Turmalina Metals Corp. (“
Turmalina”, or the
“
Company”), (TBX-TSXV, TBXXF-OTCQX, 3RI-FSE), is
pleased to announce its 2023 exploration program is well underway
and drilling has recently begun at the Company’s 403 km2 San
Francisco project located in the prolific mining province of San
Juan, Argentina (the
“Project” or
“San
Francisco”).
The drill rig is currently testing the first
target of the program, Breccia Ethan, which was targeted based on
its surface size of approximately 80 m by 100 m and encouraging
surface sampling. Rock-chip samples have yielded high grade results
including 4 rock chip samples over 1 g/t Au and 12 rock chip
samples over 1% copper with the most notable assay returning 14.6%
copper. A second mineralized breccia outcrop, located immediately
north of the main Breccia Ethan outcrop, extends over a 40 m by 60
m area and will also be tested by the current drilling program
(Figure 1).
During the construction of access roads, Breccia
Ethan was cut at surface exposing extensive copper oxide and
sulphide mineralization illustrated in Figures 1 and 2. Three
trenches were then excavated and sampled with assays currently
pending.
The Company intended to utilize a reverse
circulation rig (“RC”), however, due to mechanical challenges, we
have mobilized a high-performing diamond drill rig. This will help
ensure efficient and rapid inaugural drill testing of seven
high-priority targets.
Figure 1: Breccia Ethan drill
site preparation showing surface expression of breccia, access
roads, drill platforms and trench locations. Mineralization is
exposed at surface in both access roads and trench excavations
(Figure 2).
Mr. James Rogers, Chief Executive Officer,
states:
“We are off to an excellent start for the 2023 exploration
program at the San Francisco Project. We’ve been diligently
establishing access roads and completing surface work. Now that the
drill rig is on site, we are excited to test our priority targets
and look forward to providing updates and assays as we
progress.”
By comparison the surface expression of the main
breccia outcrop exposed at Breccia Ethan is slightly larger than
that of the San Francisco Breccia (approximately 80 m by 100 m for
Breccia Ethan compared to 30 m by 70 m for the San Francisco
Breccia). The size and strong surface mineralization illustrate the
merit of Breccia Ethan being a primary target of the Company’s 2023
program designed to delineate high grade material that could be
evaluated for low capex styles of extraction. Select results of the
Company’s prior drilling of the San Francisco Breccia are shown in
table 1.
Figure 2: Copper mineralization
exposed at Breccia Ethan while preparing drill platforms.
Table 1: Selected highlight of
Company drilling at the San Francisco Breccia Pipe.
Hole ID |
Target |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Pb (%) |
Zn (%) |
AuEq g/t |
CuEq % |
SFDH-012 |
SF BX |
12 |
121 |
109 |
4.94 |
109 |
1.13 |
0.23 |
0.06 |
8.00 |
5.49 |
SFDH-039 |
SF BX |
397.7 |
470 |
72.3 |
0.71 |
100 |
3.47 |
0.31 |
0.69 |
7.07 |
4.85 |
SFDH-038 |
SF BX |
0 |
81 |
81 |
2.33 |
63.94 |
0.23 |
0.23 |
0.38 |
3.50 |
2.40 |
SFDH-011 |
SF BX |
25 |
108 |
83 |
4.4 |
82 |
0.43 |
0.74 |
0.52 |
6.09 |
4.18 |
SFDH-011 |
SF BX |
27 |
68 |
41 |
7.03 |
91 |
0.51 |
0.23 |
0.02 |
8.96 |
6.14 |
*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). Results from the drilling on this
project can be found in Company News releases with the following
dates: March 23, August 28, October 5 & December 7, 2020 and
January 25, March 30, June 8 & August 30 2021.
Drilling activities are being supported from
Villa Nueva where Turmalina has established a local presence and
infrastructure to support its exploration activities. The program
is now expected to include approximately 3,000 m of diamond
drilling that test seven undrilled priority targets.
Mr. Bryan Slusarchuk, advisor of Turmalina,
adds:
“San Juan is now the top-rated jurisdiction in
Latin America as ranked by the Fraser Institute. The province is
seeing an incredible amount of attention with multiple new
discoveries. Turmalina, being an early mover to this dramatic
resurgence of activity in San Juan, has assembled a commanding land
position underlain by excellent geology and we look forward to
seeing various high priority targets within these holdings tested
by drilling.”
https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2022.pdf
Resignation of Director and
Officer
The Company also announces the resignation of
Mr. Bryan Slusarchuk as Director and President. Mr. Slusarchuk will
continue to support the Company through an active role on the
Advisory Board of the Company.
James Rogers CEO of Turmalina
comments, “Bryan has been influential in building and
financing our Company since its inception. His transition to our
Advisory Board will ensure continuity as the Turmalina team
continues to advance our project portfolio. We are excited to be
mobilized and drilling the seven high-priority targets in the
current drill program.”
About The San Francisco
Project
The 40,340 ha San Francisco project is located
in the pro-mining province of San Juan, Argentina, a country where
there are currently 12 operating mines, 5 in construction and 20 in
pre-feasibility/feasibility stage. The project benefits from
well-developed infrastructure and is 130 km northeast of the
regional capital San Juan.
The San Francisco Project was assembled around
and includes one of the highest-grade tourmaline breccias of the
same name. The land position at San Francisco was expanded in 2022
and now includes multiple mineralised targets including more than
60 breccias, intrusion-related gold and epithermal vein-type
targets.
Turmalina has developed an operational centre in
the town of Villa Nueva, where the local community welcomes new
exploration efforts in the region.
Turmalina has several option agreements to acquire 100% of
certain titles of the SFDLA project and a right to explore and
exploit other titles from the government of San Juan.
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 Highland Contact 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.
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.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/bd976131-07ed-4a66-a44e-0a641e82ea12https://www.globenewswire.com/NewsRoom/AttachmentNg/74e2336f-fc36-4e6c-a0e4-88ca8c1e3ae5
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