Turmalina Metals Corp. (“
Turmalina”, or the
“
Company”; TBX-TSXV, TBXXF-OTCQX, 3RI-FSE) is
pleased to report additional drilling results at the Chanape
project (“
Chanape” or the
“Project”), located 87km east of Lima, Peru.
Drilling has continued to intersect extensive gold-silver
mineralisation in the first breccias tested by the Company. This
release summarizes the second batch of results from the program
covering 4 holes and 704.8 m of drilling. See press release of 15th
November for the results of the initial 4 holes (1003.7m).
Selected intercepts from this second batch of results
includes:
Breccia Clint:
- 48.05m @ 1.67 % Cu, 0.9 g/t Au & 178 g/t
Ag (3.8% CuEq); CHT-DDH-041 from 165.7m.
- Including 2.2m @ 10.8 % Cu, 0.7 g/t Au & 3,349 g/t
Ag (40% CuEq) from 165.7m.
- Including 20.4m @ 2.2 % Cu, 1.0 g/t Au & 47 g/t
Ag (3.3% CuEq) from 192.19m.
- 14.39m @ 2.2 % Cu, 0.98 g/t Au & 56 g/t Ag
(3.3% CuEq); CHT-DDH-041 from 222.27m.
Veta Colorada:
- 1.8m @
2.35 g/t Au, 11 g/t Ag & 0.18 % Cu (2.7 g/t EqAu);
CHT-DDH-040 from 77.67m
The Chanape project is characterised by multiple
tourmaline gold-silver-copper (Au-Ag-Cu) breccia pipes, with over
fifty identified to date. Initial results for Breccia 8, Breccias
10 & 11 and the San Antonio Breccia were reported on 15th
November. Results are now available for hole CHT-DDH-041, at
Breccia Clint, and holes CHT-DDH-038, 039 and 040, at Veta
Colorada.
Drill hole CHT-DDH-041 tested the extent of
shallow Au-Ag-Cu mineralisation at the Breccia Clint tourmaline
breccia, which does not outcrop, and confirmed gold, silver and
copper mineralisation, including zones with very high silver and
copper grades. Drill holes CHT-DDH-038, CHT-DDH-039 and CHT-DDH-040
tested the Colorada quartz vein at depths of 40 to 70m below
high-grade gold observed on surface and confirmed the continuity of
the vein at depth (Figures 1 to 4).
The Au-Ag-Cu results continue to indicate strong
potential for high-grade copper-gold-silver mineralization at the
Chanape cluster of breccias. The current drill program has been
completed with a total of 2257.7m, with results pending for the
last two holes. Drilling will be resumed after the raining season,
which lasts from December to the end of March.
Mr James Rogers, Chief Executive Officer,
states:
“Having multiple breccias in the cluster at
Chanape returning high grade results is critical for the Turmalina
team in advancing this project. This phase of drilling has returned
excellent results so far, including some spectacular copper and
silver assays, and we are looking forward to receiving results from
the final holes of this program.”
Tourmaline breccias typically display strong
vertical zonation, with Au-Ag in the narrow top (the ‘roof’) of the
breccia pipe underlain by deeper and broader high-grade Cu-Au
mineralisation. This is seen in historic drilling at Chanape, where
shallow Au-Ag bearing breccias such as Breccia 8 (i.e. 64m @ 0.87
g/t Au & 25 g/t Ag from 0m; CHDDH012) are found 200m above
deeper Cu-Au breccias such as Clint (i.e. 71m @ 1.92 % Cu, 0.81 g/t
Au & 41 g/t Ag from 232m; CHDDH013
Table 1 Phase 1 drill hole intersections at the Chanape
Project.
Hole ID |
|
From(m) |
To(m) |
Interval(m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Pb (%) |
Zn (%) |
AuEq (g/t) |
CuEq (%) |
CHT-DDH-038 |
composite |
61.8 |
62.82 |
1.02 |
2.42 |
6 |
0.13 |
0.02 |
0.01 |
2.69 |
1.79 |
CHT-DDH-038 |
including |
62.3 |
62.82 |
0.52 |
4.03 |
9 |
0.20 |
0.02 |
0.01 |
4.45 |
2.95 |
CHT-DDH-039 |
composite |
74.9 |
76.6 |
1.70 |
2.27 |
8 |
0.18 |
0.03 |
0.06 |
2.65 |
1.75 |
CHT-DDH-039 |
including |
75.8 |
76.6 |
0.80 |
4.11 |
10 |
0.20 |
0.06 |
0.08 |
4.54 |
3.01 |
CHT-DDH-040 |
composite |
69.9 |
70.6 |
0.78 |
1.69 |
3 |
0.08 |
0.03 |
0.00 |
1.85 |
1.23 |
CHT-DDH-040 |
composite |
77.67 |
79.47 |
1.80 |
2.35 |
11 |
0.18 |
0.05 |
0.02 |
2.76 |
1.83 |
CHT-DDH-040 |
including |
77.7 |
78.44 |
0.77 |
4.87 |
19 |
0.33 |
0.09 |
0.02 |
5.61 |
3.72 |
CHT-DDH-041 |
composite |
165.7 |
213.75 |
48.05 |
0.90 |
178 |
1.67 |
0.05 |
0.20 |
5.73 |
3.80 |
CHT-DDH-041 |
including |
165.7 |
167.9 |
2.20 |
0.70 |
3349 |
10.82 |
0.18 |
0.28 |
60.5 |
40.1 |
CHT-DDH-041 |
including |
192.19 |
212.6 |
20.41 |
1.01 |
47 |
2.23 |
0.04 |
0.12 |
4.98 |
3.31 |
CHT-DDH-041 |
composite |
222.27 |
236.66 |
14.39 |
0.98 |
56 |
2.17 |
0.05 |
0.09 |
4.98 |
3.30 |
*Intersections are not true widths and
additional drilling and geological modelling of the mineralised
zones in the breccia pipes is required to determine the true widths
of the drill hole intersections. Intersections are selected based
on a 0.5 g/t Au or 0.3% Cu cut-off grade, a minimum downhole length
of 2m and a maximum waste inclusion of 2 consecutive meters.
Equivalent gold (AuEq) and equivalent copper (CuEq) values are
calculated assuming 100% recovery using USD$ 1770 oz Au, $23 oz Ag
and $8300/t Cu (~$3.8/lb).
Table 2 Chanape diamond drill hole locations and targets
included in this release.
Hole ID |
mE(WGS 84-18S) |
mN(WGS 84-18S) |
Elevation (m) |
Azimuth |
Dip |
Depth (m) |
Target |
CHT-DDH-038 |
362328 |
8681780 |
4667 |
187 |
-61 |
176.5 |
Veta Colorada |
CHT-DDH-039 |
362328 |
8681780 |
4667 |
155 |
-60 |
109.6 |
Veta Colorada |
CHT-DDH-040 |
362328 |
8681780 |
4667 |
222 |
-59 |
116.2 |
Veta Colorada |
CHT-DDH-041 |
362179 |
8681829 |
4617 |
89 |
-68 |
302.5 |
Clint breccia |
About the Chanape Project
The 677 ha Chanape copper-gold project is
located approximately 87km east of Lima, Peru and is accessed via
24km of unpaved road from Turmalina’s operational centre in the
town of San Damian. The Project contains several strongly
mineralised tourmaline breccia pipes that are clustered around a
large, mineralized copper-molybdenum intrusion. Historical drill
holes have confirmed mineralization on breccia pipes and recent
surface geological mapping have added new mineralized bodies for
follow-up.
Turmalina’s work to date has been focused on
interpreting historic work while mapping and sampling over 50
documented tourmaline breccias and epithermal veins at the project
and drill-testing the best targets. A phreato-magmatic breccia,
measuring 700 m by 200 meters has also been identified as a
potential target for bulk tonnage mineralization, with gold
anomalism coincident with a geophysical anomaly (IP).
Turmalina has an option to acquire 100% of the
Chanape Project.
Other Projects
The 40,340 ha San Francisco project is located
in San Juan, Argentina. The project area contains over 60
tourmaline breccias and numerous epithermal vein occurrences,
several of which have supported small-scale mining. See press
release of December 7, 2022 for the latest news on the
identification and development of a number of targets to be drill
tested in 2023.
On Behalf of the Company,
Mr James Rogers 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 and our
projects: 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 principal 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. Turmalina is also
exploring the Chanape project in Peru. For further information on
Chanape please refer to the technical report “National Instrument
43-101 Technical Report on the Chanape Gold-Silver-Copper Project”
dated July 5, 2022 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. At Chanape drill core is collected at the drill
site and transported by vehicle to the Turmalina core logging
facility in San Damian where recovery 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 0.5 to 1.5 meter sample interval unless the
geologist determines the presence of an important geological
contact. In this case, the samples can have a minimum of 20
centimetres length. The bagged samples are then stored in a secure
area pending shipment to the ALS laboratory in Lima where they are
dried, crushed and pulverized. Following sample preparation the
prepared pulps are then analysed using a 50g digested sample 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 (‘QA/QC’ samples). These
QA/QC samples are inserted “blindly” to the laboratory in the
sample sequence prior to departure from the Turmalina Metals core
storage facilities. For drill core samples 8 QA/QC samples are
inserted into each 70-sample dispatch: 1 blank sample, 5
commercially-prepared standards, 1 core duplicate sample and 1
control sample from the SF mine.
The assay results for the QA/QC samples are
checked and verified by the project geologist and the Qualified
Person. All such QA/QC assay results from sample dispatches
reported in this news release have been found to be within
acceptable industry limits, and the Qualified Person is not aware
of any sampling, recovery or any other factors that could
materially affect the accuracy or reliability of the data.
Qualified Person: The
scientific, technical and analytical data contained in this news
release pertaining to the San Francisco and Chanape projects has
been reviewed and approved by Dr. Rohan Wolfe, Technical Advisor,
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 and
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 – Chanape Project – Geology and
Drilled Breccias. The Project is characterised by over 50
tourmaline breccia pipes (purple) and multiple epithermal vein
systems (red). This release reports on drilling at the Colorada
vein and Clint
breccia.https://www.globenewswire.com/NewsRoom/AttachmentNg/91383040-97fe-43ab-862e-2c631e039aea
Figure 2 – Location of current drill holes at
Chanape. CHT-DDH-038, CHT-DDH-039 and CHT-DDH-040 test the
Colorada vein, and CHT-DDH-041 tests the Clint
breccia.https://www.globenewswire.com/NewsRoom/AttachmentNg/22e48390-95c3-4599-8a1a-9e695e263db5
Figure 3 – Drill holes at Colorada
Vein. Drill holes CHT-DDH-038, CHT-DDH-039, CHT-DDH-040
tested the Colorada quartz vein at depths of 40 to 70m below
high-grade gold observed on surface, and confirmed the continuity
of the vein at
depth.https://www.globenewswire.com/NewsRoom/AttachmentNg/a137cbae-4ac9-4e9c-a2dd-488d66ebcff4https://www.globenewswire.com/NewsRoom/AttachmentNg/cd88a73d-cb50-4568-a9cd-704416e752dfhttps://www.globenewswire.com/NewsRoom/AttachmentNg/d2027535-57fe-4a31-97ed-6c3453f4f0bchttps://www.globenewswire.com/NewsRoom/AttachmentNg/d8f20381-158a-4fb0-bab1-9c7a5bbb75d0
Figure 4 – Location of Drill Hole
CHT-DDH-041. CHT-DDH-041 tested the top of the Clint
Breccia, which does not reach the surface, close to the Breccia 8
pipe. The hole intersected broad zones of gold-silver-copper
mineralisation, including zones with very high silver and copper
grades.https://www.globenewswire.com/NewsRoom/AttachmentNg/fe0c4c2a-d877-43ee-9da9-9962a996cbda
Figure 5 – High grade silver and copper
mineralisation in drill hole CHT-DDH-041 (Breccia Clint):
Outlined interval from 165.7 to 167.9m consists of fragments of
quartz-tourmaline with stibnite, massive chalcopyrite, chalcocite
and tennantite/tetrahedrite. This interval returned 3349 g/t Ag,
10.8 % Cu and 0.7 g/t Au. Photograph is of a selected interval and
is not necessarily representative of mineralisation hosted
throughout the
property.https://www.globenewswire.com/NewsRoom/AttachmentNg/be17bc0e-d83c-4b25-af6d-fc04c945d2a1
Figure 6 – High-grade copper
mineralisation in drill hole CHT-DDH-041:
Quartz-tourmaline breccia with strongly quartz-sericite-tourmaline
altered clasts set in an
arsenopyrite-chalcopyrite-pyrite-quartz-tourmaline matrix. From a
sample interval (231.63 to 232.34m) that returned 1.2 g/t Au, 105
g/t Ag and 4.6 % Cu. Photograph is of a selected interval and is
not necessarily representative of mineralisation hosted throughout
the
property.https://www.globenewswire.com/NewsRoom/AttachmentNg/70142677-36e9-4ce6-a3e0-2d6b77bde1aa
Figure 7– Typical high-grade
copper-silver mineralization in drill hole CHT-DDH-041:
Quartz-tourmaline-arsenopyrite-chalcopyrite-pyrite breccia. From a
sample interval (167.06 to 167.9m) that returned 14.8 % Cu, 373 g/t
Ag and 1.04 g/t Au. Photograph is of a selected interval and is not
necessarily representative of mineralisation hosted throughout the
property.https://www.globenewswire.com/NewsRoom/AttachmentNg/04a39b91-ce85-40a7-9617-3f186ac123dd
Figure 8 – Typical high-grade
copper-silver mineralisation in drill hole CHT-DDH-041:
Cemented quartz-tourmaline breccia with euhedral quartz and
abundant arsenopyrite, chalcopyrite and pyrite. From a sample
interval (167.9 to 168.6 m) that returned 2.67 g/t Au, 44 g/t Ag
and 1.59 % Cu. Photograph is of a selected interval and is not
necessarily representative of mineralisation hosted throughout the
property.https://www.globenewswire.com/NewsRoom/AttachmentNg/c6d3b49a-5974-4fe9-9b1d-e03ca2a497c1
Figure 9 – Typical high-grade gold
mineralisation in drill hole CHT-DDH-041: Cemented
quartz-tourmaline breccia with abundant arsenopyrite, chalcopyrite
and pyrite. From a sample interval (169.02 to 170.0 m) that
returned 3.98 g/t Au, 7 g/t Ag and 0.22 % Cu. Photograph is of a
selected interval and is not necessarily representative of
mineralisation hosted throughout the
property.https://www.globenewswire.com/NewsRoom/AttachmentNg/958a16fb-de0b-46d3-8c88-2025efce4288
Figure 10 – Typical high-grade copper
mineralisation in drill hole CHT-DDH-041: Shingle
quartz-tourmaline breccia with clasts being replaced by
arsenopyrite. Strong arsenopyrite-chalcopyrite-pyrite
mineralisation. From a sample interval (227.7 to 228.43 m) that
returned 0.97 g/t Au, 40 g/t Ag and 1.86 % Cu. Photograph is of a
selected interval and is not necessarily representative of
mineralisation hosted throughout the
property.https://www.globenewswire.com/NewsRoom/AttachmentNg/1f4fe8c2-83b2-47d1-8fb9-3f0a3254d090
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