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TNR Gold Update – NSR Royalty on McEwen Mining’s Los Azules Copper, Gold and Silver Project

Vancouver, British Columbia–(Newsfile Corp. – June 24, 2022) – TNR Gold Corp. (TSXV: TNR) ("TNR", "TNR Gold" or the "Company") is pleased to announce…



Vancouver, British Columbia–(Newsfile Corp. – June 24, 2022) – TNR Gold Corp. (TSXV: TNR) (“TNR“, “TNR Gold” or the “Company“) is pleased to announce that, further to the Company’s news release dated May 9, 2022, McEwen Mining Inc. (“McEwen Mining“) provided a financing update and progress report on the Los Azules Copper Project in San Juan, Argentina. TNR holds a 0.4% net smelter returns royalty (“NSR Royalty“) (including a 0.04% NSR held on behalf of a shareholder) on the Los Azules Copper Project. The Los Azules Copper Project is held by McEwen Copper Inc., a subsidiary of McEwen Mining.

The news release issued by McEwen Mining on June 21, 2022, stated:

“McEwen Copper Inc., a subsidiary of McEwen Mining Inc., is pleased to announce the closing of the second tranche of the previously announced private placement offering (the “Offering”) of up to 8,000,000 common shares of McEwen Copper Inc. priced at US$10.00 per common share. The second tranche is comprised of a $10 million investment by the Victor Smorgon Group advised by Arete Capital Partners, both of Australia, and $5 million from other investors, for total gross proceeds of $15.0 million. The amounts raised in the first and second tranches of the private placement now stand at $55.0 million. The Offering remains open until July 6, 2022.”

The news release issued by McEwen Mining on June 23, 2022, stated:

“McEwen Copper: Los Azules Progress Report #3

Drilling returns:
330.0 m of 0.83% Cu including 103.4 m of 1.31% Cu (AZ22146)
298.0 m of 0.55% Cu including 54.0 m of 1.38% Cu (AZ22149)
176.0 m of 1.00% Cu including 44.0 m of 1.38% Cu (AZ22158)

McEwen Copper Inc., a subsidiary of McEwen Mining Inc., is pleased to provide its 3rdprogress report on the advancement of its large Los Azules copper project located in the San Juan province, Argentina.

Improving Our Knowledge & Confidence of This Copper Resource

The objectives of our 59,000-meter (m) drilling program at Los Azules are to:

  • upgrade the Inferred mineral resources to Indicated;
  • conduct metallurgical, hydrological and geotechnical drilling to accelerate our study work; and
  • selectively test high value exploration targets.

This program will almost double the historic database of 66,000 m of drilling from 202 holes. So far in 2022, some 13,500 m have been drilled in 29 holes and assays have been returned for 6,035 m of drilling from 15 holes, which are designed to improve confidence and increase our Indicated resource category. Figure 4 profiles the sections and hole locations relevant to this update.

The cross-sections in Figures 1 to 3 are displaying current inclined and historic vertical holes, with histograms of total copper content along their length, overlayed on a simplified interpretation of overburden, leached, enriched and primary mineral zones, and the 30-year pit shell (shown by blue line), as defined by the 2017 Preliminary Economic Assessment (PEA).

Figure 1 – Cross-section B-B’
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Section B-B’, shown in Figure 1, includes hole AZ22146, which produced an attractive intercept of 0.83% Cu over 330.0 m, and included an interval of 103.4 m grading 1.31% Cu. This result correlates well with hole AZ22142 (Figure 2) on section A-A’ which intersected 419.1 m of 0.79% Cu and includes 104.0 m of 1.00% Cu in the enriched supergene zone. This represents 200 m of continuity of mineralization, consistent with the lithological and structural features that control the distribution of copper and gold at Los Azules.

Holes AZ22145 (181.0 m of 0.18% Cu) and AZ22148 (239.0 m of 0.26% Cu) located on the southwest flank of the deposit returned grades within the expected ranges for the flanks of the deposit. Results from both holes compare favourably to AZ0618(228.4 m of 0.21% Cu) from an early drill program. It is notable that many of the holes ended in mineralization.

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Figure 2 – Cross-section A-A’
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Hole AZ22144 (Figure 2) was drilled in the area of Inferred mineralization, as classified in the 2017 Preliminary Economic Assessment (PEA) and returned 448.6 m of 0.30% Cu. The drill hole ended in visible copper mineralization 294 m below the 30-year pit limit from the 2017 study, indicating potential at depth. The grade and extent of mineralization compares well to historic hole AZ1297 (911.0 m of 0.34% Cu) and to previously released hole AZ22143 (310.5 m of 0.20% Cu).

Assay results are now being returned for Section C-C’ (Figure 3) completed 400 m north of Section B. Hole AZ22149 drilled within an area classified as Indicated (2017 PEA) returned 298.0 m of 0.55% Cu and included 54.0 m of 1.38% Cu beginning at 376.0 m down-hole. Hole AZ22147, drilled along the far southwest flank of the deposit, returned low-grade mineralization in an area classified as Inferred mineralization in the 2017 PEA.

Partial assay results have been returned for hole AZ22158 (Figure 4). located 300 meters south of section A. It correlates well with the high-grade mineralization in hole AZ22142. Results to-date for this hole are 176.0 m grading 1.00% Cu in the enriched mineralization zone and includes an interval of 44 m grading 1.38% Cu.

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Figure 3 – Cross-section C-C’
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Figure 4 – Sections A-A’, B-B’, C-C’ shown relative to the 2017 PEA pit shell and Indicated and Inferred Resources
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Hyperspectral Scanning

Two geoLOGr hyperspectral rock analyzers are being used to guide and improve the robustness of the geological and metallurgical modelling and further our knowledge of the deposit and potentially revealing additional exploration targets.


Los Azules is no longer remote as a result of our work this year. We have constructed a lower altitude road access that provides us with the opportunity for year-round work at the site. The diagram below illustrates the important elevation difference between our exploration road (shown in blue) that allowed 5 to 6-month access to site and our new road access (shown in orange) that, in combination, will provide 12-month access. Having two roads into Los Azules represents an important development and safety feature for the project.

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Figure 5 – Los Azules Road Access
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Technical Information

The technical content of this news release has been reviewed and approved by Stephen McGibbon, P.Geo, SVP Exploration of McEwen Mining 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 are split and submitted to Alex Stewart International laboratory in Mendoza, Argentina for the following assays: gold determination using fire assay fusion 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). An additional 19-element analysis (ICP-ORE) was performed for samples with high sulfide content.

The Company carries out a Quality Assurance / Quality Control program consistent with NI 43-101 and industry best practices utilising a combination of standards and blanks approximately one in every 25 samples. Results are monitored as the final certificates are received and any re-assay requests are sent back immediately. Pulp and prep duplicate sample analyses are also taken as part of the QAQC process. Approximately 5% of sample pulps are sent to a secondary laboratory for check assays. In addition, the assay lab performs its own internal QAQC checks with results available in the certificates for review by the Company.”

Table 1 – Drill Results April-May 2022 at Los Azules

Hole-ID Section Predominant Mineral
AZ22144 A Total 58.0 506.6 448.6 0.30 0.02 0.84
incl Enriched 58.0 204.0 146.0 0.31 0.01 0.52
and   Primary 204.0 506.6 302.6 0.29 0.02 1.00 incl 104.6m of 0.48% Cu
AZ22145 B Total 76.0 257.0 181.0 0.18 0.02 1.90
incl Enriched 76.0 194.0 118.0 0.16 0.03 2.25
and   Primary 194.0 257.0 63.0 0.21 0.01 1.26  
AZ22146 B Total 91.0 421.5 330.0 0.83 0.11 2.30
incl Enriched 91.0 394.0 303.0 0.86 0.11 2.26 incl. 103.4m of 1.31% Cu
and   Primary 394.0 421.5 27.0 0.50 0.10 2.76  
AZ22147 C Total 60.0 240.8 180.8 0.03 0.02 0.50
incl   Enriched 60.0 67.0 7.0 0.10 0.08 1.27  
AZ22148 B Total 76.0 315.0 239.0 0.26 0.02 1.01
incl Enriched 76.0 212.0 136.0 0.33 0.02 0.85
and   Primary 212.0 315.0 103.0 0.16 0.02 1.23  
AZ22149 C Total 130.0 428.0 298.0 0.55 0.04 1.62
incl Enriched 130.0 278.0 148.0 0.34 0.02 0.32
and   Primary 278.0 428.0 150.0 0.76 0.06 2.91 incl. 54m of 1.38% Cu from 376m
AZ22150 Total 78.0 257.4 179.4 0.14 0.01 0.53
incl Enriched 78.0 126.0 48.0 0.04 0.01 0.25
and   Primary 126.0 257.4 131.4 0.17 0.01 0.63  
AZ22158 Enriched 76.0 252.0 176.0 1.00 0.09 1.46
incl 144.0 188.0 44.0 1.38 0.11 2.36


Table 2 – Hole Collar Locations and Lengths for April-May 2022 Drill Results at Los Azules

HOLE-ID Azimuth Dip Length Loc X Loc Y Loc Z
AZ22144 250 -70 507 2382889 6559204 3688
AZ22145 250 -73 257 2382912 6559411 3628
AZ22146 250 -75 422 2383406 6559591 3644
AZ22147 250 -68 241 2382558 6559708 3642
AZ22148 250 -75 315 2383106 6559482 3647
AZ22149 70 -77 428 2382879 6559875 3618
AZ22150 70 -82 257 2382670 6559536 3661
AZ22158 250 -65 300 2383561 6559115 3627
Coordinates listed in Table 2 based on Gauss Kruger – Campo Inchauspe Zone 2


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 Mining’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 to see these significant developments on the Los Azules Copper Project and continued support by Rob McEwen of the newly created McEwen Copper,” stated Kirill Klip, TNR’s Chief Executive Officer. “It’s very encouraging to see that McEwen Copper raised additional US$15 million and these new positive results which demonstrate continued success of a major 53,000-metre drilling program on this copper, gold and silver project. The personal commitment from Rob McEwen and his investment of US$40 million enabled the rapid advancement for this 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 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.”

Private Placement Update

The Company also announces that, further to its news release dated April 4, 2022, the Company has closed the non-brokered private placement (the “Private Placement“) of up to 5,000,000 units (each a “Unit“). On closing of the first tranche on May 19, 2022, the Company issued 1,250,000 Units at $0.05 per Unit for proceeds of $62,500. Each Unit consists of one common share of the Company and one half of a non-transferable common share purchase warrant (each a “Warrant“) with each whole Warrant exercisable into one common share of the Company at an exercise price of $0.075 per share for two years from the date of issue. No further tranches will be issued.

The proceeds of the Private Placement will be used for exploration, maintenance of the Shotgun Gold project and for general working capital purposes. All Private Placement securities will be restricted from trading for a period of four months plus one day from the date of closing.

The Company paid cash finder’s fee of 5% of the gross proceeds sourced by the finder.

Kirill Klip, Executive Chairman of the Company, a non-arms’ length party, participated in this Private Placement. The issuance of private placement securities to a non-arms’ length party constitutes related-party transactions under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). Because the Company’s shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Section 5.7(b). The Company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the Company had not been confirmed at that time.


TNR Gold Corp. is working to become the green energy metals royalty and gold company.

Over the past twenty-six 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 Los Azules Copper Project in Argentina, which is being developed by McEwen Mining Inc. now. TNR Gold holds a 0.4% NSR Royalty on the Los Azules Copper Project, including a 0.04% held on behalf of a shareholder.

TNR retains a 2.0% NSR Royalty on the Mariana Lithium Project in Argentina with Ganfeng Lithium, including a 0.2% NSR held 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 also holds a 7% NPR holding on the Batidero I and II properties of the Josemaria Project, which 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 Inc.

The Company’s strategy with Shotgun Gold Project is to attract a joint venture partnership with one of the gold major mining companies. 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 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
Chief Executive Officer

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

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, forward-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, Ganfeng Lithium’s, Josemaria Resources‘ and Lundin Mining’s preliminary economic assessments, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans 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 entitled “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 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 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, Josemaria Resources 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 forward-looking information should circumstances or management’s estimates or opinions change.

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