TNR Gold Updates Royalty Holdings; McEwen Copper Reopened Exploration Road - Three Work Camp Sites Established for a 10-Drill, 53,000 m Drill Program at Los Azules
NEWS RELEASE
TNR Gold Updates Royalty Holdings; McEwen Copper Reopened Exploration Road -
Three Work Camp Sites Established for a 10-Drill, 53,000 m Drill Program at Los Azules
Vancouver, British Columbia – November 10, 2021: TNR Gold Corp. (TSX-V: TNR) (“TNR”, “TNR
Gold” or the “ Company”) is pleased to announce that, further to the Company’s news release dated
October 4, 2021, McEwen Copper Inc. (“ McEwen Copper”) is advancing its work program at the Los
Azules copper project in Argentina. McEwen Copper reports that it has reopened the exploration road,
established three work camp sites , expanded its local work force and preparations are underway for a
10-drill, 174,000-foot (53,000-metre) drill program.
The news release issued by McEwen Mining Inc. on November 3, 2021, stated:
“Activity at McEwen Copper’s Los Azules project is moving ahead quickly. The exploration road has been
reopened, three work camp sites have been established, an expanded local labor force and preparations
are underway for starting a 10 -drill, 174,000 -foot (53,000 m) drilling program. Drilling w ill focus on
conversion of Inferred mineral resources to the Indicated category, as well as deeper exploration targets,
where drilling ended in strong copper mineralization. Drills are expected to turn towards the end of
November and continue through the end of Q2 2022.
Construction of the new access road for providing the necessary year -round access to the project is
advancing as planned. As part of our ongoing involvement with local communities and businesses, local
contractors are being sourced for the construction.
The contract for delivery of a pre -feasibility study (PFS) is at the tender stage and work is expected to
begin in Q4. Whittle Consulting has been engaged to assist in identifying opportunities to improve the
project that will be investigated during the PFS preparation.”
“We are very pleased to see this very exciting and significant development for the Los Azules Copper
Project and continued support by Rob McEwen of the newly created McEwen Copper,” stated Kirill Klip,
TNR’s Executive Chair. “It’s very encouraging to see a start of a major 10-drill, 53,000-metre drilling
program on this giant copper, gold and silver project. The personal commitment from Rob McEwen and
his investment of US$40 million enables the rapid advancement for this major deposit to this new phase
of development in an appropriate corporate structure which will allow financing and further stages of
development of the Los Azules Copper Project.
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.”
1055 Dunsmuir Street, Suite 3500
Vancouver, British Columbia
V7X 1H7, Canada
T: +1 (604) 229-8129
E-mail: [email protected]
Website: http://www.tnrgoldcorp.com
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ABOUT TNR GOLD CORP.
TNR Gold Corp. is working to become the green energy metals royalty and gold company.
Over the past twenty-five years, TNR, through its lead generator business model, has been successful
in generating high -quality exploration projects around the globe. With the Company’s expertise,
resources and industry network, it identified the potential of the L os Azules Copper Project in Argentina
and now holds a 0.4% NSR Royalty on the project, which is being developed by McEwen Mining Inc ,
(TNR holds a 0.04% NSR on behalf of a shareholder).
In 2009, TNR founded International Lithium Corp. (“ILC”), a green energy metals company that was made
public through the spin-out of TNR’s energy metals portfolio in 2011. ILC held interests in lithium projects
in Argentina, Ireland and Canada.
TNR retains a 2.0% NSR Royalty on the Mariana Lithium Project in Argentina with Ganfeng Lithium ,
(TNR holds a 0.2% NSR on behalf of a shareholder). Ganfeng’s subsidiary, Litio Minera Argentina, has
a right to repurchase 1.0% of the NSR Royalty on the Mariana Project, of which 0.9% relates to the
Company’s NSR Royalty interest. The Company would receive $900,000 on the completion of the
repurchase. The project is currently being advanced by Ganfeng Lithium International Co. Ltd.
TNR provides significant exposure to gold through its 90% holding in the Shotgun Gold porphyry project
in Alaska. The project is located in South western Alaska near the Donlin Gold project, which is being
developed by Barrick Gold and Novagold Resources Inc.
The Company’s strategy with Shotgun Gold Project is to attract a joint venture partner ship with one of
the gold major mining companies. The Company is actively introducing the project to interested parties.
At its core, TNR provides significant exposure to gold, copper , silver and lithium through its holdings in
Alaska (the Shotgun Gold porphyry project) and Argentina ( the Los Azules Copper and the Mariana
Lithium projects) 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 +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
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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, changes in share capital, market conditions for energy commodities, the results of McEwen
Mining’s and Ganfeng Lithium’s PEAs, and improvements in the financial performance of the Company.
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 en titled “Risks” and
“Forward-Looking Statements” in the Company’s interim and annual Management’s Discussion and
Analysis which are available under the Company’s profile on www.sedar.com. 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 be able to repay its loans or complete any further
royalty acquisitions or sales; debt or other financing 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 challenging in the future the ownership of such
mining claims. Given these uncertainties, readers are cautioned that forward-looking statements included
herein are not guarantees of future perform ance, 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 In c. and Ganfeng
Lithium 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 forward -looking information should circumstances or management’s estimates or
opinions change.