TNR.V · 2023-04-11 12:00:00

TNR Gold NSR Royalty Update on McEwen Los Azules Copper, Gold & Silver Project – New Assay Results

Drill Results

NEWS RELEASE

TNR Gold NSR Royalty Update on McEwen Los Azules Copper,

Gold & Silver Project – New Assay Results

Vancouver, British Columbia – April 11, 2023: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR Gold” or

the “Company”) is pleased to announce an update from McEwen Mining Inc. (“McEwen Mining”) 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 is held by McEwen Copper Inc. (“McEwen Copper”), a

subsidiary of McEwen Mining.

The news release issued by McEwen Mining stated:

“TORONTO, April 05, 2023 (GLOBE NEWSWIRE) -- McEwen Copper Inc., 52% -owned

by McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to report the latest assay results

from Los Azules, where an ongoing drilling program continues to deliver consistent infill results.

Located in San Juan, Argentina, the Los Azules Project has many features comparable to world-

class copper-gold deposits in South America, including a thick blanket of higher-grade Enriched

(or Supergene) mineralization.

Significant Infill Intercepts

0.50% Cu over 502 m, including 0.87% Cu over 172 m (AZ22181)

1.00% Cu over 282 m, including 1.40% Cu over 172 m (AZ22186)

0.66% Cu over 500 m, including 0.92% Cu over 276 m (AZ22184A)

Highlights

• Hole AZ22183 returned an Enriched zone intercept of 0.87% Cu over 152 m (est. true

thickness) which expands mineralization from adjacent high -grade results drilled in prior

programs (Figure 1 and 2).

• In hole AZ22184A, an Enriched zone interval grading 0.92% Cu over 276 m (est. true thickness)

occurs in a hydrothermal magmatic breccia within the core of the deposit (Figure 3). This breccia

unit acts as a conduit for mineralizing fluids, sometimes forming higher grades within the broader

porphyry mineralization at Los Azules.

• Hole AZ22181 returned an Enriched zone intercept of 0.87% Cu over 172 m (est. true

thickness) and fills a gap between high-grade holes drilled earlier in 2022 (Figure 4).

• Hole AZ22186 includes an interval grading 1.00% Cu over 282 m (true thickness of 247 m) in

the Enriched zone nearby a historic high-grade- intercept (Figure 5).

#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

‘We have four different drilling contractors with 13 drills turning,” commented Michael

Meding, Vice President and General Manager of McEwen Copper. “This initiative also

involves training and optimizing the entire value chain, with the significant engagement

of local suppliers and services.’

After resuming the exp loration program in October 2022, drilling has now reached the 25,000

meters initially planned and will continue until the end of the field season. Key objectives of the

program include:

• Increasing drilling density to upgrade the classification of shallowe r copper resources to

measured and indicated categories.

• Providing metallurgical, hydrological and geotechnical data for the feasibility study mine design

to be completed in late 2024.

• Testing for extensions of Los Azules mineralization to the north, south and at depth.

Table 1 presents the summary of copper (Cu), gold (Au) and silver (Ag) assay results from

nineteen recently completed exploration or geotechnical holes totaling some 8,000 meters of

core.

Table 1 – Los Azules drilling results, February - March 2023

Hole-ID Type Predominant

Mineral Zone

From

(m)

Length

(m)

(g/t)

(g/t) Comment

AZ22178 Exploration Total 96.0 597.0 501.0 0.40 0.07 1.04

Enriched 96.0 390.0 294.0 0.51 0.08 0.99

Primary 390.0 597.0 207.0 0.25 0.06 1.12

AZ22179 Exploration Total 106.0 749.0 643.0 0.54 0.08 1.34

Enriched 106.0 548.0 442.0 0.63 0.09 1.55 Incl. 96 m of 1.13% Cu

Primary 548.0 749.0 201.0 0.34 0.06 0.90

AZ22180 Exploration Total 94.0 639.5 545.5 0.40 0.07 0.88

Enriched 94.0 416.0 322.0 0.46 0.07 1.02

Primary 416.0 639.5 223.5 0.33 0.08 0.70 Incl. 46 m of 0.51% Cu

AZ22181 Exploration Total 72.0 573.9 501.9 0.50 0.09 1.29

Enriched 72.0 244.0 172.0 0.87 0.13 0.80 Incl. 52 m of 1.46% Cu

Primary 244.0 573.9 329.9 0.31 0.07 1.55

AZ22183 Exploration Total 76.0 330.0 254.0 0.64 0.07 1.13

Enriched 76.0 228.0 152.0 0.87 0.07 1.08 Incl. 54 m of 1.18% Cu

Primary 228.0 330.0 102.0 0.30 0.07 1.23

AZ22184A Exploration Total 114.0 614.0 500.0 0.66 0.10 1.18

Enriched 114.0 390.0 276.0 0.92 0.13 1.48 Incl. 76 m of 1.40% Cu

Primary 390.0 614.0 224.0 0.34 0.08 0.84

AZ22185 Exploration Total 124.0 521.7 397.7 0.62 0.07 1.43

Enriched 124.0 516.0 392.0 0.62 0.07 1.44 Incl. 72 m of 1.32% Cu

Primary 516.0 521.7 5.7 0.23 0.01 0.78

AZ22186 Exploration Total 74.0 371.2 297.2 0.96 0.06 1.18

Enriched 74.0 356.0 282.0 1.00 0.06 1.23 Incl. 172 m of 1.40%

Primary 356.0 371.2 15.2 0.26 0.02 0.35

AZ22187A Exploration Total 42.0 284.0 242.0 0.04 0.01 0.67

Enriched 42.0 86.0 44.0 0.08 0.01 0.62

Primary 86.0 284.0 198.0 0.04 0.01 0.69

AZ22188 Exploration Total 60.0 229.5 169.5 0.64 0.06 0.95

Enriched 60.0 188.0 128.0 0.78 0.07 1.13 Incl. 42 m of 1.04% Cu

Hole-ID Type Predominant

Mineral Zone

From

(m)

Length

(m)

(g/t)

(g/t) Comment

Primary 188.0 229.5 41.5 0.23 0.02 0.42

AZ23189 Exploration Total 78.0 299.6 221.6 0.39 0.02 0.35

Enriched 78.0 299.6 221.6 0.39 0.02 0.35 Incl. 102 m of 0.50%

AZ23190 Exploration Total 90.0 305.4 215.4 0.39 0.02 0.47

Enriched 90.0 305.4 215.4 0.39 0.02 0.47 Incl. 30 m of 0.73% Cu

AZ23192 Exploration Total 102.0 329.5 227.5 0.24 0.02 0.37

Enriched 102.0 310.0 208.0 0.24 0.02 0.36

Primary 310.0 329.5 19.5 0.17 0.02 0.47

AZ23193 Exploration Enriched 108.0 448.7 340.7 0.34 0.03 1.39

AZ23194 Exploration Total 96.0 307.0 211.0 0.45 0.03 0.84

Enriched 96.0 300.0 204.0 0.46 0.03 0.82 Incl. 20 m of 1.09% Cu

Primary 300.0 307.0 7.0 0.24 0.07 1.64

GTK2212 Geotechnical Total 74.0 477.0 403.0 0.29 0.02 0.77

Enriched 74.0 178.0 104.0 0.71 0.04 1.59

Primary 180.0 477.0 297.0 0.14 0.01 0.48

GTK2313 Geotechnical Total 69.0 439.0 370.0 0.30 0.01 0.34

Enriched 69.0 434.0 365.0 0.30 0.01 0.34 Incl. 40 m of 0.62% Cu

Primary 434.0 439.0 5.0 0.08 0.00 0.25

GTK2314A Geotechnical Enriched 94.0 142.8 48.8 0.09 0.00 0.25

Results are summarized on four schematic cross-sections that include simplified interpretations

of overburden thickness and the Leached, Enriched and Primary mineral zones. The Enriched

(or Supergene) mineral zone refers to the enrichment of a copper deposit by precipitation -

derived water circula tion that carries copper minerals downward through the rocks to

accumulate in a thick, often horizontal “blanket”. Immediately above the Enriched zone is the

Leached zone, from which copper was removed and transported. Weathering and oxidation

often aid in this process. Below the Enriched zone, the Primary (or Hypogene) zone is formed

by ascending copper -rich thermal fluids having a much deeper magmatic origin.

The green line outlines the 30 -year pit floor from the 2017 NI 43 -101 Preliminary Economic

Assessment (PEA) report. Figure 1 is a plan view showing the location of these cross sections.

The cross sections are located 50 m apart, with the lowest numbered section beginning at the

south end of the deposit and increasing to the north.

Figure 1 – Plan View Location of Cross-sections and Drill Holes in the Deposit

Figure 2 - Section 38 - Drilling, mineral zones and 30-year PEA pit (looking north)

In Figure 2, Section 38 shows an intercept of 0.87% Cu over 152 m (AZ22183) in the Enriched

zone. Immediately to the east of this hole, the Enriched zone is modelled with a true thickness

exceeding 300 m based on historic drilling results including 0.72% Cu over 333.1 m (AZ1168)

and 0.74% Cu over 313.1 m (AZ1063). In this interval, the dominant copper mineral is

chalcocite, which is highly soluble and an attractive attribute from a metallurgical point of view

is that it allows for simplified recovery of much of the copper.

Figure 3 - Section 39 - Drilling, mineral zones and 30-year PEA pit (looking north)

In Figure 3, Section 39 shows an intercept of 0.66% Cu over 500m (AZ22184A),

including 0.92% Cu over 276 m in the Enriched zone and 0.34% Cu over 224 m in the deeper

Primary zone. It is notable that the Enriched zone includes a high -grade sub-interval of 1.40%

Cu over 76 m, associated with hydrothermal magmatic breccia. The breccia unit is the highest-

grade domain modelled at Los Azules. The true thickness of the Enriched zone exceeds 300 m

in the center of the section due to the influence of structural controls, such as faults, which affect

the core of the deposit.

Figure 4 - Section 40 - Drilling, mineral zones and 30-year PEA pit (looking north)

In Figure 4, Section 40, hole AZ22181 shows a grade of 0.50% Cu over501.9 m,

including 0.87% Cu over 172 m in the Enriched zone and 0.31% Cu over 329.9 m in the

Primary zone. Further to the west, hole AZ22188 shows an Enriched zone intercept

grading 0.78% Cu over 128 m and includes 1.04% Cu over 42 m. Grades are consistent with

those reported in the previous campaign for hole AZ22146 ( 0.83% Cu over 330.5 m). The

Enriched zone is estimated up to 300 m in vertical thickness immediately east of hole AZ22181.

In Figure 5 below, Section 46 shows hole AZ22186 with an Enriched zone interval

grading 1.00% Cu over 282 m including 1.40% Cu over 172 m, where the hydrothermal

magmatic breccia is well mineralized. The intercept compares well with nearby historic hole

AZ0619 which graded 1.67% Cu over 199.8 m.

Figure 5 - Section 46 - Drilling, mineral zones and 30-year PEA pit (looking north)

Technical information

The technical content of this press release has been reviewed and approved by Stephen

McGibbon, P. Geo., McEwen Mining's Senior Consulting Geologist, and a qualified person as

defined by NI 43-101.

All samples were collected in accordance with generally accepted industry standards. Drill core

samples, usually taken at 2 m intervals, were split and submitted to the Alex Stewart

International laboratory located in the Province of Mendoza, Argentina, for the following assays:

gold determination using fire fusion assay and an atomic absorption spectroscopy finish (Au4 -

30); a 39 multi -element suite using ICP -OES analysis (ICP -AR 39); copper content

determination using a sequential copper analysis (Cu -Sequential LM-140). An additional 1 9-

element analysis (ICP-ORE) was performed for samples with high sulphide content.

The company conducts a Quality Assurance/Quality Control program in accordance with NI 43-

101 and industry best practices using a combination of standards and blanks on approximately

one out of every 25 samples. Results are monitored as final certificates are received, and any

re-assay requests are sent back immediately. Pulp and preparation sample analyses are also

performed as part of the QAQC process. Approximately 5% of t he sample pulps are sent to a

secondary laboratory for control purposes. In addition, the laboratory performs its own internal

QAQC checks, with results made available on certificates for Company review.

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

HOLE-ID Azimuth Dip Length Loc X Loc Y Loc Z

AZ22178 250 -75 597.0 2383521 6559032 3655

AZ22179 252 -82 749.0 2383358 6559469 3640

AZ22180 70 -79 639.5 2383341 6559233 3637

AZ22181 250 -77 573.9 2383261 6559363 3628

AZ22183 250 -72 330.0 2383304 6559266 3635

AZ22184A 70 -79 614.0 2383292 6559321 3633

AZ22185 250 -85 521.7 2383258 6559468 3628

AZ22186 250 -80 371.2 2382940 6559572 3615

AZ22187A 250 -83 284.0 2382123 6559695 3580

AZ22188 250 -75 229.5 2383133 6559317 3630

AZ23189 250 -75 299.6 2382934 6559457 3625

AZ23190 264 -71 305.4 2382883 6559545 3619

AZ23192 250 -83 329.5 2383255 6559042 3664

AZ23193 245 -60 448.7 2382943 6559898 3604

AZ23194 250 -78 307.0 2382953 6559517 3620

GTK2212 250 -72 477.0 2383084 6559352 3630

GTK2313 250 -72 439.0 2382652 6559674 3607

GTK2314A 277 -70 142.8 2382661 6559783 3600

Coordinates listed in Table 2 based on Gauss Kruger - POSGAR 94 Zone 2

ABOUT MCEWEN MINING

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and

Argentina. In addition, it has large exposure to copper through its 52% ownership of McEwen

Copper which owns the large, advanced stage Los Azules copper project in A rgentina. The

Company’s goal is to improve the 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 personal investment in the company of US$220 million. His annual salary is US$1.”

The McEwen Mining press release appears to be prepared by Qualified Persons (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 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 $55 million in McEwen Copper has been

also been invested by Rio Tinto's Venture Nuton,” 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

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