Proactive Investors - TNR Gold Corp (TSXV:TNR) reported the latest developments in the Los Azules copper, gold, and silver project in San Juan, Argentina, through an update provided by McEwen Mining Inc . (TSX:MUX).
TNR Gold holds a 0.4% net smelter returns royalty on the Los Azules copper project, which was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence in 2022.
McEwen Mining's recent update indicated 18 drill rigs on site and over 18,000 meters of drilling completed, representing over a third of the planned meters for the current campaign.
McEwen Copper, a subsidiary of McEwen Mining, aims to develop Los Azules as one of the world's largest undeveloped copper projects.
TNR Gold's CEO, Kirill Klip, expressed satisfaction with the increased Stellantis (NYSE:STLA) holdings in McEwen Copper, emphasizing the strategic partnership in the project's development. Stellantis has invested ARS 72 billion to contribute to the advancement of Los Azules.
Rio Tinto’s venture, Nuton, has also invested US$65 million in McEwen Copper in 2022 and 2023.
"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',” Klip said in a statement.
"Together with Nuton, McEwen Copper is exploring new technologies that save energy, water, time and capital, advancing Los Azules towards the goal of the leading environmental performance. The involvement of Rio Tinto (LON:RIO) with its innovative technology, may also accelerate realizing the enormous potential of the Los Azules project.”
The Los Azules project's role in supplying critical metals like copper contributes to the clean energy transition and electrification of transportation and energy industries, reinforcing its significance in the green energy revolution.
TNR Gold's business model, which involves having industry leaders like McEwen Mining as operators to potentially generate royalty cashflows to add value for shareholders.