TNR Gold Update – NSR Royalty on McEwen Mining’s Los Azules Copper, Gold and Silver Project
NEWS RELEASE
TNR Gold Update – NSR Royalty on McEwen Mining’s Los Azules Copper, Gold
and Silver Project
Vancouver, British Columbia – January 30, 2023: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold”
or the “ Company”) is pleased to announce that McEwen Mining Inc. (“ McEwen Mining”) provided an
update on the Los Azules Copper 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 Lo s Azules Copper Project is held by McEwen Copper Inc., a
subsidiary of McEwen Mining.
The news release issued by McEwen Mining on January 26, 2023, stated:
“McEwen Copper Inc., 68%-owned by McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), today reports rich
copper values over attractive widths resulting from infill drilling at its Los Azules project. Los Azules is a
large porphyry copper-gold-silver deposit with considerable growth potential, where its ultimate depth
and lateral extents remain to be determined.
Table 1 provides a summary of the assay results for eight recent drill holes for copper (Cu), gold (Au) and
silver (Ag).
Highlights
• Widespread mineralized magmatic hydrothermal breccias with intercepts such as 237.2 meters
(m) of 1.05% Cu including 108 m of 1.71% Cu in hole AZ22173.
• Continuity of an Enriched mineral zone up to 300 m, true thickness.
• Northern exploration hole AZ22174 targeting a deep geophysical anomaly intersected multiple
copper-mineralized horizons including disseminated and veinlet-hosted primary copper
mineralization and potassic alteration as deep as 1,100 m downhole, with assays pending.
Table 1 – Los Azules Drilling Results - October 2022 to December 2022
Hole-ID Section Predominant
Mineral Zone
From
(m)
To
(m)
Length
(m)
Cu
%
Au
(g/t)
Ag
(g/t) Comment
AZ22169 43 Total 128.0 526.0 398.0 0.49 0.05 1.45
Enriched 128.0 390.0 262.0 0.55 0.04 1.59 Incl. 74m of 0.93% Cu
Primary 390.0 526.0 136.0 0.36 0.05 1.19 Incl. 51m of 0.54% Cu
AZ22170 44 Total 130.0 483.0 353.0 0.45 0.03 1.46
Enriched 130.0 368.0 238.0 0.55 0.04 1.71 Incl. 28m of 1.14% Cu
#1120, 789 West Pender Street,
Vancouver, B.C.
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Primary 368.0 483.0 115.0 0.24 0.02 0.94
AZ22171 45 Total 94.0 470.2 376.2 0.51 0.04 1.41
Enriched 94.0 435.0 341.0 0.53 0.03 1.37 Incl. 88m of 1.06% Cu
Primary 435.0 470.2 35.2 0.27 0.04 0.75
AZ22172 41 Total 116.0 545.0 429.0 0.46 0.10 1.21
Enriched 116.0 348.0 232.0 0.59 0.14 1.31 Incl. 32m of 1.19% Cu
Primary 348.0 545.0 197.0 0.31 0.06 1.09
AZ22173 44 Total 94.0 331.2 237.2 1.05 0.09 1.19
Enriched 94.0 331.2 237.2 1.05 0.09 1.19 Incl. 108m of 1.71% Cu
AZ22175 36 Total 70.0 274.0 204.0 0.72 0.05 1.17
Enriched 70.0 260.0 190.0 0.80 0.06 1.30 Incl. 94m of 1.06% Cu
Primary 260.0 274.0 14.0 0.33 0.03 0.51
AZ22176 43 Total 98.0 445.9 347.9 0.81 0.10 2.52
Enriched 98.0 324.0 226.0 0.87 0.09 1.88 Incl. 96m of 1.13% Cu
Primary 324.0 445.9 121.9 0.71 0.12 3.70 Incl. 56m of 0.89% Cu
AZ22177 42 Total 102.0 413.0 311.0 0.48 0.05 1.04
Enriched 102.0 334.0 232.0 0.51 0.04 0.92 Incl. 56m of 0.77% Cu
Primary 334.0 413.0 79.0 0.39 0.07 1.38
Current Drill Program
Drilling resumed in October 2022. This season’s +75 holes and +25,000-meter program is designed to:
• Increase drill hole density to upgrade the copper resource classification to measured and indicated
to better understand the payback pit design.
• Provide metallurgical, hydrological and geotechnical data to facilitate mine design.
• Test for potential extensions of the resource to the north, south and at depth to determine how much
larger the deposit could be.
Since October, some 11,900 m have been drilled from 46 holes.
“We have transitioned into 2023 with tremendous momentum, backstopped by 9 on-site drills, an
active community engagement program and a fully staffed technical team advancing Los
Azules towards feasibility,” commented Michael Meding, Vice President and General Manager of
McEwen Copper. “We are delivering a first-class technical evaluation on a copper deposit that will put
Argentina at the forefront of critical metals production supporting worldwide electrification and a
greener future for generations to come.”
Description of Results
Results are summarized on six schematic cross -sections that include simplified interpretations of the
mineral zones including: Overburden, Leached, Enriched (also called Supergene) and Primary (also called
Hypogene). The green line is the 30 -year pit floor from the 2017 NI 43 -101 Preliminary Economic
Assessment (PEA) report. We see drill results that support and enhance our geological modelling.
Figure 1 is a plan view showing the location of these sections. The cross sections are located 50 m apart,
with the lowest numbered section beginning at the south end of the deposit and numbers increasing to
the north. For reference, Section 36 is located approximately in the center of the deposit.
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Figure 1 - Location of Cross-sections and Drill Holes in the Deposit Plan
Exploration Drilling
Hole AZ22174 (Figure1) is the 4 th hole at Los Azules to be drilled to a depth in excess of 1,000 m. It
represents the most recent validation that the deposit remains open at depth. It is located 900 m north
of AZ22171 and was planned based on geophysical analyses and geological modelling. Results are
expected to be available for release shortly. Logging of the core over its 1,100 m identified disseminated
copper mineralization (chalcocite, chalcopyrite) hosted in pre-mineral diorite, copper in early veinlets and
fracture-fills, magmatic hydrothermal breccia and potassic alteration as evidenced by potassium
feldspar.
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Infill Drilling Results Designed to Upgrade Copper Resources Classification to Measured & Indicated
Figure 2 - Section 36, includes an intercept of 190 m of 0.80% Cu (AZ22175), including a 94 m interval
of 1.06% Cu in the Enriched mineral zone. The Enriched mineral zone is interpreted to occur as a sub -
horizontal blanket of mineralization that varies in thickness between 150m and 250m across this section.
This is typical of many world-class porphyry copper deposits. The hole was drilled to test for the presence
of mineralization within a hydrothermal magmatic breccia host rock. Mineralization contained within
this zone is on average associated with the highest copper grades at Los Azules.
Figure 2 - Section 36 - Drilling, Mineral Zones & 30-year PEA Pit (Looking North)
Figure 3 - Section 41 shows an Enriched zone interval of 232m grading 0.59% Cu (AZ22172),
including 32 m of 1.19% Cu. A portion of the shallower mineralization is hosted within an early mineral
porphyry and the hydrothermal magmatic breccia associated with the porphyry. Like the breccia, the
early mineral porphyry is an important host of higher-grade mineralization and is typically inclined sub-
vertical. Closer to the hole’s bottom, mineralization is hosted within rock known as diorite, which contains
the majority of Primary zone sulphide-bearing mineralization at Los Azules. The drill hole ends with 197.0
m grading 0.31% Cu. Lithology and mineralization correlate well to hole AZ12106, suggesting great
continuity.
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Figure 3 - Section 41 - Drilling, Mineral Zones & 30-year PEA Pit (Looking North)
Figure 4 - Section 42 profiles an Enriched zone interval of 232 m grading 0.51% Cu (AZ22177),
including 56 m of 0.77% Cu. Again, the drill hole ended in the top of the Primary zone with 79 m of 0.39%
Cu. The early mineralized porphyry, hydrothermal magmatic breccias and high copper grades noted in
the hole are consistent with the nearby historic drill holes AZ12116 and AZ1048. The true thickness of the
Enriched zone is interpreted to be up to 250 m on the section.
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Figure 4 - Section 42 - Drilling, Mineral Zones & 30-year PEA Pit (Looking North)
Figure 5 - Section 43 highlights 226 m grading 0.87% Cu (AZ22176) including 96 m of 1.13% Cu, and 262
m of 0.55% Cu (AZ22169) including 74 m grading 0.93% Cu. Both intervals correspond to the Enriched
zone with a true thickness up to 250 m and signified in part by characteristic chalcocite copper
mineralization and elevated soluble copper analyses. Mineralization is mainly related to the presence of
early mineral porphyry and hydrothermal magmatic breccia. In hole AZ22176, the continued presence of
copper mineralization at depth required drilling to continue below the 2017 PEA pit limit. The grades
reported for the Primary zone correspond to a 121.9 m interval with a core length -weighted grade
of 0.71% Cu. It is noteworthy that the hole ended in elevated copper grades, suggesting potential at
depth and an attractive future drilling target.
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Figure 5 - Section 43 - Drilling, Mineral Zones & 30-year PEA Pit (Looking North)
Figure 6 - Section 44, profiles 238 m grading 0.55% Cu (AZ22170) and 237.2 m with 1.05%
Cu (AZ22173), including a 108 m interval of 1.71% Cu. Both intercepts correspond to the Enriched zone,
consistent with attractive grades reported in previous campaigns including 194 m of 0.56%
Cu (AZ22163), 146 m of 1.10% Cu (AZ0620) and 80.4 m grading 0.21% Cu (AZ22167). The interpreted
true thickness of the Enriched zone extends to 300 m at the center of the section, owing to the influence
of structural controls such as faulting in the core of the deposit.
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Figure 6 - Section 44 - Drilling, Mineral Zones & 30-year PEA Pit (Looking North)
Figure 7 - Section 45 highlights 341 m of 0.53% Cu (AZ22171), including 88 m grading 1.06% Cu in the
Enriched zone. The mineralization is primarily contained in hydrothermal magmatic breccia. The
interpreted true thickness of up to 300 m in the Enriched zone extends from Section 44. The hole ended
in primary mineralization of 35.2 m grading 0.27% Cu and remains open at depth.
Figure 7 - Section 45 - Drilling, Mineral Zones & 30-year PEA Pit (Looking North)