TNR looking to JV Shotgun gold property

TNR Gold Corp. Feb. 2 said it is seeking a major gold mining company to become a joint venture partner on its Shotgun gold project in Alaska.

Located about 110 miles of Donlin Gold and about the same distance northeast of Pebble, this property lies at the intersection of two trends known to host big deposits.

TNR optioned Shotgun from Novagold Resources Inc. in 2002 and gained full ownership of the property in 2010. The company subsequently granted 10 percent ownership of the Southwest Alaska gold property to a private backer of the company.

The most recent resource estimate for Shotgun, published by TNR in 2013, outlined 705,960 ounces of gold in 20.73 million metric tons of inferred resource averaging 1.06 grams per metric ton gold.

TNR is working to become an energy metals royalty company and said 2017 was a transitional year toward achieving its overall strategy.

"Now our turn-around at TNR is completed and we are looking forward to achieving our strategic goals and increasing value for all shareholders," said TNR Executive Chairman Kirill Klip.

The company said its 2018 goals are to repay long-term debt with a focus on establishing access to strategic sources of capital to advance this business plan. To accomplish this, the company plans to optimize its portfolio, strengthen its capital structure and expand its shareholder base.

In addition to Shotgun, TNR holds a 0.36 percent net smelter return royalty on the Los Azules copper project in Argentina; is a major shareholder of International Lithium Corp., a company that holds interests in lithium projects in Argentina, Ireland and Canada; and holds a 1.8 percent net smelter return royalty on the Mariana Lithium property in Argentina.

–SHANE LASLEY