Drills are turning at Los Azules and Rob McEwen is turning heads of the mining executives in the boardrooms of major mining companies all over the world towards Argentina. The rising Copper price can perform miracles. We have seen nothing yet when it comes to major mining companies going FOMO on Energy Transition and Electric Cars.
All industry majors are seeking new giant deposits like the Los Azules Copper, Gold and Silver Project to replenish their dwindling mining reserves in order to participate in Energy Transition and Electrification of Transportation. We must build secure supply lines to feed Tesla Energy rEVolution.
Any of these names, Rob McEwen is talking about: Vale SA, Anglo American Plc and Barrick Gold Corp. - will bring the necessary catalyst to TNR Gold with our NSR Royalty Holding on the entire giant Los Azules Copper, Gold and Silver Project. Let's see what kind of magic Rob McEwen can produce this time. Upcoming drilling results promise to bring Los Azules into headlines again and, hopefully, this giant deposit can grow even bigger.
After Ganfeng's US$600 million investment plan for Mariana Lithium, TNR Gold can have another solid partnership between McEwen Mining and one of the largest mining companies in the world which will be moving Los Azules Copper towards production. As you remember, this is the unique opportunity for Barrick Gold to gain a solid footing in San Juan with a new major development at Los Azules Copper, Gold and Silver Project, which maybe can help later to bring to life the giant "landscaping exercise" left unfinished at Pascua Lama.
TNR Gold is plugged into Tesla Energy reVolution with our royalty portfolio. Ganfeng Lithium is building Mariana Lithium Project's "Phase 1" with the approved 20,000 T of the annual production of Lithium Chloride in Salta, Argentina.
Now our NSR Royalty Holding on the entire giant Los Azules Copper, Gold and Silver Project is becoming the M&A play with Rob McEwen Midas touch in action. On the links below you can find more information about TNR Gold Corp. for your own research. Stay safe and join rEVolution!
"Vast deposits and more welcoming policies have turned Argentina into a lithium hot-spot in recent years. Now the global copper industry is taking another look at the South American nation.
That’s the view of Rob McEwen, whose namesake company is drilling a property in San Juan province near the border with Chile. Called Los Azules, it’s attracted the attention of large producers such as Vale SA, Anglo American Plc and Barrick Gold Corp. as a potential acquisition, he said. All three companies declined to comment." Mining.com
TNR Gold NSR Royalty Holding With McEwen Mining - McEwen Copper: Los Azules Progress Report
TNR Gold holds a 0.4% NSR royalty on the entire Los Azules Copper Project (TNR holds a 0.04% on behalf of a shareholder). TNR Gold does not have to contribute any capital for the development of Los Azules. 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.”
McEwen Mining:
McEwen Copper: Los Azules Progress Report
"TORONTO, Dec. 22, 2021 (GLOBE NEWSWIRE) -- McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to provide a summary of the work at the Los Azules copper project in San Juan, Argentina, that started in earnest this July 2021. Our two immediate objectives on our path to designing and constructing the copper mine of the future are to:
- Advance Los Azules from its current stage of development (Preliminary Economic Assessment or PEA) to a Pre-Feasibility Study (PFS); and
- Construct a new road, the ‘ Northern Access Road’, that will provide critical year-round access to Los Azules. The current ‘ Exploration Road’ is generally only usable five months of the year due to winter weather.
Below is a photographic account of our activities to date.
Background
On July 6, 2021, we announced the creation of McEwen Copper and our intention to raise US$80 million in a private offering comprised of 8,000,000 shares priced at $10.00 per share. We closed the first $40 million tranche of the placement in August with Rob McEwen, and the balance of the financing is expected to close in January 2022. Assuming completion of the $80 million financing, McEwen Mining will retain 69% ownership in McEwen Copper, and new shareholders will hold 31%. McEwen Copper will continue to hold a 100% interest in the Los Azules project.
Los Azules is one of the largest undeveloped copper porphyry deposits in the world. It is located along the prolific Andes Copper Belt as shown in the location map below:
On December 1st, the medical services and emergency rescue teams had arrived at site and exploration drill platforms were being constructed.
By December 20th, 36 drill platforms had been constructed and 2 of the 10 exploration drills had arrived on site. The other 8 drills are expected to be arriving throughout January and into February. Drilling will start on January 4th. The first phase of our drill program will involve a 174,000-foot (53,000 m) program. It is designed to convert the Inferred mineral resources to the Indicated category, as well as to test deeper exploration targets, where historic drilling had ended in strong copper mineralization.
McEwen Copper currently has 282 people supporting the exploration drilling program at Los Azules, with approximately 85% being from San Juan.
Photo 8 and 9 - The first two exploration drills to arrive at the site.
Project Development Workshop
This past week, December 14th to 16th, we held an intensive workshop with senior management of both McEwen Mining and McEwen Copper and a powerful group of consultants and advisors. A total of 30 individuals well versed in designing and building, and operating copper mines, especially in South America, gathered physically and virtually from Argentina, Chile, USA, Canada, Australia, and New Zealand.
The workshop started with a presentation from Whittle Consulting from Australia, who for the past three months have been evaluating various development scenarios for the Los Azules Project. Their work suggests there is considerable room to improve the economics of the project.
Companies involved in moving Los Azules to PFS are:
- Bechtel Corporation, the largest construction company in America with a long history of advancing, building and developing large copper concentrators and infrastructure projects globally, including the recent feasibility study update on the El Pachon project approximately 75 km south of Los Azules; and
- Samuel Engineering, who will help oversee project management, controls, metallurgy and processing plant design, is a full service multi-disciplinary project development and execution company bringing a team with extensive large copper project experience in South America, including past involvement at the Los Azules project; and
- Stantec, a full service engineering and consulting firm, with offices in Argentina, Chile, and Peru, including select subcontract consultants will focus on geology, resource and reserve estimates, mining engineering, hydrology, geotechnical and the tailings, waste, and water management facility design.
Our overarching goal is to design a mine that will be the model for copper mining in the 21 st century. One that supplies the raw material to enable a greener world, while incorporating the use of renewable energy sources to have a low-carbon footprint and that uses technological innovation to achieve an energy efficient mine.
At several points during the workshop, Jason F. McLennan of McLennan Design in Seattle, a prominent figure in the field of architecture and green building movement, shared his thoughts on technologies, visions and attitudes on how mining could change to contribute to a healthy world and how lessons learned in other industries could be applied to transform certain elements of mine operations, infrastructure and facilities.
We all left the meeting energized and believing that the future of mining will be exciting, new and game-changing. For the world to make considerable progress towards a lower carbon emissions world, the world needs responsible mining to provide the materials to make that a reality.
We at McEwen Copper, along with our consultants, plan to design, build, and operate a facility, a community, that will be at the leading edge of a changing attitude in mining towards protecting our planet.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, contain McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to the calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of McEwen Mining Inc."
