Business
TNR Gold Royalty Holding Update: Rob McEwen Invests US$40 Million in McEwen Copper, Prepares 53,000-metre Drilling Program for Los Azules
Vancouver, British Columbia--(Newsfile Corp. - October 4, 2021) - TNR Gold Corp. (TSXV: TNR...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold Royalty Holding Update: Rob McEwen Invests US$40 Million in McEwen Copper, Prepares 53,000-metre Drilling Program for Los AzulesVancouver, British Columbia--(Newsfile Corp. - October 4, 2021) - TNR Gold Corp. (TSXV: TNR) (\"TNR\", \"TNR Gold\" or the \"Company\") is pleased to announce that, further to the Company's news release dated July 8, 2021, McEwen Copper Inc. (\"McEwen Copper\"), has closed the first tranche of its private placement announced on July 6th, 2021, for gross proceeds to McEwen Copper of $40,000,000.Rob McEwen's investment corporation, Evanachan Limited, purchased all the shares issued pursuant to the first tranche of the private placement. McEwen Copper, 81% owned by McEwen Mining Inc. (\"McEwen\"), is rapidly advancing work on the Los Azules project following the completion of the US$40 million private placement.The news release issued by McEwen on September 29, 2021, stated:\"The McEwen Copper division, 81% owned by McEwen Mining, is rapidly advancing work on the Los Azules project following the completion of the US$40 million first tranche private placement financing announced August 23, 2021. The second tranche of the private placement is expected to close shortly. Preparations are underway for a large 53,000-meter drilling program targeting the upgrading of Inferred mineral resources to the Indicated category. The first 2 drill rigs are arriving in early November 2021, ramping up to the full complement of 10 drills by January 2022. Access to the project is currently being established on the existing exploration road, which has been safely cleared by crews 48 miles (78 km) of the route, approximately three quarters of the way to the project. Construction of a new all-season lower altitude access road is underway, with completion expected in H2 2022.McEwen Copper has engaged an experienced group of professionals and consultants to guide the Los Azules project towards the pre-feasibility study stage, including Dave Tyler, Study Director, Gary Cochran, Project & Construction Manager, and Bill Thomas, Manager of Business Improvement & Operational Readiness.\"\"I am very pleased to see this very exciting and significant development for the Los Azules Copper Project and personal support by Rob McEwen of the newly created McEwen Copper,\" stated Kirill Klip, TNR's Executive Chair. \"It's very e...