Los Azules Copper project is growing larger with every reported drill hole, new metallurgy tests and expanded copper resources will provide the basis for the new PEA of the project later this year. TNR Gold is talking now about the part of the newly found to the West of the previously known deposit by McEwen Mining - "Potential New Copper Trend" going on the Northern Part of the deposit, which is subject to TNR Gold's Back-in Right. Deeper Copper mineralisation is apparently found as well on TNR Gold's Back-In Right properties.
Update: April 9th, 2013.
We are very surprised that there is no valuation presented on Los Azules so far by McEwen Mining with BMO hired for the Sale of this asset. New resource estimation by the end of May could be the trigger. For now all interested parties can review the Lumina Copper presentation with Taca Taca Copper deposit and "Comparable Projects & Valuations". Lumina Copper has announced today results of the new PEA on Taca Taca as well.
More on the TNR Gold back-in right in Los Azules:
Insiders continue to accumulate TNR Gold:
| As of 11:59pm ET April 6th, 2013 |
Filing
Date | Transaction
Date | Insider Name | Ownership
Type | Securities | Nature of transaction | # or value acquired or disposed of | Price |
| Apr 5/13 | Apr 4/13 | Listov, Alexander | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 60,000 | $0.070 |
| Apr 5/13 | Apr 3/13 | Listov, Alexander | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 33,000 | $0.070 |
| Mar 22/13 | Mar 21/13 | Listov, Alexander | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 192,000 | $0.070 |
| Mar 22/13 | Mar 20/13 | Listov, Alexander | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 23,000 | $0.070 |
| Mar 22/13 | Mar 19/13 | Listov, Alexander | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 15,000 | $0.070 |
| Mar 20/13 | Mar 15/13 | Listov, Alexander | Direct Ownership | Common Shares |  10 - Acquisition in the public market | 20,000 | $0.070
|
Proactive Investors:
Tue 2:14 pm by Carrie White
Shares of TNR Gold Corp. are up over 16 per cent Tuesday, as the company touted the Los Azules copper project in Argentina as a potentially important “value driver” for it and its shareholders.
Shares of Corp. () shot up over 16 per cent Tuesday, as the company touted the Los Azules copper project as a potentially important “value driver”, after recent drill results showed significant intercepts of high to medium grade copper mineralization west of the original deposit.
The Los Azules copper project is located in San Juan, Argentina and is considered one of the largest undeveloped copper projects in the world.
TNR holds a 25-per-cent back-in right on the northern part of the project, currently owned by (TSE:MUX) (), which is exercisable upon the completion of a feasibility study.
The 25-per-cent interest, when taken in the context of the whole property, would be equivalent to around a 15 per cent stake in the total estimated resources at Los Azules. If TNR chooses to back-in for five per cent or less, or has its interest diluted by that much, it will receive a net smelter royalty of 0.6%.
The junior gold company noted that in a news release last week, McEwen unveiled results from nine new drill holes completed on the property, which included intervals from two drill holes located on the Escorpio II mineral claim, part of the land package included in TNR's back-in right.
In hole 12106, McEwen reported that it intercepted 116 metres at 1.01-percent copper, 206 metres at 0.55-percent copper and 68 metres at 1.18-percent copper. Meanwhile, hole 12114 hit 150 metres at 0.70-percent copper.
McEwen has completed 15,800 metres of drilling this season, with the results to be incorporated into an updated resource estimate to be released by the end of May that will help form the basis of a new preliminary economic assessment (PEA) - expected in the third quarter this year.
" continues to prove up the potential of the Los Azules project,” said TNR non-executive chair Kirill Klip. “I especially welcome the discovery of higher grade material and look forward to reading more as the project evolves over time.
"This project has the potential to become an important value driver for and our shareholders."
Vancouver-based in February said its main focus going forward would be the development of its Shotgun gold deposit in Alaska, from where it recently released the best drill results ever obtained from the property.
At Shotgun, the company has a 100-per-cent ownership and is looking for a large, bulk-tonnage gold deposit, similar to what is being developed at the Donlin gold project by NovaGold () (AMEX:NG) and (TSE:ABX) (NYSE:ABX).
The property holds an historic (pre NI 43-101) resource of about 1 million ounces so far, and a significant result of last year's program was that it opened the door for discovering a much larger deposit.
The company has said that all of its other assets will be advanced based on joint venture models or converted into the stakes in the companies developing them and/or royalties attributed to them.
TNR’s shares were lately up 16.67 per cent, or 1 penny, trading at 7 cents."
"McEwen Mining has produced very encouraging results from the new metallurgical testing from Los Azules Copper project. According to McEwen Mining, economics of the project will be improved now in the number of areas and, particularly, heap leaching will allow to process the very substantial additional low grade material from this potentialy one of the largest in the world Copper mines in the development. New PEA is under way now and this project only promises to get better with every new announced drill hole."
TNR Gold Corp. Advises of McEwen Mining's Drill Results at the Los Azules Copper Project
Vancouver, British Columbia -- April 02, 2013 -- TNR Gold Corp. ("TNR", "TNR Gold" or the "Company")advises that McEwen Mining Inc. (NYSE:MUX, TSX:MUX) ("McEwen Mining") has issued a news release dated 28 March, 2013 in relation to the Los Azules Copper Project in San Juan Province, Argentina. TNR holds a 25% back-in right, exercisable upon the completion of a feasibility study, on the northern part of the Los Azules property.
The news release issued by McEwen Mining summarizes recent results from nine new drill holes completed on the property. In their press release McEwen Mining states, "drilling continues to intersect significant intercepts of high to medium grade copper mineralization over long intervals west of the original deposit." The news release is available at http://www.mcewenmining.com and on SEDAR at http://www.sedar.com. TNR encourages its shareholders to read the press release issued by McEwen Mining to gain a better understanding of the work performed and the potential impacts this will have on the project. McEwen Mining's press release appears to be prepared by a qualified person 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 Gold Corp. has done sufficient work to analyze, interpret, classify or verify McEwen Mining's information to determine the current mineral reserve or resource or other information referred to in the press release. Accordingly, the reader is cautioned in placing any reliance on the disclosures therein.
In their news release, McEwen Mining announced assay results from nine new drill holes. Highlights from the news release include the following reported intervals from two drill holes that are located on the Escorpio II mineral claim, which forms a part of the land package included in TNR Gold's back-in right.
Hole ID
|
From (m)
|
To (m)
|
Thickness (m)
|
Copper Grade (%)
|
12106
|
106
222
428
|
222
428
496
|
116
206
68
|
1.01
0.55
1.18
|
12114
|
224
|
374
|
150
|
0.70
|
In addition, McEwen Mining announced that they have completed 15,800 meters drilling this season with the results to be incorporated into an updated resource estimate to be released by the end of May. The resource will subsequently form the basis of a new Preliminary Economic Assessment (PEA) expected in the third quarter 2013.
Kirill Klip, Non-Executive Chairman of TNR, stated, "McEwen Mining continues to prove up the potential of the Los Azules project. The latest drill results reported in the McEwen Mining press release show mineralization occurring to the west of the original deposit and at deeper depths. I especially welcome the discovery of higher grade material and look forward to reading more as the project evolves over time. This project has the potential to become an important value driver for TNR Gold and our shareholders."
John Harrop, PGeo, FGS, is a "Qualified Person" as defined under NI 43-101 and has reviewed and approved the technical content of this news release.
About Los Azules
The Los Azules copper project is located in San Juan, Argentina. It is one of the largest undeveloped copper projects in the world. The Los Azules porphyry system occurs within a belt of porphyry copper deposits known as the Andean Porphyry Belt that straddles the Chilean/Argentine border and contains some of the world's largest copper deposits.
TNR Gold retains a "back-in" right on the Los Azules project, currently 100% owned by McEwen Mining. The back-in right is for up to 25% of the equity in certain claims comprising the northern portions of Los Azules. The right is exercisable upon the completion of a feasibility study. TNR must pay two (2) times the expenses attributable to the back in percentage (ie. Paying 2 x 25% all of the costs attributable to the claims comprising the northern portion of the property). If the Company elects to back-in for 5% or less or has its interest diluted to 5% or less, TNR will receive a net smelter royalty of 0.6%.
TNR Gold's back-in right applies to those properties subject to an Exploration and Option Agreement originally signed by Solitario Argentina S.A. (a subsidiary of TNR Gold) and M.I.M. Argentina Exploraciones S.A. on May 15, 2004 (as amended) (the "Property").
Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company's expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its project portfolio.
TNR's recently listed subsidiary, International Lithium Corp. (TSX:ILC.V), demonstrated the successful application of TNR's business model in which TNR shareholders benefited from a unit distribution upon spin-out of TNR's lithium and rare metals projects. TNR remains a large shareholder in ILC at 25.5% of outstanding shares.
At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska and Argentina; and teamed with the recent acquisitions of rare-earth elements and iron ore projects in Canada confirm TNR's commitment to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
On behalf of the board,
Gary Schellenberg
President
The press release issued by McEwen Mining includes [resource estimate, drilling results, etc.]. McEwen's press release appears to be prepared by a qualified person and [the procedures, methodology and key assumptions disclosed therein are those adopted and consistently applied in the mining industry, but no independent qualified person engaged by TNR Gold Corp. has done sufficient work to analyze, interpret, classify or verify McEwen's information to determine any current mineral reserve or resource or other information referred to in the press release. Accordingly, the reader is cautioned in placing any reliance on the above estimates.
Neither the 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. Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
McEwen Mining Inc.
NYSE : MUX
TSX : MUX
 |
March 28, 2013 07:30 ET
TORONTO, ONTARIO--(Marketwire - March 28, 2013) - McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) is pleased to announce assay results for nine new core holes from the Los Azules copper project in San Juan Province, Argentina. Most importantly, drilling continues to intersect significant intercepts of high to medium grade copper mineralization over long intervals west of the original deposit. In addition, the mineralization has been successfully extended at depth.
Exploration Highlights
- Drilling west of the resource has intersected high-grade copper mineralization in Hole 12114, returning 0.70% copper over 150 meters. This hole was located on the periphery of the resource and continues to extend what is becoming an important new parallel trend.
- Hole 1297, which was drilled on the western edge of the resource, returned 0.50% copper over 414 meters, including 1.07% over 54 meters. In addition to Hole 12114, this hole helps demonstrate that there is excellent potential to increase the size of the resource.
- Drilling below the previously known resource successfully extended the depth of the mineralization by over 300 meters in Hole 1295, returning0.49% copper over 338.5 meters. This result was part of a longer intercept that went through two known zones of mineralization. The overall intercept from this hole was 0.51% copper over 618.5 meters.
- The Company will incorporate these drill results plus an additional 3 holes not yet released into an updated resource estimate that is expected to be available by the end of May.
"These results continue to illustrate the growth potential of this world class copper asset. Los Azules is both large and high-grade, which makes it unique among the world's undeveloped projects," stated Rob McEwen, Chief Owner.
This season was the first time that exploration had drilled below 700 meters. The discovery of deeper mineralization at the project has significantly expanded the potential to grow the resource. Drilling this season has continued to focus on expanding the resource with 15,800 meters completed to date. The drill results in this news release, plus 3 additional holes not yet finalized, will be incorporated into a new resource estimate that will be released by the end of May. This updated resource would form the basis of a new Preliminary Economic Assessment (PEA), which is due by the end of the third quarter 2013. Los Azules is one of the largest, highest grade copper-porphyry deposits not owned by a major base metal company.
A table of assay results is provided below in Table 2. A drill hole location map and cross sections of the Los Azules resource are provided below in Figures 1 to 4, respectively.
About the Los Azules Copper Project
Los Azules is a large copper porphyry system located in western San Juan Province within a belt of porphyry copper deposits that straddles the Chilean/Argentine border. This belt contains some of the world's largest copper deposits, including Codelco's El Teniente and Andina mines, Anglo American's Los Bronces mine, Antofagasta PLC's Los Pelambres mine and Xstrata's El Pachón project, among others.
The mineral resources for Los Azules were calculated in January 2013 and are summarized in the table below with a cut-off grade of 0.35% copper.
The goal of McEwen Mining is to qualify for inclusion in the S&P 500 by 2015 by creating a high growth gold producer focused in the Americas. McEwen Mining's principal assets consist of the San José mine in Santa Cruz, Argentina (49% interest); the El Gallo complex in Sinaloa, Mexico; the Gold Bar project in Nevada, US; the Los Azules project in San Juan, Argentina and a large portfolio of exploration properties in Argentina, Mexico and Nevada.
McEwen Mining has 296,024,859 shares issued and outstanding. Rob McEwen, Chairman, President and Chief Owner, owns 25% of the shares of the Company (assuming all outstanding Exchangeable Shares are exchanged for an equivalent amount of Common Shares). As of December 31, 2012, McEwen Mining had cash and liquid assets of approximately US$79 million and is debt free.
Technical Information
James K. Duff, Senior Consultant to the Company and a Registered Member in good standing of the Society for Mining, Metallurgy and Exploration, who is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101") has reviewed and approved the technical contents of this news release. Bruce Davis, PhD, FAusIMM, who is a Qualified Person as defined by NI 43-101 and responsible for the quality control for the assaying of the Los Azules drill core has reviewed the assay quality control information. All samples were collected in accordance with industry standards. Split drill core samples were submitted to Alex Stewart International laboratory in Mendoza, Argentina for fire assay and ICP analysis. Accuracy of results is verified through the systematic inclusion of standards, blanks and duplicate samples.
For additional information about the Los Azules project see the Technical Report titled "Los Azules Porphyry Copper Project, San Juan Province, Argentina" dated August 1, 2012, with an effective date of June 15, 2012, prepared by D. Ernest Winkler, P.Eng, Robert Sim, P.Geo, Bruce Davis, PhD, FAusIMM and James K. Duff, P.Geo, all of whom are qualified persons and all of whom are independent of McEwen Mining, each as defined by NI 43-101. The foregoing report is available under the Corporation's profile on SEDAR (www.sedar.com).
The mineral resource estimate referenced in this news release was prepared in January 2013 by Robert Sim, P.Geo. and Bruce Davis, PhD, FAusIMM, each a qualified person and independent of McEwen Mining, each as defined by NI 43-101 and first disclosed in the Corporation's news release dated February 5, 2013 titled "McEwen Mining Continues to Expand Los Azules' Large, High-Grade, Mineral Resource.
Cautionary Note to U.S. Investors
McEwen Mining reports its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 (NI 43-101). These standards are different from the standards generally permitted in reports filed with the SEC. Under NI 43-101, McEwen Mining reports measured, indicated and inferred resources, measurements which are generally not permitted in filings made with the SEC. According to Canadian NI 43-101 criteria, the estimation of measured resources and indicated resources involve greater uncertainty as to their economic feasibility than the estimation of proven and probable reserves. Under SEC Industry Guide 7 criteria, measured, indicated and inferred resources are considered Mineralized Material. The SEC considers that in addition to greater uncertainty as to the economic feasibility of Mineralized Material compared to proven and probable reserves, there is also greater uncertainty as to the existence of Mineralized Material. U.S. investors are cautioned not to assume that measured or indicated resources will be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.
Caution Concerning Forward-Looking Statements
This press release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this press release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic, political and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, risks related to the cost of transferring or otherwise allocating funds between operating jurisdictions, factors associated with fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, risks associated with the construction and permitting of mining operations and commencement of production and the projected costs thereof, risks related to litigation, property title, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc."
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