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.

Turmalina Metals Announces AGM Results

Vancouver, B.C. – Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to announce voting results of its annual general meeting of shareholders (AGM) that was held on July 29, 2020.

At the AGM, shareholders set the size of the board of directors at five. Detailed voting results regarding the election of directors are as set out in the following table:

Director nomineeNumber of shares voted for% of shares voted forNumber of shares voted withheld%of shares voted withheld
Rohan Wolfe9,891,80299.946,3000.06
Bryan Slusarchuk9,891,80299.946,3000.06
Francisco Azevedo, Jr.9,891,80299.946,3000.06
Mark Eaton 9,891,80299.946,3000.06
Miguel Inchaustegui9,891,80299.946,3000.06

Shareholders also approved:

  • The appointment of Davidson & Company LLP as the auditor of Turmalina Metals for the ensuing fiscal year;
  • Authorization for the directors to fix the remuneration paid to the auditor; and
  • A resolution authorizing the continuation of Turmalina Metal Corp.’s rolling stock option plan.

Turmalina is currently conducting Phase Two drilling at the Company’s San Francisco Project located in the mining friendly jurisdiction of San Juan, Argentina. The program is targeting vertical and lateral extensions of the SFdLA breccia, where multiple high-grade gold-silver-copper intercepts were reported in Phase One drilling, as well as several new high-priority breccia targets identified during the company’s extensive summer field program (see Turmalina News Release dated June 24, 2020 for more details).

In excess of 2,000 metres of drilling has been completed to date during Phase Two drilling and the company has two drill rigs turning. Cutting and logging of the drill core is progressing smoothly: core deliveries to the assay lab will commence today and will be ongoing over the next two months. Assay results will be released as they are received and assessed. 

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-molybdenum 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 molybdenum 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.

Turmalina Metals Accelerates Drilling at San Francisco Project

Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to announce that it has accelerated drilling at its San Francisco gold-silver-copper project (the “Project”) with the addition of a second drill rig to the ongoing program.

Highlights:

  • The first drill rig will remain at the San Francisco de Los Andes (‘SFdLA’) breccia.
  • The second rig will drill one hole at SFdLA before commencing exploration drilling of newly discovered gold-copper-silver mineralised breccia pipes.
  • Drilling has commenced with a strong cash position and balance sheet.

Over the past month the Turmalina operations team has established a camp, constructed access roads and built multiple drill pads. This process went smoothly and Turmalina commenced drilling three weeks ago at the SFdLA breccia pipe, which was drilled by the Company in 2019.  

The second rig, which is now onsite, will drill one hole at SFdLA before being dedicated to testing high-priority exploration targets, with approximately 2000m of drilling planned across four gold-copper mineralized breccia pipes. These new exploration targets were identified during the summer field program, which mapped and sampled the entire 3400 ha project area, leading to the identification and sampling of over 60 breccias.

These new breccia pipes are all located in close proximity to SFDLA. Rock chip samples from one of these new targets included 79 g/t gold, 385 g/t silver and 7.7 % copper: assay grades higher than those obtained from rock chips over the SFdLA breccia pipe drilled by the Company in 2019. The four breccia pipes to be tested are all larger in mapped extent than the SDdLA breccia pipe.

The first drill rig currently at the SFdLA breccia will remain at the breccia pipe, with approximately 2500 meters of drilling planned at SFdLA to test for extensions to high-grade gold-copper-silver mineralization encountered in the first phase of drilling completed by the Company in 2019.  The 2019 drill results included 36.95m @ 6.31 g/t Au, 122 g/t Ag & 0.88% Cu (8.7 g/t AuEq; SFDH-001), 85.30m @ 4.43 g/t Au, 109 g/t Ag & 0.79% Cu (6.6 g/t AuEq; SFDH-002) and 26.75m @ 5.47 g/t Au, 97 g/t Ag & 3.30% Cu (10.6 g/t AuEq, SFDH-004; see Turmalina news release dated December 2, 2019 for full details). The first holes of the current program test 60 to 80 meters below the deepest holes drilled by Turmalina to date. Further holes will then extend this to greater depths as well as test shallower lateral extensions.

Dr. Rohan Wolfe, Chief Executive Officer, states:

“We are pleased to accelerate the drilling program at San Francisco with two rigs now turning at the project. This second rig will test some exciting recently-discovered breccia pipes that are not only larger on surface than the SFdLA pipe but in some cases have returned higher gold, silver and copper rock chip assay results than found on the surface of the SFdLA breccia pipe.

Drilling at the SFdLA breccia is progressing well, with a series of holes that test for vertical and lateral extensions to this high-grade breccia pipe: a breccia that returned some of the highest gold grades ever reported for this style of mineralisation during our 2019 drill program.”

The Project is located in the Argentinian state of San Juan. San Juan authorities responded promptly to the threat posed by the COVID-19 pandemic, and due to this response the state has only recorded 8 cases of COVID-19 as of the 22nd of June. To further minimize the risk of COVID-19 transmission to our team and the community the Company has applied rigorous protocols throughout the program. 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 Company also has granted 2,070,000 incentive share purchase options to technical staff, advisors, management and directors of the company excercisable at a price of $1.30 for a period of 5 years.

On January 15, 2020, the Company has entered into 12 month investor relations agreements with Highland Contact (controlled by Adam Ross), based in Canada.  Highland Contact will be paid CAD $7,000 per month and will coordinate all North American investor relations for the company including creation of materials, advertising as well as handling all incoming investor relations communications for a period of twelve months.  Adam Ross was granted 150,000 incentive stock options on August 9, 2019 with a term of 5 years and an exercise price of $0.50, for providing corporate finance services to the Company. Highland Contact is a corporate communications firm that assists public and private companies with corporate communication and to develop a capital markets strategy.

About the San Francisco Project, San Juan, Argentina

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

Work Programs

The summer field program at San Francisco extended geological mapping, portable XRF analysis and geochemical sampling (rock chips and soils) over the entire Project area. High-priority breccia targets defined by this first-pass sampling were subject to detailed mapping and channel sampling leading to the selection of drill targets for the pending drill program. The company is also consolidating our regional holdings as San Francisco is located within an 80 km long gold-copper mineralised belt.

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.  

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.

Turmalina Metals Commences Drilling at the San Francisco Project

Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to announce that it has commenced drilling at its San Francisco gold-silver-copper project (the “Project”).

Highlights: 

  • Drilling has started at the San Francisco de Los Andes (‘SFdLA’) breccia.
  • The drilling campaign will be a concurrent blend of drilling at SFdLA breccia pipe and exploration drilling of newly discovered gold-copper-silver mineralised breccia pipes.
  • Commencing drilling with a strong cash position and balance sheet.

During the past two weeks, the Turmalina operations team has been busy onsite establishing the camp, constructing access roads to drill sites and building drill pads. This process has gone smoothly and Turmalina now is drilling at the SFdLA breccia pipe.

This phase two drill program will be a concurrent blend of drilling at the (SFdLA) breccia, to follow up on a very successful initial drill program while also commencing exploration on multiple newly identified and sampled breccias that present high priority exploration targets.

Two diamond drill rigs will be utilized to drill a total of 4500 meters during this drill campaign. Approximately 2500 m will be drilled at the SFDLA breccia pipe, testing for vertical and lateral extensions to high-grade gold-copper-silver mineralization encountered in the first phase of drilling (Figure 1). The remaining 2,000 m will test gold-copper mineralized breccia pipes identified during the summer mapping program (Figure 2).  

Figure 1: Cross section through San Francisco de Los Andes breccia pipe, with the results of the Company’s initial 2019 drill program: these drill holes intersected high-grade gold-copper mineralisation in the top 100m of the breccia pipe. Holes A (underway) and B of the current drill program test for extensions to mineralisation ~60 to 80 meters below previous Turmalina drill holes. Later holes will then test for further lateral and vertical extensions.
Figure 2: Geological map illustrating breccia pipe occurrences with rock chip gold results (ppb). Drilling will focus on extending mineralisation at the San Francisco de Los Andes breccia (SFdLA) as well as testing the Chorrillos, Colorada, Humilde and Solita breccia pipes. The best surface geochemical results returned to date are from the Humilde breccia (i.e. 79 g/t gold, 385 g/t silver and 7.7 % copper), with grades even higher than those found at the surface of the SFdLA breccia pipe

With drilling now underway Turmalina has also re-started infill rock chip sampling in newly identified gold-copper mineralised breccia pipes, starting at the Humilde breccia, and then continuing at the Solita and Colorada breccias.

Dr. Rohan Wolfe, Chief Executive Officer, states:

“It’s pleasing to be drilling again at our flagship San Francisco project. The next few months promise to be a very busy and exciting time for Turmalina as we test for extensions to high grade gold-copper mineralisation intersected in our initial drilling at the SFdLA breccia pipe, as well as drill testing some exciting newly-identified gold-copper mineralised breccia pipes on the property. Some of these new breccia pipes have returned surface gold and copper grades even higher than those found on the surface of the SFdLA breccia pipe. In conjunction with the drilling program we have restarted detailed sampling and mapping of several high-priority targets and we look forward to keeping the market updated as drilling and fieldwork progresses over the coming months.  

SFDLA Drilling

Initial drilling at the SFdLA breccia (see Turmalina News Release dated December 2, 2019 for full details of results including information on true widths) returned significant gold-rich intercepts including:

  • 36.95m @ 6.31 g/t Au, 122 g/t Ag & 0.88% Cu (8.7 g/t AuEq) from 34.5m (SFDH-001)
  • 85.30m @ 4.43 g/t Au, 109 g/t Ag & 0.79% Cu (6.6 g/t AuEq) from 27.7m (SFDH-002)
    • Including 22.70m @ 6.66 g/t Au, 86 g/t Ag & 1.46% Cu (9.46 g/t AuEq) from 28.3m
    • Including 25.00m @ 5.29 g/t Au, 117 g/t Ag & 0.62% Cu (7.4 g/t AuEq) from 61m
  • 50.75m @ 3.62 g/t Au, 82 g/t Ag & 1.90% Cu (6.7 g/t AuEq) from 44.25m (SFDH-003)
    • Including 26.75m @ 5.47 g/t Au, 97 g/t Ag & 3.30% Cu (10.6 g/t AuEq) from 44.25m
  • 85.00m @ 2.65 g/t Au, 88 g/t Ag & 0.57% Cu (4.32 g/t AuEq) from 33m (SFDH-005)
    • Including 21.00m @ 5.05 g/t Au, 173 g/t Ag & 0.80% Cu (8.0 g/t AuEq) from 35m
  • 27.52m @ 3.00 g/t Au, 124 g/t Ag & 0.37% Cu (4.8 g/t AuEq) from 56.48m (SFDH-007)
    • Including 8.52m @ 4.91 g/t Au, 140 g/t Ag & 0.24% Cu (7.1 g/t AuEq) from 56.48m
    • And 16m @ 0.8 g/t Au, 281 g/t Ag & 1.59% Cu (6.1 g/t AuEq) from 150m.

Initial Phase Two drilling at the SFdLA targets the projected vertical extension of the breccia approximately 60 to 80 meters below the deepest holes drilled by Turmalina to date (Figure 1). Further holes will then extend this to greater depths as well as test shallower along-strike extensions. 

Exploration Drilling on New Targets

Over summer Turmalina completed a project-wide 3400 ha mapping and sampling program. This program included collection of over 4,494 soil samples, 1,240 rock chip samples and mapping of over 60 breccias. 

The upcoming drilling program will drill test four of these newly discovered breccia pipes (Figure 2). These new breccia pipes are all located in close proximity to SFDLA. Rock chip samples from one of these new targets included 79 g/t gold, 385 g/t silver and 7.7 % copper: assay grades higher than those obtained from rock chips over the SFdLA breccia pipe drilled by the Company in 2019.

To minimize the risk of COVID-19 transmission to our team and the community the Company will apply rigorous protocols throughout the program. These procedures will 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. 

About the San Francisco Project, San Juan, Argentina

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

Work Programs

The summer field program at San Francisco extended geological mapping, portable XRF analysis and geochemical sampling (rock chips and soils) over the entire Project area. High-priority breccia targets defined by this first-pass sampling were subject to detailed mapping and channel sampling leading to the selection of drill targets for the pending drill program. The company is also consolidating our regional holdings as San Francisco is located within an 80 km long gold-copper mineralised belt.

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.   

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.

Turmalina Metals to Commence Drilling

VANCOUVER, May 20, 2020 /CNW/ – Turmalina Metals Corp. (“Turmalina“, or the “Company“; TBX-TSXV, TBXXF-OTCQX) is pleased to announce that, during the past 48 hours, it has received approval from the regulatory authorities in San Juan, Argentina of its recently submitted biosecurity protocols and as such can immediately mobilize to the San Franciscogold-silver-copper project (the “Project“) to commence drilling.

Highlights: 

  • Mobilization to site starting immediately. 
  • Upcoming drill program a concurrent blend of drilling at SFDLA breccia pipe and exploration drilling of newly discovered gold-copper-silver mineralised breccia pipes. 
  • Commencing drilling with a strong cash position and balance sheet. 
  • Robust COVID-19 protocols in place for drilling program. 
  • Rapid response of government and community to COVID-19 pandemic has led to only 3 cases of COVID-19 in San Juan state to date. 

This phase two drill program will be a concurrent blend of drilling at the San Francisco de Los Andes (SFdLA) breccia, to follow up on a very successful initial drill program while also commencing exploration on multiple newly identified and sampled breccias that present high priority exploration targets.

Two diamond drill rigs will be utilized to drill a total of 4500 meters during this drill campaign. Approximately 2500 mwill be drilled at the SFDLA breccia pipe, testing for extensions to high-grade gold-copper-silver mineralization encountered in the first phase of drilling. The remaining 2,000 m will test mineralized breccia pipes identified during the recently completed mapping program. Please refer to our press release dated March 6, 2020 for further details of the planned drill program. 

SFDLA Drilling

Initial drilling at the SFdLA breccia (see Turmalina News Release dated December 2, 2019 for full details of results including information on true widths) returned significant gold-rich intercepts including:

  • 36.95m @ 6.31 g/t Au, 122 g/t Ag & 0.88% Cu (8.7 g/t AuEq) from 34.5m (SFDH-001) 
  • 85.30m @ 4.43 g/t Au, 109 g/t Ag & 0.79% Cu (6.6 g/t AuEq) from 27.7m (SFDH-002) 
    • Including 22.70m @ 6.66 g/t Au, 86 g/t Ag & 1.46% Cu (9.46 g/t AuEq) from 28.3m
    • Including 25.00m @ 5.29 g/t Au, 117 g/t Ag & 0.62% Cu (7.4 g/t AuEq) from 61m
  • 50.75m @ 3.62 g/t Au, 82 g/t Ag & 1.90% Cu (6.7 g/t AuEq) from 44.25m (SFDH-003) 
    • Including 26.75m @ 5.47 g/t Au, 97 g/t Ag & 3.30% Cu (10.6 g/t AuEq) from 44.25m
  • 85.00m @ 2.65 g/t Au, 88 g/t Ag & 0.57% Cu (4.32 g/t AuEq) from 33m (SFDH-005) 
    • Including 21.00m @ 5.05 g/t Au, 173 g/t Ag & 0.80% Cu (8.0 g/t AuEq) from 35m
  • 27.52m @ 3.00 g/t Au, 124 g/t Ag & 0.37% Cu (4.8 g/t AuEq) from 56.48m (SFDH-007) 
    • Including 8.52m @ 4.91 g/t Au, 140 g/t Ag & 0.24% Cu (7.1 g/t AuEq) from 56.48m
    • And 16m @ 0.8 g/t Au, 281 g/t Ag & 1.59% Cu (6.1 g/t AuEq) from 150m.

Exploration Drilling on New Targets

Over summer Turmalina completed a project-wide 3400 ha mapping and sampling program. This program included collection of over 4,494 soil samples, 1,240 rock chip samples and mapping of over 60 breccias. 

The upcoming drilling program will drill test four of these newly discovered breccia pipes. These new breccia pipes are all located in close proximity to SFDLA. Rock chip samples from one of these new targets included 79 g/t gold, 385 g/t silver and 7.7 % copper: assay grades higher than those obtained from rock chips over the SFdLA breccia pipe drilled by the Company in 2019.

Energold Drilling has been contracted to conduct the upcoming drilling program at the project. To minimize the risk of COVID-19 transmission to our team and the community the Company will apply rigorous protocols throughout the program. These procedures will 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. 

Dr. Rohan Wolfe, Chief Executive Officer, states:

“We are excited to commence Phase 2 drilling at San Francisco. Thanks to the rapid response of the government and community the state of San Juan has been largely unaffected by the COVID 19 pandemic, with only a handful of cases to date. We welcome the return to exploration and will enforce a rigorous set of procedures to protect our team and the community. Our Phase 2 drilling program at the SFdLA breccia pipe will test below and along-strike from the high-grade intersections returned in our 2019 Phase 1 drill program, which only tested the top 150m of the breccias pipe. In addition, we will drill test four other breccias pipes identified during our summer field program that returned significant rock chip assay results. With our raising of $9.7M earlier in the year we now have a strong balance sheet to support the exploration and development of our projects.”

About the San Francisco Project, San Juan, Argentina

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

Work Program

The summer field program at San Francisco extended geological mapping, portable XRF analysis and geochemical sampling (rock chips and soils) over the entire Project area. High-priority breccia targets defined by this first-pass sampling were subject to detailed mapping and channel sampling leading to the selection of drill targets for the pending drill program. The company is also consolidating our regional holdings as San Francisco is located within an 80 km long gold-copper mineralised belt.

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.   

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.

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.

SOURCE Turmalina Metals Corp.

For further information: For Investor Relations enquiries, please contact Bryan Slusarchuk at +1 833 923 3334 (toll free) or via info@turmalinametals.com.

Turmalina Metals Upgraded to OTCQX Best Market

  • OTCQX Symbol is TBXXF
  • Company is DTC eligible
  • Phase 2 drilling to commence soon

VANCOUVER, May 4, 2020 /CNW/ – Turmalina Metals Corp. (TSX-V:TBX, OTCQX: TBXXF) (“Turmalina” or the “Company”) is pleased to announce it has qualified to trade on the OTCQX Best Market and will trade with the symbol TBXXF effective immediately.

U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

Turmalina Chief Executive Officer and Director, Dr. Rohan Wolfe, states, “Turmalina is pleased to join the OTCQX Market, making trading easier for our U.S. investors. Turmalina has recently completed modeling the results from our extensive project-scale field program and we look forward to commencing drilling soon.”

The drill program, as previously disclosed, will be a concurrent blend of testing for vertical and lateral extensions of the SFLD breccia, where Turmalina intersected high-grade gold-silver mineralization in multiple holes (such as 36.95m at 6.31 g/t gold, 122 g/t silver, and 0.88% copper, being 8.7 g/t gold equivalent; see Turmalina News Release dated December 9, 2019 for details) and drilling on new exploration targets within a large cluster of breccias in close proximity to SFLD. Exploration drilling will be based on the recently concluded field program which included 4494 soil samples, 1240 rock chip samples and mapping of 60 breccias (rock chip samples from one of the high priority exploration targets included 79 g/t gold, 385 g/t silver and 7.7% copper, as detailed in Turmalina News Release dated March 6, 2020).

Turmalina has recently submitted a biosecurity protocol document to regulatory officials in San Juan and understands that upon acceptance of these plans the company will be able to commence drilling.

Turmalina is well funded, has no debt and is eager to follow up on the successful phase one drill results.

On behalf of Turmalina Metals,

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.

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-molybdenum 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 molybdenum 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.

SOURCE Turmalina Metals Corp.

For further information: For Investor Relations enquiries, please contact Bryan Slusarchuk at +1 833 923 3334 (toll free) or via info@turmalinametals.com.

Turmalina Metals Completes Summer Field Program and Provides an Update on Activities

March 23, 2020:  Turmalina Metals Corp. (“Turmalina” or the “Company”; TBX TSX.V) wishes to provide an update on exploration activity at its San Francisco copper-gold project (“San Francisco” or the “Project”), located in San Juan in Argentina, and our response to the COVID-19 pandemic. 

Turmalina completed the summer field program at San Francisco during the past week with exploration staff demobilized from site at the end of that program. This program mapped the entire Project area and identified several high priority exploration targets. 

Based on the information obtained from the past three months of field work, Turmalina geologists are now planning the upcoming drill program which will be a concurrent blend of testing for vertical and lateral extensions of the SFLD breccia, where Turmalina intersected high-grade gold-silver mineralization in multiple holes (such as 36.95m at 6.31 g/t gold, 122 g/t silver, and 0.88% copper, being 8.7 g/t gold equivalent; see Turmalina News Release dated December 9, 2019  for details) and drilling on new exploration targets within a large cluster of breccias in close proximity to SFLD. Exploration drilling will be based on the recently concluded field program which included 4494 soil samples, 1240 rock chip samples and mapping of 60 breccias (rock chip samples from one of the high priority exploration targets included 79 g/t gold, 385 g/t silver and 7.7% copper, as detailed in Turmalina News Release dated March 6, 2020).

In response to the recent Covid-19 pandemic, Turmalina wishes to describe the Company’s protocols and plans. Firstly, the Company notes that there have been no confirmed nor presumptive cases of the COVID-19 pandemic at site. The Company is now in a planning phase for drilling which primarily occurs offsite. While Turmalina maintains a corporate office in Canada our technical and managerial team operate remotely from individual home offices located in Peru, Brazil, Argentina, Canada and Asia. The current compilation, analysis and modeling of recently collected data is being done on a physically decentralized basis from these individual home offices as the Company prepares for drilling. 

On the 19thof March the Argentine government declared a nation-wide mandatory quarantine, which is currently in effect from the 21stto the 31stof March to reduce the spread of COVID-19.  We are monitoring events closely and will review the situation upon the lifting of the quarantine, which may be subject to change depending on conditions in the country.  While work is ongoing by the technical and management team, in preparation for drilling, the decision to commence drilling will be made once planning is complete, in consultation with local authorities and only when we believe we can ensure the health and safety of our team and all concerned.

Turmalina has a strong balance sheet and a small but highly-experienced management team with low overheads. Turmalina is in a strong position to execute our business plan.

Dr Rohan Wolfe, Chief Executive Officer of Turmalina, comments “In these unprecedented times our main priority is the health and safety of our team, contractors and host community. We are well prepared to operate over this period, with a strong cash position and a team used to working together remotely from our home offices. With the completion of our extensive summer field program we are looking forward to reviewing the large amount of data collected to date, and we will be ready to commence our Phase 2 drilling program the moment it is deemed safe to do so.”

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.

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-molybdenum 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 molybdenum discoveries who are highly experienced in this deposit style. Our projects are characterized 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.

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 including but not limited to the timing of the completion of planning for and the subsequent commencement of the drill program at the San Francisco Project or the likelihood of success resulting from such drill program based on the results to date from completed exploration on the San Francisco Project. 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 quarantine period in Argentina will be lifted. There is uncertainty over the form and duration of government measures related to COVID-19 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.

Turmalina Completes Mapping and Sampling Program and Prepares for Phase 2 Drilling Campaign

Turmalina Metals Corp. (“Turmalina” or the “Company“) is pleased to announce that the company has completed a project-scale mapping and sampling program at the San Francisco project (the “Project”), resulting in multiple new drill targets.

Highlights

  • Completion of project-wide mapping and sampling program 
  • Program included 4494 soil samples, 1240 rock chip samples and mapping of 60 breccias 
  • Rock chip samples from one of the high priority exploration targets included 79 g/t gold, 385 g/t silver and 7.7% copper. 
  • Drill program to commence targeting both expansion of initial breccia drilled in 2019 and new discoveries.

Energold Drilling has been contracted to conduct the upcoming drilling program at the Project, located in the mining-friendly state of San Juan, Argentina. 

Two diamond drill rigs will be utilized to drill a total of 4000m at the Project, with drilling expected to commence in late March. Approximately 2000m will be drilled at the San Francisco de Los Andes breccia pipe (“SFdLA“) testing for extensions to high-grade gold-silver-copper mineralisation encountered in 2019. The remaining 2000m will test several mineralised breccia pipes identified during the recently completed mapping program. 

Turmalina’s initial drill program at the SFdLA breccia pipe in 2019 intersected high-grade gold-silver mineralization in multiple holes (i.e. 36.95m @ 6.31 g/t Au, 122 g/t Ag & 0.88% Cu for 8.7 g/t AuEq; see Turmalina News Release dated December 9, 2019 for details). This 2019 campaign tested the top 150m of the breccia pipe, with mineralisation remaining open at depth and along strike (Figure 1). The planned drill holes will test below existing intersections to a depth of ~400m below surface, as well as target along-strike extensions to the breccia evident in surface mapping and sampling.  

Over the last four months the Company has conducted an aggressive mapping and sampling program in order to prioritize the large number of other breccias on the Project (Figure 2). With approximately 1240 rock chip and 4494 soil samples taken to date this program has identified and sampled 60 breccia occurrences. Of these, twelve breccia pipes have undergone detailed follow-up studies based on anomalous assay results that included maximum rock chip assay results of 79 g/t gold, 385 g/t silver and 7.7 % copper (Figures 3 & 4). Four of these pipes are scheduled to be drill tested to a depth of 150m in the upcoming drilling program (Figure 6). 

Dr. Rohan Wolfe, Chief Executive Officer, states:

“Turmalina is looking forward to commencing Phase 2 drilling at San Francisco. While our drilling in 2019 returned multiple holes with high grades it is important to note that we only drill tested the top 150m of the SFdLA breccia pipe. We look forward to extending drilling beneath and along-strike from the 2019 drill holes – drill holes that indicated the pipe dimensions were increasing with depth. Furthermore our recently completed field program has identified multiple mineralised breccia pipes in the adjacent area, with rock chip assay results of up to 79 g/t gold at one of the high-priority targets. With our recent raising of $9.7M we now have a strong balance sheet to support the exploration and development of our projects.”

About the San Francisco Project, San Juan, Argentina

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

About the Turmalina Project, Piura, Peru

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. The Company is currently engaged in the permitting process and will commence exploration on completion of permitting and the filing of a 43-101 report.  

Work Program

The field program at San Francisco extended geological mapping, portable XRF analysis and geochemical sampling (rock chips and soils) over the entire Project area. High-priority breccia targets defined by this first-pass sampling are subject to detailed mapping and channel sampling prior to the selection of drill targets for the March 2020 drill program. The company is also consolidating our regional holdings as San Francisco is located within an 80 km long gold-copper mineralised belt.

At the Turmalina Project in Peru, the Company is conducting social studies and applying for all required permits prior to commencing exploration.

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.   

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-molybdenum 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 molybdenum 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.

Turmalina Metals Corp. Announces Closing of $9,775,115 Unit Offering

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Fully-subscribed offering completed with full overallotment option exercised by underwriters

VANCOUVER, British Columbia , Feb. 28, 2020 (GLOBE NEWSWIRE) — Turmalina Metals Corp. (TSXV:TBX) (“Turmalina Metals Corp.” or the “Company”) is pleased to announce that it has closed its previously announced short form prospectus offering (the “Offering”) and has issued an aggregate of 13,964,450 units (the “Units”), including 1,821,450 Units issued pursuant to the full exercise of the underwriters’ over-allotment option, at a price of $0.70 per Unit for gross proceeds of $9,775,115.

Each Unit was composed of one common share in the capital of the Company (a “Common Share”) and one-half of one common share purchase warrant (each full warrant, a “Warrant”).  Each Warrant entitles the holder to purchase one additional Common Share of the Company at an exercise price of $0.90 per Common Share for a twenty-four month period ending February 28, 2022.  The Company also issued compensation warrants to the underwriters entitling them to purchase additional Common Shares at a price of $0.70 per share for a period of twenty-four months following closing.

The Offering was underwritten by a syndicate of underwriters led by Clarus Securities Inc. and Cormark Securities Inc., as co-lead underwriters, and including Canaccord Genuity Corp. and PI Financial Corp.  The proceeds raised from the sale of Units under the Offering will be used by the Company for exploration and development of the San Francisco Project, project assessment and evaluation, general corporate and administrative costs and working capital purposes.

Turmalina Metals Chief Executive Officer and Director, Dr. Rohan Wolfe states, “Turmalina thanks investors for the strong demand and participation and we thank our underwriters for their successful execution of this financing. With this fully subscribed financing and the over allotment completely exercised, we have a very strong balance sheet as we embark on our next phase of work on the ground. We look forward to updating the investment community as news flows from progress at the San Francisco project.”

The securities issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT TURMALINA METALS 

Turmalina is a TSXV-listed explorer focused on developing a portfolio of high-grade gold-copper-silver-molybdenum projects in South America. Turmalina’s focus is on tourmaline breccias, a deposit style overlooked by mainstream exploration. Turmalina projects are characterised by open high-grade mineralisation on established mining licenses that present compelling drill targets. Turmalina is led by a team responsible for several world-class gold-copper-molybdenum discoveries who are highly experienced in this deposit style.

This news release contains “forward-looking information” which may include, but is not limited to the use of proceeds of the Offering. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, changes to the operational needs of the Company affecting the use of proceeds of the Offering. Additional risk factors can also be found in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.  

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release. 

For further information:  
Bryan Slusarchuk 
President 
604-308-6525 
info@turmalinametals.com