Turmalina Metals Corp. (“
Turmalina”, or the
“
Company”; TBX-TSXV, TBXXF-OTCQX, 3RI-FSE) is
pleased to report the final results from the 2022 diamond drilling
program at the Chanape project (“
Chanape” or the
“Project”), located 87km east of Lima, Peru.
Drilling has continued to intersect extensive gold-silver-copper
mineralisation in the breccias tested by the Company. This release
summarizes the final three holes of Turmalina’s first phase of
drilling on the project totalling 549 m of the 2,257 m program.
Please see Turmalina press release dated
November 15, 2022 for the results of the initial 4 holes (1003.7 m)
and the press release of December 14, 2022 for the results of the
second batch of 4 holes (704.8 m).
This first phase of drilling has delivered
multiple high-grade results from multiple breccia targets and will
be used to guide additional drilling in an upcoming Phase 2 in
2023.
Selected intercepts from the most recent
drilling include:
Breccia 8:
- 49.05m
@ 1.14 g/t Au, 20 g/t Ag and 0.34% Cu (1.9g/t AuEq or 1.3%
CuEq), CHT-DDH-043 from 59.65m.
-
Including 12.3m @ 1.95 g/t Au, 29 g/t Ag and 0.44% Cu, (3.0
g/t AuEq or 2.0% CuEq), from 94.7m.
- 70.15m @
1.01 g/t Au, 20 g/t Ag & 0.75 % Cu (2.4 g/t AuEq or 1.6%
CuEq); CHT-DDH-044 from 64.2m
-
Including 10.7m @ 2.34 g/t Au, 15 g/t Ag and 0.86% Cu (3.8
g/t AuEq or 2.6% CuEq), from 86.05m.
-
Including 24.55m @ 1.04 g/t Au, 41 g/t Ag and 1.40% Cu (3.6
g/t AuEq or 2.5% CuEq), from 109.8m.
Breccia Clint
- 30.63m @
0.54 g/t Au, 33 g/t Ag and 1.65% Cu (3.4 g/t AuEq or 2.3%
CuEq), CHT-DDH-044 from 173.3m
-
Including 12.07m @ 0.64 g/t Au, 48 g/t Ag and 2.01% Cu (4.2
g/t AuEq or 2.9% CuEq), from 191.86m.
The Chanape project is characterised by multiple
tourmaline gold-silver-copper (Au-Ag-Cu) breccia pipes, with over
fifty identified to date. The first 8 holes of this 2257 m drill
program tested Breccia 8, Breccias 10 & 11, Breccia Clint, the
San Antonio Breccia and Veta Colorada. This release summarises the
results from holes CHT-DDH-042, CHT-DDH-043 and CHT-DDH-044.
CHT-DDH-042 tested a possible extension of
Breccia 8, downdip from hole CHT-DDH-034, but did not intercept the
breccia. Hole CHT-DDH-043 was drilled from the same platform as
CHT-DDH-042, with a different azimuth, and intercepted the down-dip
extension of Breccia 8. Drill hole CHT-DDH-044 tested both Breccia
8 and the adjacent Breccia Clint and confirmed the high-grade
copper mineralisation intersected previously at Breccia Clint by
hole CHT-DDH-041 (see press release of December 14, 2022).
Mr. James Rogers, Chief Executive Officer,
states:
“The final results
from the Chanape 2022 program have continued to deliver high grade
intercepts across multiple mineralised breccias. The team has done
an excellent job carrying out this program and we are excited to
follow up on these excellent results in 2023.”
Table 1 - Final batch of
Phase 1 drill hole intersections at the Chanape
Project.
Hole ID |
|
From |
To |
Interval |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Pb (%) |
Zn (%) |
AuEq g/t |
CuEq % |
CHT-DDH-043 |
Composite |
59.65 |
108.7 |
49.05 |
1.14 |
20 |
0.34 |
0.03 |
0.01 |
1.90 |
1.30 |
CHT-DDH-043 |
including |
94.7 |
107 |
12.3 |
1.95 |
29 |
0.44 |
0.06 |
0.01 |
2.97 |
2,04 |
CHT-DDH-044 |
Composite |
64.2 |
134.35 |
70.15 |
1.01 |
20 |
0.75 |
0.03 |
0.01 |
2.36 |
1.62 |
|
including |
86.5 |
97.18 |
10.7 |
2.34 |
15 |
0.86 |
0.01 |
0.01 |
3.79 |
2.60 |
|
including |
109.8 |
134.35 |
24.55 |
1.04 |
41 |
1.40 |
0.06 |
0.03 |
3.61 |
2.48 |
CHT-DDH-044 |
Composite |
173.3 |
203.93 |
30.63 |
0.54 |
33 |
1.65 |
0.03 |
0.06 |
3.37 |
2.31 |
|
Including |
191.86 |
203.93 |
12.07 |
0.64 |
48 |
2.01 |
0.04 |
0.07 |
4.20 |
2.88 |
*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 -Highlight Results of the total
Phase 1 Program
Hole ID |
|
From |
To |
Interval |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Pb (%) |
Zn (%) |
AuEq g/t |
CuEq % |
|
|
|
|
|
|
|
|
|
|
|
|
CHT-DDH-034 |
Breccia 8 |
60 |
99.6 |
39.6 |
3.79 |
18.38 |
0.45 |
0.01 |
0.01 |
4.71 |
3.10 |
CHT-DDH-034 |
including |
65.5 |
74 |
8.5 |
9.21 |
27.44 |
0.48 |
0.01 |
0.01 |
10.28 |
6.76 |
CHT-DDH-037 |
Breccia S Antonio |
31.4 |
64.8 |
33.4 |
1.55 |
66.21 |
0.18 |
1.70 |
0.02 |
2.66 |
1.75 |
CHT-DDH-037 |
including |
47.9 |
58.2 |
10.3 |
4.25 |
75.87 |
0.28 |
4.45 |
0.04 |
5.64 |
3.71 |
CHT-DDH-040 |
Veta Colorada |
77.67 |
79.47 |
1.80 |
2.35 |
11 |
0.18 |
0.05 |
0.02 |
2.76 |
1.83 |
CHT-DDH-041 |
Breccia Clint |
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 |
Breccia Clint |
222.27 |
236.66 |
14.39 |
0.98 |
56 |
2.17 |
0.05 |
0.09 |
4.98 |
3.30 |
CHT-DDH-043 |
Breccia 8 |
59.65 |
108.7 |
49.05 |
1.14 |
20 |
0.34 |
0.03 |
0.01 |
1.90 |
1.30 |
CHT-DDH-043 |
including |
94.7 |
107 |
12.3 |
1.95 |
29 |
0.44 |
0.06 |
0.01 |
2.97 |
2.04 |
CHT-DDH-044 |
Breccia 8 |
64.2 |
134.35 |
70.15 |
1.01 |
20 |
0.75 |
0.03 |
0.01 |
2.36 |
1.62 |
|
including |
86.5 |
97.18 |
10.7 |
2.34 |
15 |
0.86 |
0.01 |
0.01 |
3.79 |
2.60 |
|
including |
109.8 |
134.35 |
24.55 |
1.04 |
41 |
1.40 |
0.06 |
0.03 |
3.61 |
2.48 |
CHT-DDH-044 |
Breccia Clint |
173.3 |
203.93 |
30.63 |
0.54 |
33 |
1.65 |
0.03 |
0.06 |
3.37 |
2.31 |
|
Including |
191.86 |
203.93 |
12.07 |
0.64 |
48 |
2.01 |
0.04 |
0.07 |
4.20 |
2.88 |
Table 3 - 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-042 |
362202 |
8681746 |
4610 |
357 |
-70 |
165.6 |
Breccia 8 |
CHT-DDH-043 |
362202 |
8681746 |
4610 |
4 |
-60 |
147.4 |
Breccia 8 |
CHT-DDH-044 |
362202 |
8681746 |
4610 |
23 |
-60 |
236.2 |
Breccias 8 and Clint |
|
|
|
|
|
|
|
|
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, mineralised copper-molybdenum intrusion. Historical drill
holes have confirmed mineralisation on breccia pipes and recent
surface geological mapping have added new mineralised 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 mineralisation, 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
mineralisation 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
Prospects Drilled in 2022. The Project is characterised by
over 50 tourmaline breccia pipes (purple) and multiple epithermal
vein systems
(red).https://www.globenewswire.com/NewsRoom/AttachmentNg/cb8a158c-ac68-42ab-b94d-afc858e5a571
Figure 2 – Location of Company drill holes at
Chanape. This press release reports results for holes
CHT-DDH-042, CHT-DDH-043 and CHT-DDH-044, which were drilled to
test Breccia 8 and Breccia
Clint.https://www.globenewswire.com/NewsRoom/AttachmentNg/70564a2e-2c94-42b4-beaa-13a7c3f7b217
Figure 3 – Details of drilling completed at Breccia 8
and Breccia Clint. Holes CHT-DDH-042 and CHT-DDH-043
tested Breccia 8, while CHT-DDH-044 tested both Breccia 8 and
Breccia
Clint.https://www.globenewswire.com/NewsRoom/AttachmentNg/7b818607-c892-4903-befe-07a93109c332
Figure 4 – Section across Breccia 8. Drill hole
CHT-DDH-043 intersected Breccia 8 from 65 to 107 metres and
confirmed the continuity of Au-Ag-Cu mineralisation at
depth.https://www.globenewswire.com/NewsRoom/AttachmentNg/74ddcb7c-932b-4579-97cb-9e3f540e2eb9
Figure 5 – Section across Breccias 8 and
Clint. CHT-DDH-044 tested Breccia 8 and Breccia Clint. The
hole intersected several broad zones of gold-silver-copper
mineralisation.https://www.globenewswire.com/NewsRoom/AttachmentNg/ee3111f3-37c3-4e7b-9fab-1a1d00731012
Figure 6 – Au-Ag-Cu mineralisation in
drill hole CHT-DDH-043 (Breccia 8): Quartz-tourmaline
breccia with strongly quartz-sericite-tourmaline altered clasts set
in an arsenopyrite-chalcopyrite-pyrite-quartz-tourmaline matrix.
From a sample interval (79.9 to 81.15m) that returned 2.19 g/t Au,
39.8 g/t Ag and 1.1 % Cu. Photograph is of a selected interval and
is not necessarily representative of mineralisation hosted
throughout the
property.https://www.globenewswire.com/NewsRoom/AttachmentNg/80b7d93c-0aee-4dcb-9169-6f3d93a3d729
Figure 7 – Au-Ag-Cu mineralisation in
drill hole CHT-DDH-043 (Breccia 8): Chaotic
quartz-tourmaline breccia with strongly quartz-sericite-tourmaline
altered clasts with quartz-pyrite-chalcopyrite-chalcocite (coating)
veinlet set in an
arsenopyrite-chalcopyrite-pyrite-quartz-tourmaline matrix. From a
sample interval (104.25 to 105.65m) that returned 5.53 g/t Au, 52.3
g/t Ag and 1.5 % Cu. Photograph is of a selected interval and is
not necessarily representative of mineralisation hosted throughout
the
property.https://www.globenewswire.com/NewsRoom/AttachmentNg/c39e48b6-4a3a-4623-9622-922937e33d45
Figure 8– Typical high-grade
copper-silver mineralisation in drill hole CHT-DDH-044 (Breccia
8): Chaotic
quartz-tourmaline-arsenopyrite-chalcopyrite-pyrite breccia with
clasts fully replaced by arsenopyrite+/-pyrite+/-chalcopyrite. From
a sample interval (126.1 to 126.64m) that returned 4.46 g/t Au, 112
g/t Ag and 6.0 % Cu. Photograph is of a selected interval and is
not necessarily representative of mineralisation hosted throughout
the
property.https://www.globenewswire.com/NewsRoom/AttachmentNg/14f797e1-bb00-42ff-b63f-d3f5b27f63c1
Figure 9 – Typical high-grade
copper-silver mineralisation in drill hole CHT-DDH-044 (Breccia
8): Chaotic to mosaic cemented quartz-tourmaline breccia
with drusy quartz with massive arsenopyrite, chalcopyrite and
pyrite and clasts being replaced by arsenopyrite + chalcopyrite +
pyrite. From a sample interval (128.48 to 128.94 m) that returned
2.55 g/t Au, 44.7 g/t Ag and 4.27 % Cu. Photograph is of a selected
interval and is not necessarily representative of mineralisation
hosted throughout the
property.https://www.globenewswire.com/NewsRoom/AttachmentNg/760fc6c0-5fca-42a4-b079-e8504f5a8e01
Figure 10 – Typical Au-Ag-Cu
mineralisation in drill hole CHT-DDH-044 (Breccia Clint):
Chaotic quartz-tourmaline breccia with drusy quartz, arsenopyrite,
chalcopyrite and pyrite. From a sample interval (177.9 to 178.3 m)
that returned 0.86 g/t Au, 23.9 g/t Ag and 1.35 % Cu. Photograph is
of a selected interval and is not necessarily representative of
mineralisation hosted throughout the
property.https://www.globenewswire.com/NewsRoom/AttachmentNg/d3574387-47ae-4c61-ae4d-f3035b59fe91
Figure 11 – Typical Au-Ag-Cu
mineralisation in drill hole CHT-DDH-044 (Breccia Clint):
Chaotic to shingle quartz-tourmaline breccia with local clasts
being replaced by pyrite and chalcopyrite with
chalcopyrite-pyrite-arsenopyrite mineralisation. From a sample
interval (183.86 to 184.8 m) that returned 0.35 g/t Au, 15.4 g/t Ag
and 1.87 % Cu. Photograph is of a selected interval and is not
necessarily representative of mineralisation hosted throughout the
property.https://www.globenewswire.com/NewsRoom/AttachmentNg/520ce845-5830-496b-aa72-7c8062d66d00
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