in the mineral resources, along with providing material and data for metallurgical, geotechnical, and hydrological studies.

Table 1 provides an overview of the new assay results. This infill drilling has been designed to upgrade the copper resource estimate classification from Inferred to Measured or Indicated.



Highlights

  • Hole GTK2320 intercepted an Enriched zone of 386 meters (m) grading 66% Cu (est. true thickness) and includes a sub-interval of 196 m grading 0.99% Cu. (Figure 2)
  • Hole GTK2319 intercepted an Enriched zone of 5 m grading 0.50% Cu (est. true thickness) and includes a sub-interval of 120 m grading 0.67% Cu. (Figure 3)
  • Hole AZ23237 intercepted an Enriched zone of 308 m grading 69% Cu (est. true thickness) and includes a sub-interval of 142 m grading 0.82% Cu. (Figure 4)
  • Hole AZ23233 returned an Enriched zone of 374 m grading 50% Cu including an Enriched zone intercept of 206 m grading 0.65% Cu. (Figure 5)

This recently completed phase of drilling occurred between October 2022 and June 2023 and used up to 15 rigs to complete 39,900 m of drilling in 138 holes, to evaluate geotechnical, hydrological, resource and exploration-related parameters and opportunities. The Los Azules drill hole database now totals 126,000 m.

To test the performance of the resource model copper grades versus actual drilling results, some 30 infill holes completed subsequent to the data cut-off on December 31, 2022, for the updated PEA model (released June 20, 2023) were utilized. The length-weighted average grade of the new drilling was 0.553% Cu compared to a resource model prediction of 0.515% Cu. This limited test of the resource model’s predictive capacity is encouraging, with actual grades 7.5% higher than the model prediction. Over time, we anticipate the local sensitivity of the model’s predictive capacity to improve, as drilling increases the geologic confidence required to delineate a Measured and Indicated mineral resource estimate.

Table 1 – Los Azules Drilling Results, May-June 2023

 

Hole-IDSectionPredominant
Mineral Zone
From 
(m)
To 
(m)
Length
(m)
Cu
%
Au
(g/t)
Ag
(g/t)
Comment
GTK232044Total126.0515.0389.00.650.051.94 
  Enriched126.0512.0386.00.660.051.95 Incl. 196m of 0.99% Cu
  Primary512.0515.03.00.160.010.96 
GTK231946Total110.5507.4396.90.490.071.62 
  Enriched110.5494.0383.50.500.071.64 Incl. 120m of 0.67% Cu
  Primary494.0507.413.40.240.041.09 
AZ2323748Total110.0446.0336.00.660.071.86 
  Enriched110.0418.0308.00.690.071.86 Incl. 142m of 0.82% Cu
  Primary418.0446.028.00.370.091.82 Incl. 10m of 0.44% Cu
AZ2323350Total70.0510.0440.00.470.061.93 
  Enriched70.0444.0374.00.500.071.99 Incl. 206m of 0.65% Cu
  Primary444.0510.066.00.350.051.62 
AZ2323652Total88.0417.7329.70.230.010.83 
  Enriched88.0374.0286.00.230.010.87 Incl. 12m of 0.56% Cu
  Primary374.0417.743.70.220.000.58 
AZ2322565Total60.0900.7840.70.240.031.74 
  Enriched60.0206.0146.00.320.062.06 Incl. 16m of 0.51% Cu
  Primary206.0900.7694.70.220.031.67 
AZ2323171Total48.0701.0653.00.100.010.59 
  Enriched48.0288.0240.00.070.010.84 
  Primary288.0701.0413.00.120.010.44 


Description of Results


Figure 1 shows a plan view of 2023 PEA mineable Indicated and Inferred resources, with pit wall shown as a black trace at surface and gray shading. Drill holes and cross-section locations relevant to today’s release are also shown.

The drilling results are summarized on four schematic cross sections that include interpretations of Overburden, Leached, Enriched (also called Supergene) and Primary (also called Hypogene) mineral zones. The green line on each section indicates the wall of the Base Case 27-year pit outline according to the updated PEA. Adjacent cross sections occur every 50 m, with the lowest section numbers located at the southern end of the field and increasing northwards.

Figure 1 – Cross Sections and Recent Drill Holes on the 2023 Base Case Mineable Resource Pit Plan

Figure 2 – Section 44 – Drilling, Mineral Zones & 2023 Base Case Mineable Resource Pit (Looking North)

Hole GTK2320, shown in the center of Figure 2, has been added to section 44 to infill a 200 m gap in drilling between holes AZ23218 and AZ22170. The hole returned an Enriched zone intercept higher than either of those holes, with 386 m of 0.66% Cu, including a sub-interval of 196 m of 0.99% Cu. Overall, the cross section is characterized by a 200-300 m flat-lying Enriched zone located immediately below a thin Leached zone horizon. Locally, the significant vertical extent exceeding 350 m reflects the favorable structural environment commonly found in the core of the deposit.

Figure 3 – Section 46 – Drilling, Mineral Zones & 2023 Base Case Mineable Resource Pit (Looking North)

Hole GTK2319, shown on section 46 in Figure 3, returned outstanding Enriched zone results of 383.5 m grading 0.50% Cu, including a sub-interval of 120 m grading 0.67% Cu. The hole highlights changes to grade and width toward the flank of the deposit. The mineralization and lithology are consistent with the previously released drilled hole AZ17126, which supports our view that continuity within the deposit is very good.

Figure 4 – Section 48 – Drilling, Mineral Zones & 2023 Base Case Mineable Resource Pit (Looking North)

Hole AZ23237 shown on section 48 in Figure 4, highlights a 308 m Enriched zone intercept grading 0.69% Cu, including a 142 m intercept of 0.82% Cu. The grade has increased toward the center of the section compared to hole AZ22161 immediately to the east. This is consistent with the overall trend of increasing grade from the flanks of the deposit toward its center.

Figure 4 – Section 48 – Drilling, Mineral Zones & 2023 Base Case Mineable Resource Pit (Looking North)

Hole AZ23237 shown on section 48 in Figure 4, highlights a 308 m Enriched zone intercept grading 0.69% Cu, including a 142 m intercept of 0.82% Cu. The grade has increased toward the center of the section compared to hole AZ22161 immediately to the east. This is consistent with the overall trend of increasing grade from the flanks of the deposit toward its center.

Link to drill results, locations and lengths of drill hole collars corresponding to June 2023 at Los Azules:

https://www.mcewenmining.com/files/doc_news/archive/2023/2023_07LA/2023_06_DrillResults_LA.xls

Link to drill results, locations and lengths of drill hole collars corresponding to the October 2022 to June 2023 drilling campaign at Los Azules :

https://www.mcewenmining.com/files/doc_news/archive/2023/2023_07LA/2022_10-2023_06_DrillResults_LA-2.xls

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

 

HOLE-IDAzimuthDipLengthLoc XLoc YLoc Z
GTK232070-73515.0238304065594963628
GTK231962-78507.4238324265596763637
AZ23225250-75900.7238280465605243615
AZ23233250-77510.0238315865598613628
AZ23236250-70417.7238259665597603614
AZ23237250-81446.0238322565597763633
AZ2323170-75701.0238267165608173647
Coordinates listed in Table 2 based on Gauss Kruger – POSGAR 94 Zone 2

ABOUT MCEWEN COPPER

McEwen Copper is a well-funded, private company which owns 100% of the large, advanced-stage Los Azules copper project, located in San Juan province, Argentina. McEwen Copper is a 52% owned private subsidiary of McEwen Mining, which has the ticker MUX on NYSE and TSX.

Los Azules is being designed to be distinctly different from a conventional copper mine, consuming significantly less water, emitting much lower carbon and progressing to be carbon neutral by 2038, being powered by 100% renewable energy sources once in operation. It recently released an updated PEA (preliminary economic assessment) which projects a long life of mine, low production cost/lb, short payback period, high annual copper production and a 21.2% after-tax IRR.

ABOUT MCEWEN MINING

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it has significant exposure to copper through its 52% ownership of McEwen Copper. The Company’s goal is to improve 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 a personal investment in the company of US$220 million. His annual salary is US$1.”

The McEwen Mining press release appears to be reviewed and verified by a Qualified Person (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 $30 million in McEwen Copper was also invested by Rio Tinto’s Venture Nuton in 2023 after its initial investment of US $25 million in 2022,” 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. The 2023 Los Azules Project PEA results highlighted the potential to create very robust leach project, while reducing environmental footprint and greater environmental and social stewardship sets the Project apart from other potential mine developments.

It’s very encouraging to see an updated independent mineral resource estimate that has increased significantly. Reported by McEwen Copper infill and other resource drilling completed since the PEA model data cut-off date results include significant copper values over wide intercepts and confirm very good alignment of new assay results to the resource model prediction for the same area.

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.”



ABOUT TNR GOLD CORP.

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
www.tnrgoldcorp.com

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 www.sedar.com. 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."