INTERCEPT OF 0.74% COPPER EQUIVALENT
1 OVER 241.5 METERS, INCLUDING 1.77%
COPPER EQUIVALENT
1 OVER 32 METERS
DIRECTLY BELOW ÇÖPLER MAIN PIT
DENVER,
Nov. 25, 2020 /PRNewswire/ - SSR
Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) ("SSR Mining") is
pleased to announce positive results from the diamond drilling
program for the Çöpler copper-gold porphyry target ("C2"). The C2
target sits directly below the Çöpler Main pit, which is currently
in production. Four diamond drill holes were completed along a line
of approximately 730 meters, with all holes intersecting gold-rich
copper porphyry mineralization. Chalcopyrite is visible in the
drill core with mineralization starting at or close to the bottom
of the ultimate Çöpler Main pit.
The four diamond drill holes had intercepts including:
- CDD955 returned 0.74% CuEq over 241.5 meters from 37
meters, including 1.77% CuEq over 32 meters from 96.2 meters, 1.92%
CuEq over 17.4 meters from 136.2 meters, and 0.42% CuEq over 166.2
meters from 287.5 meters.
- CDD935 returned 0.86% CuEq over 108.6 meters from 103.1
meters, including 1.19% CuEq over 8.6 meters from 146.3 meters,
1.40% CuEq over 23.6 meters from 161 meters, and 1.36% CuEq over
5.3 meters from 199 meters.
Rod Antal, President and
CEO said, "The C2 results are another example of the long-term
potential of Çöpler. It has long been contemplated that there are
copper-gold porphyries associated with the Çöpler mineralization
and recent in-pit exploration mapping identified mineralization and
structures pointing to the possibility of a porphyry. Drilling
began mid-year with the first four holes all returning long
mineralized intercepts. While we are in the early stage for this
exploration target, we are excited by the potential of C2 for a
large volume and higher-grade zone close to what will be the
ultimate bottom of the Çöpler Main pit. Drilling is continuing with
three drills exploring the extent of the mineralization while we
also start metallurgical test work programs. C2 is another
excellent example of our organic growth opportunities."
____________________________
|
1 Copper equivalent calculated as
CuEq = [Cu ppm + ((Au ppm*Au price(g) / Cu price(g)) /10000)].
Based upon metal prices of $1,750/oz gold and $3.00/pound copper
with recovery assumed to be 100% as no metallurgical test data is
available. CuEq will change proportionally to the metal's relative
recoveries once metallurgical test work is complete. Intervals
reported are sections with more than 0.2%CuEq (and a minimum
0.1%Cu) and less than of 5 meters contiguous dilution.
|
Mineralization Style
The C2 target lies within the Main pit of the Çöpler mine
(Figure 1). Çöpler is currently mining sulfide gold ore, hosted
mainly in hornfels, in the Main pit. Some of the newly discovered
porphyry intrusive has been exposed in parts of the lower benches
(Figure 2). The porphyry has well-developed stockwork and sheeted
sulfide-quartz veins. Where exposed in the pit benches, these veins
are locally overprinted by thicker quartz-sericite-sulfide veins.
The mineralized intrusive was subjected to potassic alteration that
is characterized by development of K-Feldspar, secondary biotite,
quartz and magnetite as veins and as replacement of earlier rock
forming minerals. Potassic alteration is overprinted by a supergene
clay alteration and locally overprinted by chlorite and sericite.
The copper mineralization is predominantly chalcopyrite formed as
disseminations in the matrix and as thin veins associated with
quartz accompanied with rare molybdenite mineralization. There is
elevated arsenic in some zones, but this does not seem to be
directly correlated to the copper mineralization. The gold
mineralization is not visible.
Drilling
Between June 2020 and
September 2020, SSR Mining drilled
four diamond core holes totaling 1,882.5 meters (Figure 3),
designed to test the C2 target. The holes are located in the Main
pit, all within 80% owned and managed
license2. All drilling used
either HQ (63.5 millimeters in diameter) or PQ (85 millimeters in
diameter) core sizes. Currently there are three drills at the C2
target. The exploration drilling is, at times, restricted by
mining activities within the pit.
Significant results are down hole length and
include:
- CDD935 returned 0.86% CuEq over 108.6 meters from 103.1
meters, including 1.19% CuEq over 8.6 meters from 146.3 meters,
1.40% CuEq over 23.6 meters from 161 meters, and 1.36% CuEq over
5.3 meters from 199 meters.
- CDD940 returned 0.71% CuEq over 81.5 meters from 271.2
meters, including 1.29% CuEq over 10.8 meters from 274.2 meters,
1.28% CuEq over 5.7 meters from 308.5 meters, 1.30% CuEq over 9
meters from 327.6 meters, and 0.34% CuEq over 74.7 meters from
359.7 meters.
- CDD947 returned 1.14% CuEq over 49.6 meters from 156.9
meters, including 1.06% CuEq over 10.0 meters from 162.3 meters,
1.29% CuEq over 6.7 meters from 181.0 meters, 2.82% CuEq over 9.8
meters from 194.7 meters, 1.20% CuEq over 18.4 meters from 237.8
meters, and 0.30% CuEq over 127.7 meters from 303.3 meters.
- CDD955 returned 0.74% CuEq over 241.5 meters from 37
meters, including 1.77% CuEq over 32 meters from 96.2 meters, 1.92%
CuEq over 17.4 meters from 136.2 meters, and 0.42% CuEq over 166.2
meters from 287.5 meters.
Table 1 presents significant mineralized drill hole
intercepts. To view the complete drill assay results and further
technical information relating to this news release, please visit
SSR Mining's website at www.ssrmining.com.
____________________________
|
2 The
Çöpler gold mine is owned and operated by Anagold Madencilik Sanayi
ve Ticaret Anonim Şirketi (Anagold). SSR Mining controls 80% of the
shares of Anagold, Lidya Madencilik Sanayi ve Ticaret A.Ş. (Lidya),
controls the remaining 20%.
|
Table 1. Significant mineralized drill hole
CuEq3 intercepts at the
C2 target.
Hole
ID
|
From
(meters)
|
To
(meters)
|
Interval
(meters)
|
Cu
(%)
|
Gold
(g/t)
|
CuEq
(%)
|
Depth
(meters)
|
CDD935
|
2.00
|
32.80
|
30.80
|
0.15
|
0.34
|
0.44
|
449.1
|
38.80
|
76.10
|
37.30
|
0.14
|
0.27
|
0.38
|
84.10
|
89.10
|
5.00
|
0.16
|
0.41
|
0.51
|
103.10
|
211.70
|
108.60
|
0.26
|
0.70
|
0.86
|
(including)
|
146.30
|
154.90
|
8.60
|
0.39
|
0.95
|
1.19
|
(including)
|
161.00
|
184.60
|
23.60
|
0.42
|
1.10
|
1.40
|
(including)
|
199.00
|
204.30
|
5.30
|
0.39
|
1.13
|
1.36
|
|
224.7
|
230.6
|
5.9
|
0.11
|
0.22
|
0.30
|
CDD940
|
9.5
|
17.2
|
7.7
|
0.13
|
0.11
|
0.22
|
470.4
|
105.40
|
127.10
|
21.70
|
0.10
|
0.28
|
0.34
|
152.30
|
157.30
|
5.00
|
0.11
|
0.16
|
0.24
|
168.30
|
188.30
|
20.00
|
0.12
|
0.18
|
0.27
|
233.60
|
260.00
|
26.40
|
0.10
|
0.54
|
0.56
|
271.20
|
352.70
|
81.50
|
0.16
|
0.64
|
0.71
|
(including)
|
274.20
|
285.00
|
10.80
|
0.18
|
1.30
|
1.29
|
(including)
|
308.50
|
314.20
|
5.70
|
0.27
|
1.18
|
1.28
|
(including)
|
327.60
|
336.60
|
9.00
|
0.16
|
1.34
|
1.30
|
|
359.70
|
434.40
|
74.7
|
0.13
|
0.25
|
0.34
|
451.90
|
458.90
|
7.00
|
0.14
|
0.19
|
0.30
|
CDD947
|
107.30
|
143.40
|
36.10
|
0.11
|
0.12
|
0.21
|
434.3
|
156.90
|
206.50
|
49.60
|
0.23
|
1.06
|
1.14
|
(including)
|
162.30
|
172.30
|
10.00
|
0.27
|
0.92
|
1.06
|
(including)
|
181.00
|
187.70
|
6.70
|
0.10
|
1.41
|
1.29
|
(including)
|
194.70
|
204.50
|
9.80
|
0.52
|
2.70
|
2.82
|
|
213.50
|
228.30
|
14.80
|
0.10
|
0.90
|
0.87
|
237.80
|
256.20
|
18.40
|
0.10
|
1.28
|
1.20
|
262.80
|
271.80
|
9.00
|
0.17
|
0.14
|
0.30
|
279.80
|
290.00
|
10.20
|
0.23
|
0.14
|
0.35
|
303.30
|
431.00
|
127.70
|
0.16
|
0.16
|
0.30
|
CDD955
|
9.50
|
28.50
|
19.00
|
0.14
|
0.22
|
0.33
|
528.7
|
37.00
|
278.50
|
241.50
|
0.25
|
0.58
|
0.74
|
(including)
|
96.20
|
128.20
|
32.00
|
0.46
|
1.54
|
1.77
|
(including)
|
136.20
|
153.60
|
17.40
|
0.54
|
1.62
|
1.92
|
|
287.50
|
453.70
|
166.20
|
0.17
|
0.28
|
0.42
|
467.80
|
507.00
|
39.20
|
0.10
|
0.19
|
0.26
|
520.00
|
528.70
|
8.70
|
0.10
|
0.25
|
0.31
|
_________________________________
|
3 Copper equivalent calculated as
CuEq = [Cu ppm + ((Au ppm*Au price(g) / Cu price(g)) /10000)].
Based upon metal prices of $1,750/oz gold and $3.00/pound copper
with recovery assumed to be 100% as no metallurgical test data is
available. CuEq will change proportionally to the metal's relative
recoveries once metallurgical test work is complete. Intervals
reported are sections with more than 0.2%CuEq (and a minimum
0.1%Cu) and less than of 5 meters contiguous dilution.
|
Sampling and Analytical Procedures
The C2 drilling program started in 2020. Diamond drill
core is sampled as half core at 1m
intervals or geological contacts. Sampling interval varies between
0.6 meters and 2 meters with an average of 1.02 meters length. The
samples were submitted to ALS Global laboratories in Izmir,
Turkey for sample preparation and
analysis which is of an ISO/IEC 7025:2005 certified and accredited
laboratory. Bureau Veritas (Acme) laboratory, Ankara was used for umpire check sample
analysis. Gold was analyzed by fire assay with an AAS finish, and
the multi-element analyses were determined by four acid digestion
and ICP-AES and MS finish. For gold assays greater than or equal to
10 g/t, the fire assay process is repeated with a gravimetric
finish for coarse gold. If copper assays are greater than or equal
to 10,000ppm, four acid digestion and ICP finish (Cu-OG62) is
implemented. The drill and geochemical samples were collected in
accordance with accepted industry standards. SSR Mining conducts
routine QA/QC analysis on all assay results, including the
systematic utilization of certified reference materials, blanks,
field duplicates, and umpire laboratory check assays. External
review of data and processes relating to C2 have been completed by
independent consultant Dr. Erdem Yetkin, P.Geo. in November 2020. There were no adverse material
results detected and the QA/QC indicates the information collected
is acceptable, and the database can be used for further
studies.
No metallurgical work has been completed to date on C2
samples. The process of compositing samples for the initial
metallurgical test work program has begun.
Qualified Persons
The exploration results disclosed in this document were
prepared under the supervision and approved by Dr. Cengiz Y. Demirci, AIPG Registered Member and a
CPG (Certified Professional Geologist), and VP Exploration at SSR
Mining. Dr. Demirci has sufficient experience that is relevant to
the style of mineralization and type of deposit under consideration
and is a qualified person pursuant to National Instrument 43-101
("NI 43-101").
The information in this document which relates to C2
exploration results is based on, and fairly represents, information
and supporting documentation prepared by Dr. Mesut Soylu, P.Geo., Eurgeol, who is a Chief
Geologist at SSR Mining. Dr. Soylu has sufficient experience which
is relevant to the style of mineralization and type of deposit
under consideration and is a qualified person pursuant to NI
43-101. Dr. Soylu consents to the inclusion in this document of the
matters based on this information in the form and context in which
it appears.
External review of data and processes relating to the C2
target was completed in November 2020
by independent consultant Dr. Erdem Yetkin, P.Geo. a qualified
person as defined by NI 43-101. There were no adverse material
results detected and Dr. Yetkin is of the opinion that the QA/QC
indicates the information collected is acceptable, and the database
can be used for announcing the exploration results.
About SSR Mining
SSR Mining Inc. is a leading, free cash flow focused
intermediate gold company with four producing assets located in the
USA, Turkey, Canada, and Argentina, combined with a global pipeline of
high-quality development and exploration assets in the USA, Turkey,
Mexico, Peru, and Canada. In 2019, the four operating assets
produced over 720,000 ounces of gold and 7.7 million ounces of
silver.
SSR Mining's diversified asset portfolio is comprised of
high margin, long-life assets along several of the world's most
prolific precious metal districts including the Çöpler mine along
the Tethyan belt in Turkey; the
Marigold mine along the Battle
Mountain-Eureka trend in
Nevada, USA; the Seabee mine along
the Trans-Hudson Corridor in Saskatchewan, Canada; and the Puna mine
along the Bolivian silver belt in Jujuy, Argentina. SSR Mining has an experienced
leadership team with a proven track record of value creation.
Across SSR Mining, the team has expertise in project construction,
mining (open pit and underground), and processing (pressure
oxidation, heap leach, and flotation), with a strong commitment to
health, safety and environmental management.
SSR Mining intends to leverage its strong balance sheet
and proven track record of free cash flow generation as foundations
to organically fund growth across the portfolio and to facilitate
superior returns to shareholders.
SSR Mining is listed under the ticker symbol SSRM on the
NASDAQ and the TSX, and SSR on the ASX.
SSR Mining Contacts
F. Edward Farid, Executive
Vice President, Chief Corporate Development
Officer
Michael McDonald, Director,
Corporate Development & Investor
Relations
SSR Mining
Inc.
E-Mail: invest@ssrmining.com
Phone:
+1 (888) 338-0046 or +1 (604) 689-3846
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Cautionary Note Regarding Forward-Looking
Statements
This news release contains forward-looking information
within the meaning of Canadian securities laws and forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
statements"). All statements, other than statements of historical
fact, are forward-looking statements.
Generally, forward-looking statements can be identified
by the use of words or phrases such as "expects," "anticipates,"
"plans," "projects," "estimates," "assumes," "intends," "strategy,"
"objectives," "potential," "believes," or variations thereof, or
stating that certain actions, events or results "may," "could,"
"would," "might" or "will" be taken, occur or be achieved, or the
negative of any of these terms or similar expressions. The
forward-looking statements in this news release relate to, among
other things: preliminary cost reporting in this document;
production, cost, and capital expenditure guidance; the ability to
expand the current heap leach pad; development plans for processing
sulfide ore at Çöpler; the results of any gold reconciliations; the
ability to discover additional oxide gold ore; the generation of
free cash flow and payment of dividends; matters relating to
proposed exploration; communications with local stakeholders;
maintaining community and government relations; negotiations of
joint ventures; negotiation and completion of transactions;
commodity prices; mineral resources, mineral reserves, realization
of mineral reserves, and the existence or realization of mineral
resource estimates; the development approach; the timing and amount
of future production; the timing of studies, announcements, and
analysis; the timing of construction and development of proposed
mines and process facilities; capital and operating expenditures;
economic conditions; the outbreak of pandemics, epidemics or other
health crises (including, without limitation, the COVID-19
pandemic); availability of sufficient financing; exploration plans;
receipt of regulatory approvals; and any and all other timing,
exploration, development, operational, financial, budgetary,
economic, legal, social, environmental, regulatory, and political
matters that may influence or be influenced by future events or
conditions.
Such forward-looking information and statements are
based on a number of material factors and assumptions, including,
but not limited to, those disclosed in any other of SSR Mining's
filings, the inherent speculative nature of exploration results;
the ability to explore; communications with local stakeholders;
maintaining community and governmental relations; status of
negotiations of joint ventures; weather conditions at our
operations; commodity prices; the ultimate determination of and
realization of mineral reserves; existence or realization of
mineral resources; the development approach; availability and
receipt of required approvals, titles, licenses and permits;
sufficient working capital to develop and operate the mines and
implement development plans; access to adequate services and
supplies; foreign currency exchange rates; interest rates; access
to capital markets and associated cost of funds; availability of a
qualified work force; ability to negotiate, finalize, and execute
relevant agreements; lack of social opposition to the mines or
facilities; lack of legal challenges with respect to our property;
the timing and amount of future production; the ability to meet
production, cost, and capital expenditure targets; timing and
ability to produce studies and analyses; capital and operating
expenditures; economic conditions; availability of sufficient
financing; the ultimate ability to mine, process, and sell mineral
products on economically favorable terms; and any and all
other timing, exploration, development, operational, financial,
budgetary, economic, legal, social, geopolitical, regulatory and
political factors that may influence future events or conditions.
While we consider these factors and assumptions to be reasonable
based on information currently available to us, they may prove to
be incorrect.
You should not place undue reliance on forward-looking
information and statements. Forward-looking information and
statements are only predictions based on our current expectations
and our projections about future events. Actual results may vary
from such forward-looking information for a variety of reasons
including, but not limited to, risks and uncertainties disclosed in
SSR Mining's filings on SSR our website at www.ssrmining.com, on
SEDAR at
www.sedar.com, the EDGAR
section of the SEC website at www.sec.gov. and on the ASX at
www.asx.com.au, and other unforeseen events or circumstances. Other
than as required by law, SSR Mining does not intend, and undertakes
no obligation to update any forward-looking information to reflect,
among other things, new information or future
events.
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