Turmalina Metals Corp. (“
Turmalina”, or the
“
Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to
announce the identification of multiple priority drill targets
within its large 345 sq km land package located in San Juan,
Argentina.
While drilling to date has focussed on
tourmaline breccia pipes, which have returned multiple high-grade
results, the Company has also been conducting an extensive regional
field program following the expansion of the project in 2021. This
expansion consolidated the Company’s holdings in the belt,
following a lengthy land assembly process during which the Company
finalized several agreements for regional acquisitions adjacent to
the San Francisco project. The new acquisitions increased the
company's holdings along the mineral belt from 3,404 hectares (ha)
to 34,651 ha, an increase of 1,018 per cent. The new holdings cover
numerous prospects, mineralized breccia clusters and former
small-scale mines.
An agreement with government organization
Instituto Provincial de Exploraciones y Explotaciones Mineras de la
Provincia de San Juan, Argentina (IPEEM), provides Turmalina,
through its operating company in Argentina, Aurora Mining SA
(AMSA), with exploration rights to an 11,038-hectare area
immediately to the north of the existing project area. This area,
the ‘IPEEM joint venture (JV)’ includes several undrilled clusters
of tourmaline breccia pipes and epithermal vein systems that have
supported previous small-scale mining. Work completed includes
7,145 soil samples, covering approximately 80% of the ground
comprising the IPEEM JV. These samples have been analyzed with a
portable XRF equipment, and field follow up in areas with anomalous
copper and arsenic have identified a number of new targets,
discussed below.
Turmalina also has an option to purchase
agreement for two tenements totalling 15,576 ha from a private
company, Miranda SA. These tenements are located to the east and
northeast of the existing project area and include several breccia,
intrusion-hosted and quartz tourmaline vein occurrences.
Preliminary rock chip sampling has returned values up to 2 g/t Au,
411 g/t Ag and 5 % Cu from quartz-tourmaline veins.
Turmalina has also acquired several areas
totalling 4,628 ha in the belt through a staking process. This new
ground contains several tourmaline breccia and vein occurrences
that previously supported small-scale mining work. Preliminary rock
chip sampling has returned values up to 9.2 g/t Au and 1.6 % Cu
from veins within altered sediments and granodiorite.
As widely reported during the past several
months, San Juan has been the focus of significantly increasing
investment in mining, development and exploration activity
including on properties in close proximity to the Turmalina land
package.
Drilling by the Company at the SFdLA Project has
confirmed a significant high-grade tourmaline copper-gold-silver
breccia pipe, while regional work has developed multiple targets
with a multitude of mineralizing styles, not surprising given the
robust geological setting. Detailed mapping and sampling is
currently underway at high-priority drill targets, including
several recently discovered intrusion-related gold systems:
-
Ethan: an 80 m wide tourmaline breccia pipe with
widespread copper oxides that has returned rock chip values of up
to 5.2 % Cu, 3.3 g.t Au & 23 g/t Ag: similar or better size,
grades and geology as at the surface of the SFdLA breccia
pipe.
-
Amarilla: a 900m long quartz vein system, up to 6
meters thick, composed of saccharoidal quartz and secondary Pb
carbonates that has returned rock chip results up to 3.5 g/t Au,
565 g/t Ag and 30 % Pb. Amarilla is similar to several economic
vein systems that have been mined along the regional belt.
-
Irma: an intrusion-related Au-Ag-Cu system exposed
over a 550m strike length, with sheeted horizontal quartz veins
that returned assays of 1 to 6 g/t Au, 150 to 524 g/t Ag and 0.5 to
4.5 % Cu (maximum 17.3 % Cu).
- Tres
Mago South: an intrusion-related Au-Ag system with a 100m
wide zone of horizontal sheeted quartz veins hosted in
sericite-altered granodiorite. Initial assays have returned assays
of 3 to 8 g/t Au, up to 367 g/t Ag and up to 17 % Pb.
-
Miranda: a quartz tourmaline vein system,
including a vein 1.5km long and up to 8 meters thick. Preliminary
sampling has returned values up to 2 g/t Au, 411 g/t Ag and 5 %
Cu.
The Company looks forward to keeping the market
informed on exploration at these new targets over the coming
months.
Other Projects
Chanape
Field work at the company’s Chanape copper-gold
project in Peru has identified over 50 tourmaline breccias with at
least six returning Cu-Au-Ag grades similar or better than grades
at SFdLA (i.e. rock chips up to 14.4 g/t Au and 89 g/t Ag in
oxidised samples). Limited drilling of several breccias by previous
owners in 2008 intersected broad zones of high-grade Cu-Au-Ag
breccia that have not been followed up including 71m at 1.99 % Cu,
0.84 g/t Au & 43 g/t Ag and 55m @ 2.3 % Cu, 0.58 g/t Au &
42 g/t Ag. Drilling of adjacent porphyry or intrusion-hosted
systems intersected wide zones of moderate copper mineralisation
typical of primary (‘hypogene’) porphyry mineralization in Peru
(i.e. 284m @ 0.38% Cu and 282 ppm Mo) with the potential for
overlying high-grade supergene enrichment zones. The company is
awaiting final permits to drill at Chanape.
On Behalf of the Company,
Dr. Rohan Wolfe, Chief Executive Officer and Director
Website: turmalinametals.com
Address: #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 flagship 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 PQ, HQ or NQ 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. Protocols related to COVID-19, and the
effects of the pandemic on service providers located throughout
South America, may lead to delays in the future reporting of
results.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4c1ece7e-66f8-47bf-a7ed-7e71f359814e
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