Turmalina Metals Corp. Phase Two Drilling Intersects Further High-Grade Gold-Silver-Copper Mineralisation

• 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

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 mineralisation 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).

Dr. Rohan Wolfe, Chief Executive Officer, states:

“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.”

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.

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.

Figure 1 – Winter drilling at the San Francisco Project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/54d9a9e9-52bf-43a4-b50f-9d6060caad1f. The project is located in an arid, sparsely-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.

Figure 2: Typical gold-bearing breccia mineralisation: angular tourmaline-altered clasts of siltstone set in a pyrite-chalcopyrite-tourmaline-quartz matrix is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e14a2dba-20bb-44dc-afee-0de9f83e42a5. SFDH-011 70.5m; from a 1 m interval that averaged 4.9 g/t gold, 105 g/t silver & 0.32% copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.

Figure 3: Typical breccia mineralisation: angular silica-tourmaline altered siltstone clasts supported in a pyrite-chalcopyrite matrix is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9108b063-2c82-4f2e-a551-ab95c614356d. The breccia matrix at San Francisco is sulphide-rich, with 60-90% sulphides by volume. SFDH-012, 116.2m. From a 1m sample that averaged 1.4 g/t gold, 280 g/t silver and 3.8% copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.

Figure 4: Typical breccia mineralisation: Tourmaline-silica altered siltstone clasts set in a pyrite-chalcopyrite matrix is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/946eabab-5365-459f-9181-40fa3989052d. SFDH-013, 97m. From a 1m sample that averaged 1.9 g/t gold, 27 g/t silver and 1.03% copper. Photograph is of a selected interval and is not necessarily representative of mineralisation hosted throughout the property.

Figure 5: San Francisco tenements with main breccias and locations of planned Phase 2 drill holes is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2265accf-0718-493a-92d5-10b873a7c3d0. To date over 60 tourmaline breccias have been mapped in the project area. Phase 2 drilling will test the San Francisco de Los Andes (SFdLA), Chorrillos, Humilde, Solita and Colorada breccias. Drilling at SFdLA has focused on the south-east corner of a composite breccia body, with the north-west extension to be tested as a part of Phase 2 drilling.

Figure 6: Plan map of Turmalina drill holes at the SFdLA breccia pipe is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5a3e7f53-7ea8-4f91-b24a-9f01f3e7e34c. The breccia remains open at depth and to the north and west.

Figure 7: SFDH-011 cross section at the SFdLA breccia pipe is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3bbbea70-28be-49ea-ba5b-43f3e070b6bb. Hole 11 tested 40 to 70m below high grades intersected in SFDH002 (i.e. 85m @ 4.4 g/t Au, 109 g/t Ag & 0.79% Cu (6.6 g/t AuEq); see Turmalina news release dated December 2, 2019 for full details). Mineralisation remains open at depth and will be tested by further Phase 2 drilling.

Figure 8: SFDH-012 cross section is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9ea69ccf-13ca-4e0a-a6c8-52cef3d3e186. SFDH-012 tests the easternmost margin of the SFdLA breccia pipe, 70m below high grades intersected in SFDH-003 (i.e. 50m @ 3.6 g/t Au, 82 g/t Ag & 1.90% Cu (6.7 g/t AuEq; see Turmalina news release dated December 2, 2019 for full details).

Figure 9: SFDH-013 Cross section is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e71aeaa3-443e-42b5-9539-cf02295e89bc. SFDH-013 tested 70 to 150m beneath high-grade mineralisation intersected in the center of the SFdLA breccia in holes SFDH-003, 004 and 006, and delineated the northern breccia margin 40m beneath hole SFDH-008. Mineralisation remains open at depth and along strike and will be tested by further Phase 2 drilling.

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