TNR Gold NSR Royalty Update - Los Azules Copper, Gold and Silver Project - McEwen Copper Announces Completion of the Feasibility Drilling Program
TNR Gold has announced that McEwen Mining has completed its feasibility drilling program at the Los Azules copper, gold, and silver project in Argentina. TNR Gold holds a 0.4% net smelter return (NSR) royalty on the project.
The program included 70,000 meters of drilling, with significant results such as 349m of 0.77% Cu and 382.5m of 0.54% Cu. The main objectives were to confirm the deposit size and grade, test for extensions, and explore new mineralized areas.
Initial interpretations indicate an increase in Measured and Indicated resources. The drilling also found mineralization beyond the current pit boundaries. A new porphyry system, 3 km east of the Los Azules deposit, shows promising early results.
The feasibility study will be completed by early 2025, with the focus on converting initial 5-year mineable resources to Measured and Indicated categories. Comprehensive exploration and geotechnical work are also ongoing.
- Completion of 70,000 meters drilling at Los Azules project.
- Significant intercepts include 349m of 0.77% Cu and 382.5m of 0.54% Cu.
- Initial interpretations indicate an increase in Measured and Indicated resources.
- Mineralization found beyond current pit boundaries, suggesting potential for resource expansion.
- Discovery of a new porphyry system, 3 km east of Los Azules, with promising initial results.
- Feasibility study on track for completion by early 2025.
- Comprehensive exploration and geotechnical work ongoing.
- Focus on converting initial 5-year mineable resources to Measured and Indicated categories.
- Positive exploration results south of the planned pit, extending the mineralized porphyry.
- No specific negative aspects were highlighted in the press release.
Vancouver, British Columbia--(Newsfile Corp. - May 21, 2024) - TNR Gold Corp. (TSXV: 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
The news release issued by McEwen Mining on May 16, 2024 stated:
"70,000 meters completed, highlights include:
349.0 m of
382.5 m of
McEwen Copper Inc.,
Based on the assay results received to date, our first objective appears to have been met. Initial interpretation suggests that our infill drilling will result in an increase in Measured and Indicated resources and an overall mineral inventory within
Exploration over our property has produced an intriguing target, late in the season. Initial results of a concession-wide regional mapping and sampling campaign have identified strong evidence of a large porphyry system 3 kilometers east of the Los Azules deposit. Porphyry-style veining and quartz vein stockworks with copper oxide mineralization have been recognized within this new target, with assay results pending.
Additionally, this news release covers all results from the first half of the 2023-24 drill program (see Table 1). Final results will be published when all the geochemistry is completed.
The objective of the 2023-2024 drilling campaign is to collect all the necessary information to support the completion of the Los Azules Feasibility Study by early 2025. This information continues to arrive and will be processed in the following months. Resource drilling is focused on converting all the mineralization to be mined in the first 5 years to Measured and Indicated resource, to increase confidence during the payback period. Geotechnical, metallurgical, hydrogeological, exploration, and condemnation drilling are also being performed.
Highlights
- Hole AZ23292 returned an intercept of 349 m of
0.77% Cu (approx. true thickness). The Enriched zone portion of this hole extends over 346 meters and includes an intercept of 232 m of0.86% Cu. - Hole AZ23277 has an intercept of 382.5 m of
0.54% Cu (approx. true thickness). The Enriched zone portion of this hole extends over 306 meters with a grade of0.61% Cu and includes an intercept of 74 m of0.86% Cu.
Results
Results are summarized in two schematic cross sections (Figures 2 and 3), 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 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 fluids having a much deeper magmatic origin. The green line on the sections indicates the pit floor of the 30-year pit shell from the 2023 NI 43-101 Preliminary Economic Assessment (PEA).
Figure 1 presents a plan view of the location of two 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.
Figure 1 - Plan View Location of Cross-sections and Drill Holes Reported in this News Release
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/209892_f74f380c94be7beb_003full.jpg
Figure 2 displays an intercept of 349 m grading
Figure 2 - Section 40 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/209892_f74f380c94be7beb_004full.jpg
Figure 3 highlights a 382.5 m interval grading
Figure 3 - Section 52 - Drilling, Mineralized Zones and 30-year PEA Pit (Looking North)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/209892_f74f380c94be7beb_005full.jpg
Growing the Deposit
Exploration hole AZ23241 (Figure 4) intersected a long interval of low-grade mineralization in the Primary Zone (202.0 m of
A comprehensive structural model for the deposit has been completed that will provide a better understanding of structural controls on the deposit and aid in future exploration work. Field verification of a previous property-wide structural study using satellite information was carried out in January and has refined the identification of nearby exploration targets.
Figure 4 - North-South Longitudinal Section (Looking East) With Deep Exploration Holes to the North and Exploration Holes to the South With Early Mineral Porphyry Shown in Red
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/209892_f74f380c94be7beb_006full.jpg
Indications of Another Porphyry Copper System Nearby
To date, geological mapping and geochemical sampling has been focused primarily near the Los Azules deposit and only covers roughly
Early results of this work have identified a large new porphyry system 3 kilometers east of Los Azules. Preliminary work has identified porphyry-style veining and alteration, indicating the presence of a porphyry copper system. Areas with strong quartz vein stockworking and the recognition of copper oxides at surface add to the prospectiveness of this newly identified area (Figure 5).
Figure 5 - Quartz Stockwork Veining and Copper Oxides Identified at Surface in Porphyry Copper System 3 Kilometers East of Los Azules
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/209892_f74f380c94be7beb_007full.jpg
Table 1 summarizes copper (Cu), gold (Au) and silver (Ag) assay results received from October 2023 to December 31, 2023.
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 |
| AZ23238 | 50-51 | Total | 102.0 | 201.0 | 99.0 | 1.02 | 0.07 | 2.75 | |
| Enriched | 102.0 | 201.0 | 99.0 | 1.02 | 0.07 | 2.75 | |||
| AZ23239 | 35 | Total | 48.0 | 225.5 | 177.5 | 0.61 | 0.07 | 1.61 | |
| Enriched | 48.0 | 225.5 | 177.5 | 0.61 | 0.07 | 1.61 | Incl. 86.0m of | ||
| AZ23240 | 41 | Total | 104.0 | 224.5 | 120.5 | 0.98 | 0.11 | 1.53 | |
| Enriched | 104.0 | 224.5 | 120.5 | 0.98 | 0.11 | 1.53 | Incl. 112.5m of | ||
| AZ23241 | 71 | Total | 18.0 | 740.0 | 722.0 | 0.11 | 0.01 | 0.63 | |
| Enriched | 18.0 | 300.0 | 282.0 | 0.07 | 0.01 | 0.60 | |||
| Primary | 538.0 | 740.0 | 202.0 | 0.20 | 0.01 | 0.72 | Incl. 12.0m of | ||
| AZ23242 | 45 | Total | 86.0 | 200.0 | 114.0 | 0.92 | 0.08 | 1.77 | |
| Enriched | 86.0 | 200.0 | 114.0 | 0.92 | 0.08 | 1.77 | |||
| AZ23243 | 46 | Total | 82.0 | 150.0 | 68.0 | 0.53 | 0.04 | 1.26 | |
| Enriched | 82.0 | 150.0 | 68.0 | 0.53 | 0.04 | 1.26 | |||
| AZ23244A | 43-44 | Total | 92.0 | 230.3 | 138.3 | 0.54 | 0.05 | 1.66 | |
| Enriched | 92.0 | 230.3 | 138.3 | 0.54 | 0.05 | 1.66 | Incl. 112.0m of | ||
| AZ23245 | 43 | Total | 86.0 | 220.7 | 134.7 | 0.99 | 0.06 | 1.74 | |
| Enriched | 86.0 | 220.7 | 134.7 | 0.99 | 0.06 | 1.74 | |||
| AZ23246 | 39-38 | Total | 123.0 | 235.1 | 112.1 | 1.04 | 0.11 | 2.34 | |
| Enriched | 123.0 | 235.1 | 112.1 | 1.04 | 0.11 | 2.34 | Incl. 81.1m of | ||
| AZ23248 | 42 | Total | 98.0 | 227.0 | 129.0 | 0.87 | 0.08 | 1.71 | |
| Enriched | 98.0 | 227.0 | 129.0 | 0.87 | 0.08 | 1.71 | Incl. 93.0m of | ||
| AZ23249 | 40 | Total | 88.0 | 219.6 | 131.6 | 0.37 | 0.05 | 1.08 | |
| Enriched | 88.0 | 219.6 | 131.6 | 0.37 | 0.05 | 1.08 | Incl. 52.0m of | ||
| AZ23250 | 38 | Total | 114.0 | 210.0 | 96.0 | 0.69 | 0.06 | 1.05 | |
| Enriched | 114.0 | 210.0 | 96.0 | 0.69 | 0.06 | 1.05 | |||
| AZ23251 | 56 | Total | 82.0 | 430.8 | 348.8 | 0.37 | 0.05 | 1.65 | |
| Enriched | 82.0 | 198.0 | 116.0 | 0.40 | 0.03 | 1.10 | Incl. 40.0m of | ||
| Primary | 198.0 | 430.8 | 232.8 | 0.36 | 0.06 | 1.93 | |||
| AZ23252 | 54 | Total | 86.0 | 172.1 | 86.1 | 0.52 | 0.07 | 1.22 | |
| Enriched | 86.0 | 172.1 | 86.1 | 0.52 | 0.07 | 1.22 | |||
| AZ23253 | 36 | Total | 96.0 | 307.0 | 211.0 | 0.28 | 0.01 | 0.35 | |
| Enriched | 96.0 | 290.0 | 194.0 | 0.29 | 0.01 | 0.36 | |||
| Primary | 290.0 | 307.0 | 17.0 | 0.19 | 0.02 | 0.25 | |||
| AZ23254 | 41 | Total | 147.5 | 200.0 | 52.5 | 0.27 | 0.05 | 2.23 | |
| Enriched | 147.5 | 200.0 | 52.5 | 0.27 | 0.05 | 2.23 | Incl. 18.5m of | ||
| AZ23255 | 45 | Total | 120.5 | 253.7 | 133.2 | 0.55 | 0.04 | 1.36 | |
| Enriched | 120.5 | 253.7 | 133.2 | 0.55 | 0.04 | 1.36 | Incl. 64.0m of | ||
| AZ23257 | 39 | Total | 87.0 | 202.0 | 115.0 | 0.28 | 0.04 | 1.50 | |
| Enriched | 87.0 | 202.0 | 115.0 | 0.28 | 0.04 | 1.50 | Incl. 24.0m of | ||
| AZ23258A | 28 | Total | 62.0 | 347.0 | 285.0 | 0.50 | 0.05 | 0.95 | |
| Enriched | 62.0 | 300.0 | 238.0 | 0.56 | 0.06 | 0.87 | Incl. 142.0m of | ||
| Primary | 300.0 | 347.0 | 47.0 | 0.22 | 0.03 | 1.34 | |||
| AZ23259MET | 50 | Total | 115.0 | 347.0 | 232.0 | 0.46 | 0.02 | 0.93 | |
| Enriched | 115.0 | 334.0 | 219.0 | 0.48 | 0.02 | 0.96 | Incl. 114.0m of | ||
| Primary |
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FAQ
What is the significance of TNR Gold's NSR royalty on the Los Azules project?
TNR Gold holds a 0.4% NSR royalty on the Los Azules copper, gold, and silver project, providing them with a share of the revenue.
What were the key drilling results at Los Azules reported by McEwen Mining?
Significant results include 349m of 0.77% Cu and 382.5m of 0.54% Cu, indicating a strong mineral presence.
What are the objectives of the Los Azules drilling program?
The objectives include confirming deposit size and grade, testing for extensions, and exploring new mineralized areas.
When is the feasibility study for the Los Azules project expected to be completed?
The feasibility study is expected to be completed by early 2025.
What new geological discoveries were made at Los Azules?
A new porphyry system was discovered 3 km east of the Los Azules deposit, showing promising initial results.
What is the focus of the 2023-2024 drilling campaign at Los Azules?
The focus is on converting initial 5-year mineable resources to Measured and Indicated categories, and ongoing geotechnical and exploration work.
What does TNR Gold's involvement in Los Azules mean for investors?
TNR Gold's 0.4% NSR royalty on a promising project like Los Azules could potentially provide revenue and enhance shareholder value.
How far has mineralization been found beyond the current pit boundaries at Los Azules?
Mineralization was found over 400 meters north and 700 meters south of the current pit boundaries.
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