Drilling Extends Mineralisation at the SFdLA breccia pipe and Commences Exploration on New Acquisitions.

(Vancouver, BC), Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to announce that Phase 3 deep drilling at the San Francisco project (“San Francisco” or the “Project”) on the San Francisco de Los Andes (“SFdLA”) breccia pipe has continued to extend copper-gold-silver mineralisation below previous drilling at the breccia pipe, while initial exploration on new acquisitions at the Project have returned highly encouraging results.

Drill holes SFDH-048, SFDH-049, SFDH-050 and SFDH-051 test the width and structure of the SFdLA breccia pipe at 350 to 450m depth, approximately 100 to 200 meters below Phase 2 drilling (Figures 1 to 3). These four holes intersect the centre of the breccia pipe between the high-grade lobes located on the eastern and western ends of pipe. In tourmaline breccias this central area is typically characterised by mineralisation focused along the margins of the breccia. The holes intersected:

  • 12.3m @ 0.93% Cu, 0.05 g/t Au & 41 g/t Ag (2.1 g/t AuEq, 1.3% CuEq) SFDH-048 from 546m.
  • 25m @ 1.2% Cu, 0.21 g/t Au & 54 g/t Ag (2.9 g/t AuEq, 1.7% CuEq) SFDH-049 from 270m. 
  • 20m @ 0.51% Cu, 0.62 g/t Au & 55 g/t Ag (2.2 g/t AuEq, 1.3% CuEq) SFDH-050 from 329m.
  • 31m @ 0.76% Cu, 0.13 g/t Au & 21 g/t Ag (1.7 g/t AuEq, 1.0% CuEq) SFDH-051 from 288m.
  • 21m @ 0.08% Cu, 1.76 g/t Au & 4 g/t Ag (1.9 g/t AuEq, 1.2% CuEq) SFDH-051 from 492m.

These holes extend mineralisation in the centre of the breccia pipe to nearly twice the depth of Phase 2 drilling and will allow detailed 3D models of the breccia and contained resources to be developed.

Further intersections are reported in Table 1: Intersections are not true widths and additional drilling and geological modelling of the mineralised zones in the breccia pipes is required to make a determination of the true widths of the drill hole intersections. Drill hole coordinates are shown in Table 2.

Dr. Rohan Wolfe, Chief Executive Officer, states:

“Our drilling at SFdLA aims to systematically test the extent and shape of this remarkable breccia pipe at depth. These four holes extend copper-gold-silver mineralisation in the core of the pipe to nearly double that of previous drilling, significantly increasing the extent of mineralisation at depth in the pipe. Our team is now using these holes to accurate model the geology, structure and mineralisation of the pipe in 3D to guide further exploration and develop a resource model.

In July we announced a significant expansion of the San Francisco project from 3400 ha to 34,000 ha, and our initial exploration of these newly acquired areas have started to return highly encouraging results, with multiple breccia and vein prospects returning assays of > 1-2 g/t gold from initial rock chip samples. We look forward to keeping the market informed as exploration continues over the coming months.”

In July the Company announced an expansion of the project area from 3400 ha to 34,600 ha (see news release dated July 7th 2021 for details). Exploration of this newly acquired ground is a high priority, with current field work including a soil sampling campaign covering the entire area and detailed mapping and sampling over high-priority targets. Initial results from first-pass exploration are highly encouraging, with multiple breccia and vein systems returning significant grades, including:

  • The Miranda vein system: quartz-tourmaline-sulphide veins up to 10m wide exposed over a 1600m strike length with initial rock chips returning up to 4.9 % Cu, 2.0 g/t Au and 411 g/t Ag.
  • The Santa Barbara I breccia: a 50m diameter tourmaline breccia with assays of up to 3.3 g/t Au.
  • The Tocota vein system: a series of quartz-sulphide veins with assays of up to 9.2 g/t Au.
  • The Canaleta veins system: a 100m diameter quartz-tourmaline vein and breccia system with assays up to 1.8 % Cu, 5.9 g/t Au and 72 g/t Ag. 

One drill rig is currently drilling at the Project testing both the SFdLA breccia pipe and new exploration targets. Several field teams are focused on conducting project-wide mapping and sampling campaigns, with the highest priority targets to be drill tested in the coming months. Turmalina is well funded with a strong cash position to execute its exploration strategy. 

Other Projects

Field work at the company’s Chanape copper-gold project in Peru is focused on mapping and sampling the large number (>50) of outcropping tourmaline breccias at the project and finalising permits for drilling. Recent field work continues to return encouraging results from oxidised outcrops that do not typically retain copper, with rock chip sampling at the undrilled San Antonio tourmaline breccia returning maximum values of 14.4 g/t Au and 89 g/t Ag.  Follow up channel sampling is underway at several breccia pipes, including San Antonio.

COVID-19 

Approximately 70,000 cases of COVID-19 have now been recorded in the state of San Juan, with approximately 200 new cases a day. The daily rate of new cases has dropped from a high of over 700 new cases a day in May 2021 as more of the population are vaccinated: currently 59% of the population of San Juan have received at least one dose of vaccine, and 26% are fully vaccinated.  Over the past four months ten cases of COVID-19 were detected in local workers at the San Francisco project. These workers underwent isolation in the nearby town of Calingasta and, upon recovery, have returned to the Project.  Regular and ongoing testing of all staff and contractors at the project have not detected any further cases.

To minimize the risk of COVID-19 transmission to our team and the community, the Company has applied rigorous protocols throughout the program. These protocols have been approved by the authorities of the province of San Juan, and both Turmalina Metals and local subsidiary Aurora Mining maintain close contact with the local authorities in order to comply with all regulations. These procedures include regular testing, maintaining social distancing, improved hygiene, health screening of all staff and contractors, longer rosters at our remote field camp and an onsite medical professional to monitor health and ensure procedures are followed.

About the San Francisco Project

The 34,600 ha San Francisco project is located in San Juan, Argentina. The project area contains over 60 tourmaline breccia occurrences, several of which have supported small-scale mining. The Company is focused on mapping and sampling the breccias in the project area, and drill testing the highest priority targets.

Hole IDFromToIntervalCu (%)Au (g/t)Ag (g/t)Pb (%)Zn (%)AuEq g/tCuEq %
SFDH-048493.00509.0016.000.550.03817.680.020.051.180.71
SFDH-048520.00528.008.000.180.0688.940.050.210.480.29
SFDH-048546.70559.0012.300.930.04641.170.501.372.121.28
SFDH-048599.00602.003.000.380.11023.030.440.771.040.63
SFDH-049215.00225.0010.000.490.12517.580.020.041.170.70
SFDH-049258.00262.004.000.080.5956.600.030.050.810.49
SFDH-049270.00295.0025.001.180.21154.500.010.102.881.73
SFDH-049384.00392.608.601.250.14050.590.281.092.871.73
SFDH-050234.65249.0014.350.580.42630.120.060.051.781.07
SFDH-050261.00270.809.800.840.20017.670.030.031.821.10
SFDH-050312.00349.0537.050.290.43631.610.230.891.330.80
Including329.00349.0520.050.510.62055.480.411.622.181.31
SFDH-051288.00319.0031.000.760.12821.390.320.401.671.00
SFDH-051324.00331.007.000.460.05421.540.060.031.090.66
SFDH-051398.00405.007.000.210.06549.650.700.371.060.64
SFDH-051431.00433.002.000.690.02426.850.111.021.520.92
SFDH-051435.00441.006.000.800.04324.800.111.221.701.02
SFDH-051482.00486.004.000.111.4344.650.030.151.671.01
SFDH-051492.00513.0021.000.081.7573.720.040.141.951.17
SFDH-051530.00541.0011.000.050.4794.490.180.120.620.37

Table 1:  Phase 3 drill hole intersections at the San Francisco de Los Andes breccia pipe. 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$ 1780/t oz Au, $23/t oz Ag and $9200/t Cu (~$4.17/lb Cu).  

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 principle 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.

Figure 1 – Drill hole SFDH-048 and SFDH-050 long-section. SFDH-048 and SFDH-050 test the width of the SFdLA breccia pipe approximately 100 to 200m below Phase 2 drilling, in between the higher grade ends (‘lobes’) of the breccia. Mineralisation in these holes is focused on the margins of the breccia around a lower-grade core.
Figure 2 – Drill hole SFDH-049. SFDH-049 tests the width of the breccia pipe and continuity of mineralization ~100m below Phase 2 drilling.
Figure 3 – Drill hole SFDH-051 cross-section. SFDH-051 tests the width of the SFdLA breccia on its western end, with mineralisation focused on the margins of the breccia pipe.
Figure 4 – Typical breccia mineralization in hole SFDH-048: Sericite-tourmaline-altered siltstone clasts set in a quartz-tourmaline and later pyrite-chalcopyrite matrix. SFDH-048, 501.7m. From a 1m sample that averaged 0.85 % copper, 0.09 g/t gold and 53 g/t silver. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 5 – Multi-phase breccia mineralization in hole SFDH-049: Sericite-silica altered clasts set in an early quartz-tourmaline and late chalcopyrite-tourmaline-chlorite matrix. SFDH-049, 384.2m. From a 1m sample that averaged 4.2 % copper, 0.14 g/t gold and 186 g/t silver. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 6 – Typical breccia mineralisation in hole SFDH-050: Sericite-tourmaline altered clasts set in a pyrite-chalcopyrite-tourmaline matrix. SFDH-050, 341.6m. From a 1m sample that averaged 1.7 % copper, 169 g/t silver and 1.0 g/t Au. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 7 – Typical breccia mineralisation in hole SFDH-051: Silica-tourmaline altered siltstone clasts with a pyrite-chalcopyrite-tourmaline matrix. SFDH-051, 292.2m. From a 1m sample that averaged 1.4 % copper, 22 g/t silver and 0.14 g/t gold. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 8: San Francisco tenements with main breccias. Over 60 tourmaline breccias have been mapped in the original project area in the southwest, with current exploration focused on expanding exploration coverage over breccia and vein systems in recent acquisitions to the north and east (Santa Barbara, Miranda and Tocota).
Drill holeEastNorthElevationAzimuthDipDepth (m)Prospect
SFDH-04844263265886072750214-68741.9San Francisco
SFDH-04944251465885852765180-70541San Francisco
SFDH-05044259565885502738216-68526.5San Francisco
SFDH-05144252765886202767204-70553.5San Francisco

Table 2: Turmalina Metals Phase 2 drill hole locations reported in this release. Co-ordinate projection – WGS84 UTM Zone 19 South.

Turmalina expands holdings in San Juan by 1000%, acquiring multiple mineralised breccia clusters along strike from San Francisco.

(Vancouver, BC) Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to announce that several agreements have been finalised to consolidate regional acquisitions adjacent to the San Francisco project (“San Francisco” or the “Project”). These acquisitions increase the Company’s holdings along the mineral belt from 3404 ha to 34,651 ha, an increase of 1018 percent. The new holdings cover numerous prospects, mineralised breccia clusters and former small-scale mines.

An agreement with government organisation 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 S.A. (‘AMSA’), with exploration rights to an 11,038 ha area immediately to the north of the existing Project area (Figure 1). This area (the ‘IPEEM JV’) includes several undrilled clusters of tourmaline breccia pipes and epithermal vein systems that have supported previous small scale mining. Sampling by Turmalina has returned grades of up to 5.2 g/t Au and 158 g/t Ag from oxidised material at tourmaline breccia workings within the IPEEM JV (Figures 2 and 3).

Figure 1 – Location of new acquisitions. The acquisition of the IPEEM, Miranda and AMSA ground consolidates Turmalina’s holdings in the mineral belt. Initial reconnaissance by Turmalina has identified numerous mineralised tourmaline breccia pipes and vein systems within the IPEEM, Miranda and AMSA ground.

Turmalina also has an option to purchase agreement for two tenements totalling 15,576 ha from a private company, Miranda S.A.. These tenements (the ‘Miranda Tenements’) are located to the east and northeast of the existing project area (Figure 1) and include several breccia, intrusion-hosted and quartz tourmaline vein occurrences. Preliminary sampling has returned values up to 2.0 g/t Au, 411 g/t Ag and 5% Cu from quartz-tourmaline veins.  

Figure 2 – Typical untested mineralised tourmaline breccia pipe cluster in the IPEEM licenses.
Figure 3 – Typical tourmaline breccia from IPEEM ground. Tourmaline-silica altered siltstone clasts set in a tourmaline-pyrite matrix. A rock chip sample from this outcrop returned 5.2 g/t Au and 158 g/t Ag.

Turmalina has also acquired several areas totalling 4628 ha in the belt through a staking process (the ‘AMSA tenements’). This new ground contains several tourmaline breccia and vein occurrences that supported small scale mining work previously. Preliminary sampling has returned values up to 9.2 g/t Au and 1.6 % Cu from veins within altered sediments and granodiorite.  

The Company plans to commence field work within these new acquisitions in the coming months, with mapping, soil sampling and rock chip sampling to determine high priority targets for detailed review and drilling testing.

Dr. Rohan Wolfe, Chief Executive Officer, states:

“These acquisitions consolidate our holdings in this impressive mineral belt and are an integral part of our strategy of growth through the discovery and development of multiple mineralised breccias pipes.

We started the process of acquiring further ground prior to our listing in late 2019, and we are thrilled to recently sign the final agreement that amalgamates our holdings in this highly prospective and underexplored belt. While this extensive regional consolidation process underway, we were not in a position to communicate about the various targets but with this now complete, we look forward to executing and keeping investors up to date as we advance these newly acquired areas.”

IPEEM Agreement Terms

Aurora Mining has signed a two-stage agreement with IPEEM. The first (‘Exploration’) stage lasts for five years with payments of USD $20,000 on signing, monthly payment of $0.50 per hectare and the loan to IPEEM of a 4-wheel drive vehicle, with a minimum exploration commitment by AMSA of US$5,100,000 staged over 5 years:     

  • Year 1:              USD$ 505,000 exploration spend (to July 1st, 2022).
  • Years 2 to 4:      USD$ 1,124,000 exploration spend per year (to July 1st, 2025).
  • Year 5:              USD$ 1,223,000 exploration spend (to July 1st, 2026).

The second (‘Exploitation’) stage requires a monthly payment of $1.50 per hectare until production starts, and then a 1 to 2% royalty, with a value to be set at the time the exploitation stage commences.

Miranda Agreement Terms

To purchase the Miranda Tenements AMSA paid USD$5,000 on signing and will pay USD $220,000 over 5 years:

  • January 6th, 2020            US$ 5,000 (paid)
  • July 6th, 2021                 US$ 15,000 (paid)
  • July 6th, 2022                  US$ 20,000
  • July 6th, 2023                  US$ 30,000
  • July 6th, 2024                  US$ 150,000

Miranda S.A. maintains a NSR of 1% on the properties, which can be purchased by AMSA for US$300,000.

Current work at San Francisco

One drill rig is currently drilling at the Project, testing new breccia pipes identified by a project-wide mapping campaign.  Samples from recent drilling at the San Francisco de Los Andes (SFdLA) breccia pipe have been dispatched for assay, with results expected late July.

Other Projects

Field work continues at the company’s Chanape copper-gold project located in the Lima District in Peru. Initial work is focused on improving access to the project area in order to sample the large number (>50) of outcropping tourmaline breccias at the project.

Changes to Board

The Company announces the resignation of Mark Eaton as a director of Turmalina and thanks him for his service and contributions to the company.  As a replacement for Mark, the Board has nominated Ms. Latika Prasad to stand for election as a director in the Company’s upcoming Annual General Meeting to be held on July 28, 2021.  Latika is one of the founders of Turmalina, and was a director and officer of the company from March 2017 to July 2019 and continues to work with the Company. 

Stock Options

The Company has granted 900,000 incentive share purchase options to technical staff, management, consultants and a director of the Company, exercisable for 5 years at an exercise price of CAD$0.91 per share.

About the San Francisco Project

The 34,651 ha San Francisco project is located in San Juan, Argentina. The original 3404 ha of the project area contains over 60 tourmaline breccia occurrences, several of which have supported small-scale mining. The Company is focused on mapping and sampling 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.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 principle 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.

Drilling at SFdLA Continues to Extend High Grade Mineralisation, with 17m at 4.3% Cu, 0.64 g/t Au and 108 g/t Ag (5.7% CuEq), including 3m at 18.9% Cu, 2.8 g/t Au and 431 g/t Ag (24% CuEq)

VANCOUVER, B.C. – Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to announce that Phase 3 deep drilling at the San Francisco project (“San Francisco” or the “Project”) on the San Francisco de Los Andes (“SFdLA”) breccia pipe has continued to intersect and extend high-grade copper-gold-silver mineralisation.

Drill holes SFDH-044, SFDH-45, SFDH-046 and SFDH-047 determine the shape and orientation of the SFdLA breccia pipe 100 to 400m below Phase 2 drilling, allowing better targeting of contained mineralisation. SFDH-044 and SFDH-047 tested the length of the breccia pipe along its east-west long axis and completes a long section previously defined by holes SFDH-043 and SFDH-042 (Figure 1). SFDH-045 and SFDH-046 tested the width of the breccia pipe at depth along its north-south axis, completing a central cross-section (Figure 2). The holes intersected:

  • 17m @ 4.33% Cu, 0.64 g/t Au & 108 g/t Ag (9.5 g/t AuEq; 5.6% CuEq) SFDH-047 from 370m
    • including 3m @ 18.98% Cu, 2.8 g/t Au & 431 g/t Ag (41 g/t AuEq; 24 % CuEq) from 370m
  • 33.5m @ 0.62% Cu, 2.0 g/t Au & 46 g/t Ag (3.8 g/t AuEq; 2.2% CuEq) SFDH-044 from 82.5m 
    • including 20.5m @ 0.91% Cu, 2.9 g/t Au & 61 g/t Ag (5.3 g/t AuEq; 3.1% CuEq) from 82.5m
  • 7m @ 1.21% Cu, 0.1 g/t Au & 61 g/t Ag (3.0 g/t AuEq; 1.8% CuEq) SFDH-044 from 176m.
  • 63.7m @ 0.38% Cu, 0.1 g/t Au & 21 g/t Ag (1.0 g/t AuEq, 0.62% CuEq) SFDH-045 from 334m.
    • Including 18.7m @ 1.1% Cu, 0.1 g/t Au & 49 g/t Ag (2.7 g/t AuEq; 1.6% CuEq) from 379m.

After passing through the SFdLA breccia pipe SFDH-046 intersected a new breccia complex adjacent to SFdLA (Figure 2). This new breccia is a low-grade and quartz-rich ‘feeder’ assemblage that characterises the source of these tourmaline breccia pipes, and raises the potential for further sulphide-rich breccia pipes like SFdLA above and adjacent to this newly discovered feeder.

Further intersections are reported in Table 1: Intersections are not true widths and additional drilling and geological modelling of the mineralised zones in the breccia pipes is required to make a determination of the true widths of the drill hole intersections. Drill hole coordinates are shown in Table 2.

Dr. Rohan Wolfe, Chief Executive Officer, states:

“The current drilling at the SFdLA breccia pipe has returned some of the highest-grade copper-gold-silver intersections encountered thus far. Our drilling continues to expand and develop this remarkable pipe as highlighted by intersections in excess of 5% copper equivalent returned from SFDH-047, including some bonanza grades of nearly 20% copper.

These holes systematically tested the extent of the breccia pipe at depth through a series of long- and cross-sections, laying a sound geological foundation to guide the exploration and development of the higher-grade mineralised zones hosted within the breccia. The discovery of a new ‘feeder’ breccia pipe at depth adjacent to SFdLA also raises the strong possibility of other blind sulphide pipes in the vicinity.

The team at San Francisco have also completed a comprehensive mapping and sampling campaign with the identification of several high-priority breccia pipes that will be drill tested over the coming months at the Project.”

One drill rig is currently drilling at San Francisco, targeting mineralised zones between the deeper drilling reported today and shallower Phase 2 drilling. A project-wide mapping campaign has recently identified numerous high-priority mineralised breccia pipes that will be drill tested in the coming months.  

Figure 3 – High-grade breccia mineralization in hole SFDH-047: Massive chalcopyrite with minor pyrite and quartz. SFDH-047, 373.2m. From a 1m sample that averaged 21.8 % copper, 4.16 g/t gold and 489 g/t silver. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 4 – Typical high-grade sulphide-rich breccia mineralization in hole SFDH-047: three metre interval of massive chalcopyrite within a chalcopyrite-pyrite-quartz-tourmaline breccia. SFDH-047, 370 to 375.4m. Includes a 3m sample that averaged 18.98 % copper, 2.7 g/t gold and 431 g/t silver. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 5 – Typical breccia mineralisation in hole SFDH-044: Tourmaline-silica altered siltstone clasts set in a chalcopyrite-pyrite-quartz-tourmaline matrix. SFDH-044, 179.80m. From a 1m sample that averaged 1.2 % copper, 57 g/t silver and 0.03 g/t Au. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 6 – Typical breccia mineralisation in hole SFDH-045: Tourmaline-sericite altered siltstone clasts set in a chalcopyrite-pyrite-tourmaline matrix. SFDH-045, 385.30m. From a 1m sample that averaged and 2.0 % copper, 80 g/t silver and 0.06 g/t gold. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 7 – Typical tourmaline breccia mineralisation in hole SFdLA-046: Tourmaline-silica altered siltstone clasts set in a tourmaline-quartz-pyrite-chalcopyrite matrix. SFDH-046, 376m. From a 1m sample that averaged 0.62 % copper, 18 g/t silver and 0.11 g/t gold. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 8 – Typical quartz-tourmaline-actinolite ‘feeder’ breccia located to the south of SFdLA. Sericite-chlorite altered siltstone clasts set in a quartz-tourmaline-pyrite-actinolite-chlorite matrix. This breccia assemblage is typically found at the base of sulphide-rich tourmaline breccia pipes. SFDH-046, 688.20m. From a 1m sample that averaged 0.13 % copper, 6 g/t silver and 0.02 g/t gold. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 9: San Francisco tenements with main breccias and locations of drill holes. To date over 60 tourmaline breccias and veins have been mapped in the project area. The Company has drill tested the San Francisco de Los Andes (SFdLA), Chorrillos, Humilde, Solita and Colorada breccias. Drilling at SFdLA has thus far focused on the south-east corner of a composite breccia body.

Other Projects

The Company is pleased to announce that field work has commenced at the company’s Chanape copper-gold project located in the Lima District in Peru. Initial work is focused on mapping and sampling the large number (>50) of outcropping tourmaline breccias at the project and finalising permits for drilling.

Channel sampling at two breccia pipes have returned encouraging results from oxidised outcrops that do not typically retain copper, including 38m @ 0.9 g/t Au (Breccia 8) and 24m @ 1.4 g/t Au (Breccia 11).  

COVID-19 

Approximately 44,000 cases of COVID-19 have now been recorded in the state of San Juan, with a current rate of approximately 800 new cases a day. As previously reported, over the past two months nine cases of COVID-19 were detected in local workers at the San Francisco project. These workers underwent isolation in the nearby town of Calingasta and, upon recovery, have returned to the Project.  Regular and ongoing testing of all staff and contractors at the project have not detected any further cases.

To minimize the risk of COVID-19 transmission to our team and the community, the Company has applied rigorous protocols throughout the program. These protocols have been approved by the authorities of the province of San Juan, and both Turmalina Metals and local subsidiary Aurora Mining maintain close contact with the local authorities in order to comply with all regulations. These procedures include regular testing, maintaining social distancing, improved hygiene, health screening of all staff and contractors, longer rosters at our remote field camp and an onsite medical professional to monitor health and ensure procedures are followed.

About the San Francisco Project

The 3404 ha San Francisco project is located in San Juan, Argentina. The project area contains over 60 tourmaline breccia occurrences, several of which have supported small-scale mining. The Company is focused on mapping and sampling the breccias in the project area, and drill testing the highest priority targets.

Hole IDFromToIntervalCu (%)Au (g/t)Ag (g/t)Pb (%)Zn (%)AuEq g/tCuEq %
SFDH-04482.511633.50.622.02470.330.543.762.22
Including82.510320.50.912.87570.080.085.253.10
SFDH-04417618371.210.08610.340.363.031.79
SFDH-045334397.763.70.380.10210.200.691.050.62
Including379397.718.71.090.13490.391.292.701.59
SFDH-046372.5398.826.30.140.10250.350.650.720.42
SFDH-04643243530.410.08130.780.550.960.57
SFDH-047370387174.330.641080.040.219.555.65
Including370376610.931.492510.080.5423.6814.00
Including371374318.982.774310.090.8541.2424.37
Table 1: Phase 3 drill hole intersections at the San Francisco de Los Andes breccia pipe. 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$ 1900/t oz Au, $28/t oz Ag and $4.5/lb Cu.

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.

Figure 10: Plan map of the SFdLA breccia pipe, showing locations of drill holes reported in this news release. The breccia remains open at depth and to the west.
Drill holeEastNorthElevationAzimuthDipDepth (m)Prospect
SFDH-04444256965884322717307-57445.5San Francisco
SFDH-0454424136588365273637-65471.9San Francisco
SFDH-04644260865886122762216-66811.5San Francisco
SFDH-04744264465883572700310-69638.8San Francisco
Table 2: Turmalina Metals Phase 2 drill hole locations reported in this release. Co-ordinate projection – WGS84 UTM Zone 19 South.

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 principle 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.

Drilling at SFdLA Continues to Intersect High Grade Mineralisation, including 4.2m at 8.3% Cu, 1.8 g/t Au and 743 g/t Ag (16% CuEq)

Vancouver, BC – Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to announce that recent Phase 3 deep drilling at the San Francisco project (“San Francisco” or the “Project”) on the San Francisco de Los Andes (“SFdLA”) breccia pipe has continued to extend zones of high-grade copper-gold-silver mineralisation while shallower drilling has also returned multiple intercepts of high-grade copper-gold-silver mineralisation.

Phase 3 drilling at SFdLA follows up high-grade mineralisation reported at depth in drill hole SFDH-039 (see Turmalina Metals press release dated 25th January 2021), with Holes SFDH-042 and SFDH-043 being the first holes of an east-west orientated long-section below Phase 2 drilling (Figure 1).

SFDH-043 tested the base of drilling at the eastern lobe and the deeper western boundary of the breccia pipe and intersected:

  • 35m @ 1.99% Cu, 0.79 g/t Au & 150 g/t Ag (6.3 g/t EqAu; 3.8% CuEq) from 109m.
    • including 4.2m @ 8.35% Cu, 1.84 g/t Au & 743 g/t Ag (26.7 g/t EqAu; 16.0% EqCu) from 110.8m
  • 46m @ 0.37% Cu, 0.55 g/t Au & 32 g/t Ag (1.6 g/t EqAu; 1.0% EqCu) from 157m
    • including 20m @ 0.42% Cu, 1.09 g/t Au & 49 g/t Ag (2.5 g/t EqAu; 1.5% EqCu) from 157m

SFDH-042 tested the full length of the breccia pipe along its long-axis below previous drilling, and shows that the breccia pipe is widening at depth, with intersections in a new western extension including:

  • 11m @ 1.28% Cu, 0.13g/t Au & 102 g/t Ag (3.8 g/t AuEq; 2.3% CuEq) from 161m  
  • 19m @ 0.95% Cu, 0.41 g/t Au & 31 g/t Ag (2.5 g/t AuEq; 1.5% CuEq) from 251m
    • Including 8m @ 1.44% Cu, 0.80 g/t Au & 46 g/t Ag (3.9 g/t AuEq; 2.3% CuEq) from 251m

Examples of the breccia-hosted mineralisation are illustrated in Figures 2 and 3.

In addition to the results of current Phase 3 drilling all remaining assays have been returned for shallower Phase 2 holes drilled in late 2020. Drill holes SFDH-038 and SFDH-041 returned multiple intervals of near surface oxide mineralisation including 30m @ 4.88 g/t Au, 149 g/t Ag & 0.50% Cu (7.9 g/t AuEq; 4.7% CuEq; SFDH-038 from 30m) and 9.6 m @ 5.26 g/t Au, 31 g/t Ag & 0.19% Cu (6.0 g/t EqAu; 3.62 % EqCu; SFDH-041 from 49m (Figures 4 and 6). SFDH-040 tested hypogene gold-copper-silver mineralization below the oxide zone and intersected 18m @ 0.30% Cu, 0.59 g/t Au & 51 g/t Ag (1.8 g/t AuEq; 1.1% CuEq) from 120m (Figure 5).

Further intersections are reported in Table 1: Intersections are not true widths and additional drilling and geological modelling of the mineralised zones in the breccia pipes is required to make a determination of the true widths of the drill hole intersections. Drill hole coordinates are shown in Table 2.

“These are exciting results from our initial phase 3 drilling, as we begin systematically exploring the deeper parts of the system. The initial deep drilling along the main long-axis of the SFdLA breccia pipe indicate that the breccia is expanding with depth, with drill hole 42 intersecting a new extension to mineralisation to the west, while hole 43 has returned incredible grades from the base of the eastern lobe.

In conjunction with the cross-sections that we are currently drilling this initial phase 3 exploration program will allow us to define the geometry of the breccia below previous drilling and allow us to target high-grade mineralised zones within the breccia.”

Dr. Rohan Wolfe, Chief Executive Officer, states

Work at the San Francisco project is currently focused on the summer field program with the recent completion of a project-wide mapping campaign leading to detailed sampling of several high-priority breccia pipes. One drill rig is currently drilling a number of north-south orientated cross-sections at the SFdLA breccia pipe to determine the width of the pipe at depth. 

On completion of the field program we expect to expand drilling with a second rig that will commence drilling at the start of the winter drilling season in 1-2 months. As the deeper holes that are currently underway take longer to complete than the phase 2 holes drilled in 2020 the reporting of drilling results may take longer than the turn around of results seen in 2020.

In addition to the above holes at SFdLA samples from a previously unassayed interval at Hole SFDH-016 at the Chorrillos prospect, located 4 km north of SFdLA, returned 26 m @ 0.13% Cu (from 116 m) associated with fine-grained disseminated, veinlet and vein chalcopyrite mineralisation hosted within a porphyry dyke (Figure 8). The nature and exploration implications of this porphyry-hosted copper mineralisation are currently being assessed. The Company has also received assay results for SFdH-036, which tested the Solita breccia pipe, located 3 km to the west of SFdLA. The hole intersected a pyrite-rich tourmaline breccia that returned anomalous gold and silver grades (i.e. 21m @ 0.09 g/t Au & 16 g/t Ag) but no economic intersections.

Other Projects

The Company aims to build a portfolio of advanced gold-copper exploration projects, with a focus on high-grade tourmaline breccias with drill-ready targets. To achieve this the Company has entered into an agreement to explore the Chanape copper-gold project located in the Lima District in Peru (the ‘Chanape Project’). Following the signing of an exploration permit with the local community earlier this year the Company is has please to report it has commenced repairing and upgrading the access road to the Chanape Project, in preparation for the commencement of field work. 

COVID-19 

Approximately 22,000 cases of COVID-19 have now been recorded in the state of San Juan, with a current rate of approximately 100 new cases a day. In the past week five cases of COVID-19 were detected in local workers at the San Francisco project, the first cases at the project since the start of the pandemic. These workers are in isolation in the nearby town of Calingasta.  Regular and ongoing testing of all staff and contractors at the project have not detected any further cases.

To minimize the risk of COVID-19 transmission to our team and the community, the Company has applied rigorous protocols throughout the program. These protocols have been approved by the authorities of the province of San Juan, and both Turmalina Metals and local subsidiary Aurora Mining maintain close contact with the local authorities in order to comply with all regulations. These procedures include regular testing, maintaining social distancing, improved hygiene, health screening of all staff and contractors, longer rosters at our remote field camp and an onsite medical professional to monitor health and ensure procedures are followed.

About the San Francisco Project

The 3404 ha San Francisco project is located in San Juan, Argentina. The project area contains over 60 tourmaline breccia occurrences, several of which have supported small-scale mining. The Company is focused on mapping and sampling the breccias in the project area, and drill testing the highest priority targets.

Hole IDFromToIntervalAu (g/t)Ag (g/t)Cu (%)Pb (%)Zn (%)AuEq g/tCuEq %
SFDH-0163061.731.70.003.700.170.170.040.340.20
SFDH-038081812.3363.940.230.230.383.652.19
including3061.731.74.88149.310.500.850.067.914.74
SFDH-040120192720.4041.870.210.430.531.370.82
including120138180.5951.450.300.500.681.851.11
including17417950.90119.800.470.530.363.452.07
SFDH-0411858.640.62.1011.920.090.050.002.431.46
including1836181.779.120.090.070.012.051.23
including4958.69.65.2631.010.190.070.006.033.62
SFDH-04211211750.0934.760.500.140.121.440.86
SFDH-042158180220.1353.890.750.030.132.171.30
Including158171130.1987.111.000.040.183.141.88
SFDH-042185192718.000.690.200.871.420.85
SFDH-042197204721.690.500.030.051.150.69
SFDH-042250301510.2117.620.570.120.481.420.85
Including251270190.4131.010.950.221.032.451.47
Including25125980.8046.361.440.451.203.882.33
Including296301516.861.090.120.032.071.24
SFDH-042474.249116.95.360.170.030.180.360.22
SFDH-042505527220.1319.130.290.150.750.900.54
SFDH-042541.1545.84.738.541.220.040.212.601.56
SFDH-043109144350.79150.031.990.320.176.323.79
including109127181.24282.873.570.590.2811.356.81
including110.81154.21.847438.351.530.6626.6916.00
including13013550.7314.400.360.040.081.540.92
SFDH-043157203460.5532.020.370.350.251.640.98
including157177201.0948.600.420.300.062.511.50
SFDH-043275307320.150.010.020.250.15

Table 1: Phase 2 and Phase 3 drill hole intersections at the San Francisco de Los Andes breccia pipe. 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$ 1700/t oz Au, $25/t oz Ag and $4.0/lb Cu. SFDH-036 (Solita Breccia) returned no economic intersections.  

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 principle 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.

Figure 1 – Drill hole SFDH-042 and SFDH-043 cross-section. SFDH-042 and SFDH-043 were designed to test the length of the SFdLA breccia pipe along its long axis, locate mineralisation on the pipes margins, and define the nature of the lower grade breccia core. This drilling indicates the pipe is increasing in size with depth, with shallow mineralisation intersected in SFDH-042 defining a new western extension to mineralisation.
Figure 2 – Typical sulphide-rich breccia mineralization in hole SFDH-043: Angular tourmaline-altered siltstone clasts supported in a pyrite-chalcopyrite matrix. SFDH-043, 115.3m. From a 1m sample that averaged 1.7 g/t gold, 180 g/t silver and 3.69% copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 3 – Typical sulphide-rich breccia mineralization in hole SFDH-042: Tourmaline-silica altered siltstone clasts set in a chalcopyrite-pyrite-tourmaline matrix. SFDH-042, 545.3m. From a 0.8m sample that averaged 0.09 g/t gold, 65 g/t silver and 1.9 % copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 4 – Typical oxide mineralisation in hole SFDH-041: Tourmaline-altered siltstone clasts set in a weathered and gossanous goethite-hematite matrix (after chalcopyrite-pyrite-tourmaline). SFDH-041, 57.2m. From a 1m sample that averaged 11.6 g/t gold, 39 g/t silver and 0.1 % copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 5 – Typical breccia mineralisation in hole SFDH-040: Tourmaline-sericite altered siltstone clasts set in a pyrite-chalcopyrite-tourmaline-quartz matrix. SFDH-040, 176.20m. From a 1m sample that averaged 1.63 g/t gold, 151 g/t silver and 0.49 % copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 6 – Typical sulphide-rich breccia mineralisation in hole SFdLA-038: Sericite-tourmaline-pyrite altered siltstone clasts supported in a partially oxidised pyrite-tourmaline-chalcopyrite-limonite matrix. SFDH-038, 52.4m. From a 1m sample that averaged 6.7 g/t gold, 277 g/t silver and 0.54 % copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 7 – Typical alteration and veining in Solita drill hole SFdLA-036: Partially weathered and strongly sericite-altered siltstone crosscut by multiple generations of tourmaline-quartz-pyrite veins. This style of alteration and veining is typically found above and adjacent to tourmaline breccia pipes. SFDH-036, 32.4m. From a 1.7m sample that averaged 0.14 g/t Au, 15 g/t silver and 0.13% copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 8 – Porphyry-style mineralisation at Chorrillos drill hole SFdLA-016: Quartz-chalcopyrite veins and chalcopyrite veinlets crosscut a weakly chlorite-biotite-magnetite altered granodiorite porphyry. SFDH-016, 135m. From a 2m sample that averaged 0.03 g/t Au, 7 g/t silver and 0.28% copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 9: San Francisco tenements with main breccias and locations of drill holes. To date over 60 tourmaline breccias and veins have been mapped in the project area. Drilling during 2020 tested the San Francisco de Los Andes (SFdLA), Chorrillos, Humilde, Solita and Colorada breccias. Drilling at SFdLA has thus far focused on the south-east corner of a composite breccia body.
Figure 10: Plan map of the SFdLA breccia pipe, showing locations of drill holes reported in this news release. The breccia remains open at depth and to the west.
Figure 11: Drill hole SFDH-038 cross section. SFDH-038 tested mineralisation on the northern margin of the SFdLA breccia pipe.
Figure 12: Drill hole SFDH-040 cross section. SFDH-040 tested the oxide gold zone in the centre of the SFdLA breccia pipe and an outcropping breccia located to the north of the breccia pipe.
Figure 13: SFDH-41 cross section. Drill hole SFDH-041 tested the eastern extension of the near-surface oxide gold zone at the SFdLA breccia. The hole ended early due to technical issues with the drill hole.

Table 2: Turmalina Metals Phase 2 drill hole locations reported in this release. Co-ordinate projection – WGS84 UTM Zone 19 South.

Drill holeEastNorthElevationAzimuthDipDepth (m)Prospect
SFDH-0164427316592845303230-61359Chorrillos
SFDH-03643954765886932952192-48247.2Solita
SFDH-0384424876588488276650-72241.7San Francisco
SFDH-04044251665885712772181-54213.1San Francisco
SFDH-04144251465884982770149-5958.6San Francisco
SFDH-04244240365885892735144-68625.5San Francisco
SFDH-04344256965884322717310-67418.7San Francisco

Laura Bastias Appointed Independent Director

Vancouver, BC – Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to announce that Laura Bastias will join the board of the company as an independent director.

Ms Bastias is a highly respected San Juan-based lawyer with extensive experience in mining and corporate law.

Dr. Rohan Wolfe, Chief Executive Officer, states:

“Laura is a highly regarded lawyer with extensive experience in Argentine mining law and brings an impressive range of skills, capabilities and qualities to the board. Her knowledge of the local mining, permitting and corporate environment is remarkable, and her balanced perspective will serve her well as an independent director. I welcome Laura on to the Board and we look forward to working with her.”

Laura is a lawyer with over 10 years’ experience in mining law. She is currently a partner at San Juan legal firm Bastias Yacante Abogados, where she acts as the mining legal advisor to numerous major and junior mining firms operating in the region. She has also held various legal, environmental and permitting roles with Minera Los Pelambres, Golden Mining S.A. and Sable Resources Ltd. Laura has particular experience in legal and legislative analysis, due diligence, negotiations, structuring agreements and capital risk analysis.

Following the appointment of Ms Bastias the Board of Turmalina is as follows:

  • Rohan Wolfe, CEO
  • Bryan Slusarchuk, President
  • Francisco ‘Chico’ Azevedo, V.P. Business Development
  • Laura Bastias, Independent Director
  • Mark Eaton, Independent Director

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.

Turmalina Intersection of 72m at 3.47% Copper, 100 g/t Silver and 0.71 g/t Gold (5.0% CuEq) Extends Known Mineralisation at SFdLA 300m Below Previous Drilling in Eastern Lobe

Vancouver, BC – Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to announce the final hole in the 2020 drilling program at the San Francisco project (“San Francisco” or the “Project”) has returned multiple intercepts of high-grade copper-gold-silver mineralisation below all previous drilling at the San Francisco de Los Andes (“SFdLA”) breccia pipe, doubling the known depth of the strongly mineralised system.  

Drill hole SFDH-039 (“Hole 39”) aimed to test the continuation of the breccia pipe to over 450m depth, and intercepted the following downhole mineralised intervals (Figure 1): 

  • 86m @ 0.47% Cu, 1.8 g/t Au & 67 g/t Ag (3.4 g/t AuEq; 2.5% CuEq) from 28m   
  • 27m @ 0.83% Cu, 1.5 g/t Au & 127 g/t Ag (4.3 g/t AuEq; 3.2% CuEq) from 163m 
  • 54m @ 0.96% Cu, 0.28 g/t Au & 51 g/t Ag (2.3 g/t AuEq; 1.7% CuEq) from 201m
  • 36m @ 1.83% Cu, 0.12 g/t Au & 118 g/t Ag (4.2 g/t AuEq; 3.1% CuEq) from 329m
  • 72m @ 3.47% Cu, 0.71 g/t Au & 100 g/t Ag (6.7 g/t AuEq; 5.0% CuEq) from 397m  

Examples of the breccia-hosted mineralisation are illustrated in Figures 2 to 6. After the interval of 72m @ 5.0% CuEq in Hole 39, the hole was terminated due to drill capability limit. A new drill has now been dispatched to site, with the mechanical ability to drill much deeper holes.

In addition to the lengthy high-grade intercepts in Hole 39 (the deepest hole drilled to date), four shallower drill holes also completed at SFdLA in December 2020 intersected broad intervals of gold-silver-copper mineralization in the oxide gold zone. Within these lengthy intercepts, there were multiple high grade intervals such as Hole 34 which recorded 9m at 10.4 g/t Au and 124 g/t Ag, including 4m at 19.40 g/t Au and 212 g/t Ag (Figures 7 to 9). 

Drill holes SHDH-032 and SFDH-035 tested supergene to hypogene gold-copper-silver mineralization below the oxide zone, with SFDH-032 returning 15m @ 2.35 g/t Au, 82 g/t Ag and 0.74% Cu (4.5 g/t AuEq) from 74m while SFDH-035 intersected 66m @ 2.31 g/t Au, 95 g/t Ag and 0.29% Cu (4.0 g/t AuEq) from surface and 45m @ 1.18 g/t Au, 82 g/t Ag and 0.54% Cu (3.0 g/t AuEq) from 98m (Figures 11 to 14).

Further intersections are reported in Table 1: Intersections are not true widths and additional drilling and geological modelling of the mineralised zones in the breccia pipes is required to make a determination of the true widths of the drill hole intersections. Drill hole coordinates are shown in Table 2.

“SFDH-039 is a gamechanger for the San Francisco Project and is by far the most exciting hole we have drilled to date in terms of size ramifications – as with one hole we have demonstrated proof of concept of the geological model and more than doubled the known depth of mineralisation in the SFdLA breccia pipe. 

Tourmaline breccia pipes can commonly extend to over 1 or 2 km in depth, and it is encouraging to see that SFdLA appears to increase in size and grade with depth – to 5% copper equivalent in the deepest interval, located 300m below previous drilling in the eastern lobe.

With all previous drilling confined to within 200 to 240m of the surface the high-grade mineralisation intersected in Hole 39 remains completely open and we look forward to keeping the market informed of follow-up drill holes that will test this significant extension to an already high-grade pipe.” 

Dr. Rohan Wolfe, Chief Executive Officer, states

Drilling at San Francisco paused on the 20th of December 2020 as the new drilling rig was secured, and team members are currently preparing the camp and drill sites for the commencement of drilling in the next five days (Figure 15).

During the 2020 Phase 2 drilling program at SFdLA 22 holes were drilled for a total of 4653 meters. A further 9 holes totalling 2768 meters were drilled during 2020 to test four regional targets on the San Francisco project. Assays for four holes are still pending: three Phase 2 holes at SFdLA that tested the oxide zone, and one hole drilled at the Solita breccia. 

In addition to the above holes at the SFdLA breccia pipe the Company has received assay results for SFdH-033, which tested the Solita breccia pipe, located 3 km to the west of SFdLA. The hole intersected a pyrite-rich tourmaline-quartz breccia hosted in sericite-altered sediments and returned anomalous gold, silver and copper grades but no economic intersections.

Other Projects

The Company aims to build a portfolio of three advanced gold-copper exploration projects by the end of 2021, with a focus on high-grade tourmaline breccias with drill-ready targets. To achieve this the Company continues to evaluate potential new acquisitions. Turmalina has entered into agreements to explore two tourmaline breccia projects located in Peru: the Chanape copper-gold project located in Lima District (the ‘Chanape Project’) and the Turmalina copper-gold-molybdenum project located in Piura District (the ‘Turmalina Project’).

The Company is pleased to announce that it has recently signed a 5 year contract with the local community of Checa to permit exploration for 5 years at the Chanape Project. A 43-101 technical report is currently being prepared on Chanape, and the Company looks forward to updating the market on exploration at this exciting project once this report has been filed.

At the Turmalina Project the Company has not been able to obtain community approval to commence exploration, and the Company has decided to not continue with the project, as to focus efforts on San Francisco and Chanape.

About the San Francisco Project

The 3404 ha San Francisco project is located in San Juan, Argentina. The project area contains over 60 tourmaline breccia occurrences, several of which have supported small-scale mining. The Company is focused on mapping and sampling the breccias in the project area, and drill testing the highest priority targets. 

To minimize the risk of COVID-19 transmission to our team and the community, the Company has applied rigorous protocols throughout the program. These protocols have been approved by the authorities of the province of San Juan, and both Turmalina Metals and local subsidiary Aurora Mining maintain close contact with the local authorities in order to comply with all regulations. These procedures include social distancing, improved hygiene, health screening of all staff and contractors, longer rosters at our remote field camp and an onsite medical professional to monitor health and ensure procedures are followed. 

The protocols put in place by the Company and local authorities have helped successfully prevent any cases of COVID-19, to date, at the Project. 

Hole IDFromToIntervalAu (g/t)Ag (g/t)Cu (%)Pb (ppm)Zn (ppm)AuEq g/tCuEq %
SFDH-03274.89015.22.35830.74786215234.473.35
SFDH-03210410951.04250.2515262551.731.29
SFDH-03212813131.18520.4540865522.501.87
SFDH-034019193.20110.08880663.462.59
SFDH-0342534910.431240.12330936612.309.21
SFDH-0342731419.402120.07527248322.4016.76
SFDH-03497.598.514.24591.3711200110506.895.15
SFDH-035066662.31960.291042824384.013.00
SFDH-03598143451.18830.54211610643.042.28
SFDH-037023232.71310.04829333.192.39
SFDH-039121641.32240.03831131.691.26
SFDH-03928114861.80680.47659141263.372.52
SFDH-03912012550.96430.39696816722.081.56
SFDH-039163190271.491270.8349919594.343.25
SFDH-039201255540.28510.9610579452.271.70
SFDH-039329365360.121191.836977217444.203.14
SFDH-039397.747072.30.711003.47314669156.715.03

Table 1: Phase 2 drill hole intersections at the San Francisco de Los Andes breccia pipe. 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$ 1860/t oz Au, $25.6/t oz Ag and $3.5/lb Cu. SFDH-033 (Solita Breccia) returned no economic intersections, while the assays for hole SFDH-036, SFDH-038, SFDH-040 and SFDH-041 are pending. 

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

Figure 1 – Drill hole SFDH-039 cross-section. SFDH-039 aimed to test the extension of the SFdLA breccia pipe at depth, and more than doubled the depth of the system: the highest-grade intersection (72m @ 5.0 % EqCu or 6.7 g/t EqAu) is located ~250 m below the base of previous drilling on the eastern lobe. 

Figure 2 – Typical High-Grade Intercept in Hole 39: Tourmaline-altered siltstone clasts set in a chalcopyrite matrix with minor tourmaline and pyrite. SFDH-039, 450.7 to 458.4m. From a 72m interval that averaged 3.47% Cu, 0.71 g/t Au & 100 g/t Ag. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.

Figure 3 – Typical High-Grade Intercept in Hole 39: Tourmaline-altered siltstone clasts set in a chalcopyrite matrix with minor tourmaline and pyrite. SFDH-039, 395.0 to 404.19 m; From a 72m interval that averaged 3.47% Cu, 0.71 g/t Au & 100 g/t Ag. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property. 

Figure 4 – Typical high-grade breccia mineralization in Hole 39: Angular tourmaline-altered siltstone clasts  supported in a chalcopyrite-tourmaline-quartz-pyrite matrix. SFDH-039, 452m. From a 1m sample that averaged 2.3 g/t gold, 204 g/t silver and 6.0% copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 5 – Typical sulphide-rich breccia mineralization in Hole 39: Tourmaline-sericite-chlorite altered siltstone clasts supported in a chalcopyrite-tourmaline-pyrite matrix. SFDH-039, 456.8m. From a 1m sample that averaged 0.82 g/t gold, 127 g/t silver and 4.8% copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 6 – Quartz-rich high-grade breccia in Hole 39: Sericite-tourmaline-altered siltstone clasts coated in a rind of euhedral quartz-tourmaline and supported in a chalcopyrite-pyrite matrix. SFDH-039, 410.2m. From a 1m sample that averaged 0.72 g/t gold, 65 g/t silver and 2.3 % copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 7 – High-grade oxide gold mineralisation at SFdLA: Tourmaline-sericite altered siltstone clasts supported in a weathered and gossanous goethite-hematite matrix (after chalcopyrite-tourmaline). SFDH-034, 27.4m. From a 1m sample that averaged 59.1 g/t gold, 295 g/t silver and 0.07 % copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 8 – Typical gold-rich breccia mineralization at SFdLA: Tourmaline-sericite altered siltstone clasts supported in a pyrite-tourmaline-chalcopyrite matrix. SFDH-032, 78.7m. From a 1m sample that averaged 6.82 g/t gold, 137 g/t silver and 1.2 % copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 9 – Typical breccia mineralisation at SFdLA: Tourmaline-sericite altered siltstone clasts set in an early quartz-tourmaline and later chalcopyrite-pyrite matrix. SFDH-035, 104.5m. From a 1m sample that averaged 3.48 g/t Au, 39 g/t silver and 1.2% copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.
Figure 10: San Francisco tenements with main breccias and locations of Phase 2 drill holes. To date over 60 tourmaline breccias and veins have been mapped in the project area. Drilling during 2020 tested the San Francisco de Los Andes (SFdLA), Chorrillos, Humilde, Solita and Colorada breccias. Drilling at SFdLA has thus far focused on the south-east corner of a composite breccia body. 
Figure 11: Plan map of the SFdLA breccia pipe, showing locations of drill holes reported in this news release. The breccia remains open at depth and to the north and west.
Figure 12: Drill hole SFDH-032 cross section. SFDH-032 tested the location of the southern boundary of the western lobe at the SFdLA breccia pipe.   
Figure 13: Drill hole SFDH-034 cross section. SFDH-034 aimed to test the near-surface oxide gold zone in the western lobe of the SFdLA breccia pipe.
Figure 14: SFDH-35 and SFDH-037 cross section. Drill holes SFDH-035 and SFDH-037 tested the northern extension of the near-surface oxide gold zone in the centre of the SFdLA breccia.  
Figure 15: Initial 2021 drill targets at the SFdLA breccia pipe. The initial drill holes of the 2021 program will follow up the high grades intersected in SFDH-039 and will begin to delineate the shape of the breccia pipe at 400 to 500m depth. Further drilling will also test the shallower northwest extension to mineralisation. Insert: Location of SFdLA mineralisation intersected to date in the geological model. Tourmaline breccia pipes can extend 1 to 3 km in depth, and the geology, alteration and mineralisation  observed at SFdLA indicates a setting at the top of the breccia pipe. 
Drill holeEastNorthElevationAzimuthDipDepth (m)Prospect
SFDH-03244249365885442779198-68190.7San Francisco
SFDH-03343960265887362959234-60292.5Solita
SFDH-03444248665884882766295-70106.5San Francisco
SFDH-0354424866588488276624-74160.7San Francisco
SFDH-0374424866588488276618-4882.5San Francisco
SFDH-03944251465884732757124-85481.4San Francisco

Table 2: Turmalina Metals Phase 2 drill hole locations reported in this release. Co-ordinate projection – WGS84 UTM Zone 19 South. 

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 principle 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 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.

Turmalina Intersects 6m at 23.7 g/t Gold and 142 g/t Silver Near Surface in Newly Identified Oxide Zone at SFdLA

Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to  announce the drilling program at the San Francisco project (“San Francisco” or the “Project”) has continued to intersect broad intervals of gold-silver-copper mineralization at the San Francisco de Los Andes (“SFdLA”) breccia pipe, as well as broad intervals of copper mineralization in the Chorrillos breccia pipe. 

Phase 2 drilling at the SFdLA breccia has identified strong, near-surface oxide gold mineralization at the top of the breccia pipe, with recent drill holes designed to test this oxide zone intercepting:

  • 22m @ 7.9 g/t Au, 60 g/t Ag & 0.14% Cu (8.8 g/t AuEq) from surface (SFDH-030)
    • including 6m @ 23.7 g/t Au, 142 g/t Ag & 0.04% Cu (25 g/t AuEq) from 3m
  • 21m @ 3.4 g/t Au, 25 g/t Ag & 0.11% Cu (3.8 g/t AuEq) from surface (SFDH-031)
    • including 8m @ 5.8 g/t Au, 17 g/t Ag & 0.22% Cu (6.2 g/t AuEq) from 5m
    • and 14m @ 2.2 g/t Au, 72 g/t Ag and 0.26% Cu (3.3 g/t AuEq) from 26m
    • and 17m @ 2.2 g/t Au, 58 g/t Ag and 1.0 % Cu (4.0 g/t AuEq) from 51m

Deeper drilling beneath the oxide zone has focused on testing the western half of the breccia pipe,  intersecting primary sulphide gold-silver-copper mineralization and, in the case of SFDH-029, defining a new westward extension to the breccia pipe that remains open in all directions (i.e 29m @ 2.4 g/t Au, 82 g/t Ag and 0.44% Cu (4.1 g/t AuEq) from 65m). 

Turmalina is also pleased to announce that first-pass drilling of other breccia pipes on the property has returned broad zones of copper mineralization at the 200m diameter Chorrillos breccia pipe, including 59m @ 0.44% Cu, 0.03 g/t Au and 7 g/t Ag from 72m (SFDH-026; including 18m @ 0.80% Cu from 74m).

Mineralization at Chorrillos appears to be a copper-dominated assemblage typically found in the deeper and wider parts of tourmaline breccia pipes, and samples from a second hole at Chorrillos are currently being prepared for dispatch and assay. 

Further intersections are reported in Table 1: Intersections are not true widths and additional drilling and geological modelling of the mineralised zones in the breccia pipes is required to make a determination of the true widths of the drill hole intersections. Drill hole coordinates are shown in Table 2.

Dr. Rohan Wolfe, Chief Executive Officer, states:  

“The intersection of nearly ounce-per-ton gold grades in the first holes to directly target the oxide zone at the SDFdLA is extremely encouraging. These high gold grades are within metres of the surface and part of a 20 meter thick blanket of high-grade oxide gold that our exploration team is currently modelling. Deeper drilling at SFdLA has focused on defining the shape of the western half of the breccia pipe, with the exciting discovery of a new westward extension at depth that remains completely open. 

The broad zones of copper mineralization intersected at the large Chorillos breccia pipe validates our model that the project contains multiple mineralized breccia pipes, and we look forward to keeping the market informed as we continue to drill and explore at this remarkable project.” 

Currently two drill rigs are focused on testing the deeper parts of the SFdLA breccia pipe beneath current drilling. To date 27 Phase 2 holes have been completed for a total of 6670 m. Nineteen of these holes test the SFdLA breccia pipe while nine holes test 4 breccia targets out of over 60 identified during the summer field program. The first three Phase 2 holes were reported on August 28th, six holes were reported on October 5th, ten holes are reported in this release and samples from the remaining seven holes have been dispatched for assay.    

In addition to the above holes at the SFdLA and Chorrillos breccia pipes the Company has received assay results for two holes drilled at the Colorada breccia pipe, located 4 km to the northwest of SFdLA. Drill holes SFDH-027 and SFDH-028 intersected strongly epidote-sericite-tourmaline altered sediments cut by pyrite-quartz-tourmaline-chalcopyrite tourmaline breccias with elevated gold, silver and copper  (i.e. 6m @ 0.24 g/t Au in SFDH 027 and 4m @ 0.35 g/t in SFDH028) but no economic intersections. 

About the San Francisco Project

The 3404 ha San Francisco project is located in San Juan, Argentina. The project area contains over 60 tourmaline breccia occurrences, several of which have supported small-scale mining. The Company is focused on mapping and sampling the breccias in the project area, and drill testing the highest priority targets. 

To minimize the risk of COVID-19 transmission to our team and the community, the Company has applied rigorous protocols throughout the program. These protocols have been approved by the authorities of the province of San Juan, and both Turmalina Metals and local subsidiary Aurora Mining maintain close contact with the local authorities in order to comply with all regulations. These procedures include social distancing, improved hygiene, health screening of all staff and contractors, longer rosters at our remote field camp and an onsite medical professional to monitor health and ensure procedures are followed. 

The protocols put in place by the Company and local authorities have helped successfully prevent any cases of COVID-19, to date, at the Project. 

Other Projects

Turmalina has entered into agreements to explore two projects located in Peru: the Chanape copper-gold project located in Lima District (the ‘Chanape Project’) and the Turmalina copper-gold molybdenum project located in Piura District (the ‘Turmalina Project’). Both projects contain clusters of mineralized tourmaline breccias and are undergoing permitting or social consultation prior to the commencement of exploration.  

Hole IDFromToIntervalAu (g/t)Ag (g/t)Cu (%)Pb (ppm)Zn (ppm)AuEq g/t
SFDH-022100121210.94350.33192512781.72
SFDH-022136146100.61470.55655278031.77
SFDH-022161171100.7070.2417682681.04
SFDH-02219620370.69150.2724286141.16
SFDH-02312613260.61260.64126312131.62
SFDH-023138.31401.71.29510.62934410832.58
SFDH-02314514721.08220.495587061.87
SFDH-023193217.6524.650.54360.7822420471.83
SFDH-0249610262.31220.15157623092.75
SFDH-02415315630.78261.104560138052.29
SFDH-025666931.512700.41911618725.22
SFDH-02672131590.0370.446893900.60
SFDH-02813614040.3510.0025440.36
SFDH-02965.38923.72.40830.67904533334.12
SFDH-02912613041.20380.4820887652.18
SFDH-029139153140.86160.3621925811.45
SFDH-02918418842.23400.4821339873.23
SFDH-030022227.95600.142488878.83
SFDH-03039623.751430.0449612125.52
SFDH-031021213.38250.1114581463.80
SFDH-03151385.82170.22990336.26
SFDH-0312640142.21720.2626723943.37
SFDH-0315168172.22581.02313845544.03

Table 1: Phase 2 drill hole intersections at the San Francisco de Los Andes breccia pipe. Intersections are selected based on a 0.5 g/t Au cut-off grade, a minimum downhole length of 2m and a maximum waste inclusion of 2 consecutive meters. Equivalent gold values (AuEq) are calculated assuming 100% recovery using USD$ 1900/t oz Au, $23/t oz Ag and $2.9/lb Cu. 

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 principle 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 HQ 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 thought South America, may lead to delays in the future reporting of results.



Figure 1 
 Schematic model of mineralization within a typical tourmaline breccia pipe (adapted from Kirwin, 2019)is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b73841e7-35d6-43f7-a07b-1305342691ac. Tourmaline breccia pipes can extend over 2 or 3 km in depth. Mineralization within a breccia pipe is typically uniform throughout the top of the breccias (the ‘roof’) while at greater depths the breccia pipe widens with higher-grade mineralization becoming focused along the margins and ends (‘lobes’) in intrusion-related breccia pipes.

Figure 2 – Interpretation of mineralization at level 2700RL at the SFdLA breccia pipe is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/645d6621-bf77-4773-88cf-88fe5966ad0f. Drilling at SFdLA is interpreted to have intersected the roof of the breccia pipe, with deeper holes defining strongly mineralised margins and lobes that surround the central core of the breccia pipe. At shallow levels the western lobe remains open to the north and northwest (red arrows), while holes SFDH-022, 23, 24 and 29 defined and discovered a deeper westward extension.

Figure 3Typical high-grade oxide mineralization at SFdLA is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/950c6410-800b-4251-b98b-b072b49ed08f. Tourmaline-sericite altered and calcite-veined siltstone clasts set in a goethite-limonite-jarosite matrix. SFDH-030, 5.6m. From a 1m sample that averaged 16.9 g/t gold, 206 g/t silver and 206ppm copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Figure 4: Typical oxide mineralization at SFdLA is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6747ce18-2fc9-4b5d-8242-b6784f825885. Tourmaline-sericite altered siltstone clasts set in a carbonate-goethite-limonite matrix. SFDH-031, 10.8 m; from a 1 m interval that averaged 5.8 g/t gold, 10 g/t silver & 478 ppm copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Figure 5: Typical sulphide-rich breccia mineralization at SFdLA is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/94612b55-18fd-4167-ba88-21364581541d. Angular tourmaline-sericite-carbonate altered siltstone clasts supported in a pyrite-chalcopyrite-tourmaline matrix. SFDH-029, 72.5m. From a 1m sample that averaged 7.9 g/t gold, 15 g/t silver and 0.1% copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Figure 6: Typical sulphide-rich breccia mineralization at SFdLA is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e166681f-3bbc-413d-bbd9-e9c69111f4c1. Tourmaline-sericite altered siltstone clasts supported in in a pyrite-chalcopyrite matrix. SFDH-022, 137.8m. From a 1m sample that averaged 1.8 g/t gold, 75 g/t silver and 1.8 % copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Figure 7: Typical copper-rich breccia mineralization at SFdLA is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5e3a0dbe-935b-47e2-ad7a-92bf27a6b781. Tourmaline-altered siltstone clasts supported in in a chalcopyrite-tourmaline matrix. SFDH-023, 127.3m. From a 1m sample that averaged 0.4 g/t gold, 76 g/t silver and 2.4 % copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Figure 8Drilling at the Chorrillos Breccia is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1117c191-1cca-45a3-8032-3b9e23946908. The 200m diameter Chorrillos breccia pipe is one of the larger breccia pipes on the property and is surrounded by a halo of artisanal workings.

Figure 9: Typical copperrich mineralization at Chorrillos is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5d9e3fb5-0eb8-4fc9-b911-f38031d69c8a. Tourmaline-sericite-epidote altered granite with disseminated chalcopyrite. SFDH-026, 90.8m. From a 1m sample that averaged 0.08 g/t Au, 5 g/t silver and 1.7% copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Figure 10: San Francisco tenements with main breccias and locations of Phase 2 drill holes is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5cd254d0-1fab-474f-9439-e0c035095df0. To date over 60 tourmaline breccias have been mapped in the project area. Phase 2 drilling tests the San Francisco de Los Andes (SFdLA), Chorrillos, Humilde, Solita and Colorada breccias. Drilling at SFdLA has focused on the south-east corner of a composite breccia body, with the north-west extension tested as a part of Phase 2 drilling.

Figure 11: Plan map of Turmalina drill holes at the SFdLA breccia pipe is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ca9654d-0ae2-4c0a-b296-704dea7c18a7. The breccia remains open both at depth and to the north and west.

Figure 12: SFDH-30 and 31 cross section is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a3904b6c-8bbc-4835-854b-30ce452a095b. Previous drilling by the Company at SFdLA positioned drill rigs outside the breccia, using inclined holes to test across the pipe. This drill hole geometry left the top 20-30m of the breccia pipe (the ‘oxide’ zone) under-represented. Drill holes SFDH-030 and SFDH-031 tested this oxide zone in the western half of the breccia, returning high gold grades from surface.

Figure 13: SFDH-029 cross section is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ec07ba6e-7f12-4095-8c6b-4274c515e9f6. SFDH-029 is a step out from the southwest margin of the breccia pipe, intersecting a new zone of mineralized breccia outside the previously defined boundary (red shell in background). This new extension remains open in all directions.

Figure 14: SFDH-23 and 24 cross section is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d10bf7e1-e70c-47de-8b94-70798688aa73. Drill holes SFDH-023 and 24 tested the western half of the SFDLA breccia pipe under intersections in holes SFDH008 and SFDH005 (i.e. 85m @ 2.6 g/t Au, 88 g/t Ag and 0.57% Cu (4.3 g/t AuEq); see Turmalina news release dated December 2nd 2019 for full details). SFDH-023 and SFDH-024 are interpreted to be located east of the main western lobe.

Figure 15SFDH-022 cross section is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/49de7d92-531a-4f37-9f9f-b0c9ff444248. SFDH-022 tests the centre of the SFdLA breccia pipe beneath SFDH-007 (27.5m @ 3.0 g/t Au, 124 g/t Ag and 0.37% Cu (4.8 g/t AuEq); see Turmalina news release dated December 2nd 2019 for full details).

Drill holeEastNorthElevationAzimuthDipLength (m)Prospect
SFDH-02244247165885672756165-65300SFdLA
SFDH-0234424566588463273820-70253.5SFdLA
SFDH-02444250065885742747200-70336SFdLA
SFDH-0254424026588557272210-60223SFdLA
SFDH-02644285665929212985310-60281.5Chorrillos
SFDH-02743978265916632695100-55319Colorada
SFDH-0284398686591598278610-50211.5Colorada
SFDH-02944244665885282781155-75250SFdLA
SFDH-03044248965884892744319-5058SFdLA
SFDH-03144248965884892744319-68112.5SFdLA

Table 2: Turmalina Metals Phase 2 drill hole locations reported in this release. Co-ordinate projection – WGS84 UTM Zone 19 South.

Phase Two Drilling Continues to Intersect Strong Gold-Silver-Copper Mineralisation at San Francisco de Los Andes

Figure 1 – Schematic model of mineralization within a typical tourmaline breccia pipe (adapted from Kirwin, 2019). Tourmaline breccia pipes can extend over 2 or 3 km in depth. Mineralization within a breccia pipe is typically uniform throughout the top of the breccias (the ‘roof’) while at greater depths the breccia pipe widens with higher-grade mineralization becoming focused along the margins and ends (‘lobes’) in intrusion-related breccia pipes. The drill holes at SFdLA are interpreted to have intersected the roof and lobes of the breccia pipe, while recent holes SFDH-014, SFDH-015 and SFDH-020 are interpreted to have intersected the top of the breccia ‘core’ zone.

Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to  announce that recent holes in our Phase Two drilling program at the San Francisco project (“San Francisco” or the “Project”) have intersected broad intervals of gold-silver-copper mineralization at the San Francisco de Los Andes (“SFdLA”) breccia.

Figure 2: Typical high-grade breccia mineralization at SFdLA: Tourmaline-sericite-chlorite altered siltstone clasts set in a chalcopyrite-pyrite matrix. SFDH-018, 71m. From a 1m sample that averaged 9.6 g/t gold, 424 g/t silver and 2.6% copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Mineralization within tourmaline breccias tends to be most strongly focused on the roof, margins and ends (‘lobes’) of the breccia pipes (Figure 1). Drill hole SFDH-018 tested the width of the easternmost lobe of the SFdLA breccia pipe and intersected significant gold-silver-copper mineralization (Figure 2) that included:

  • 29m @ 4.2 g/t Au, 222 g/t Ag & 1.4% Cu (8.4 g/t AuEq) from 67m (SFDH-018)
    • Including 16m @ 5.3 g/t Au, 231 g/t Ag & 0.99% Cu (9.2 g/t AuEq) from 71m

Drill holes SFDH-014, SFDH-015 and SFDH-020 tested the centre of the SFdLA breccia and intersected a matrix-supported breccia typical of the core of a tourmaline breccia pipe (Figures 3 to 5), with intercepts that include:

  • 12m @ 2.0 g/t Au, 35 g/t Ag & 0.39% Cu (2.8 g/t AuEq) from 73m (SFDH-014)
    • And 40m @ 1.3 g/t Au, 83 g/t Ag & 0.43% Cu (2.6 g/t AuEq) from 104m
  • 26m @ 1.2 g/t Au, 40 g/t Ag & 0.44% Cu (2.2 g/t AuEq) from 75m (SFDH-015)
    • And 17m @ 0.83 g/t Au, 12 g/t Ag & 0.42% Cu (1.4 g/t AuEq) from 136m
  • 19m @ 0.8 g/t Au, 118 g/t Ag & 0.38% Cu (2.6 g/t AuEq) from 93m (SFDH-020)
    • And 9m @ 0.96 g/t Au, 40 g/t Ag & 0.37% Cu (1.8 g/t AuEq) from 136m
    • And 11m @ 0.57 g/t Au, 22 g/t Ag & 0.13% Cu (0.9 g/t AuEq) from 174m
    • And 1.2m @ 6.44 g/t Au, 17 g/t Ag & 0.32% Cu (7.0 g/t AuEq) from 200m
Figure 3: Typical breccia mineralization at SFdLA: angular tourmaline-altered clasts of siltstone supported in a pyrite-quartz-tourmaline matrix. SFDH-014, 75 m; from a 1 m interval that averaged 4.9 g/t gold, 127 g/t silver & 0.22 % copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Three recently completed drill holes tested the westernmost lobe of the SFdLA breccia pipe, and samples from these holes have been dispatched for analysis. Further intersections are reported in Table 1: Intersections are not true widths and further drilling and geological modelling of the mineralised zones is required to make a determination of the true widths of the drill hole intersections. Drill hole coordinates are shown in Table 2.

Figure 4: Typical sulphide-rich breccia mineralization at SFdLA: angular silica-tourmaline altered siltstone clasts supported in a pyrite-chalcopyrite matrix. SFDH-015, 136m. From a 1m sample that averaged 1.5 g/t gold, 51 g/t silver and 2.6% copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.
Figure 5: Typical central breccia mineralization at SFdLA: Sericite-tourmaline altered siltstone clasts supported in in a quartz-tourmaline-pyrite-chalcopyrite matrix. SFDH-020, 200m. From a 1m sample that averaged 6.4 g/t gold, 18 g/t silver and 0.32% copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.
Figure 6: Typical sulphide-rich breccia at Humilde: Sericite-chlorite altered siltstone clasts set in a pyrite-tourmaline matrix. SFDH-019, 359m. From a 1m sample that averaged 0.01 g/t Au, 0.2 g/t silver and 15 ppm copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Dr. Rohan Wolfe, Chief Executive Officer, states: 

“It’s most encouraging to see the SFdLA breccia pipe widen and develop the classic tourmaline breccia geometry – just as expected by our geological model.  High-grade mineralization is focused in well-defined lobes located at the margins of the breccia pipe and remain open at depth and laterally: these lobes are now the target of our ongoing drilling program, and we look forward to keeping the market informed as we continue to drill and explore this remarkable system.”

To date 17 Phase 2 holes have been completed for a total of 4855m. Eleven of these holes test the SFdLA breccia pipe while six holes test three breccia targets identified during the summer field program. The assays for the first three Phase 2 holes were reported on August 28th, six holes are reported in this release, samples from a further four holes have been dispatched for assay, and drill core from the remaining holes are currently being logged and sampled prior to dispatch for assay.

Figure 7: San Francisco tenements with main breccias and locations of Phase 2 drill holes. To date over 60 tourmaline breccias have been mapped in the project area. Phase 2 drilling tests the San Francisco de Los Andes (SFdLA), Chorrillos, Humilde, Solita and Colorada breccias. Drilling at SFdLA has focused on the south-east corner of a composite breccia body, with the north-west extension tested as a part of Phase 2 drilling.

In addition to the above holes at the SFdLA breccia pipe the Company has received assay results for two holes drilled at the Humilde breccia pipe, located 2 km to the northwest of SFdLA. Drill holes SFDH-017 and SFDH-019 intersected strongly sericite-altered and pyrite-rich tourmaline breccia (Figure 6) with elevated gold, silver and copper  (i.e. 1m @ 1.3 g/t Au, 6.8 g/t Ag and 0.17 % Cu from 47m; SFDH-019) but no economic intersections. Alteration at Humilde is similar to alteration zones found above and adjacent to mineralised breccias pipes and the drilling results are being reviewed by our technical staff in order to incorporate these findings into our geological model. Regional drilling is now focused on the Colorada, Solita and Chorrillos breccias (Figure 7).

About the San Francisco Project

The 3404 ha San Francisco project is located in San Juan, Argentina. The project area contains over 60 tourmaline breccia occurrences, several of which have supported small-scale mining. The Company is focused on mapping and sampling the breccias in the project area, and drill testing the highest priority targets.

To minimize the risk of COVID-19 transmission to our team and the community, the Company has applied rigorous protocols throughout the program. These protocols have been approved by the authorities of the province of San Juan, and both Turmalina Metals and local subsidiary Aurora Mining maintain close contact with the local authorities in order to comply with all regulations. These procedures include social distancing, improved hygiene, health screening of all staff and contractors, longer rosters at our remote field camp and an onsite medical professional to monitor health and ensure procedures are followed.

Other Projects

Turmalina has entered into agreements to explore two projects located in Peru: the Chanape copper-gold project located in Lima District (the ‘Chanape Project’) and the Turmalina copper-gold molybdenum project located in Piura District (the ‘Turmalina Project’). Both projects contain clusters of mineralized tourmaline breccias and are undergoing permitting or social consultation prior to the commencement of exploration.

Update to Share Structure

Following the exercise of approximately 2.4 million warrants Turmalina currently has 65,799,518 shares issued, with 4,577,925 warrants at 90 cents, 884,434 agent warrants at 70 cents, 5,845,000 incentive stock options at 50 cents for a total fully diluted of 77,086,877 shares. The Company current holds ~CAD$ 11.5 million in cash with no debt.

Hole IDFromToIntervalAu g/tAg g/tCu %Pb %Zn %AuEq g/t
SFDH-0147385122.00350.390.070.062.85
SFDH-014899560.78540.170.500.141.61
SFDH-014104144.840.81.28840.330.580.802.65
SFDH-01575101261.20400.440.620.722.17
SFDH-01513013330.99180.360.130.051.61
SFDH-015136153170.83120.420.150.251.43
SFDH-01515615930.7750.080.070.010.91
SFDH-01517317631.02110.140.730.941.31
SFDH-0186796294.212231.420.410.118.44
SFDH-0187187165.302320.990.470.089.18
SFDH-019474811.3070.170.030.001.56
SFDH-02093112190.811180.380.770.252.65
SFDH-02012113090.58300.480.230.161.46
SFDH-02013614590.96410.370.840.281.85
SFDH-020174185110.57220.130.230.100.98
SFDH-020200201.21.26.44180.320.070.067.01

Table 1: Phase 2 drill hole intersections at the San Francisco de Los Andes breccia pipe. Equivalent gold values (AuEq) are calculated assuming 100% recovery using USD$ 1900/t oz Au, $23/t oz Ag and $2.9/lb Cu.

On Behalf of the Company,

Dr. Rohan Wolfe, Chief Executive Officer and Director.

Email: rohan@turmalinametals.com

Mobile: +976 9999 6994

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 principle 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 HQ 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.

Drill holeEast North Elevation Azimuth DipLength (m)Prospect
SFDH-0144425146588442274820-70166.5SFdLA
SFDH-0154424746588451276420-65223.5SFdLA
SFDH-0174409176590441297317555345Humilde
SFDH-01844254765884282740345-60151SFdLA
SFDH-0194408436590357296490-60437Humilde
SFDH-02044249465885382779165-70279SFdLA

Table 2: Turmalina Metals Phase 2 drill hole locations reported in this release. Co-ordinate projection – WGS84 UTM Zone 19 South.

Phase Two Drilling Intersects Further High-Grade Gold-Silver-Copper Mineralisation Including 109m at 4.9 g/t Au, 109 g/t Ag and 1.1% Cu (7.5 g/t AuEq)

VANCOUVER, B.C. – Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to  announce that the first three holes of our Phase Two (~5000 meter) drilling program at the San Francisco project (“San Francisco” or the“Project”) have intersected broad intervals of high-grade gold-silver-copper mineralisation at the San Francisco de Los Andes (“SFdLA”) breccia. Significant intersections are reported in Table 1 below, and include:

  • 83m @ 4.4 g/t Au, 82 g/t Ag & 0.43% Cu (5.9 g/t AuEq) from 25m (SFDH-011)
    • Including 41m @ 7.03 g/t Au, 91 g/t Ag & 0.51% Cu (8.76 g/t AuEq) from 27m
  • 109m @ 4.94 g/t Au, 109 g/t Ag & 1.1% Cu (7.55 g/t AuEq) from 12m (SFDH-012)
    • Including 27m @ 9.02 g/t Au, 94 g/t Ag & 1.08% Cu (11.4 g/t AuEq) from 31m
    • Including 3m @ 13.8 g/t Au, 111 g/t Ag & 0.08% Cu (15.3 g/t AuEq) from 15m
    • Including 6.7m @ 7.43 g/t Au, 58 g/t Ag & 0.15% Cu (8.35 g/t AuEq) from 65m
    • Including 11m @ 5.59 g/t Au, 134 g/t Ag & 1.34% Cu (8.75 g/t AuEq) from 98m
  • 74m @ 1.1 g/t Au, 48 g/t Ag & 0.41% Cu (2.2 g/t AuEq) from 88m (SFDH-013)
    • And 13m @ 0.9 g/t Au, 51 g/t Ag & 0.54% Cu (2.1 g/t AuEq) from 179m
Figure 1 – Winter drilling at the San Francisco Project. The project is located in an arid, sparely-populated area at a moderate elevation of ~2600m. The drill program and camp are located 20km by unsealed road to the nearest public road and 30km from the local village of Villa Nueva where the Company maintains an office and core facility.

These high-grade intersections remain open both at depth and laterally. The breccia textures observed in the drill core confirm that the current intercepts are related to the very top of the breccia system. Mineralisation in the top of tourmaline breccias may have a different orientation to the orientation of the breccia pipe (such as forming flat-lying ‘ceiling’ zones): Should the above drill intersections be at an oblique angle to mineralisation then the true width of mineralisation will be less than the reported intersections. Further drilling and geological modelling is required to constrain the geometry of mineralisation within the SFdLA breccia.

The current Phase Two drilling program tests for extensions to high-grade gold-copper-silver mineralization encountered in the first phase of drilling completed by the Company in 2019, which included intersections of 36.9m @ 6.3 g/t Au, 122 g/t Ag & 0.88% Cu (8.7 g/t AuEq, SFDH-001) and 85.3m @ 4.4 g/t Au, 109 g/t Ag & 0.79% Cu (6.6 g/t AuEq, SFDH-002; see Turmalina news release dated December 2, 2019 for full details).   

“These outstanding initial results from our Phase 2 drilling indicate that high-grade mineralisation not only continues at depth at SFDLA but, as expected by our geological model, the SFdLA breccia pipe is starting to expand in width as we go deeper. Our 2019 campaign tested the SFdLA breccia pipe to a depth of 150 meters. These initial Phase 2 holes test the breccia pipe 30 to 150m below the 2019 drill holes and have returned similar high grades. Most tourmaline breccias are considered to be gold-rich at 1 g/t gold – so the broad intersections of gold-mineralised breccia returning 9-10 g/t gold at San Francisco are quite remarkable.

With high-grade mineralisation open at depth and laterally these are exciting times for Turmalina Metals and we look forward to keeping the market informed of new drilling results both at SFdLA and at satellite breccias that will be tested by the current program

We have also been actively consolidating our holdings in the region with the recent acquisition of the neighboring Miranda properties. While our focus remains very much on San Francisco we have also strengthened our overall portfolio by acquiring the Chanape project in Peru, which contains a cluster of strongly gold-copper mineralised tourmaline breccias. We look forward to providing more detailed information on our acquisitions as we complete field work on these projects.” 

Dr. Rohan Wolfe, Chief Executive Officer, states

Drilling continues at the San Francisco Project, with 14 holes completed to date for a total of 3890m. Ten of these holes tested the SFdLA breccia pipe while four holes tested two breccia targets identified during the summer field program. The assays for the first three Phase 2 holes have been returned and are reported in this release, samples from a further three holes have been dispatched for assay at a commercial laboratory, and drill core from the remaining holes are currently being logged and sampled prior to dispatch for assay. The current drilling aims to extend mineralisation at SFdLA to greater depths as well as test for lateral extensions. In addition, the current program tests four of over sixty gold-copper mineralised breccias identified during the summer field program.

Hole IDFromToIntervalAu g/tAg g/tCu %Pb %Zn %AuEq g/t
SFDH-01125108834.40820.430.740.525.93
SFDH-0112768417.03910.510.230.028.76
SFDH-012121211094.941091.130.230.067.55
SFDH-0121518313.781110.080.140.0115.28
SFDH-0123158279.02941.080.150.0111.37
SFDH-0126571.76.77.43580.150.170.038.35
SFDH-01298109115.591341.340.540.148.75
SFDH-01388162741.1480.410.360.422.16
SFDH-013179192130.9510.540.040.082.14

Table 1: Phase 2 drill hole intersections from Turmalina’s drilling at the San Francisco de Los Andes breccia pipe. Equivalent gold values (AuEq) are calculated assuming 100% recovery using USD$ 1900/t oz Au, $25/t oz Ag and $2.8/lb Cu. 

New Acquisitions

The Company continues to consolidate our holdings in the mining friendly state of San Juan, as well as review opportunities in South America. 

Miranda Properties, San Juan, Argentina. 

As part of our regional consolidation around the San Francisco project the company is pleased to announce that it has, under its Argentinian subsidiary Aurora Mining S.A, entered into an option agreement with third parties to acquire a 100% interest in the 17,690 ha Miranda properties, located ~4 km to the east and northeast of our Project area. The Company can acquire a 100% interest in the Miranda properties by making total cash payments of USD$225,000 over four years, with $150,000 of the payment due in the final year. The vendors retain a NSR of 1%, which can be purchased for USD$300,000. 

The Miranda properties covers a large area prospective for gold and base metal mineralisation on the eastern margin of the San Francisco Project.  

Chanape Project, Lima, Peru. 

As part of the Company’s strategy to possess several high-grade projects in our portfolio the Company is pleased to announce that it has, under its Peruvian subsidiary Aurora Copper Peru S.A.C, entered into an option agreement with third parties to acquire a 100% interest in the Chanape Project, located in Lima district, Peru. The Company can acquire a 100% interest in the 680 ha property by making total cash payments of $3,410,000 and by incurring exploration expenditures of US$2,000,000 over 5 years, with $2.2M of the cash payment and $750k of the exploration commitment due in the final year. The vendors retain a 2% Net Smelter Returns royalty, of which the Company may purchase 1% (50%) of the NSR for a payment of USD$ 1,200,000. 

The Chanape Project hosts over 50 tourmaline breccias, however previous exploration focused on testing porphyry copper-molybdenum mineralisation on the property (i.e. 284m @ 0.32% copper, 82 ppm molybdenum and 6 g/t silver). The last two holes drilled by the previous operators tested two tourmaline breccias and returned the best intersections drilled to date at the project (i.e.  71m @ 1.92% copper, 0.84 g/t gold & 42 g/t silver and 108m @ 2.0 g/t gold & 41 g/t silver). These breccias remain largely untested and are open at depth and along strike. Turmalina Metals plans to review and prioritise tourmaline breccia mineralisation on the project. 

About the San Francisco Project

The 3404 ha San Francisco project is located in San Juan, Argentina. The project area contains over 60 tourmaline breccia occurrences, several of which have supported small-scale mining. The Company is focused on mapping and sampling the breccias in the project area, and drill testing the highest priority targets. 

To minimize the risk of COVID-19 transmission to our team and the community the Company has applied rigorous protocols throughout the program. These protocols have been approved by the authorities of the province of San Juan, and both Turmalina Metals and Aurora Mining maintain close contact with the local authorities in order to comply with all regulations. These procedures include social distancing, improved hygiene, health screening of all staff and contractors, longer rosters at our remote field camp and an onsite medical professional to monitor health and ensure procedures are followed.

Other Projects

Turmalina has entered into an agreement to explore the Turmalina copper-gold molybdenum project located in Piura, Peru (the ‘Turmalina Project’). The Turmalina Project hosts a cluster of undrilled tourmaline breccias that were historically mined for copper, gold and molybdenum. 

On Behalf of the Company,

Dr. Rohan Wolfe, Chief Executive Officer and Director.

Email: rohan@turmalinametals.com

Mobile: +976 9999 6994

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 mineralisation on established mining licenses that present compelling drill targets. The principle 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 HQ 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.

Drill holeEast North Elevation Azimuth DipLength (m)
SFDH-001144253165884912766200-80293.5
SFDH-001244251965884702758100-80130.5
SFDH-001344253265884242739345-65341.5

Table 2: Turmalina Metals Phase 2 drill hole locations reported in this release. Co-ordinate projection – WGS84 UTM Zone 19 South. 

Independent board member steps down to become Minister of Mines

Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) wishes to announce that independent board member Miguel Inchaustegui has stepped down from the board of the Company in order to assume the role of Minister of Energy and Mines for the Peruvian Government.

“Miguel has been a valued member of our board over the past year, and in his prior role as a consultant to the Company Miguel was invaluable in setting up our social and environmental programs and building our community liaison capabilities. All of us in the company wish Miguel the very best in his new role as the Minister of Energy and Mines for Peru.”

Dr. Rohan Wolfe, Chief Executive Officer, states.

The Company will operate with four board members until a replacement independent director is appointed. 

On Behalf of the Company,

Dr. Rohan Wolfe, Chief Executive Officer and Director.

Email: rohan@turmalinametals.com

Mobile: +976 9999 6994

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 mineralisation on established mining licenses that present compelling drill targets. The principle 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.

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.