Turmalina Metals Corp. (“
Turmalina”, or the
“
Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to
announce that Company’s Peruvian subsidiary Aurora Copper Perú
S.A.C. has received its Ficha Técnica Ambiental (‘FTA’) permit for
the Chanape Project (“
Chanape” or the
“Project”), located in Lima Province, Peru. The
FTA permit provides approval for drilling and is granted by Peru’s
Ministry of Energy and Mines. Together with a recent agreement with
the local community of Checa, the granting of the FTA is a major
milestone for any exploration project in Peru.
Preparations for drilling at the Project are
well underway, with drill pads already planned and final quotations
received for camp facilities. Drilling contractors have visited
site with the final drilling contractor to be selected in the next
few weeks. The Company has applied for a water permit, which is the
final permit required prior for drilling, that is expected to be
granted in June.
The Chanape project contains several strongly
mineralised tourmaline breccia pipes that are clustered around a
large copper-molybdenum mineralised intrusion. Drilling by the
previous owners of the Project intersected broad zones of
high-grade Cu-Au-Ag breccia mineralisation on the margins of the
intrusions that were not followed up. These intersections
include:
- Clint Breccia:
71m at 1.92 % Cu, 0.81 g/t Au & 41 g/t Ag
(sulphide, CHDDH013)
- Clint Breccia:
55m @ 2.25 % Cu, 0.57 g/t Au & 42 g/t Ag
(sulphide, CHDDH012)
- Breccia 8:
108m @ 1.98 g/t Au & 41 g/t Ag (Cu-leached
oxide zone, CHDDH001)
- Breccia 8:
64m @ 0.87 g/t Au and 25 g/t Ag (Cu-leached oxide
zone, CHDDH012)
- Breccia 11:
150m at 0.47 g/t Au & 4 g/t Ag (Cu-leached
oxide zone, CHDDH002)
- Breccia 11:
62m at 0.61 g/t Au & 5 g/t Ag (Cu-leached
oxide zone, CHDDH003).
High-grade mineralisation in all these breccias
remains open along strike and at depth. Two historic holes drilled
into the ~1.5 km by 0.75 km wide mineralised intrusive body (the
“Chanape Igneous Complex”) in the centre of the Chanape breccia
cluster intersected broad zones of moderate copper-molybdenum
mineralisation with grades typical of primary (‘hypogene’) porphyry
mineralisation in Peru (i.e. Chanape Porphyry: 284m @ 0.32%
Cu and 83 ppm Mo; CHDDH011). With only limited drilling
into this intrusive complex there remains strong potential for
similar mineralised intrusions.
In addition to the historic drilling the
Company’s 2021 mapping program at the Project has so far identified
over 20 tourmaline breccias, with at least six breccia pipes
returning Cu-Au-Ag grades similar or better than surface grades at
the historically drilled breccias or to those found thus far at the
Company’s high-grade San Francisco project in Argentina (i.e.
Chanape rock chips of up to 35 g/t Au and 89 g/t Ag in Cu-leached
oxidised samples). Recent channel samples (Figure 3) include:
- 39m @ 1.31 g/t
Au, 9 g/t Ag, 0.06% Cu (Breccia 11, Channel C)
- 18m @ 3.47 g/t
Au, 305 g/t Ag, 0.3% Cu, 1.3% Pb (San Antonio breccia, Channel
D)
- 25m @ 1.01 g/t
Au, 11g/t Ag, 0.04% Cu (Breccia 8, Channel A)
Dr. Rohan Wolfe, Chief Executive Officer,
states:
We are thrilled to obtain the FTA permit for the
Chanape Project and we look forward to working closely with the
supportive local community as we explore this fantastic
project.
Chanape has multiple high-grade
copper-gold-silver targets already defined and ready to drill.
Receiving the FTA permit provides a significant expansion of our
portfolio and represents a major step forward in our aim to
discover and develop several high-grade copper-gold-silver systems
in South America.
While the San Francisco breccia in Argentina is
a great discovery in a great area, we have already discovered
multiple such breccias at Chanape. Furthermore, the high-grade
breccias at Chanape are clustered around mineralised intrusions
that have the potential to host large-tonnage Cu-Mo systems. We
look forward to drilling these targets over the coming months in
what is a very exciting time for Turmalina Metals.
The company is currently reviewing drilling
options and finalising logistics at the project. A 43-101 compliant
technical report on the project is also being prepared.
Other Projects
Exploration continues at the San Francisco
project in Argentina, with field work focused on detailed sampling
of new vein, breccia and intrusion-hosted prospects. These
prospects include the Ethan breccia, the Amarilla and Miranda vein
systems and the Irma and Tres Mago South intrusion-related systems
(see press release dated April 26th 2022 for details).
COVID-19
All staff at the Companies Projects are fully
vaccinated and the Company has applied rigorous protocols to
minimize the spread of COVID-19 to our team and the community.
These protocols are developed in consultation with local government
authorities to ensure current best practise is adhered to. These
procedures include regular testing, maintaining social distancing,
improved hygiene, health screening of all staff and contractors,
longer rosters at our field camps and the quarantining for 7 days
of any staff member who tests positive for Covid 19 or 5 days of
quarantine for any close contact of someone who has tested
positive.
About the Chanape Project
The 700 ha Chanape project is located in Lima
Province, Peru, approximately 140 km by road from the capital Lima
(Figure 1). The project area contains over 20 tourmaline Cu-Au-Ag
breccia occurrences, several of which have supported small-scale
mining, along with several intrusion-related Cu-Mo systems. The
Company is focused on the detailed sampling of the breccias in the
project area, and drill testing the highest priority targets.
On Behalf of the Company,
Dr. Rohan Wolfe, Chief Executive Officer and Director.
Website: 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:
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 or Lima where they are dried, crushed and
pulverized. Following sample preparation the pulps are then sent to
the ALS laboratory in Lima for assay. The samples are then analysed
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-analysed by fire assay with a gravimetric finish
and other elements of interest are re-analysed 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.
Historical Data: Certain data disclosed in this
news release discusses historical results from exploration
activities conducted by other parties and taken from various public
sources. The Company has not undertaken any independent
investigation of the sampling, nor has it ascertained the
underlying economic assumptions relied upon by such sources or
independently analyzed the results of the historical exploration
work in order to verify the results. There is no assurance as to
the accuracy or completeness of included information. References in
this news release to third party reports and publications should
not be construed as depicting the complete findings of the entire
referenced report or publication. The Company considers this
historical data to be relevant as the Company will use this data as
a guide to plan future exploration programs. The Company also
considers the data to be reliable for these purposes, however, the
Company's future exploration work will include verification of the
data.
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 or
Peru 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.
Figure 1 – Project Location:
The Chanape Project is located ~140 km by road from Lima, the
capital of Peru. The Project is located within a
strongly-mineralised belt with several operating
mines.https://www.globenewswire.com/NewsRoom/AttachmentNg/e9903fe2-71d5-41c8-97e3-80b79d1ea70d
Figure 2 – Chanape Project
Geology. Over 20 breccias have been defined in the project
to date, with 6 of these having been drilled by the previous
owners. These breccias are clustered around a series of Cu-Mo
mineralised intrusions. Exploration is currently focused on the
centre of the project area, however reconnaissance of the southern
part of the project has already identified numerous mineralised
breccias and
veins.https://www.globenewswire.com/NewsRoom/AttachmentNg/a3b7a1e4-e7f5-4998-8d66-9ad7861ba7e0
Figure 3 – Company channel sampling and
rock chip results at two Chanape breccia pipes. Channel
sampling and detailed mapping are used to define the distribution
of mineralisation in the breccia pipes and aid drillhole planning.
Channel samples are of oxidised material that is typically depleted
in copper relative to underlying
sulphides.https://www.globenewswire.com/NewsRoom/AttachmentNg/06949aad-17e2-4f68-9937-623980cdc932
Figure 4 – View northeast over the
Chanape Project. The Project is located in moderately
steep terrain at 3400 to 4980m altitude and is accessible from the
town of San Damian (population 1200), located 24 km by unsealed
road northwest of the
project.https://www.globenewswire.com/NewsRoom/AttachmentNg/3007a563-9f75-4a2f-b75f-d854cd4ab047
Figure 5 – Typical high-grade Cu-Au-Ag
breccia from Chanape. Strongly tourmaline-chlorite altered
andesite clasts supported in a pyrite-chalcopyrite-tourmaline
matrix. CH-DDH-013, Breccia 8, 294-298m. From a 5m
interval that returned 3.20% Cu, 1.03 g/t Au & 79 g/t Ag.
Photograph is of a selected interval and is not necessarily
representative of mineralisation hosted throughout the
property.https://www.globenewswire.com/NewsRoom/AttachmentNg/389ab813-28ed-4d31-8215-b3d092247461
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