TNR Gold NSR Royalty Update on McEwen Los Azules Copper, Gold and Silver Project – New Assay Results
NEWS RELEASE
TNR Gold NSR Royalty Update on McEwen Los Azules Copper,
Gold and Silver Project – New Assay Results
Vancouver, British Columbia – May 9, 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. Los Azules is held by McEwen Copper Inc. (“McEwen Copper”), a
subsidiary of McEwen Mining.
The news release issued by McEwen Mining stated:
“TORONTO, May 05, 2023 (GLOBE NEWSWIRE) -- McEwen Copper Inc., 52% -owned by McEwen
Mining Inc. (NYSE: MUX) (TSX: MUX), today reports the latest assay results from Los Azules, where an
ongoing infill drilling program continues to delineate copper mineralization in the core of the deposit. Infill
drilling serves several purposes: providing better data density to upgrade confidence in the mineral
resources, providing material and data for metallurgical, geotechnical, and hydrological studies, and
potentially defining higher grade mineralization by drilling inclined holes across vertical structures (such
as breccias).
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 mineralization.
Significant Infill Intercepts
231 m of 0.97% Cu, including 188 m of 1.09% Cu (AZ22182A)
550 m of 0.50% Cu, including 216 m of 0.72% Cu (AZ23196)
Highlights
• Hole AZ22182A intercepted an Enriched zone of 231 m of 0.97% Cu (est. true thickness) and a Primary
zone with mineralization that remains "open" at depth.
• Hole AZ23196, returned an overall intercept of 550 m of 0.50% Cu (est. true thickness) and
included 216 m of 0.72% Cu within the Enriched zone portion.
• Drilling completed during the current season to April 30 th stands at 32,758 m in 125 holes, having
exceeded the 25,000 meters initially planned. Drilling will continue until the end of the field season in May
and will resume in October, at the end of winter in Argentina.
Table 1 summarizes recent copper (Cu), gold (Au) and silver (Ag) assay results.
#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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Figure 1 presents a plan view of the location of four sections and the holes reported. Adjacent cross
sections are located 50 m apart from each other, starting with the lowest numbered section at the south
end of the deposit and progressing to the north.
Table 1 – Recent Los Azules Drilling Results
Hole-ID Section Predominant
Mineral Zone
From
(m)
To
(m)
Length
(m)
Cu
%
Au
(g/t)
Ag
(g/t) Comment
AZ23195 24 Total 136.0 1,076.0 940.0 0.05 0.01 0.97
Enriched 136.0 355.0 219.0 0.05 0.00 0.49
Primary 355.0 1,076.0 721.0 0.05 0.01 1.12
AZ23203 32 Total 138.0 313.9 175.9 0.52 0.04 0.59
Enriched 138.0 313.9 175.9 0.52 0.04 0.59
AZ22182A 35 Total 55.0 302.6 247.6 0.94 0.08 3.08
Enriched 55.0 286.0 231.0 0.97 0.09 1.46 Incl. 188 m of 1.09% Cu
Primary 286.0 302.6 16.6 0.55 0.03 25.57
AZ23202 41 Total 64.5 329.7 265.2 0.43 0.07 1.72
Enriched 64.5 186.0 121.5 0.48 0.05 1.37 Incl. 98 m of 0.59% Cu
Primary 186.0 329.7 143.7 0.38 0.08 2.01
AZ23196 43 Total 60.0 610.0 550.0 0.50 0.05 1.38
Enriched 60.0 546.0 486.0 0.52 0.06 1.38 Incl. 216 m of 0.72% Cu
Primary 546.0 610.0 64.0 0.38 0.03 1.36
AZ23201 45 Total 84.0 464.5 380.5 0.56 0.05 1.14
Enriched 84.0 270.0 186.0 0.52 0.04 0.62
Primary 270.0 464.5 194.5 0.59 0.07 1.64 Incl. 96 m of 0.82% Cu
AZ23198 47 Total 61.0 469.0 408.0 0.56 0.08 2.54
Enriched 61.0 469.0 408.0 0.56 0.08 2.54 Incl. 176 m of 0.8% Cu
AZ23207A 47 Total 74.0 591.0 517.0 0.43 0.14 1.71
Enriched 74.0 496.0 422.0 0.47 0.16 1.85 Incl. 176 m of 0.55% Cu
Primary 496.0 591.0 95.0 0.27 0.03 1.08
AZ23208 47 Total 88.0 308.0 220.0 0.31 0.01 0.28
Enriched 88.0 260.0 172.0 0.34 0.01 0.25 Incl. 106 m of 0.41% Cu
Primary 260.0 308.0 48.0 0.18 0.00 0.39
AZ23197 49 Total 72.0 379.4 307.4 0.29 0.01 0.32
Enriched 72.0 358.0 286.0 0.30 0.01 0.33
Primary 358.0 379.4 21.4 0.14 0.00 0.25
Results are summarized in four schematic cross sections ( Figures 2 to 5), which include simplified
interpretations of the Overburden, Leached, Enriched and Primary zones. The Enriched mineral zone
refers to the enrichment of a copper deposit by precipitation-derived water circulation 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 a nd 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 indicates the pit floor of th e 30 -year pit shell from the 2017 NI 43 -101 Preliminary Economic
Assessment (PEA).
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Figure 1 – Plan View Location of Cross-sections and Drill Holes in the Deposit
Figure 2 highlights a 231 m interval in the Enriched zone grading 0.97% Cu (AZ22182A), including 188 m
grading 1.09% Cu within the center of the section. Drilling on this section is more limited laterally and has
not tested the Primary zone beyond a 16.6 m interval, which graded 0.55% Cu. The interpretation of the
mineral zones i s supported by the definition drilling completed 50 m away on Section 36 (not shown)
during the 2022 portion of the program.
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Figure 2 - Section 35 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
Figure 3 - Section 43 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
Figure 3 presents an overall 550 m intercept of 0.50% Cu (AZ23196). Its Enriched zone measures 486
m of 0.52% Cu, including a 216 m sub-interval of 0.72% Cu. These values correlate well with nearby
holes, such as AZ22176 with 226 m grading 0.87% Cu (including 96 m grading 1.13% Cu) and hole
AZ22169, with 262 m grading 0.55% Cu (including 74 m grading 0.93% Cu). Both intervals correspond
to the Enriched zone, which is interpreted to have a true thickness of 200 m to 250 m. Copper
mineralization is tested with limited drilling at depth on this section.
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Figure 4 highlights 186 m grading 0.52% Cu, including 78 m of 0.64% Cu (AZ23201) in the Enriched
zone. The hole continues in the Primary zone with a 195 m section grading 0.59 % Cu and remains open
at depth. The nearby previously released hole AZ22171 showcases 341 m grading 0.53% Cu,
including 88 m grading 1.06% Cu in the Enriched zone and the hole ending in 35.2 m grading 0.27%
Cu in the Primary zone.
Figure 4 - Section 45 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
Figure 5 profiles hole AZ23198in the Enriched zone with a 408 m interval grading 0.56%
Cu, including 176 m with 0.80% Cu. When compared with nearby hole AZ1060A with a significant 211
m section grading 0.55% Cu, hole AZ23198 shows higher initial grades at the top of the Enriched zone.
Figure 5 – Section 47 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
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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 19-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 approximat ely 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 the 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.
Link to drill results, locations and lengths of drillhole collars corresponding to January 2023
through April 2023 at Los Azules:
https://www.mcewenmining.com/files/doc_news/archive/2023/2023-05LA/2023-05LA-AssayResults-
HoleLocations.xls
Table 2 – Hole Locations and Lengths for Los Azules Drilling Results
HOLE-ID Azimuth Dip Length Loc X Loc Y Loc Z
AZ22182A 250 -74 302.6 2383376 6559139 3648
AZ23195 0 -90 1,076.0 2382332 6558193 3944
AZ23196 70 -69 610.0 2383022 6559436 3636
AZ23197 250 -71 379.4 2382741 6559653 3621
AZ23198 70 -80 469.0 2383206 6559702 3630
AZ23201 70 74 464.5 2382953 6559518 3629
AZ23202 70 -85 329.7 2383086 6559353 3640
AZ23203 66 -74 313.9 2383294 6558950 3667
AZ23207A 250 -62 591.0 2383200 6559703 3630
AZ23208 250 -82 308.0 2382841 6559583 3618
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 Argentina. 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,
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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 Mining’s information to determine the c urrent 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 $30 million in McEwen Copper has been
also been invested by Rio Tinto's Venture Nuton in 2023 after their initial investment of US $25 million in
2022,” 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 decarbonizing mobility, and our mining
industry leaders like Rob McEwen’s vision ‘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 in 2023. These new
exploration results highlight the potential to create additional value for the Los Azules Project, and
continuity of mineralization in the infill program is de-risking the project.
It’s very encouraging to see the opportunity to expand the deposit. 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.
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
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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 environm ental 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. The 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
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