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TNR Gold NSR Royalty Update - Los Azules Copper, Gold and Silver Project: Los Azules Infill Drilling Confirmed High-Grade Copper Zone

14.08.2024  |  Newsfile

Vancouver, August 14, 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 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 project is held by McEwen Copper Inc. ("McEwen Copper"), a subsidiary of McEwen Mining.

The news release issued by McEwen Mining on August 8, 2024, stated:

"McEwen Copper Inc., 48.3% owned by McEwen Mining Inc. (NYSE, TSX), is pleased to comment on the excitement in Argentina that includes:

Infill Drill Highlights:
AZ24375: 217 meters of 1.11 % Cu, incl. 100 meters of 1.32 % Cu
AZ24335: 158 meters of 0.84 % Cu, incl. 78.5 meters of 1.10 % Cu
AZ24403: 276 meters of 0.86 % Cu, incl. 160 meters of 0.96 % Cu
AZ24320: 146 meters of 0.89 % Cu
AZ24332: 119.6 meters of 0.72 % Cu

  • Remarkable new legislation introduced by President Milei to encourage large domestic and foreign investments in the country;

  • A US$4.4 Billion transaction led by BHP, the world's largest mining company, and Lundin Mining to acquire two copper deposits located in the same province in Argentina as Los Azules;

  • At Los Azules, infill drilling during the 2023-24 season upgraded the resource categories, validated the geological model and confirmed the high-grade zone. Resource drilling for the Los Azules Feasibility Study is now complete, and the study remains on track for delivery in early 2025.

Remarkable and Welcoming Legislation - Milei Magic

President Milei's government introduced legislation that has rolled out the welcome mat for large-scale domestic and foreign direct investments in Argentina.

This legislation recently approved by Argentina's government is called "Bases and Starting Points for the Freedom of Argentines" and includes the Incentive Regime for Large Investors (RIGI), offering significant tax and foreign exchange incentives to encourage domestic and direct foreign investment in key sectors of the economy, including mining.

This program addresses most of all past stumbling blocks for sustained development of the mining sector in Argentina, and it's a huge step in the right direction.

We are excited about these changes as they open the door for many infrastructure investments in Argentina and significantly improve the economics of the Los Azules project and lower risks for investors. Details of the legislation are found in Appendix A - More Information on RIGI and you can click here for the official summary.

US$4.4 Billion Copper Transaction

Last week, BHP, the world's largest mining company, and Lundin Mining announced a US$4.4 Billion transaction through which they have agreed to jointly acquire the two copper deposits Filo del Sol and Josemaria located in the same San Juan province of Argentina as Los Azules.

We believe that this transaction is a convincing demonstration of San Juan and Argentina's attractiveness for large-scale mining projects and evidence of Argentina moving towards becoming a Tier 1 mining jurisdiction. Click on these links to read details of the transaction, in press releases by BHP, Lundin Mining, and Filo Corp.

Los Azules Infill Drilling Highlights Confirming High Grade Copper Zone

At Los Azules, infill drilling upgraded the resource categories, validated the geological model and confirmed the high-grade zone. During the 2023-24 drilling season over 70,000 meters (m) were completed, that have strengthened the interpretation of the geological model in addition to extending the supergene enrichment zone mineralization, both at the edges and to depth.

Resource drilling for the Los Azules Feasibility Study is now complete, and the study remains on track for delivery in early 2025.

Drilling Highlights

  • Hole AZ24375, drilled to a depth of 369 m, returned 217 m of 1.11 % Cu in the enriched zone, including 100 m of 1.32 % Cu.
  • Hole AZ24335, drilled to a depth of 227.5 m, returned a 158 m intercept of 0.84% Cu within the enriched zone, including 78.5 m of 1.10 % Cu.
  • Hole AZ24403, drilled to a depth of 427 m, returned a 276 m intercept of 0.86% Cu within the enriched zone, including 160 m of 0.96 % Cu.
  • Hole AZ24320, drilled to a depth of 204 m, returned 146 m of 0.89% Cu in the enriched zone.
  • Hole AZ24332, drilled to a depth of 255.6 m, returned 119.6 m of 0.72% Cu in the enriched zone.

The 2023-2024 drill campaign successfully achieved its objective of infilling existing drill hole data to support the conversion of resources to Measured or Indicated Mineral Resources to include in the Los Azules Feasibility Study. In addition, geotechnical, metallurgical, hydrogeological and condemnation drilling was carried out.

The locations of the highlighted results are presented in 8 figures. A plan or aerial view of the resources and the outline of the PEA pit are shown in Figure 1. Figures 2 to 7 show recent drilling in relation to the overburden, the leached, enriched and primary zones, and the 30-year pit shell of the 2023 Preliminary Economic Assessment (PEA) (marked by the green line in the sections). Figure 8 represents a cross section with recent drill data and inferred geology.

Drill results and location information for this press release are available in Appendix B - Detailed Data From the 2023-2024 Drilling Campaign at Los Azules.

Figure 1 shows a plan view of the location of the sections and drill holes reported in this press release. All cross sections are 50 m equidistant from each other, with the lowest numbered section starting from the southern end of the deposit. Shown in blue are the collars of the drill holes included in this news release.

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/2014/219860_623ac0c6d4e19ab1_003full.jpg

The section marked on Figure 1 by the red dashed line is presented in Figure 2 as the longitudinal view looking northeast and indicating the location of the reported holes. Note the position of the highlighted holes within the zone of enriched (or supergene) mineralization and how they mostly ended in mineralized material, indicating the potential for mineralization to continue at depth. The length of the enriched zone on this section is 3.9 kilometers. The enriched zone now continues beyond the southern limit of the PEA mineable pit shell.

Figure 2 - Longitudinal Section (Looking Northeast)



To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/219860_623ac0c6d4e19ab1_004full.jpg

Figure 3 shows a 217 m intercept of 1.11 % Cu (AZ24375) and includes a 100 m interval of 1.32% Cu within the enriched zone. This hole infills a data gap within the center of the deposit and confirms the continuity of higher-grade mineralization.

Figure 3 - Section 45 - Drilling, Mineralized Zones and 30-Year PEA Pitshell (Looking Northwest)



To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/219860_623ac0c6d4e19ab1_005full.jpg

Figure 4 shows an intercept of 276 m of 0.86 % Cu (AZ24403) that includes 160 m of 0.96% Cu in the enriched zone. This hole also infills a drilling gap in the center of the deposit with higher grade mineralization.

Figure 4 - Section 43 - Drilling, Mineralized Zones and 30-Year PEA Pitshell (Looking Northwest)



To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/219860_623ac0c6d4e19ab1_006full.jpg

Figure 5 shows a 146 m intercept of 0.89 % Cu (AZ24320). The drill hole extends high grade mineralization to the west of a previously drilled hole (AZ22152MET).

Figure 5 - Section 32 - Drilling, Mineralized Zones and 30-Year PEA Pitshell (Looking Northwest)



To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/219860_623ac0c6d4e19ab1_007full.jpg

Figure 6 shows an intercept of 158 m of 0.84 % Cu (AZ24335) that includes 78.5 m of 1.10% Cu within the enriched zone. The drill hole ended in mineralized material, indicating the potential for mineralization to continue at depth within the enriched zone, as indicated by previously released drill holes.

Figure 6 - Section 31 - Drilling, Mineralized Zones and 30-Year PEA Pitshell (Looking Northwest)



To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/219860_623ac0c6d4e19ab1_008full.jpg

Figure 7 shows a 119.6 m intercept of 0.72 % Cu (AZ24332) in the enriched zone. This hole extends the higher-grade mineralization seen previously in AZ23309 in the central portion of the enriched zone towards the east and at depth.

Figure 7 - Section 28 - Drilling, Mineralized Zones and 30-Year PEA Pitshell (Looking Northwest)



To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/219860_623ac0c6d4e19ab1_009full.jpg

Geological Model - Interpretation and Its Relationship with the Copper Mineralization

Geological understanding of the Los Azules deposit has increased significantly with the drilling performed from 2022 to 2024. A series of copper-bearing early and inter-mineral porphyry dikes and hydrothermal magmatic breccias are cutting across a pre-mineral diorite intrusive. The dikes dip steeply to the east in their northwest-southeast orientations.

All rock types contain variable copper mineralization, depending on their position within the deposit's vertical profile. From top to bottom, the zoning includes leached, supergene (enriched) and primary (hypogene), which are characteristic of many porphyry copper deposits worldwide.

Hypogene mineralization, associated with the early mineral porphyry and proximal host rock, is characterized by a stockwork of abundant type A veinlets containing quartz, pyrite, and chalcopyrite. In much of the deposit's footprint, mineralization encountered at depth strongly indicates the potential to extend further, beyond 1,000 meters.

The supergene copper enrichment process created higher grades in the early mineral porphyry and associated hydrothermal magmatic breccias, and lower grades in the less permeable pre-mineral pluton and inter-mineral porphyries. The supergene mineralization will be the principal mineral feed for the leach pad for the Feasibility Study.

In Figure 8 Section 29 shows, in its central part, the early mineral porphyry (purple color) intruding or cutting the pre-mineral diorite (light green color). To a lesser extent, thin inter-mineral porphyry dikes (light blue color), affect both the early mineral porphyry and the pre-mineral diorite. The early mineral porphyry is the primary source of copper mineralization in the deposit.

Figure 8 - Recent Drill Data and Inferred Geology in Cross Section 29



To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2014/219860_623ac0c6d4e19ab1_010full.jpg

Technical Information

The technical content of this press release has been reviewed and approved by Darren King, Director of Exploration of McEwen Copper, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

All tasks, including the collection of samples for geochemical analysis, were carried out in accordance with generally accepted mining industry standards. Drill core samples were analyzed by Alex Stewart International laboratory, located in the Province of Mendoza, Argentina, whose assays consisted of: gold analysis by fire fusion assay and an atomic absorption spectroscopy finish (Au4-30); multiple element studies by ICP-OES analysis (ICP-AR 39); determination of copper content by sequential copper analysis (Cu-Sequential LMC-140). In addition, and for samples with high sulfide content (Cu, Ag, Pb and Zn) and exceeding the limits of analysis, an ICP-ORE type analysis was performed.

The company is conducting a quality control/assurance 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 immediately. Analysis of pulp and preparation samples is also performed as part of the quality control process. Approximately 5% of the sample pulps are sent to a secondary laboratory for control purposes. In addition, the laboratory performs its own internal quality control checks, and the results are made available on certificates for company review.

ABOUT MCEWEN COPPER

McEwen Copper is a well-funded, private company that owns 100% of the large, advanced-stage Los Azules copper project, located in the San Juan province, Argentina. McEwen Copper is a 48.3%-owned private subsidiary of McEwen Mining, which trades under the ticker MUX on NYSE and TSX.

Los Azules is being designed to be distinctly different from a conventional copper mine by consuming significantly less water, emitting much lower carbon, progressing towards carbon neutral by 2038, and being powered by 100% renewable electricity once in operation. The updated Preliminary Economic Assessment (PEA) released in June 2023 projects a long life of mine, short payback period, low production cost per pound, high annual copper production, and a 21.2% after-tax IRR.

ABOUT MCEWEN MINING

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico, and Argentina. McEwen Mining also owns a 48.3% interest in McEwen Copper, which is developing the large, advanced-stage Los Azules copper project in Argentina. The Company's objective is to improve the productivity and life of its assets with the goal of increasing the share price and providing investor yield. Rob McEwen, Chairman and Chief Owner, has a personal investment in the companies of US$225 million. His annual salary is US$1.

Appendix A
- More Information on RIGI -

The RIGI grants a series of benefits in tax, customs and foreign exchange regulations for investment projects in the mining sector that comply with the requirements set up by the law.

The main requirements for beneficiaries of RIGI are as follows:

  • The amount for an investment to qualify within the regime will be >US$200 million, as determined for different industries by the regulations.
  • Export projects with investments greater than US$1 billion are considered strategic and have additional benefits.
  • At least 40% of the minimum amount must be invested in the first two years.
  • The regime will be open to applications for 2 years. The application period can be extended for 1 more year. The investment can be completed after the application period.
  • The use of incentives may require collateral.

The Los Azules project is believed to be able to meet all criteria to be considered a strategic project under the terms of the RIGI legislation.

The main benefits to the beneficiaries of the RIGI are the following:

1. Income Tax

  • Corporate income tax rate is reduced from the current 35% to 25%.
  • Equipment is subject to accelerated depreciation in 2 years, and infrastructure and cost of mine in 60% of its useful life.
  • Net Operating Losses (NOLs) can be carried forward without a time limit. After a 5-year carry forward, NOLs can be transferred (sold) to third parties. NOLs are adjusted for inflation.
  • Interest is deductible without limitations during the first 5 years even when the lender is foreign related party.
  • Dividend payments are subject to tax at 7%, which will be reduced to 3.5% after 7 years.
  • In the case of Strategic Export projects, payments to foreign beneficiaries for technical assistance are not subject to withholding tax. Other payments to foreign beneficiaries are capped at 10.5% withholding with no grossing up.

2. Value Added Tax (VAT)

  • Rather than paying VAT on purchases, the beneficiaries of the RIGI will provide its suppliers with Tax Credit Certificates. The Tax Credit Certificates can also be used to pay the VAT generated by imports of equipment. This prevents from tying up funds as VAT credits to be recovered against future exports. Implementation of this benefit will require extensive regulation.
  • Suppliers may use the certificates to offset their VAT obligations and, if there is a VAT credit left to recover, they may transfer (sell) the VAT credit to third parties.

3. Other Taxes

  • The beneficiaries of the regimen will have a 100% tax credit for the amounts paid for Bank Transactions Tax to offset the income tax obligations.
  • Provinces and Municipalities cannot establish new taxes affecting the projects, except for service fees that do not exceed the cost of the service provided to the beneficiary.

4. Imports

  • Freedom to import without quotas or restrictions.
  • Exemption from import duties on capital goods, spare parts, parts, components and consumables.

5. Exports

  • Freedom to export the products produced by the project.
  • Exemption from export duties after three years of registration. The exemption applies for two years in Strategic Export projects.
  • Maximum Principal gross revenue royalty of 5% (at the discretion of the Province).

6. Foreign Exchange Regime

  • Foreign proceeds from exports are freely available: 20% of proceeds after two years of the commencement of production; 40% after three years, and 100% after four years onwards.
  • In the case of a Strategic Export project, the foreign proceeds are freely available as follows: 20% of proceeds after one year of the commencement of production; 40% after two years, and 100% after three years onwards.
  • Foreign proceeds from external financing are freely available. Foreign assets abroad do not generate foreign exchange restrictions.
  • Free access to the foreign exchange market for the repayment of loans, repatriation of investments, payment of interests and dividends, conditional on the investment or loan having been entered through the exchange market.

7. Stability Safeguards

Beneficiaries are also granted tax, customs and foreign exchange stability for 30 years from joining the RIGI. In the case of Strategic Export projects developed in stages, stability can be extended up to 40 years from the commencement of production of the first stage.

The safeguards offered by the stability have these main features:

  • Tax stability applies by tax and not by total tax burden. It also applies to withholding taxes on payments to foreign beneficiaries. In the event of an increase in taxes, the beneficiaries of the regimen may reject the payment of the tax exceeding stability or pay the tax and use the amount of the tax paid as a tax credit against any other national tax. A breach of stability is presumed (it is not necessary to prove it) if it comes from a legal or regulatory change. In the case of tax reduction, the beneficiaries can automatically take advantage of it.
  • Customs stability includes a mechanism that allows the beneficiaries to make a manual self-assessment applying the stabilized duties instead of the automatic calculation by the customs system.
  • Foreign exchange stability protects against regulations imposing more burdensome or restrictive conditions. The law allows beneficiaries to reject the application of the new rule. The Central Bank cannot initiate criminal proceedings without first carrying out a process to determine whether the exchange stability applies to the case.

Dispute Resolution

  • Disputes can be resolved by administrative proceedings or international arbitration outside Argentina. Arbitration can be initiated, even if the administrative procedure has not been completed.
  • The arbitration is to be done outside of Argentina, under the rules of the PCA, ICC or ICSID, with arbitrators who are neither Argentine nor nationals of the investor's country."

Appendix B
- Detailed Data From the 2023-2024 Drilling Campaign at Los Azules -

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
AZ24316 26 Total 111.0 315.5 204.5 0.63 0.05 1.23


Enriched 111.0 293.0 182.0 0.64 0.05 1.22 Incl. 123 m of 0.8% Cu


Primary 293.0 315.5 22.5 0.26 0.00 1.70
AZ24317 56 Total 107.0 305.0 198.0 0.18 0.03 0.61


Enriched 107.0 305.0 198.0 0.18 0.03 0.61


Primary






AZ24318MET 50 Total 124.0 229.5 105.5 0.70 0.05 2.53


Enriched 124.0 229.5 105.5 0.70 0.05 2.53 Incl. 12 m of 1.44% Cu


Primary






AZ24319 35 Total 160.0 355.0 195.0 0.45 0.04 0.96


Enriched 160.0 332.0 172.0 0.48 0.04 1.04 Incl. 84 m of 0.51% Cu


Primary 332.0 355.0 23.0 0.27 0.03 0.36
AZ24320 32 Total 58.0 204.0 146.0 0.89 0.05 1.67


Enriched 58.0 204.0 146.0 0.89 0.05 1.67


Primary






AZ24321 30 Total 117.0 389.8 272.8 0.60 0.05 1.32


Enriched 117.0 389.8 272.8 0.60 0.05 1.32 Incl. 12 m of 0.85% Cu


Primary






AZ24322 44 Total 144.0 491.0 347.0 0.43 0.06 1.78


Enriched 144.0 491.0 347.0 0.43 0.06 1.78 Incl. 130 m of 0.57% Cu


Primary






AZ24323 26 Total 86.0 184.6 98.6 0.19 0.01 0.64


Enriched 86.0 184.6 98.6 0.19 0.01 0.64


Primary






AZ24324 34 Total 108.0 343.0 235.0 0.37 0.02 0.36


Enriched 108.0 322.0 214.0 0.40 0.02 0.37 Incl. 12 m of 0.92% Cu


Primary 322.0 343.0 21.0 0.12 0.02 0.30
AZ24325 25 Total 76.0 338.0 262.0 0.19 0.02 0.65


Enriched 76.0 266.0 190.0 0.21 0.02 0.65


Primary 266.0 338.0 72.0 0.14 0.02 0.64
AZ24326 26 Total 108.0 331.0 223.0 0.42 0.05 1.30


Enriched 108.0 256.0 148.0 0.52 0.07 1.47 Incl. 57.7 m of 0.59% Cu


Primary 256.0 331.0 75.0 0.23 0.03 0.95
AZ24327 31 Total 78.0 316.0 238.0 0.38 0.03 1.10


Enriched 78.0 316.0 238.0 0.38 0.03 1.10


Primary






AZ24328 48 Total 126.0 231.0 105.0 0.08 0.02 1.13


Enriched 126.0 231.0 105.0 0.08 0.02 1.13


Primary






AZ24329 29 Total 90.0 332.0 242.0 0.24 0.03 0.89


Enriched 90.0 290.0 200.0 0.25 0.03 0.96


Primary 290.0 332.0 42.0 0.17 0.02 0.56
AZ24330 56 Total 164.0 185.0 21.0 0.70 0.03 1.26


Enriched 164.0 185.0 21.0 0.70 0.03 1.26


Primary






AZ24332 28 Total 136.0 255.6 119.6 0.72 0.06 1.72


Enriched 136.0 255.6 119.6 0.72 0.06 1.72


Primary






AZ24334 48 Total 104.0 657.0 553.0 0.42 0.07 2.94


Enriched 104.0 412.0 308.0 0.50 0.08 3.53 Incl. 60 m of 0.71% Cu


Primary 412.0 657.0 245.0 0.32 0.06 2.21
AZ24335 31 Total 69.5 227.5 158.0 0.84 0.10 0.98


Enriched 69.5 227.5 158.0 0.84 0.10 0.98 Incl. 78.5 m of 1.10% Cu


Primary






AZ24336CC 8a Total 218.0 501.0 283.0 0.20 0.08 1.93


Enriched 218.0 370.0 152.0 0.25 0.14 2.76


Primary 370.0 501.0 131.0 0.14 0.02 0.91
AZ24338 5a Total 252.0 729.5 477.5 0.19 0.02 0.88


Enriched 252.0 490.0 238.0 0.23 0.04 0.97


Primary 490.0 729.5 239.5 0.14 0.01 0.78
AZ24339CC 12a Total 140.0 517.5 377.5 0.16 0.02 0.68


Enriched 140.0 470.0 330.0 0.17 0.02 0.67


Primary 470.0 517.5 47.5 0.11 0.01 0.74
AZ24340 26 Total 66.0 300.5 234.5 0.50 0.04 1.04


Enriched 66.0 300.5 234.5 0.50 0.04 1.04 Incl. 72 m of 0.78% Cu


Primary






AZ24341 48 Total 87.0 261.5 174.5 0.57 0.07 1.09


Enriched 87.0 261.5 174.5 0.57 0.07 1.09


Primary






AZ24342 28 Total 81.0 235.5 154.5 0.39 0.05 2.82


Enriched 81.0 235.5 154.5 0.39 0.05 2.82


Primary






AZ24343 58 Total 71.0 365.6 294.6 0.17 0.01 0.67


Enriched 71.0 344.0 273.0 0.18 0.01 0.70


Primary 344.0 365.6 21.6 0.07 0.00 0.30
AZ24344 43 Total 140.0 312.0 172.0 0.43 0.05 1.50


Enriched 140.0 312.0 172.0 0.43 0.05 1.50 Incl. 52 m of 0.62% Cu


Primary






AZ24345 44 Total 80.7 291.2 210.5 0.37 0.02 1.98


Enriched 80.7 190.0 109.3 0.55 0.02 1.68 Incl. 66 m of 0.66% Cu


Primary 190.0 291.2 101.2 0.17 0.02 2.31
AZ24346 40 Total 44.0 196.6 152.6 0.06 0.00 0.64


Enriched 44.0 100.0 56.0 0.07 0.00 0.33


Primary 100.0 196.6 96.6 0.06 0.00 0.83
AZ24347 14 Total 88.0 295.8 207.8 0.30 0.05 0.90


Enriched 88.0 286.0 198.0 0.30 0.05 0.94


Primary 286.0 295.8 9.8 0.15 0.06 0.30
AZ24348 40 Total 168.0 373.7 205.7 0.20 0.01 0.56


Enriched 168.0 373.7 205.7 0.20 0.01 0.56


Primary






AZ24349 22 Total 98.0 356.0 258.0 0.44 0.04 1.27


Enriched 98.0 339.4 241.4 0.46 0.04 1.31 Incl. 84 m of 0.78% Cu


Primary 339.4 356.0 16.6 0.20 0.03 0.63
AZ24350 30 Total 96.0 224.0 128.0 0.10 0.02 1.01


Enriched 96.0 154.0 58.0 0.12 0.03 1.21


Primary 154.0 224.0 70.0 0.08 0.02 0.85
AZ24351A 29 Total 110.0 449.4 339.4 0.29 0.03 1.52


Enriched 110.0 400.0 290.0 0.31 0.03 1.69


Primary 400.0 449.4 49.4 0.12 0.01 0.51
AZ24352 12 Total 168.3 379.3 211.0 0.34 0.05 0.67


Enriched 168.3 358.0 189.7 0.36 0.05 0.56


Primary 358.0 379.3 21.3 0.13 0.03 1.62
AZ24353 46 Total 90.0 338.5 248.5 0.35 0.04 1.85


Enriched 90.0 320.0 230.0 0.37 0.04 1.96


Primary 320.0 338.5 18.5 0.12 0.00 0.52
AZ24354 42 Total 194.0 331.0 137.0 0.14 0.01 0.71


Enriched 194.0 331.0 137.0 0.14 0.01 0.71


Primary






AZ24355 56 Total 84.5 288.5 204.0 0.23 0.01 0.87


Enriched 84.5 288.5 204.0 0.23 0.01 0.87


Primary






AZ24356 56 Total 51.0 205.5 154.5 0.70 0.15 3.79


Enriched 51.0 108.0 57.0 0.17 0.04 1.43


Primary 108.0 205.5 97.5 1.01 0.21 5.14 Incl. 30 m of 2.84% Cu
AZ24357 22 Total 152.0 386.0 234.0 0.21 0.02 2.51


Enriched 152.0 302.0 150.0 0.24 0.02 0.45


Primary 302.0 386.0 84.0 0.17 0.02 6.18
AZ24358 36 Total 70.2 264.5 194.3 0.23 0.01 0.57


Enriched 70.2 188.0 117.8 0.18 0.01 0.53


Primary 188.0 264.5 76.5 0.31 0.00 0.62
AZ24360 24 Total 84.0 335.5 251.5 0.21 0.02 0.89


Enriched 84.0 258.0 174.0 0.25 0.02 0.87


Primary 258.0 335.5 77.5 0.12 0.02 0.93
AZ24361 12 Total 220.0 335.2 115.2 0.42 0.06 1.37


Enriched 220.0 308.0 88.0 0.49 0.07 1.35 Incl. 28 m of 0.68% Cu


Primary 308.0 335.2 27.2 0.17 0.03 1.45
AZ24362 34 Total 76.0 309.0 233.0 0.34 0.01 1.01


Enriched 76.0 309.0 233.0 0.34 0.01 1.01


Primary






AZ24363 48 Total 96.0 335.6 239.6 0.18 0.01 0.71


Enriched 96.0 250.0 154.0 0.20 0.00 0.57


Primary 250.0 335.6 85.6 0.14 0.01 0.96
AZ24364 51 Total 92.0 215.4 123.4 0.21 0.03 0.82


Enriched 92.0 215.4 123.4 0.21 0.03 0.82


Primary






AZ24365 55 Total 118.0 291.5 173.5 0.40 0.01 1.32


Enriched 118.0 291.5 173.5 0.40 0.01 1.32 Incl. 10 m of 0.89% Cu


Primary






AZ24366 22 Total 182.0 328.2 146.2 0.17 0.02 0.78


Enriched 182.0 298.0 116.0 0.19 0.02 0.91


Primary 298.0 328.2 30.2 0.10 0.01 0.25
AZ24367 50 Total 94.0 433.5 339.5 0.32 0.05 1.30


Enriched 94.0 400.0 306.0 0.32 0.06 1.30


Primary 400.0 433.5 33.5 0.26 0.04 1.34
AZ24368 4 Total 138.0 220.5 82.5 0.21 0.03 0.52


Enriched 138.0 220.5 82.5 0.21 0.03 0.52


Primary






AZ24369A 48 Total 122.0 248.0 126.0 0.61 0.05 1.14


Enriched 122.0 248.0 126.0 0.61 0.05 1.14 Incl. 58 m of 1.01% Cu


Primary






AZ24370 8 Total 156.0 290.0 134.0 0.39 0.04 0.53


Enriched 156.0 262.0 106.0 0.44 0.05 0.60 Incl. 20 m of 0.81% Cu


Primary 262.0 290.0 28.0 0.22 0.04 0.25
AZ24371 36 Total 98.0 302.1 204.1 0.31 0.03 0.74


Enriched 98.0 290.0 192.0 0.32 0.03 0.77


Primary 290.0 302.1 12.1 0.16 0.00 0.25
AZ24372 10 Total 155.7 298.2 142.5 0.38 0.06 0.99


Enriched 155.7 298.2 142.5 0.38 0.06 0.99


Primary






AZ24373 54 Total 120.0 291.5 171.5 0.22 0.00 0.71


Enriched 120.0 264.0 144.0 0.23 0.00 0.75


Primary 264.0 291.5 27.5 0.13 0.00 0.53
AZ24374 52 Total 91.3 340.6 249.3 0.35 0.01 0.54


Enriched 91.3 340.6 249.3 0.35 0.01 0.54


Primary






AZ24375 45 Total 152.0 369.0 217.0 1.11 0.07 3.65


Enriched 152.0 369.0 217.0 1.11 0.07 3.65 Incl. 100 m of 1.32% Cu


Primary






AZ24376 4 Total 158.0 261.9 103.9 0.21 0.05 1.13


Enriched 158.0 193.0 35.0 0.28 0.02 0.69


Primary 193.0 261.9 68.9 0.18 0.06 1.35
AZ24377 9 Total 148.0 297.5 149.5 0.40 0.04 0.89


Enriched 148.0 291.4 143.4 0.41 0.04 0.88 Incl. 40 m of 0.62% Cu


Primary 291.4 297.5 6.2 0.20 0.04 0.92
AZ24378 29 Total 174.0 454.0 280.0 0.38 0.05 1.31


Enriched 174.0 314.0 140.0 0.41 0.05 1.19


Primary 314.0 454.0 140.0 0.34 0.06 1.43
AZ24379 24 Total 114.0 365.8 251.8 0.22 0.02 0.89


Enriched 114.0 365.8 251.8 0.22 0.02 0.89


Primary






AZ24380 5 Total 60.0 287.5 227.5 0.16 0.01 0.62


Enriched 60.0 256.0 196.0 0.17 0.01 0.63


Primary 256.0 287.5 31.5 0.12 0.00 0.58
AZ24381 18 Total 234.0 375.1 141.1 0.16 0.02 0.90


Enriched 234.0 292.0 58.0 0.22 0.02 0.90


Primary 292.0 375.1 83.1 0.12 0.02 0.90
AZ24382 20 Total 194.0 385.0 191.0 0.13 0.02 0.60


Enriched 194.0 329.0 135.0 0.15 0.02 0.70


Primary 329.0 385.0 56.0 0.10 0.01 0.37
AZ24383 50 Total 74.2 371.7 297.5 0.38 0.01 8.00


Enriched 74.2 356.0 281.8 0.39 0.01 8.39


Primary 356.0 371.7 15.7 0.18 0.01 0.86
AZ24384 18 Total 202.3 270.0 67.7 0.16 0.01 0.29


Enriched 202.3 270.0 67.7 0.16 0.01 0.29


Primary






AZ24385 38 Total 84.0 250.4 166.4 0.21 0.00 0.44


Enriched 84.0 216.0 132.0 0.21 0.00 0.46


Primary 216.0 250.4 34.4 0.19 0.01 0.33
AZ24386 1a Total 228.0 380.3 152.3 0.21 0.06 1.07


Enriched 228.0 378.0 150.0 0.21 0.06 1.06


Primary 378.0 380.3 2.3 0.22 0.02 1.50
AZ24387 52 Total 62.0 452.0 390.0 0.46 0.07 2.27


Enriched 62.0 106.0 44.0 0.69 0.10 2.72 Incl. 44 m of 0.69% Cu


Primary 106.0 202.0 96.0 0.43 0.06 2.33 Incl. 132 m of 0.51% Cu
AZ24388 6 Total 170.0 245.3 75.3 0.21 0.10 1.22


Enriched 170.0 221.7 51.7 0.22 0.10 0.99


Primary 221.7 245.3 23.6 0.20 0.11 1.77
AZ24389 28 Total 176.0 343.3 167.3 0.16 0.01 0.52


Enriched 176.0 343.3 167.3 0.16 0.01 0.52


Primary






AZ24390 24 Total 194.0 338.8 144.8 0.15 0.01 0.38


Enriched 194.0 338.8 144.8 0.15 0.01 0.38


Primary






AZ24391 45 Total 133.0 331.0 198.0 0.84 0.09 2.32


Enriched 133.0 331.0 198.0 0.84 0.09 2.32 Incl. 129 m of 1.16% Cu


Primary






AZ24392A 54 Total 100.0 324.0 224.0 0.15 0.01 0.68


Enriched 100.0 306.0 206.0 0.16 0.01 0.71


Primary 306.0 324.0 18.0 0.13 0.00 0.27
AZ24393 16 Total 186.0 264.7 78.7 0.08 0.02 0.42


Enriched 186.0 264.7 78.7 0.08 0.02 0.42


Primary






AZ24394 28 Total 69.0 242.3 173.3 0.20 0.02 1.65


Enriched 69.0 144.0 75.0 0.14 0.01 0.46


Primary 144.0 242.3 98.3 0.24 0.03 2.55
AZ24395A 20 Total 168.0 407.0 239.0 0.16 0.01 0.45


Enriched 168.0 407.0 239.0 0.16 0.01 0.45


Primary






AZ24396 49 Total 81.0 497.0 416.0 0.37 0.13 2.40


Enriched 81.0 440.0 359.0 0.39 0.15 2.50


Primary 440.0 497.0 57.0 0.25 0.05 1.76
AZ24397 16 Total 198.0 412.4 214.4 0.25 0.05 1.11


Enriched 198.0 322.0 124.0 0.34 0.07 1.39


Primary 322.0 412.4 90.4 0.13 0.02 0.72
AZ24398 3a Total 194.0 408.8 214.8 0.23 0.04 45.73


Enriched 194.0 408.8 214.8 0.23 0.04 45.73


Primary






AZ24399 16 Total 172.0 367.9 195.9 0.55 0.07 0.96


Enriched 172.0 367.9 195.9 0.55 0.07 0.96 Incl. 104 m of 0.65% Cu


Primary






AZ24400 26 Total 176.0 227.0 51.0 0.36 0.01 2.33


Enriched 176.0 227.0 51.0 0.36 0.01 2.33


Primary






AZ24401 32 Total 78.0 324.5 246.5 0.24 0.00 0.62


Enriched 78.0 324.5 246.5 0.24 0.00 0.62


Primary






AZ24402 20 Total 66.0 230.0 164.0 0.24 0.01 0.56


Enriched 66.0 166.0 100.0 0.29 0.01 0.64


Primary 166.0 230.0 64.0 0.17 0.01 0.44
AZ24403 43 Total 151.0 427.0 276.0 0.86 0.06 2.32


Enriched 151.0 427.0 276.0 0.86 0.06 2.32 Incl. 160.0 m of 0.96% Cu


Primary






AZ24404 29 Total 66.7 73.5 6.9 0.19 0.02 0.58


Enriched 66.7 72.0 5.4 0.18 0.01 0.25


Primary 72.0 73.5 1.5 0.23 0.04 1.80
AZ24404A 29 Total 87.0 133.0 46.0 0.14 0.01 2.18


Enriched








Primary 87.0 133.0 46.0 0.14 0.01 2.18
AZ24404B 29 Total 133.0 187.5 54.5 0.22 0.01 0.56


Enriched








Primary 133.0 187.5 54.5 0.22 0.01 0.56
AZ24405 14 Total 246.0 317.6 71.6 0.15 0.03 0.65


Enriched 246.0 314.0 68.0 0.15 0.03 0.65


Primary 314.0 317.6 3.6 0.16 0.02 0.61
AZ24406 55 Total 84.0 324.2 240.2 0.10 0.03 0.78


Enriched 84.0 230.0 146.0 0.14 0.02 0.79


Primary 230.0 324.2 94.2 0.05 0.04 0.77
AZ24407 12 Total 186.0 259.0 73.0 0.09 0.03 0.42


Enriched 186.0 259.0 73.0 0.09 0.03 0.42


Primary






AZ24408 32 Total 80.0 313.5 233.5 0.25 0.01 0.67


Enriched 80.0 313.5 233.5 0.25 0.01 0.67


Primary






AZ24409 54 Total 102.0 270.0 168.0 0.23 0.01 0.90


Enriched 102.0 270.0 168.0 0.23 0.01 0.90


Primary






AZ24410 6 Total 186.0 241.0 55.0 0.19 0.02 0.43


Enriched 186.0 241.0 55.0 0.19 0.02 0.43


Primary






AZ24411 14 Total 180.0 334.0 154.0 0.19 0.06 0.80


Enriched 180.0 232.0 52.0 0.31 0.08 0.70


Primary 232.0 334.0 102.0 0.13 0.05 0.86
AZ24412 12 Total 180.2 297.5 117.3 0.20 0.04 0.96


Enriched 180.2 272.0 91.8 0.22 0.04 0.99


Primary 272.0 297.5 25.5 0.13 0.04 0.85
AZ24413 38 Total 136.0 317.0 181.0 0.19 0.01 0.64


Enriched 136.0 317.0 181.0 0.19 0.01 0.64


Primary






AZ24414 47 Total 110.0 415.6 305.6 0.55 0.06 2.25


Enriched 110.0 415.6 305.6 0.55 0.06 2.25 Incl. 104.5 m of 0.73% Cu


Primary






AZ24415 56 Total 108.0 346.0 238.0 0.15 0.04 0.74


Enriched 108.0 322.0 214.0 0.15 0.04 0.74


Primary 322.0 346.0 24.0 0.12 0.05 0.73
AZ24417 12 Total 126.0 253.7 127.7 0.32 0.04 0.90


Enriched 126.0 253.7 127.7 0.32 0.04 0.90


Primary






AZ24418 16 Total 141.0 329.0 188.0 0.57 0.09 0.70


Enriched 141.0 284.0 143.0 0.63 0.09 0.77 Incl. 64 m of 0.66% Cu


Primary 284.0 329.0 45.0 0.41 0.11 0.48 Incl. 7 m of 0.58% Cu
AZ24419 6 Total 182.0 248.0 66.0 0.15 0.04 1.16


Enriched 182.0 204.0 22.0 0.27 0.03 0.77


Primary 204.0 248.0 44.0 0.09 0.05 1.35
AZ24421 44 Total 100.0 229.0 129.0 0.64 0.06 1.71


Enriched 100.0 229.0 129.0 0.64 0.06 1.71 Incl. 72 m of 0.85% Cu


Primary






AZ24422 42 Total 184.0 236.2 52.2 1.31 0.11 2.16


Enriched 184.0 236.2 52.2 1.31 0.11 2.16


Primary






GTK2424 15 Total 106.0 152.8 46.8 0.44 0.05 3.62


Enriched 106.0 152.8 46.8 0.44 0.05 3.62 Incl. 29.0 m of 0.60% Cu


Primary






GTK2424B 15 Total 152.8 272.9 120.2 0.69 0.03 1.30


Enriched 152.8 155.0 2.3 0.28 0.06 6.50


Primary 155.0 272.9 117.9 0.70 0.03 1.18
GTK2425 15 Total 150.0 300.0 150.0 0.21 0.05 1.00


Enriched 150.0 300.0 150.0 0.21 0.05 1.00


Primary






GTK2426 43 Total 70.0 400.0 330.0 0.62 0.09 1.99


Enriched 70.0 400.0 330.0 0.62 0.09 1.99 Incl. 150 m of 0.86% Cu


Primary






GTK2427 25 Total 160.0 250.0 90.0 0.14 0.00 0.37


Enriched 160.0 250.0 90.0 0.14 0.00 0.37


Primary






GTK2430 25 Total 121.5 125.0 3.5 0.08 0.00 0.25


Enriched 121.5 125.0 3.5 0.08 0.00 0.25


Primary






GTK2430A 25 Total 98.0 300.0 202.0 0.19 0.02 1.13


Enriched 98.0 300.0 202.0 0.19 0.02 1.13


Primary






GTK2431 49 Total 72.0 400.0 328.0 0.35 0.03 1.48


Enriched 72.0 400.0 328.0 0.35 0.03 1.48


Primary






GTK2432 8 Total 236.0 350.0 114.0 0.30 0.05 0.99


Enriched 236.0 350.0 114.0 0.30 0.05 0.99


Primary






OBS-MW-1 56 Total 42.0 519.0 477.0 0.08 0.04 0.50


Enriched 42.0 198.0 156.0 0.15 0.08 0.75


Primary 198.0 519.0 321.0 0.05 0.01 0.38
OBS-MW-2 45 Total 58.0 401.0 343.0 0.55 0.07 1.72


Enriched 58.0 401.0 343.0 0.55 0.07 1.72 Incl. 124 m of 0.80% Cu


Primary






OBS-MW-3 13 Total 196.0 332.0 136.0 0.55 0.06 1.28


Enriched 196.0 318.0 122.0 0.58 0.06 1.38 Incl. 116 m of 0.60% Cu


Primary 318.0 332.0 14.0 0.22 0.06 0.25
OBS-MW-3A 13 Total 331.5 542.0 210.5 0.28 0.03 0.53


Enriched








Primary 331.5 542.0 210.5 0.28 0.03 0.53
OBS-MW-4 43 Total 72.0 404.0 332.0 0.30 0.02 1.31


Enriched 72.0 228.0 156.0 0.34 0.03 1.60


Primary 228.0 404.0 176.0 0.26 0.01 1.06

Table 2 - Locations and Lengths of Recent Los Azules Drilling Results

HOLE-ID Azimuth Dip Length Loc X Loc Y Loc Z
AZ24316 250 -73 315.5 2383435.1 6558678.2 3666.7
AZ24317 70 -69 305.0 2383122 6560160.6 3674.5
AZ24318MET 90 -36 229.5 2382779.4 6559715.5 3599.8
AZ24319 70 -74 355.0 2383196.1 6559064.4 3662.8
AZ24320 270 -74 204.0 2383392.9 6558995.4 3643.8
AZ24321 250 -71 389.8 2383587.5 6558949.7 3658.1
AZ24322 250 -74 491.0 2383529.3 6559670.4 3678.8
AZ24323 250 -75 184.6 2382815.5 6558454.5 3745.7
AZ24324 70 -74 343.0 2383177 6559013.5 3655.6
AZ24325 70 -75 338.0 2383203 6558546.2 3674.4
AZ24326 70 -75 331.0 2383435 6558675.4 3666.9
AZ24327 250 -73 316.0 2383306.1 6558900.8 3659
AZ24328 68 -78 231.0 2383354.5 6559819.4 3629.4
AZ24329 250 -76 332.0 2383267.6 6558804.7 3662.4
AZ24330 263 -70 185.0 2383121.7 6560157.4 3674.5
AZ24332 70 -70 255.6 2383385.1 6558761.7 3663.1
AZ24333 301 -52 194.8 2383371.7 6559955.7 3634.3
AZ24334 250 -80 657.0 2383092.1 6559726.7 3614.6
AZ24335 70 -78 227.5 2383420.4 6558945.8 3646
AZ24336CC 250 -75 501.0 2383790.1 6557046.2 3823
AZ24338 250 -70 729.5 2384000 6557297.5 3883.3
AZ24339CC 250 -75 517.5 2383757.2 6556832.1 3814.6
AZ24340 70 -75 300.5 2383315.6 6558678 3668.4
AZ24341 250 -70 261.5 2383352 6559818.5 3629.4
AZ24342 70 -77 235.5 2383292.3 6558738.8 3661.9
AZ24343 185 -66 365.6 2382578.4 6560067 3586.9
AZ24344 250 -72 312.0 2383467.1 6559604.4 3666.3
AZ24345 250 -71 291.2 2382849.6 6559429.1 3630
AZ24346 249 -67 196.6 2382734.1 6559174.8 3658.4
AZ24347 250 -75 295.8 2383765.6 6558161.7 3713.7
AZ24348 70 -76 373.7 2383529.3 6559460.5 3689.2
AZ24349 250 -71 356.0 2383437.7 6558468.5 3700.7
AZ24350 243 -68 224.0 2382747.6 6558657.2 3744.2
AZ24351A 70 -73 449.4 2383570.2 6558891.6 3657
AZ24352 250 -76 379.3 2383637.7 6558013.6 3763
AZ24353 250 -71 338.5 2382747.2 6559491.2 3634.9
AZ24354 70 -72 331.0 2383492 6559556 3675.8
AZ24355 198 -69 288.5 2382702.8 6560022.5 3591
AZ24356 119 -63 205.5 2383473.6 6560288.5 3635.9
AZ24357 250 -74 386.0 2383719.2 6558572.6 3692.8
AZ24358 250 -74 264.5 2382963.9 6559038.7 3656.4
AZ24360 242 -81 335.5 2383323.4 6558544.4 3672.3
AZ24361 70 -67 335.2 2383633.7 6558012.4 3762.8
AZ24362 70 -77 309.0 2382967.6 6558938 3658
AZ24363 250 -68 335.6 2382600.9 6559549.9 3631.6
AZ24364 305 -63 215.4 2383473.5 6560004.4 3632.3
AZ24365 209 -65 291.5 2382823.8 6559998.4 3596.3
AZ24366 70 -74 328.2 2383719.2 6558572.5 3692.9
AZ24367 150 -70 433.5 2383369.4 6559934.6 3632.3
AZ24368 70 -70 220.5 2383843.8 6557666.9 3759.5
AZ24369A 15 -35 248.0 2382815.2 6559609.1 3611.2
AZ24370 70 -73 290.0 2383762.9 6557847.5 3751
AZ24371 70 -80 302.1 2382963.7 6559039.3 3656.6
AZ24372 70 -72 298.2 2383721.7 6557926.1 3743.3
AZ24373 70 -75 291.5 2382487.8 6559839.3 3587.8
AZ24374 70 -80 340.6 2382378.8 6559677.2 3595.8
AZ24375 280 -40 369.0 2383234.7 6559609 3618
AZ24376 250 -76 261.9 2383854.5 6557668 3759.8
AZ24377 250 -70 297.5 2383912.7 6557951.5 3733.8
AZ24378 249 -84 454.0 2383572.8 6558894.3 3656.9
AZ24379 250 -79 365.8 2383672.9 6558661.5 3671.5
AZ24380 250 -69 287.5 2383520.9 6557574.7 3754.9
AZ24381 250 -73 375.1 2383881.6 6558410.5 3744.4
AZ24382 250 -75 385.0 2383812.9 6558493.9 3722.1
AZ24383 250 -75 371.7 2382534.8 6559631 3619.9
AZ24384 70 -72 270.0 2383876 6558413.8 3744
AZ24385 250 -74 250.4 2382677.9 6559044.2 3699.1
AZ24386 70 -66 380.3 2383594.5 6557354.9 3770
AZ24387 160 -75 452.0 2383073.9 6559955.7 3615.8
AZ24388 250 -73 245.3 2383809 6557753.3 3759.2
AZ24389 70 -75 343.3 2383652.7 6558870.2 3668.6
AZ24390 70 -67 338.8 2383672.7 6558661.5 3671.8
AZ24391 218 -37 331.0 2383237.1 6559607.8 3618
AZ24392A 250 -71 324.0 2382488.6 6559841.7 3587.7
AZ24393 70 -74 264.7 2383915.7 6558318.9 3763.5
AZ24394 250 -71 242.3 2383003.5 6558630.9 3681.5
AZ24395A 70 -72 407.0 2383810.6 6558491.4 3722.2
AZ24396 70 -70 497.0 2382951.1 6559736.8 3610.2
AZ24397 250 -73 412.4 2383914.1 6558320 3763.5
AZ24398 250 -75 408.8 2383875.3 6557352.8 3819.4
AZ24399 250 -71 367.9 2383549.7 6558195.1 3737.3
AZ24400 70 -80 227.0 2383849.2 6558833.7 3730
AZ24401 70 -71 324.5 2382979.8 6558834.9 3659.8
AZ24402 70 -79 230.0 2383224.9 6558285.7 3695.7
AZ24403 288 -38 427.0 2383241 6559501 3622.5
AZ24404 70 -80 73.5 2382979.1 6558675.9 3676.6
AZ24404A 70 -80 133.0 2382976.8 6558675.1 3676.4
AZ24404B 70 -80 187.5 2382979.2 6558676.2 3676.5
AZ24405 70 -70 317.6 2383898.7 6558212.1 3758.5
AZ24406 5 -73 324.2 2382428.7 6559844.6 3584.9
AZ24407 70 -75 259.0 2383947.8 6558123.8 3772.9
AZ24408 250 -73 313.5 2383123.5 6558887.3 3652.9
AZ24409 70 -71 270.0 2383325.1 6560123.8 3637
AZ24410 70 -74 241.0 2383810.2 6557751.3 3759.3
AZ24411 250 -75 334.0 2383900.6 6558211.4 3758.5
AZ24412 250 -77 297.5 2383951.4 6558124.2 3773.1
AZ24413 70 -71 317.0 2383520.4 6559350.7 3679.3
AZ24414 270 -48 415.6 2383225.1 6559738 3619.7
AZ24415 70 -70 346.0 2383245 6560206.7 3679.7
AZ24416 250 -75 201.0 2380165.6 6563489.6 3660.7
AZ24417 250 -67 253.7 2383846.3 6558100 3721.4
AZ24418 70 -77 329.0 2383458.5 6558159 3714.9
AZ24419 70 -73 248.0 2383934.6 6557799 3756.1
AZ24420 70 -72 130.2 2383908.7 6557896.2 3737
AZ24421 259 -62 229.0 2383234.5 6559560.4 3621.3
AZ24422 250 -35 236.2 2383244 6559487.3 3620.8
GTK2424 240 -60 152.8 2383264.4 6558036.3 3715.5
GTK2424B 240 -60 272.9 2383267 6558032.5 3715.7
GTK2425 60 -60 300.0 2383748.7 6558200.4 3706.7
GTK2426 60 -70 400.0 2383250.9 6559528.2 3623.5
GTK2427 60 -65 250.0 2383595.5 6558686.7 3667
GTK2428 0 -90 100.2 2383357.8 6558607.9 3682.7
GTK2429 0 -90 100.0 2383198.9 6559061.2 3662.6
GTK2430 240 -65 125.0 2383142.9 6558538.2 3676.3
GTK2430A 240 -65 300.0 2383142.1 6558540.1 3676.3
GTK2431 340 -65 400.0 2382804.6 6559687.8 3607.7
GTK2432 170 -65 350.0 2383672.8 6557811.5 3784.3
OBS-MW-1 0 -90 519 2383457.9 6560277.3 3636.7
OBS-MW-2 0 -90 401 2383284.9 6559630 3627.1
OBS-MW-3 0 -90 332 2383569.5 6558052.6 3777
OBS-MW-3A 0 -90 542 2383570.4 6558052.5 3776.8
OBS-MW-4 0 -90 404 2382888.5 6559379 3633.9
Coordinates listed in Table 2 based on Gauss Kruger - POSGAR 94 Zone 2

The McEwen Mining press release appears to be reviewed and verified by a Qualified Person (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 that significant developments on the advancement of the Los Azules Copper Project towards feasibility have led to the increased Stellantis holdings in McEwen Copper as a strategic partner of this large copper, gold and silver project. In February 2023, Stellantis invested ARS $30 billion, and with an additional investment of ARS $42 billion made after the new preliminary economic assessment (PEA) publication, has a total investment of ARS $72 billion. An aggregate of US $65 million in McEwen Copper was also invested by Rio Tinto's Venture Nuton in 2022 and 2023," stated Kirill Klip, TNR's Chief Executive Officer. "TNR Gold's vision is aligned with the leaders of innovation among automakers like Stellantis, whose aim is decarbonizing mobility, and mining industry leaders such as Rob McEwen, whose vision is '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.

"The new president of Argentina introduced important government policies aimed at supporting business and unlocking the country's economic potential. Mining is being recognized as an integral part of this economic development plan, providing jobs and enriching local communities.

"Strong team performance of McEwen Copper is advancing the Los Azules Project towards a feasibility study. The Los Azules Project PEA results highlight the potential to create a robust leach project while reducing the environmental footprint, and greater environmental and social stewardship sets the Project apart from other potential mine developments.

"It's also encouraging to see an updated independent mineral resource estimate that has increased the resource significantly. Infill drilling during the 2023-24 season upgraded the resource categories, validated the geological model and confirmed the high-grade zone. Resource drilling for the Los Azules Feasibility Study is now complete, and the study appears to be on track for delivery in early 2025.

"Together with Nuton, McEwen Copper is exploring new technologies that save energy, water, time and capital, advancing Los Azules towards the goal of 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 ten 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-eight 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 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 environmental 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

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, and future potential transactions being considered by the Special Committee and the Board. 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 SEDAR+ profile on www.sedarplus.ca. 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 enter into one or more strategic transactions, partnership or a spin-out, or be able to complete any further royalty acquisitions or sales of royalty interests, or portions thereof; debt or equity financings 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, in future, challenging 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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219860


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