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TNR Gold Update on NSR Royalty - Los Azules Copper, Gold & Silver Project - McEwen Mining Preliminary Economic Assessment
Vancouver, British Columbia--(Newsfile Corp. - June 26, 2023) - TNR Gold Corp. (TSXV: TNR) ("...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold Update on NSR Royalty - Los Azules Copper, Gold & Silver Project - McEwen Mining Preliminary Economic AssessmentVancouver, British Columbia--(Newsfile Corp. - June 26, 2023) - 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 stated:\"McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to provide results of the updated Preliminary Economic Assessment (the \"2023 PEA\") on the Los Azules Copper Project in San Juan Argentina (the \"Project\"). Los Azules is 100% owned by McEwen Copper Inc., which is 52% owned by McEwen Mining.The PEA includes an updated independent mineral resource estimate, which increased to 10.9 billion (B) lbs. Cu (Indicated, grade 0.40%) and 26.7 B lbs. Cu (Inferred, grade 0.31%).\"Base Case Highlights (Open-pit, Heap Leach, SX/EW, Nameplate capacity of 175 ktpa Cu Cathodes):Average annual copper (Cu) cathode production of 401 million lbs. (182,100 tonnes) during the first 5 years of operation, and 322 million lbs. (145,850 tonnes) over the 27-year life of the mine (LOM)Total Cu recoverable to cathode of 8.68 billion lbs. (3.94 million tonnes), based on the LOM extraction of mineralized material containing approximately 11.90 billion lbs. of total Cu (5.40 million tonnes), and average copper recovery of 72.8%After-tax net present value (NPV8%) of $2.659 billion1, internal rate of return (IRR) of 21.2%, and a payback period of 3.2 years - at $3.75 per lb. Cu.Initial capital expenditure of $2.462 billion, and a project capital intensity of $7.66 per lb. Cu ($16,880 per tonne Cu)(2)Average C12 cash costs of $1.07 per lb. Cu and all-in sustaining costs2 of $1.64 per lb. Cu (AISC Margin of 56%)2Average EBITDA3 per year of $1.101 billion (Years 1-5) and $692 million (Years 6-27)Estimated carbon intensity of 670 kg CO2 equivalent per tonne of Cu (CO2-e/t Cu)4 for Scope 1&2 GHG Emissions, we...