TSXV: TBX
VANCOUVER, March 6, 2020 /CNW/ - Turmalina Metals Corp.
("Turmalina" or the "Company") is pleased to announce
that the company has completed a project-scale mapping and sampling
program at the San Francisco
project (the "Project"), resulting in multiple new drill
targets.
Highlights:
- Completion of project-wide mapping and sampling program
- Program included 4494 soil samples, 1240 rock chip samples and
mapping of 60 breccias
- Rock chip samples from one of the high priority exploration
targets included 79 g/t gold, 385 g/t silver and 7.7 % copper.
- Drill program to commence targeting both expansion of initial
breccia drilled in 2019 and new discoveries.
Energold Drilling has been contracted to conduct the
upcoming drilling program at the Project, located in the
mining-friendly state of San Juan, Argentina.
Two diamond drill rigs will be utilized to drill a total of
4000m at the Project, with drilling
expected to commence in late March. Approximately 2000m will be drilled at the San Francisco de Los Andes breccia pipe
("SFdLA") testing for extensions to high-grade
gold-silver-copper mineralisation encountered in 2019. The
remaining 2000m will test several
mineralised breccia pipes identified during the recently completed
mapping program.
Turmalina's initial drill program at the SFdLA breccia pipe in
2019 intersected high-grade gold-silver mineralization in multiple
holes (i.e. 36.95m @ 6.31 g/t Au, 122
g/t Ag & 0.88% Cu for 8.7 g/t AuEq; see Turmalina News Release
dated December 9, 2019 for details).
This 2019 campaign tested the top 150m of the breccia pipe, with mineralisation
remaining open at depth and along strike (Figure 1). The planned
drill holes will test below existing intersections to a depth of
~400m below surface, as well as target along-strike extensions to
the breccia evident in surface mapping and sampling.
Over the last four months the Company has conducted an
aggressive mapping and sampling program in order to prioritize the
large number of other breccias on the Project (Figure 2). With
approximately 1240 rock chip and 4494 soil samples taken to date
this program has identified and sampled 60 breccia occurrences. Of
these, twelve breccia pipes have undergone detailed follow-up
studies based on anomalous assay results that included maximum rock
chip assay results of 79 g/t gold, 385 g/t silver and 7.7 % copper
(Figures 3 & 4). Four of these pipes are scheduled to be drill
tested to a depth of 150m in the
upcoming drilling program (Figure 6).
Dr. Rohan Wolfe, Chief Executive
Officer, states:
"Turmalina is looking forward
to commencing Phase 2 drilling at San
Francisco. While our drilling in 2019 returned multiple
holes with high grades it is important to note that we only drill
tested the top 150m of the SFdLA
breccia pipe. We look forward to extending drilling beneath and
along-strike from the 2019 drill holes – drill holes that indicated
the pipe dimensions were increasing with depth. Furthermore our
recently completed field program has identified multiple
mineralised breccia pipes in the adjacent area, with rock chip
assay results of up to 79 g/t gold at one of the high-priority
targets. With our recent raising of $9.7M we now have a strong balance sheet to
support the exploration and development of our projects."
About the San Francisco Project, San Juan, Argentina
The 3404 ha San Francisco
project is located in San Juan, Argentina. The project area contains more than
60 tourmaline breccia occurrences, several of which have supported
small-scale mining. The Company is focused on mapping and sampling
the breccias, and drill testing prioritised targets.
About the Turmalina Project, Piura, Peru
Turmalina has entered into an agreement to explore the Turmalina
copper-gold molybdenum project located in Piura, Peru (the 'Turmalina Project'). The
Turmalina Project hosts a cluster of undrilled tourmaline breccias
that were historically mined for copper, gold and molybdenum. The
Company is currently engaged in the permitting process and will
commence exploration on completion of permitting and the filing of
a 43-101 report.
Work Program
The field program at San
Francisco extended geological mapping, portable XRF analysis
and geochemical sampling (rock chips and soils) over the entire
Project area. High-priority breccia targets defined by this
first-pass sampling are subject to detailed mapping and channel
sampling prior to the selection of drill targets for the
March 2020 drill program. The company
is also consolidating our regional holdings as San Francisco is located within an 80 km long
gold-copper mineralised belt.
At the Turmalina Project in Peru, the Company is conducting social studies
and applying for all required permits prior to commencing
exploration.
Qualified Person
The scientific and technical data contained in this news release
pertaining to the San Francisco
and Turmalina projects has been reviewed and approved by Dr.
Rohan Wolfe, Chief Executive
Officer, MAIG, who serves as the Qualified Person (QP) under the
definition of National Instrument 43-101.
On Behalf of the Company,
Dr. Rohan Wolfe, Chief Executive
Officer and Director.
Email: rohan@turmalinametals.com
Mobile: +976 9999 6994
Website: turmalinametals.com
Address: #488 - 1090 West Georgia St, Vancouver, BC V6E 3V7.
Statements
About Turmalina Metals and the San Francisco Project:
Turmalina Metals is a TSXV-listed exploration company focused on
developing our portfolio of high grade
gold-copper-silver-molybdenum projects in South America. Our focus is on tourmaline
breccias, a deposit style overlooked by many explorers. Turmalina
Metals is led by a team responsible for multiple gold-copper
molybdenum discoveries who are highly experienced in this deposit
style. Our projects are characterised by open high-grade
mineralisation on established mining licenses that present
compelling drill targets. The principle project held by Turmalina
is the San Francisco project in
San Juan, Argentina. For further
information on the San Francisco Project, refer to the technical
report entitled "NI43-101 Technical Report San Francisco Copper
Gold Project, San Juan Province, Argentina" dated November 17, 2019 under the Corporation's profile
at www.sedar.com.
Forward Looking Statement: This news release
contains certain "forward-looking statements" within the meaning of
such statements under applicable securities law. Forward-looking
statements are frequently characterized by words such as
"anticipates", "plan", "continue", "expect", "project", "intend",
"believe", "anticipate", "estimate", "may", "will", "potential",
"proposed", "positioned" and other similar words, or statements
that certain events or conditions "may" or "will" occur. These
statements are only predictions. Various assumptions were used in
drawing the conclusions or making the projections contained in the
forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made and are subject
to a variety of risks (including those risk factors identified in
the Corporation's prospectus dated November
21, 2019) and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking statements. The Corporation is
under no obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable law.
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SOURCE Turmalina Metals Corp.