Turmalina Metals Corp. (“
Turmalina”, or the
“
Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to
announce that recent holes in our Phase Two drilling program at the
San Francisco project (“
San Francisco” or the
“Project”) have intersected broad intervals of
gold-silver-copper mineralization at the San Francisco de Los Andes
(“
SFdLA”) breccia.
Mineralization within tourmaline breccias tends
to be most strongly focused on the roof, margins and ends (‘lobes’)
of the breccia pipes (Figure 1). Drill hole SFDH-018 tested the
width of the easternmost lobe of the SFdLA breccia pipe and
intersected significant gold-silver-copper mineralization (Figure
2) that included:
- 29m @ 4.2 g/t Au, 222 g/t Ag & 1.4% Cu
(8.4 g/t AuEq) from 67m (SFDH-018)° Including 16m @
5.3 g/t Au, 231 g/t Ag & 0.99% Cu (9.2 g/t AuEq) from
71m
Drill holes SFDH-014, SFDH-015 and SFDH-020
tested the centre of the SFdLA breccia and intersected a
matrix-supported breccia typical of the core of a tourmaline
breccia pipe (Figures 3 to 5), with intercepts that include:
- 12m @ 2.0 g/t Au, 35 g/t Ag & 0.39% Cu
(2.8 g/t AuEq) from 73m (SFDH-014)° And 40m @
1.3 g/t Au, 83 g/t Ag & 0.43% Cu (2.6 g/t AuEq) from
104m
- 26m @ 1.2 g/t Au, 40 g/t Ag & 0.44% Cu
(2.2 g/t AuEq) from 75m (SFDH-015)° And 17m @
0.83 g/t Au, 12 g/t Ag & 0.42% Cu (1.4 g/t AuEq) from
136m
- 19m @ 0.8 g/t Au, 118 g/t Ag & 0.38% Cu
(2.6 g/t AuEq) from 93m (SFDH-020)° And 9m @
0.96 g/t Au, 40 g/t Ag & 0.37% Cu (1.8 g/t AuEq) from
136m° And 11m @ 0.57 g/t Au, 22 g/t Ag &
0.13% Cu (0.9 g/t AuEq) from 174m° And
1.2m @ 6.44 g/t Au, 17 g/t Ag & 0.32% Cu (7.0
g/t AuEq) from 200m
Three recently completed drill holes tested the
westernmost lobe of the SFdLA breccia pipe, and samples from these
holes have been dispatched for analysis. Further intersections are
reported in Table 1: Intersections are not true widths and further
drilling and geological modelling of the mineralised zones is
required to make a determination of the true widths of the drill
hole intersections. Drill hole coordinates are shown in Table
2.
Dr. Rohan Wolfe, Chief Executive Officer,
states:
“It’s most
encouraging to see the SFdLA breccia pipe widen and develop the
classic tourmaline breccia geometry – just as expected by our
geological model. High-grade mineralization is focused in
well-defined lobes located at the margins of the breccia pipe and
remain open at depth and laterally: these lobes are now the target
of our ongoing drilling program, and we look forward to keeping the
market informed as we continue to drill and explore this remarkable
system.”
To date 17 Phase 2 holes have been completed for
a total of 4855m. Eleven of these holes test the SFdLA breccia pipe
while six holes test three breccia targets identified during the
summer field program. The assays for the first three Phase 2 holes
were reported on August 28th, six holes are reported in this
release, samples from a further four holes have been dispatched for
assay, and drill core from the remaining holes are currently being
logged and sampled prior to dispatch for assay.
In addition to the above holes at the SFdLA
breccia pipe the Company has received assay results for two holes
drilled at the Humilde breccia pipe, located 2 km to the northwest
of SFdLA. Drill holes SFDH-017 and SFDH-019 intersected strongly
sericite-altered and pyrite-rich tourmaline breccia (Figure 6) with
elevated gold, silver and copper (i.e. 1m @ 1.3 g/t Au, 6.8 g/t Ag
and 0.17 % Cu from 47m; SFDH-019) but no economic intersections.
Alteration at Humilde is similar to alteration zones found above
and adjacent to mineralised breccias pipes and the drilling results
are being reviewed by our technical staff in order to incorporate
these findings into our geological model. Regional drilling is now
focused on the Colorada, Solita and Chorrillos breccias (Figure
7).
About the San Francisco
Project
The 3404 ha San Francisco project is located in
San Juan, Argentina. The project area contains over 60 tourmaline
breccia occurrences, several of which have supported small-scale
mining. The Company is focused on mapping and sampling the breccias
in the project area, and drill testing the highest priority
targets.
To minimize the risk of COVID-19 transmission to
our team and the community, the Company has applied rigorous
protocols throughout the program. These protocols have been
approved by the authorities of the province of San Juan, and both
Turmalina Metals and local subsidiary Aurora Mining maintain close
contact with the local authorities in order to comply with all
regulations. These procedures include social distancing, improved
hygiene, health screening of all staff and contractors, longer
rosters at our remote field camp and an onsite medical professional
to monitor health and ensure procedures are followed.
Other
Projects
Turmalina has entered into agreements to explore
two projects located in Peru: the Chanape copper-gold project
located in Lima District (the ‘Chanape Project’)
and the Turmalina copper-gold molybdenum project located in Piura
District (the ‘Turmalina Project’). Both projects
contain clusters of mineralized tourmaline breccias and are
undergoing permitting or social consultation prior to the
commencement of exploration.
Update to Share
Structure
Following the exercise of approximately 2.4
million warrants Turmalina currently has 65,799,518 shares issued,
with 4,577,925 warrants at 90 cents, 884,434 agent warrants at 70
cents, 5,845,000 incentive stock options at 50 cents for a total
fully diluted of 77,086,877 shares. The Company current holds ~CAD$
11.5 million in cash with no debt.
Hole ID |
From |
To |
Interval |
Au g/t |
Ag g/t |
Cu % |
Pb % |
Zn % |
AuEq g/t |
SFDH-014 |
73 |
85 |
12 |
2.00 |
35 |
0.39 |
0.07 |
0.06 |
2.85 |
SFDH-014 |
89 |
95 |
6 |
0.78 |
54 |
0.17 |
0.50 |
0.14 |
1.61 |
SFDH-014 |
104 |
144.8 |
40.8 |
1.28 |
84 |
0.33 |
0.58 |
0.80 |
2.65 |
SFDH-015 |
75 |
101 |
26 |
1.20 |
40 |
0.44 |
0.62 |
0.72 |
2.17 |
SFDH-015 |
130 |
133 |
3 |
0.99 |
18 |
0.36 |
0.13 |
0.05 |
1.61 |
SFDH-015 |
136 |
153 |
17 |
0.83 |
12 |
0.42 |
0.15 |
0.25 |
1.43 |
SFDH-015 |
156 |
159 |
3 |
0.77 |
5 |
0.08 |
0.07 |
0.01 |
0.91 |
SFDH-015 |
173 |
176 |
3 |
1.02 |
11 |
0.14 |
0.73 |
0.94 |
1.31 |
SFDH-018 |
67 |
96 |
29 |
4.21 |
223 |
1.42 |
0.41 |
0.11 |
8.44 |
SFDH-018 |
71 |
87 |
16 |
5.30 |
232 |
0.99 |
0.47 |
0.08 |
9.18 |
SFDH-019 |
47 |
48 |
1 |
1.30 |
7 |
0.17 |
0.03 |
0.00 |
1.56 |
SFDH-020 |
93 |
112 |
19 |
0.81 |
118 |
0.38 |
0.77 |
0.25 |
2.65 |
SFDH-020 |
121 |
130 |
9 |
0.58 |
30 |
0.48 |
0.23 |
0.16 |
1.46 |
SFDH-020 |
136 |
145 |
9 |
0.96 |
41 |
0.37 |
0.84 |
0.28 |
1.85 |
SFDH-020 |
174 |
185 |
11 |
0.57 |
22 |
0.13 |
0.23 |
0.10 |
0.98 |
SFDH-020 |
200 |
201.2 |
1.2 |
6.44 |
18 |
0.32 |
0.07 |
0.06 |
7.01 |
Table 1: Phase 2 drill hole
intersections at the San Francisco de Los Andes breccia
pipe. Equivalent gold values (AuEq) are calculated
assuming 100% recovery using USD$ 1900/t oz Au, $23/t oz Ag and
$2.9/lb Cu.
On Behalf of the Company,
Dr. Rohan Wolfe, Chief Executive Officer and
Director.
Email: rohan@turmalinametals.comMobile: +976
9999 6994Website: turmalinametals.comAddress: #488 - 1090 West
Georgia St, Vancouver, BC V6E 3V7.
For Investor Relations enquiries, please contact
Bryan Slusarchuk at +1 833 923 3334 (toll free) or via
info@turmalinametals.com.
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 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-silver discoveries who are highly experienced in this
deposit style. Our projects are characterised by open high-grade
mineralization 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.
Sampling and Analytic
procedure: Turmalina Metals follows systematic sampling
and analytical protocols which exceed industry standards and are
summarized below.
All drill holes are HQ diameter diamond core
holes. Drill core is collected at the drill site and transported by
vehicle to the Turmalina core logging facility in Villa Nueva,
where recovery and RQD (Rock Quality Designation) measurements are
taken before the core is photographed and geologically logged. The
core is then cut in half with a diamond saw blade with half the
sample retained in the core box for future reference and the other
half placed into a pre-labelled plastic bag, sealed with a plastic
zip tie, and identified with a unique sample number. The core is
typically sampled over a 1 to 2 meter sample interval unless the
geologist determines the presence of an important geological
contact. The bagged samples are then stored in a secure area
pending shipment to the ALS sample preparation facility in Mendoza
where they are dried, crushed and pulverized. Following sample
preparation the prepared pulps are then sent to the ALS laboratory
in Lima for assay. The samples are then analyzed using a 50g aqua
regia digest and fire assay-AA finish analysis for gold and four
acid digestion with ICP-MS analysis for 53 other elements. Samples
with results that exceed maximum detection values for gold are
re-analyzed by fire assay with a gravimetric finish and other
elements of interest are re-analyzed using precise ore-grade ICP
analytical techniques. Turmalina Metals independently inserts
certified control standards, coarse field blanks, and duplicates
into the sample stream to monitor data quality. These standards are
inserted “blindly” to the laboratory in the sample sequence prior
to departure from the Turmalina Metals core storage facilities.
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.
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.
There is no assurance when the
government-imposed measures related to COVID-19 in Argentina will
be lifted. There is uncertainty over the form and duration of
government measures and multiple policy changes may occur with
regards to these measures over time. The Company may not provide
updates on various government measures and changes to these
measures as they occur.
Figure 1: Schematic model of
mineralization within a typical tourmaline breccia pipe (adapted
from Kirwin, 2019) is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/60d5e329-e92d-4df0-aef2-8f25353a34d7.
Tourmaline breccia pipes can extend over 2 or 3 km in depth.
Mineralization within a breccia pipe is typically uniform
throughout the top of the breccias (the ‘roof’) while at greater
depths the breccia pipe widens with higher-grade mineralization
becoming focused along the margins and ends (‘lobes’) in
intrusion-related breccia pipes. The drill holes at SFdLA are
interpreted to have intersected the roof and lobes of the breccia
pipe, while recent holes SFDH-014, SFDH-015 and SFDH-020 are
interpreted to have intersected the top of the breccia ‘core’
zone.
Figure 2: Typical high-grade breccia
mineralization at SFdLA is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ff0fef63-bbc2-42ff-8942-1a81543b8d52.
Tourmaline-sericite-chlorite altered siltstone clasts set in a
chalcopyrite-pyrite matrix. SFDH-018, 71m. From a 1m sample that
averaged 9.6 g/t gold, 424 g/t silver and 2.6% copper. Photograph
is of a selected interval and is not necessarily representative of
mineralization hosted throughout the property.
Figure 3: Typical breccia mineralization
at SFdLA is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ea909d27-e1fb-4cd0-ad5a-757c9f004630.
Angular tourmaline-altered clasts of siltstone supported in a
pyrite-quartz-tourmaline matrix. SFDH-014, 75 m; from a 1 m
interval that averaged 4.9 g/t gold, 127 g/t silver & 0.22 %
copper. Photograph is of a selected interval and is not necessarily
representative of mineralization hosted throughout the
property.
Figure 4: Typical sulphide-rich breccia
mineralization at SFdLA is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/568a88b6-f104-4265-a408-f23adb275ed8.
Angular silica-tourmaline altered siltstone clasts supported in a
pyrite-chalcopyrite matrix. SFDH-015, 136m. From a 1m sample that
averaged 1.5 g/t gold, 51 g/t silver and 2.6% copper. Photograph is
of a selected interval and is not necessarily representative of
mineralization hosted throughout the property.
Figure 5: Typical central breccia
mineralization at SFdLA is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4471a415-872a-442b-89a2-1731045af149.
Sericite-tourmaline altered siltstone clasts supported in a
quartz-tourmaline-pyrite-chalcopyrite matrix. SFDH-020, 200m. From
a 1m sample that averaged 6.4 g/t gold, 18 g/t silver and 0.32%
copper. Photograph is of a selected interval and is not necessarily
representative of mineralization hosted throughout the
property.
Figure 6: Typical sulphide-rich breccia
at Humilde is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3bd04c77-dfaf-4b9a-94a8-2ac87c6e5840.
Sericite-chlorite altered siltstone clasts set in a
pyrite-tourmaline matrix. SFDH-019, 359m. From a 1m sample that
averaged 0.01 g/t Au, 0.2 g/t silver and 15 ppm copper. Photograph
is of a selected interval and is not necessarily representative of
mineralization hosted throughout the property.
Figure 7: San Francisco tenements with
main breccias and locations of Phase 2 drill holes is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d24ed985-44a6-411e-817f-b974a159576a.
To date over 60 tourmaline breccias have been mapped in the project
area. Phase 2 drilling tests the San Francisco de Los Andes
(SFdLA), Chorrillos, Humilde, Solita and Colorada breccias.
Drilling at SFdLA has focused on the south-east corner of a
composite breccia body, with the north-west extension tested as a
part of Phase 2 drilling.
Figure 8: Plan map of Turmalina drill
holes at the SFdLA breccia pipe is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/09ea5155-2888-4ba2-9303-a3d91cc36e3e.
The breccia remains open at depth and to the north and west.
Figure 9: SFDH-014 cross section at the
SFdLA breccia pipe is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/93950b73-1047-4fab-91b9-f80258bfc29f.
Hole SFDH-014 tested the SFdLA breccia along strike from higher
grades intersected in SFDH-004 and SFDH011 (i.e. 83m @ 4.4 g/t Au,
82 g/t Ag & 0.43% Cu (5.9 g/t AuEq); see Turmalina news release
dated August 28th 2020 for full details).
Figure 10: SFDH-015 cross
section is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c739d1ed-3d24-4373-99e7-5457ccaec390.
SFDH-015 tests the centre of the SFdLA breccia pipe beneath
SFDH-007 (27.5m @ 3.0 g/t Au, 124 g/t Ag and 0.37% Cu (4.8 g/t
AuEq); see Turmalina news release dated December 2nd 2019 for full
details).
Figure 11: SFDH-018 cross
section is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b3a5f5d6-2ba2-4588-8075-9e693cbfafd9.
SFDH-018 tests the easternmost lobe of the SFdLA breccia pipe, 70m
below higher grades intersected in SFDH-003 and SFDH-012 (i.e. 109m
@ 4.9 g/t Au, 109 g/t Ag & 1.1% Cu (7.5 g/t AuEq; see Turmalina
news release dated August 28th for full details).
Figure 12: SFDH-020 cross
section is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/2a9e6bfd-7f6f-4ba0-be44-0f63a5bedac3.
SFDH-020 tests the centre of the SFdLA breccia pipe, as a ‘scissor’
hole to SFDH-015.
Drill hole |
East |
North |
Elevation |
Azimuth |
Dip |
Length (m) |
Prospect |
SFDH-014 |
442514 |
6588442 |
2748 |
20 |
-70 |
166.5 |
SFdLA |
SFDH-015 |
442474 |
6588451 |
2764 |
20 |
-65 |
223.5 |
SFdLA |
SFDH-017 |
440917 |
6590441 |
2973 |
175 |
55 |
345 |
Humilde |
SFDH-018 |
442547 |
6588428 |
2740 |
345 |
-60 |
151 |
SFdLA |
SFDH-019 |
440843 |
6590357 |
2964 |
90 |
-60 |
437 |
Humilde |
SFDH-020 |
442494 |
6588538 |
2779 |
165 |
-70 |
279 |
SFdLA |
Table 2: Turmalina Metals Phase 2 drill
hole locations reported in this release. Co-ordinate
projection - WGS84 UTM Zone 19 South.
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