TNR Gold NSR Royalty Update - Los Azules Copper, Gold and Silver Project – McEwen Copper Completed Over 18,000 Metres In New Drilling Campaign
NEWS RELEASE
TNR Gold NSR Royalty Update - Los Azules Copper, Gold and
Silver Project – McEwen Copper Completed Over 18,000 Metres In
New Drilling Campaign
Vancouver, British Columbia – December 18, 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 December 12, 2023, by McEwen Mining stated:
“McEwen Copper
“Eighteen drill rigs are currently on site at Los Azules and over 18,000 meters of drilling have
already been completed, representing more than one -third of the planned meters for this
season’s campaign.
“Recently, key management and directors from McEwen Mining and McEwen Copper visited
the project to review the progress made towards delivery of the feasibility study for the future
Los Azules Mine. Michael Meding, Vice President and General Manager of McEwen Copper,
commented: ‘We are very pleased with the progress at Los Azules since 2021, when
McEwen Copper was created to drive forward the development of one of the world’s
largest undeveloped copper projects. Our vision is to develop Los Azules as a model
for the future of mining.’
“Technical Information
“The technical content of this news release related to financial results, mining and development
projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen
Mining and a Qualified Person as defined by SEC S -K 1300 and the Canadia n Securities
Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects.”
#1120, 789 West Pender Street,
Vancouver, B.C.
V6C 1H2, Canada
T: +1 (604) 229-8129
E-mail: [email protected]
Website: http://www.tnrgoldcorp.com
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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 Mini ng’s information to determine the current mineral
resource or oth er 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 led to the increased Stellantis holdings in McEwen Copper, as a strategic partner
in the future development of this large copper, gold and silver project. In February 2023 , Stellantis
invested ARS $30 billion , and with additional investment of ARS $42 billion made after the new
preliminary economic assessment (PEA) publication, has a total investment of ARS $72 billion. An
aggregate of US $65 million in McEwen Copper was also invested by Rio Tinto's Venture Nuton in 2022
and 2023,” stated Kirill Klip, TNR’s Chief Executive Officer. “TNR Gold's vision is aligned with the leaders
of innovation among automakers like Stellantis, whose aim is decarbonizing mobility, and mining industry
leaders such as Rob McEwen, whose vision is ‘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. The 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 also 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.
“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.
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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. T he 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
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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, for ward-looking statements
in this news release include, but are not limited to, statements made in relation to: TNR’s corporate
objectives, and future potential transactions being considered by the Special Committee and the Board.
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 inte rim and annual Management’s D iscussion and
Analysis which are available under the Company’s SEDAR+ profile on www.sedarplus.ca. 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 enter into one or more strategic
transactions, partnership or a spin-out, or be able to complete any further royalty acquisitions or sales of
royalty interests, or portions thereof; debt or equity 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 , in future, challenging the ownership of
such mining claims. Given these uncertainties, reader s 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 forw ard-looking information should circumstances or management’s estimates or
opinions change.