We have the latest update on the McEwen Copper drilling campaign from San Juan, Argentina.
"The Canadian company McEwen Mining, which develops the Los Azules project through the subsidiary McEwen Copper - Los Azules, in the province of San Juan, reported that twenty drilling rigs are on site and more than 36,000 meters of drilling have been completed. so far as part of the season. The objective is to advance in all areas that contribute to the next Feasibility Study, which is expected to be published in the first quarter of 2025."
(Panorama Minero)
"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 2024. 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 (68 Moz after new PEA - KK)." 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.
Panorama Minero:
San Juan: McEwen Copper highlighted significant progress in the exploration of Los Azules
February 19, 2024
"The Canadian company McEwen Mining, which develops the Los Azules project through the subsidiary McEwen Copper - Los Azules, in the province of San Juan, reported that twenty drilling rigs are on site and more than 36,000 meters of drilling have been completed. so far as part of the season. The objective is to advance in all areas that contribute to the next Feasibility Study, which is expected to be published in the first quarter of 2025.
By Panorama Minero
The firm has announced significant progress in the project, one of the five largest that houses the province of San Juan: “Our drilling program is more than 50% complete, with 36,000 meters drilled of the 55,000 planned for our Feasibility Study.” The work necessary to complete this study includes mineral resource estimation, metallurgical testing, equipment selection, completion and cost estimation of the design for the mine, and assembly of the facilities. “In addition, we will work to advance our energy and road infrastructure plans and establish a preliminary water balance across the site, including mine drainage,” they added.
“On the ground, we have made tangible progress with the drilling program, construction of our winter camp, and exploration road improvements that facilitate year-round operations. We are also planning environmental permits, which reflects our commitment to responsible development,” the company said in a statement.
In financial terms, they announced that “they have been diligent in protecting capital” as most of the funds have been invested in deposit receipts of major foreign and Argentine corporations to protect themselves from devaluation. “This strategic move ensures that the financial backbone of the Los Azules project remains strong to support our development for years to come.”
"We are adapting to a changing environment in Argentina, recognizing the importance of current political and economic reforms for the stability and future growth of the nation. Mining is a vital component of the Argentine economy and, under the right conditions, is in a position to grow significantly and support the country's economic recovery," concluded Michael Meding, vice president of McEwen Copper and general manager of the Los Azules project." (Translated by Google)
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