Ssr Mining Announces Positive Exploration Results FOR the Çakmaktepe Extension Project (Ardich), Including 28.3 Meters at 8.23 G/T Au
SSR Mining Inc. PAGE 1
News Release
October 5, 2022
SSR MINING ANNOUNCES POSITIVE EXPLORATION RESULTS FOR THE ÇAKMAKTEPE
EXTENSION PROJECT (ARDICH), INCLUDING 28.3 METERS AT 8.23 G/T AU
DENVER – SSR Mining Inc. (NASDAQ/TSX: SSRM; ASX: SSR) (“SSR Mining” or the “Company” ) is pleased to
announce positive results from 151 diamond drill holes for the Çakmaktepe Extension ( Ardich) for the period from
May 2021 to June 2022. These results build upon , and are subsequent to, the Çakmaktepe Extension Mineral
Reserves reported in the Çöpler Technical Report Summary (“TRS”) effective as of December 31, 2021, in which the
Çakmaktepe Extension deposit contributed 1.2 million ounces of gold production to the Çöpler life of mine production
profile beginning in 2023 for total development capital of $69 million . As outlined in the TRS, t he Çakmaktepe
Extension currently hosts 1.7 million ounces of Mineral Reserves, along with an additional 0.6 million ounces of
Measured & Indicated Mineral Resources and 0.8 million ounces of Inferred Mineral Resources. Of the 151 diamond
drill holes included in this news release, 34 were infill within the current Mineral Reserve pit , 82 targeted Mineral
Reserve conversion within the existing Mineral Resource block model, and 35 were step-out intercepts identifying
new mineralization outside of existing Mineral Resources.
The drilling program aimed to both upgrade and expand the existing Mineral Reserves and Resources at Çakmaktepe
Extension (see Figure 2 and 3) (Table 1), with highlight drill intercepts including:
• AR461: 8.23 g/t Au over 28.3 meters from 138.0 meters,
o including: 21.09 g/t Au over 4.0 meters from 154.0 meters,
o including: 24.95 g/t Au over 3.0 meters from 162.0 meters.
• AR514: 2.46 g/t Au over 53.0 meters from 160.0 meters.
• AR536: 2.38 g/t Au over 55.8 meters from 110.6 meters.
• AR544: 5.24 g/t Au over 27.1 meters from 130.3 meters.
• AR558: 5.20 g/t Au over 27.6 meters from 149.1 meters,
o including: 13.66 g/t Au over 4.2 meters from 160.4 meters.
Rod Antal, President and CEO of SSR Mining said, “ Çöpler has evolved significantly over its more than 10-year
operating life, and the Çakmaktepe Extension project represents the next phase of growth for the asset. As highlighted
in the 2021 TRS, the Çakmaktepe Extension will add 1.2 million ounces over 15+ years of production for an expected
$69M in development capital , representing one of the highest return growth projects in the entire sector. These drill
holes provide both improved confidence for the Çakmaktepe Extension mine plan and set the stage for additional
growth at the project. We will incorporate these results into an updated Mineral Reserve and Resource statement for
the deposit in an updated Technical Report Summary for Çöpler expected in 2023.
In addition to the positive drill results, we have continued to de-risk the Çakmaktepe Extension project startup during
the third quarter of 2022 with the receipt of the Environmental Impact Assessment (“EIA”) for the first phase of the
project. Clearly, Çöpler’s best days lie ahead, with value accretive growth opportunities like our C2 project on the
horizon and a wealth of exploration targets to advance across the district in the years to come.”
SSR Mining Inc. PAGE 2
The Çakmaktepe Extension was discovered in 2017 and is located 1.5km north of the Çakmaktepe mine and 6km
from the Çöpler operations, enabling both oxide and sulfide ore to be processed with existing Çöpler Mine processing
infrastructure (see Figure 1). The 2022 drilling plan aims to deliver additional Mineral Reserve and Resource growth
at Çakmaktepe Extension beyond the mine plan incorporated into the 2021 TRS. The deposit remains open to the
southwest and at depth, and the site team has also advanced additional metallurgical tes ting at the project with the
focus on improving oxide recoveries.
Figure 1: Location map of the Çakmaktepe Extension Project.
Overview of Mineralization Style
The Çakmaktepe Extension deposit is a listwanite-dolomite hosted gold replacement mineralization occurring along
thrust fault zones between listwanite, ophiolite, dolomite, cataclastite, hornfels, and limestone. Mineralization and
alteration extend in a NW-SE direction, parallel to major high angle fault structures controlling both mineralization and
block rotations. Gold grades increase at dolomite-listwanite contacts and within silica-rich (jasperoid) listwanites. The
mineralization is predominantly oxide (67% of existing Mineral Reserves) with sulfide mineralization confined to pyrite-
rich jasperoid zones. Based on available drill data, the main mineralized zone appears tabular and almost flat lying.
As exploration advances and the geological understanding of the Çakmaktepe and Çakmaktepe Extension deposits
increases, it appears that there is probable structural connectivity between the areas, potentially creating an expanded
“Greater Çakmaktepe” development pathway.
SSR Mining Inc. PAGE 3
Figure 2: Drill hole locations and surface outline of Reserve Pit Boundary.
Figure 3: Section showcasing highlighted drill holes against the Reserve pit shell.
SSR Mining Inc. PAGE 4
Drilling
SSR Mining has drilled 578 diamond core holes at the Çakmaktepe Extension between August 2017 and June 2022,
totaling 121,536 meters. The majority of these drill holes were drilled within SSR Mining’s 80% owned and managed
licenses and approximately 88% of the existing Çakmaktepe Extension Mineral Reserves are located on ground held
80% by SSR Mining, with the remainder located on ground 50% held by SSR Mining. 1
The 151 holes announced in this news release total 34,496m of drilling that was completed between May 2021 and
June 2022 (hole IDs AR428-AR578). These holes targeted Mineral Reserve conversion and potential Mineral Reserve
and Resource growth at the Çakmaktepe Extension. The Çakmaktepe Extension mineralization dips gently towards
the southeast and is interpreted to become deeper due to faulting and topography.
Drilling Highlights
Table 1: Significant gold intercepts at the Çakmaktepe Extension project.
Hole ID From
(m)
To
(m)
Interval
(m)
Gold
(Au g/t)
Oxidation
State
EOH Depth
(m) Comments
AR446 171.00 191.90 20.90 4.80 Mixed
280.90
44/56 Oxide - Sulfide
including 188.50 190.50 2.00 12.20 Sulfide
237.30 240.30 3.00 0.78 Oxide
AR452
184.00 191.00 7.00 1.70 Oxide
254.90
193.80 198.00 4.20 3.26 Oxide
206.00 226.00 20.00 4.38 Mixed
75/25 Oxide-Sulfide,
includes 1.3 meters
isolated core loss
including 214.00 216.00 2.00 12.40 Sulfide
AR461 138.00 166.30 28.30 8.23 Mixed
201.80
51/49 Oxide - Sulfide
including 150.00 151.00 1.00 12.15 Sulfide
including 154.00 158.00 4.00 21.09 Sulfide
including 162.00 165.00 3.00 24.95 Mixed 67/33 Oxide - Sulfide
AR464 186.00 207.30 21.30 2.42 Oxide
320.00
210.50 213.50 3.00 25.88 Sulfide
including 210.50 212.50 2.00 37.25 Sulfide
240.70 252.70 12.00 0.36 Sulfide
AR482 151.50 188.40 36.90 2.72 Oxide 212.30
AR514 160.00 213.00 53.00 2.46 Mixed
272.00
70/30 Oxide - Sulfide
including 191.00 191.80 0.80 11.55 Sulfide
AR536 110.60 166.40 55.80 2.38 Mixed
187.60
56/44 Oxide - Sulfide
including 144.30 145.30 1.00 10.30 Sulfide
184.60 185.60 1.00 5.45 Sulfide
AR544 130.30 157.40 27.10 5.24 Mixed
192.50
56/44 Oxide - Sulfide
including 138.30 139.10 0.80 12.30 Sulfide
including 147.00 148.00 1.00 23.00 Oxide
AR558 149.10 176.70 27.60 5.20 Mixed 204.00
63/37 Oxide - Sulfide,
includes 0.7 meters
isolated core loss
including 160.40 164.60 4.20 13.66 Mixed 48/52 Oxide - Sulfide
AR570 145.00 150.40 5.40 5.73 Mixed 269.20 46/54 Oxide - Sulfide
SSR Mining Inc. PAGE 5
Hole ID From
(m)
To
(m)
Interval
(m)
Gold
(Au g/t)
Oxidation
State
EOH Depth
(m) Comments
including 145.00 145.80 0.80 11.40 Oxide
157.40 166.00 8.60 4.00 Sulfide
including 164.00 165.00 1.00 14.10 Sulfide
175.00 204.60 29.60 1.60 Mixed 59/41 Oxide - Sulfide
208.70 224.80 16.10 1.93 Mixed 52/48 Oxide - Sulfide
Significant gold intervals reported at a nominal 0.3 g/t gold cut-off and with a maximum 2.5m contiguous dilution are given in
Table 1. All thicknesses are down hole length and true widths are not known at this stage. The complete drill assay results and
further technical information relating to this news release can be found below.
Technical Procedural Information
Sampling, Assaying and QA/QC
The Çakmaktepe Extension drilling program started in 2017. Diamond drill core is sampled as half core at 1m intervals
or geological contacts. Sampling interval varies between 0.5 meters and 3.3 meters with an average of 1.37 meters
length. The samples were submitted to ALS Global laboratories in Izmir, Türkiye for sample preparation and analysis
which is an ISO/IEC 7025:2005 certified and accredited laboratory. Bureau Veritas (Acme) laboratory, in Ankara,
Türkiye was used for umpire check sample analysis. Gold was analyzed by fire assay with an AAS finish, and the
multi-element analyses were determined by four acid digestion and ICP-AES and MS finish. For gold assays greater
than or equal to 10 g/t, the fire assay process was repeated with a gravimetric finish for coarse gold. The drill and
geochemical samples were collected in accordance with accepted industry standards. SSR Mining conducts routine
QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, field
duplicates, a nd umpire laboratory check assays. External review of data and processes relating to Çakmaktepe
Extension was completed by independent consultant Dr. Erdem Yetkin, P.Geo. in September 2022. There were no
adverse material results detected and the QA/QC indicates the information collected is acceptable, and the database
can be used for further studies.
Metallurgical Test Work
Metallurgical test work and recovery assumptions are reported in the 2021 TRS and include heap leach for oxide ores
and flotation and pressure oxidation of sulfide ore.
Qualified Person
The exploration results disclosed in this news release were prepared under the supervision and approved by Dr.
Cengiz Y. Demirci, AIPG Registered Member and a CPG (Certified Professional Geologist), and VP Exploration at
SSR Mining. Dr. Demirci has sufficient experience that is relevant to the style of mineralization and type of deposit
under consideration and is a qualified person for purposes of Subpart 1300 of Regulation S -K (“S -K 1300”) and
National Instrument 43-101 (“NI 43-101”).
External review of data and processes relating to the Çakmaktepe Extension was completed in September 2022 by
independent consultant Dr. Erdem Yetkin, P.Geo. a qualified person for purposes of S-K 1300 and NI 43-101. There
were no adverse material results detected and Dr. Yetkin is of the opinion that the QA/QC indicates the inf ormation
collected is acceptable, and the database can be used for announcing the exploration results.
You are encouraged to also review the 2021 Çöpler TRS, which is available on SSR Mining’s Current Report on
Form 8-K filed with the Securities and Exchange Commission’s EDGAR system (sec.gov) on September 29, 2022.
SSR Mining Inc. PAGE 6
End Notes
1. The Çöpler gold mine is owned and operated by Anagold Madencilik Sanayi ve Ticaret Anonim Şirketi (Anagold).
SSR Mining controls 80% of the share s of Anagold, Lidya Madencilik Sanayi ve Ticaret A.Ş. (“Lidya”), controls
18.5%, and a bank wholly owned by Çalık Holdings A.Ş., holds the remaining 1.5%. Exploration tenures
surrounding the project area and mining at Çakmaktepe are subject to joint ventur e agreements between SSR
Mining and Lidya that have varying interest proportions. SSR Mining controls 50% of the shares of Kartaltepe
Madencilik Sanayi ve Ticaret Anonim Şirketi and 50% of Tunçpinar Madencilik Sanayi ve Ticaret Anonim Şirketi.
The other 50% is controlled by Lidya.
About SSR Mining
SSR Mining Inc. is a leading , free cash flow focused gold company with four producing assets located in the USA,
Türkiye, Canada, and Argentina, combined with a global pipeline of high-quality development and exploration assets.
In 2021, the four operating assets produced approximately 794,000 gold -equivalent ounces. SSR Mining is listed
under the ticker symbol SSRM on the NASDAQ and the TSX, and SSR on the ASX.
SSR Mining Contacts:
F. Edward Farid, Executive Vice President, Chief Corporate Development Officer
Alex Hunchak, Director, Corporate Development and Investor Relations
SSR Mining Inc.
E-Mail: [email protected]
Phone: +1 (888) 338-0046
To receive SSR Mining’s news releases by e-mail, please register using the SSR Mining website at www.ssrmining.com.
SSR Mining Inc. PAGE 7
Cautionary Note Regarding Forward-Looking Information
Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward -looking information,
future oriented financial information, or financial outlooks (collectively “forw ard-looking information”) within the meaning of applicable securities
laws. Forward-looking information may be contained in this document and our other public filings. Forward-looking information relates to statements
concerning our outlook and anticipated events or results and, in some cases, can be identified by terminology such as “may”, “will”, “could”, “should”,
“expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”, “potential”, “continue” or other simi lar expressions c oncerning
matters that are not historical facts.
Forward-looking information and statements in this news release are based on certain key expectations and assumptions made by us. Alt hough
we believe that the expectations and assumptions on which such forward -looking information and statements are based a re reasonable, undue
reliance should not be placed on the forward -looking information and statements because we can give no assurance that they will prove to be
correct. Forward-looking information and statements are subject to various risks and uncertainties which could cause actual results and experience
to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include, but are not
limited to: local and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities,
including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or re gulations and
the interpretation thereof; developments with respect to the COVID-19 pandemic, including the duration, severity and scope of the pandemic and
potential impacts on mining operations; and other risk factors detailed from time to time in our reports filed with the Secur ities and Ex change
Commission on EDGAR and the Canadian securities regulatory authorities on SEDAR.
Forward-looking information and statements in this news release include any statements concerning, among other things: preliminary cost reporting
in this document; pr oduction, operating, cost, and capital expenditure guidance; our operational and development targets and catalysts and the
impact of any suspension on operations; forecasts and outlook, including related to production guidance; timing and expectati ons regarding the
impact of any interruptions caused on our operations; the results of any gold reconciliations; the ability to discover additional oxide gold ore; matters
relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint
ventures; negotiation and completion of transactions; commodity prices; Mineral Resources, Mineral Reserves, conversion of Mineral Resources,
realization of Mineral Reserves, and the existence or realization of Mineral Resource estimates; the development approach; the timing and amount
of future production; the timing of studies, announcements, and analysis; the timing of construction and development of propo sed mines and
process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory
approvals; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environ mental,
regulatory, and political matters that may influence or be influenced by future events or conditions.
Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in a ny
manner to, those disclosed in any other of our filings on EDGAR and SEDAR, and include: the inherent speculative nature of exploration results;
the ability to explore; communications with local stakeholders; maintaining community and governmental relations; st atus of negotiations of joint
ventures; weather conditions at our operations; commodity prices; the ultimate determination of and realization of Mineral Reserves; existence or
realization of Mineral Resources; the development approach; availability and rec eipt of required approvals, titles, licenses and permits; sufficient
working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency
exchange rates; interest rates; access to capi tal markets and associated cost of funds; availability of a qualified work force; ability to negotiate,
finalize, and execute relevant agreements; lack of social opposition to our mines or facilities; lack of legal challenges with respect to our properties;
the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies
and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and
sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, f inancial, budgetary,
economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors
and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.
The above list is not exhaustive of the factors t hat may affect any of the Company’s forward -looking information. You should not place undue
reliance on forward-looking information and statements. Forward -looking information and statements are only predictions based on our current
expectations and our pr ojections about future events. Actual results may vary from such forward -looking information for a variety of reasons
including, but not limited to, risks and uncertainties disclosed in our filings on our website at www.ssrmining.com, on SEDAR at www.sedar.com,
on EDGAR at www.sec.gov and on the ASX at www.asx.com.au and other unforeseen events or circumstances. Other than as required by law,
we do not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future
events. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this
document.
Qualified Persons
The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a “qualified
person” under S-K 1300. For details on the “qualified persons” approving such information, a description of the key assumptions, parameters and
methods used to estimate mineral reserves and mineral resources for SSR Mining Inc.’s material properties included in this news release, as well
as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known en vironmental,
permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, pleas e review the Technical Report Summaries for each of the
Company’s material properties which are available at www.sec.gov.
SSR Mining Inc. PAGE 8
Table 2: All drill holes completed at the Çakmaktepe Extension project between May 2021 and June 2022.
Hole ID From
(m)
To
(m)
Interval
(m)
Gold
(Au g/t)
Oxidation
Stage
EOH Depth
(m) Comments
AR428 201.00 215.00 14.00 1.42 Oxide 229.40
AR429 119.20 124.20 5.00 0.48 Oxide 196.40
AR430 42.00 52.40 10.40 0.71 Oxide 173.00
AR431 48.00 51.00 3.00 1.00 Oxide 149.70
AR432 194.00 199.40 5.40 5.50 Oxide
334.50
Includes 0.6 meter
isolated core loss
including 195.60 196.40 0.80 13.70 Oxide
213.00 220.40 7.40 1.32 Sulfide
238.00 242.80 4.80 1.10 Sulfide
AR433
18.10 31.00 12.90 1.67 Oxide
125.50
37.00 63.10 26.10 1.26 Oxide
AR434 126.50 131.50 5.00 0.33 Oxide 164.80
AR435 151.80 158.80 7.00 0.39 Oxide 250.00
AR436 N.S.I 183.50
AR437 N.S.I 206.00
AR438 N.S.I 224.40
AR439
126.70 143.00 16.30 1.79 Mixed
184.10
37/63 Oxide - Sulfide
146.00 152.00 6.00 2.14 Oxide
AR440 193.00 196.00 3.00 0.91 Oxide 321.90
AR441
70.00 76.30 6.30 1.34 Oxide
257.50
95.00 104.00 9.00 0.50 Mixed 33/67 Oxide - Sulfide
140.00 145.00 5.00 0.80 Oxide
AR442
50.00 56.00 6.00 0.50 Oxide
176.00
99.00 102.00 3.00 0.42 Oxide
AR443 202.70 211.70 9.00 5.44 Sulfide
211.70
including 209.90 210.90 1.00 13.95 Oxide
AR444 202.20 221.00 18.80 0.84 Mixed 240.30 73/27 Oxide Sulfide
AR445 N.S.I 198.00
AR446 171.00 191.90 20.90 4.80 Mixed
280.90
44/56 Oxide - Sulfide
including 188.50 190.50 2.00 12.20 Sulfide
237.30 240.30 3.00 0.78 Oxide
AR447 72.30 76.30 4.00 2.11 Oxide 146.10
AR448
61.00 75.00 14.00 0.86 Oxide
254.50
115.00 120.00 5.00 0.67 Mixed 56/44 Oxide - Sulfide
AR449 N.S.I 111.00 Abandoned hole.
AR450 100.80 111.00 10.20 1.21 Oxide 153.80
AR451
125.00 129.40 4.40 0.92 Oxide
286.00
192.90 198.00 5.10 1.60 Sulfide
AR452
184.00 191.00 7.00 1.70 Oxide
254.90
193.80 198.00 4.20 3.26 Oxide