Turmalina Metals Corp. to Commence Trading on TSX Venture Exchange, and Reports High-Grade Gold-Silver-Copper Assays from Initial Drilling
Turmalina Metals Corp. to Commence Trading on TSX Venture Exchange,
and Reports High-Grade Gold-Silver-Copper Assays from Initial Drilling
VANCOUVER
,
Dec. 2, 2019
/CNW/ - Turmalina Metals Corp. ("
Turmalina
" or the "
Company
") is pleased to announce that its common shares will start trading
on the TSX Venture Exchange on
Tuesday, December 3
rd
, 2019 under the symbol TBX.
Highlights include:
A high-grade tourmaline gold-silver-copper breccia in
Argentina
with significant gold and copper grades, including some of the highest gold grades ever
returned for tourmaline breccia-style mineralisation.
Multiple drill-ready targets at former mines that have had little or no prior drilling.
Consolidation of regional gold-copper breccia clusters provides outstanding growth potential.
A team highly experienced in both exploration and mining: from discovery and resource development, through to mining studies and operations.
Turmalina is focused on the exploration and development of high-grade gold-bearing tourmaline breccias at
San Francisco
(the "
San Francisco Project
"), located
in the mining-friendly state of San Juan,
Argentina
. Turmalina has completed 10 diamond drill holes at the
San Francisco
de Los Andes breccia pipe at its
San
Francisco
project. Significant intersections are reported in Table 1 below, and include:
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
Dr.
Rohan Wolfe
, Chief Executive Officer, states
: "The identification and acquisition of these high-grade, gold-bearing tourmaline breccia projects is the result of
two years of work and due diligence by our technical team including assessments on dozens of projects throughout
South America
. Our projects met strict
criteria developed by our team of geologists and engineers, a process now validated through recent drilling.
The exceptional drill results at the San Francisco Project highlight the high-grade, gold-rich nature of the
San Francisco
breccias, returning some of the highest
gold-grades recorded for this deposit style. Drilling of the
San Francisco
de Los Andes breccia pipe shows that the pipe flares outward with increasing depth, a
geometry typical of tourmaline breccias that indicates increasing upside at depth. Most significantly the drilled breccia pipe is only one of over 60 breccias
mapped to date on our property, with recent sampling by the company
identifying several breccias that have returned 1 to 10 g/t gold from surface sampling.
We are now keen to accelerate work on the ground."
The recently completed
1570m
diamond drill program at the
San Francisco
project tested the depth extension of the
San Francisco
de Los Andes breccia pipe
with 10 inclined holes drilled across the breccia. These holes intersected broad 40 to 200+ meter wide zones of strong, sulphide-rich breccia mineralisation
(Figures 1 to 8) beneath several historic shallow holes drilled by private owners in 1990. The mineralogy and geological setting indicate that only the top of this
breccia pipe has been exposed, and there is excellent potential for growth both at depth and laterally.
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.
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. The Company is currently
engaged in the permitting process and plans to commission a 43-101 report and start exploration should the permitting outcome prove to be favorable.
An Experienced Team
Turmalina is led by an award-winning team of professionals highly experienced in all stages of exploration and mining – from discovery and resource development,
through to mining and operations:
Dr.
Rohan Wolfe
,
Chief Executive Officer and Director. Former Exploration Manger Ivanhoe Mines Australia and Vice President HPX.
Bryan Slusarchuk
, President and Director. Co-founder and former President and Director of K92 Mining.
Francisco "Chico" Azevedo
, Vice President Business Development and Director. Former Exploration Manager Iamgold and Gold Fields
Miguel Inchaustegui
, Independent Director. Former Vice-Minister of Mines,
Peru
, and Vice President Gold Fields.
Mark Eaton
,
Independent Director. Former Managing Director of Global Mining Sales for CIBC and current Executive Chairman of Belo Sun Mining Corp and
current Director K92 Mining.
Alex Santos
, Exploration Manager. Former Senior Geologist MMG and Gold Fields.
Doug Kirwin
, Technical Advisor. Former Executive Vice President
Ivanhoe Mines
.
John Lewins
, Technical Advisor. Current Chief Executive Officer and Director of K92 Mining.
Work Program
Mapping and sampling (rock chips and soils) are ongoing at the
San Francisco
project with the aim of defining and prioritizing the large number of breccias in the
project area. The company is planning a second stage of drilling in early 2020, testing both the
San Francisco
de Los Andes breccia pipe and several new breccia
targets. The company is also consolidating our regional holdings, with the project area being one section of an 80 km long gold-copper mineralised belt.
At the Turmalina Project the Company is conducting social studies, validating mine grades and applying for all required permits before deciding whether to commit
to exploration.
As these projects were previously privately held, and as tourmaline breccias have been underexplored by traditional explorers, our portfolio represents the
emergence of new projects, new belts and new exploration paradigms in the public market.
Financial Status of the Company
Turmalina is well financed and has a strong cash position. There is no concurrent financing being conducted in conjunction with this listing of the common shares in
the capital of the Company (the "Common Shares"), the Company having already raised capital including the most recently conducted private placement which
consisted of the issuance of 14 million subscription receipts, which converted into Common Shares on
November 28, 2019
on a one for one basis, at
$0.50
per
subscription receipt for total gross proceeds of CAD
$7 million
. At listing, the Company has 48,950,000 Common Shares, 4,225,000 incentive Common Share
purchase options and no warrants issued.
Hole ID
From
To
Interval
Au g/t
Ag g/t
Cu %
Pb ppm
Zn ppm
AuEq g/t
SFDH-001
34.5
71.45
36.95
6.31
122
0.88%
2336
464
8.8
SFDH-002
27.7
114
85.3
4.43
109
0.79%
4931
519
6.7
SFDH-002
28.3
51
22.7
6.66
86
1.46%
3414
26
9.5
SFDH-002
61
86
25
5.29
117
0.62%
3490
574
7.4
SFDH-003
44.25
95
50.75
3.62
82
1.90%
2826
1484
7.0
SFDH-003
44.25
71
26.75
5.47
97
0.33%
1100
552
7.0
SFDH-003
117
123
6
0.86
13
0.02%
3774
1112
1.0
SFDH-003
146
149
3
1.37
347
0.90%
14687
11080
6.5
SFDH-004
0
18
18
0.84
6
0.02%
596
217
0.9
SFDH-004
28
39
11
1.71
12
0.38%
1094
97
2.3
SFDH-004
54
56
2
0.91
29
0.65%
471
1404
2.1
SFDH-004
59
69
10
1.63
73
0.54%
7670
6077
3.1
SFDH-004
75
126.65
51.65
1.31
80
0.53%
10148
9194
2.9
SFDH-005
0
25
24
2.46
13
0.10%
643
121
2.7
SFDH-005
33
119
85
2.65
88
0.57%
6975
1620
4.4
SFDH-005
35
56
21
5.05
173
0.80%
13440
3344
8.0
SFDH-006
50.5
81
30.5
1.35
60
0.34%
10496
9002
2.5
SFDH-007
56.48
84
27.52
3
124
0.37%
8462
3010
4.9
SFDH-007
56.48
65
8.52
4.91
140
0.24%
11482
499
6.8
SFDH-007
107
122
15
1.04
47
0.37%
6201
9016
2.0
SFDH-007
135
138
3
0.91
3
0.46%
221
541
1.5
SFDH-007
141
145
4
0.58
18
0.10%
11123
2834
0.9
SFDH-007
150
155
5
1.13
53
0.52%
4246
1394
2.4
SFDH-007
150
166
16
0.82
281
1.59%
12665
5440
6.0
SFDH-007
158
166
8
0.83
444
2.45%
15244
8810
9.0
SFDH-008
22
24
2
1.53
10
0.04%
2893
125
1.7
SFDH-008
62.78
81
18.22
2.1
66
0.55%
3132
1273
3.6
SFDH-008
105
107
2
1.89
7
0.04%
798
1668
2.0
SFDH-008
114
123
9
0.6
24
0.48%
638
2532
1.5
SFDH-008
132
142
10
0.85
20
0.65%
1303
811
1.9
SFDH-008
145
159
14
0.79
10
0.23%
2592
1508
1.2
SFDH-008
162
166
4
0.52
12
0.18%
4467
27058
0.9
SFDH-008
169
187
18
0.61
19
0.30%
506
312
1.2
SFDH-008
190
201
11
0.73
32
0.41%
542
321
1.6
SFDH-009
70
74.7
4.7
2.05
71
0.90%
1984
1436
4.0
SFDH-010
38
42
4
0.65
46
0.37%
2077
363
1.6
SFDH-010
60.6
64.14
3.54
1.62
78
1.54%
3127
2075
4.5
SFDH-010
176
178
2
6.38
7
0.05%
252
142
6.5
Table 1: Drill hole intersections from Turmalina's drilling at the San Francisco de Los Andes breccia pipe
. Drill holes SF-009 and SF-010 indicate a new zone of breccia mineralization to the northwest of the main breccia pipe. Equivalent gold values (AuEq) are calculated
assuming 100% recovery using USD$ 1450/t oz Au, $16.50/t oz Ag and $2.6/lb Cu. The true widths of the mineralised intervals reported are not known and additional drilling and geologic modelling will be required to better constrain the geometry of the mineralised zones.
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.
On Behalf of the Company,
Dr.
Rohan Wolfe
, Chief Executive Officer and Director.
Email:
Mobile: +976 9999 6994
Address: #488 - 1090 West Georgia St,
Vancouver, BC
V6E 3V7.
Figure 1 - San Francisco Project area: temporary company camp in foreground and drill rigs at the San Francisco del Los Andes breccia pipe in background. The
project is located in an arid, sparsely populated area at an elevation of ~2600m. The camp is located 20km by unsealed road to the nearest public road and the
state power grid. (CNW Group/Turmalina Metals Corp.)
Figure 2: Typical gold-silver-copper-lead-zinc breccia mineralisation: sericite-silica-tourmaline altered clasts of quartzite and siltstone set in a chalcopyrite-pyrite-
sphalerite-quartz-tourmaline matrix. (CNW Group/Turmalina Metals Corp.)
Figure 3: Typical gold-bearing breccia mineralisation: angular sericite-silica altered clasts of quartzite and siltstone set in a pyrite-tourmaline-quartz-chalcopyrite
matrix. SFDH-002, 75-76m; from a 2 m interval that averaged 5.6 g/t gold, 244 g/t silver & 0.37 % copper. (CNW Group/Turmalina Metals Corp.)
Figure 4: Typical breccia mineralisation: angular silica-tourmaline altered siltstone clasts supported in a pyrite- chalcopyrite-tourmaline-quartz matrix. The breccia
matrix at San Francisco is sulphide-rich, with 60-90% sulphides by volume. SFDH-002, 108m. From a 1m sample that averaged 3.5 g/t gold, 36 g/t silver and
1.1% copper. (CNW Group/Turmalina Metals Corp.)
Figure 5: Typical breccia mineralisation: Tourmaline-altered siltstone clasts set in a pyrite-chalcopyrite matrix.
SFDH-002, 104m. From a 1m sample that averaged
4.6 g/t gold, 229 g/t silver and 0.91% copper. (CNW Group/Turmalina Metals Corp.)
Figure 6: San Francisco tenements with main breccia locations. To date over 60 tourmaline breccias have been mapped in the project area, with large areas of
the project area still to be covered by the current mapping and sampling program. Drilling at San Francisco de Los Andes has focused on the south-east corner of
a composite breccia body. (CNW Group/Turmalina Metals Corp.)
Figure 7: Plan map of Turmalina drill holes at San Francisco de Los Andes breccia pipe. The breccia remains open to the north and west. (CNW Group/Turmalina
Metals Corp.)
Figure 8: Cross section of drilling at the San Francisco de Los Andes breccia pipe. Mineralisation remains open at depth. (CNW Group/Turmalina Metals Corp.)
Drill hole
East
North
Elevation
Azimuth
Dip
Length (m)
SFDH-001
442517
6588440
2750
20
-52
100.40
SFDH-002
442534
6588498
2763
200
-70
161.00
SFDH-003
442561
6588462
2747
280
-57
156.00
SFDH-004
442492
6588486
2765
100
-70
143.40
SFDH-005
442492
6588486
2764
345
-70
131.00
SFDH-006
442498
6588459
2759
20
-60
100.25
SFDH-007
442480
6588531
2776
165
-65
169.80
SFDH-008
442461
6588492
2766
60
-75
215.40
SFDH-009
442480
6588531
2776
240
-70
146.50
SFDH-010
442480
6588531
2776
345
-65
248.00
Table 2: Turmalina Metals drill hole locations.
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-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.
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CO: Turmalina Metals Corp.
CNW 07:00e 02-DEC-19