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Turmalina Metals Corp. (TBX.V)

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Previous Close0.9200
Open0.8900
Bid0.8700 x N/A
Ask0.9300 x N/A
Day's Range0.8600 - 0.9100
52 Week Range0.2700 - 1.8000
Volume80,122
Avg. Volume194,368
Market Cap58.562M
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EPS (TTM)-0.1350
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  • Phase Two Drilling Continues to Intersect Strong Gold-Silver-Copper Mineralisation at San Francisco de Los Andes
    GlobeNewswire

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

    Figure 1: Schematic model of mineralization within a typical tourmaline breccia pipe (adapted from Kirwin, 2019). Tourmaline breccia pipes can extend over 2 or 3 km in depth. Mineralization within a breccia pipe is typically uniform throughout the top of the breccias (the ‘roof’) while at greater depths the breccia pipe widens with higher-grade mineralization becoming focused along the margins and ends (‘lobes’) in intrusion-related breccia pipes. The drill holes at SFdLA are interpreted to have intersected the roof and lobes of the breccia pipe, while recent holes SFDH-014, SFDH-015 and SFDH-020 are interpreted to have intersected the top of the breccia ‘core’ zone. Figure 2: Typical high-grade breccia mineralization at SFdLA: Tourmaline-sericite-chlorite altered siltstone clasts set in a chalcopyrite-pyrite matrix. SFDH-018, 71m. From a 1m sample that averaged 9.6 g/t gold, 424 g/t silver and 2.6% copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property. Figure 3: Typical breccia mineralization at SFdLA: angular tourmaline-altered clasts of siltstone supported in a pyrite-quartz-tourmaline matrix. SFDH-014, 75 m; from a 1 m interval that averaged 4.9 g/t gold, 127 g/t silver & 0.22 % copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property. Figure 4: Typical sulphide-rich breccia mineralization at SFdLA: angular silica-tourmaline altered siltstone clasts supported in a pyrite-chalcopyrite matrix. SFDH-015, 136m. From a 1m sample that averaged 1.5 g/t gold, 51 g/t silver and 2.6% copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property. Figure 5: Typical central breccia mineralization at SFdLA: Sericite-tourmaline altered siltstone clasts supported in a quartz-tourmaline-pyrite-chalcopyrite matrix. SFDH-020, 200m. From a 1m sample that averaged 6.4 g/t gold, 18 g/t silver and 0.32% copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property. Figure 6: Typical sulphide-rich breccia at Humilde: Sericite-chlorite altered siltstone clasts set in a pyrite-tourmaline matrix. SFDH-019, 359m. From a 1m sample that averaged 0.01 g/t Au, 0.2 g/t silver and 15 ppm copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property. Figure 7: San Francisco tenements with main breccias and locations of Phase 2 drill holes. To date over 60 tourmaline breccias have been mapped in the project area. Phase 2 drilling tests the San Francisco de Los Andes (SFdLA), Chorrillos, Humilde, Solita and Colorada breccias. Drilling at SFdLA has focused on the south-east corner of a composite breccia body, with the north-west extension tested as a part of Phase 2 drilling. Figure 8: Plan map of Turmalina drill holes at the SFdLA breccia pipe. The breccia remains open at depth and to the north and west. Figure 9: SFDH-014 cross section at the SFdLA breccia pipe. Hole SFDH-014 tested the SFdLA breccia along strike from higher grades intersected in SFDH-004 and SFDH011 (i.e. 83m @ 4.4 g/t Au, 82 g/t Ag & 0.43% Cu (5.9 g/t AuEq); see Turmalina news release dated August 28th 2020 for full details). Figure 10: SFDH-015 cross section. SFDH-015 tests the centre of the SFdLA breccia pipe beneath SFDH-007 (27.5m @ 3.0 g/t Au, 124 g/t Ag and 0.37% Cu (4.8 g/t AuEq); see Turmalina news release dated December 2nd 2019 for full details). Figure 11: SFDH-018 cross section. SFDH-018 tests the easternmost lobe of the SFdLA breccia pipe, 70m below higher grades intersected in SFDH-003 and SFDH-012 (i.e. 109m @ 4.9 g/t Au, 109 g/t Ag & 1.1% Cu (7.5 g/t AuEq; see Turmalina news release dated August 28th for full details). Figure 12: SFDH-020 cross section. SFDH-020 tests the centre of the SFdLA breccia pipe, as a ‘scissor’ hole to SFDH-015.VANCOUVER, British Columbia, Oct. 05, 2020 (GLOBE NEWSWIRE) -- Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX) is pleased to announce that recent holes in our Phase Two drilling program at the San Francisco project (“San Francisco” or the “Project”) have intersected broad intervals of gold-silver-copper mineralization at the San Francisco de Los Andes (“SFdLA”) breccia. Mineralization within tourmaline breccias tends to be most strongly focused on the roof, margins and ends (‘lobes’) of the breccia pipes (Figure 1). Drill hole SFDH-018 tested the width of the easternmost lobe of the SFdLA breccia pipe and intersected significant gold-silver-copper mineralization (Figure 2) that included: * 29m @ 4.2 g/t Au, 222 g/t Ag & 1.4% Cu (8.4 g/t AuEq) from 67m (SFDH-018) °  Including 16m @ 5.3 g/t Au, 231 g/t Ag & 0.99% Cu (9.2 g/t AuEq) from 71mDrill holes SFDH-014, SFDH-015 and SFDH-020 tested the centre of the SFdLA breccia and intersected a matrix-supported breccia typical of the core of a tourmaline breccia pipe (Figures 3 to 5), with intercepts that include: * 12m @ 2.0 g/t Au, 35 g/t Ag & 0.39% Cu (2.8 g/t AuEq) from 73m (SFDH-014) °  And 40m @ 1.3 g/t Au, 83 g/t Ag & 0.43% Cu (2.6 g/t AuEq) from 104m * 26m @ 1.2 g/t Au, 40 g/t Ag & 0.44% Cu (2.2 g/t AuEq) from 75m (SFDH-015) °  And 17m @ 0.83 g/t Au, 12 g/t Ag & 0.42% Cu (1.4 g/t AuEq) from 136m * 19m @ 0.8 g/t Au, 118 g/t Ag & 0.38% Cu (2.6 g/t AuEq) from 93m (SFDH-020) °  And 9m @ 0.96 g/t Au, 40 g/t Ag & 0.37% Cu (1.8 g/t AuEq) from 136m °  And 11m @ 0.57 g/t Au, 22 g/t Ag & 0.13% Cu (0.9 g/t AuEq) from 174m °  And 1.2m @ 6.44 g/t Au, 17 g/t Ag & 0.32% Cu (7.0 g/t AuEq) from 200mThree recently completed drill holes tested the westernmost lobe of the SFdLA breccia pipe, and samples from these holes have been dispatched for analysis. Further intersections are reported in Table 1: Intersections are not true widths and further drilling and geological modelling of the mineralised zones is required to make a determination of the true widths of the drill hole intersections. Drill hole coordinates are shown in Table 2.Dr. Rohan Wolfe, Chief Executive Officer, states: “It’s most encouraging to see the SFdLA breccia pipe widen and develop the classic tourmaline breccia geometry – just as expected by our geological model. High-grade mineralization is focused in well-defined lobes located at the margins of the breccia pipe and remain open at depth and laterally: these lobes are now the target of our ongoing drilling program, and we look forward to keeping the market informed as we continue to drill and explore this remarkable system.”To date 17 Phase 2 holes have been completed for a total of 4855m. Eleven of these holes test the SFdLA breccia pipe while six holes test three breccia targets identified during the summer field program. The assays for the first three Phase 2 holes were reported on August 28th, six holes are reported in this release, samples from a further four holes have been dispatched for assay, and drill core from the remaining holes are currently being logged and sampled prior to dispatch for assay.In addition to the above holes at the SFdLA breccia pipe the Company has received assay results for two holes drilled at the Humilde breccia pipe, located 2 km to the northwest of SFdLA. Drill holes SFDH-017 and SFDH-019 intersected strongly sericite-altered and pyrite-rich tourmaline breccia (Figure 6) with elevated gold, silver and copper (i.e. 1m @ 1.3 g/t Au, 6.8 g/t Ag and 0.17 % Cu from 47m; SFDH-019) but no economic intersections. Alteration at Humilde is similar to alteration zones found above and adjacent to mineralised breccias pipes and the drilling results are being reviewed by our technical staff in order to incorporate these findings into our geological model. Regional drilling is now focused on the Colorada, Solita and Chorrillos breccias (Figure 7).About the San Francisco ProjectThe 3404 ha San Francisco project is located in San Juan, Argentina. The project area contains over 60 tourmaline breccia occurrences, several of which have supported small-scale mining. The Company is focused on mapping and sampling the breccias in the project area, and drill testing the highest priority targets.To minimize the risk of COVID-19 transmission to our team and the community, the Company has applied rigorous protocols throughout the program. These protocols have been approved by the authorities of the province of San Juan, and both Turmalina Metals and local subsidiary Aurora Mining maintain close contact with the local authorities in order to comply with all regulations. These procedures include social distancing, improved hygiene, health screening of all staff and contractors, longer rosters at our remote field camp and an onsite medical professional to monitor health and ensure procedures are followed.Other ProjectsTurmalina has entered into agreements to explore two projects located in Peru: the Chanape copper-gold project located in Lima District (the ‘Chanape Project’) and the Turmalina copper-gold molybdenum project located in Piura District (the ‘Turmalina Project’). Both projects contain clusters of mineralized tourmaline breccias and are undergoing permitting or social consultation prior to the commencement of exploration.Update to Share StructureFollowing the exercise of approximately 2.4 million warrants Turmalina currently has 65,799,518 shares issued, with 4,577,925 warrants at 90 cents, 884,434 agent warrants at 70 cents, 5,845,000 incentive stock options at 50 cents for a total fully diluted of 77,086,877 shares. The Company current holds ~CAD$ 11.5 million in cash with no debt.Hole IDFromToIntervalAu g/tAg g/tCu %Pb %Zn %AuEq g/t SFDH-0147385122.00350.390.070.062.85 SFDH-014899560.78540.170.500.141.61 SFDH-014104144.840.81.28840.330.580.802.65 SFDH-01575101261.20400.440.620.722.17 SFDH-01513013330.99180.360.130.051.61 SFDH-015136153170.83120.420.150.251.43 SFDH-01515615930.7750.080.070.010.91 SFDH-01517317631.02110.140.730.941.31 SFDH-0186796294.212231.420.410.118.44 SFDH-0187187165.302320.990.470.089.18 SFDH-019474811.3070.170.030.001.56 SFDH-02093112190.811180.380.770.252.65 SFDH-02012113090.58300.480.230.161.46 SFDH-02013614590.96410.370.840.281.85 SFDH-020174185110.57220.130.230.100.98 SFDH-020200201.21.26.44180.320.070.067.01 Table 1: Phase 2 drill hole intersections at the San Francisco de Los Andes breccia pipe. Equivalent gold values (AuEq) are calculated assuming 100% recovery using USD$ 1900/t oz Au, $23/t oz Ag and $2.9/lb Cu.On Behalf of the Company,Dr. Rohan Wolfe, Chief Executive Officer and Director.Email: rohan@turmalinametals.com Mobile: +976 9999 6994 Website: turmalinametals.com Address: 488 - 1090 West Georgia St, Vancouver, BC V6E 3V7.For Investor Relations enquiries, please contact Bryan Slusarchuk at +1 833 923 3334 (toll free) or via info@turmalinametals.com. StatementsAbout Turmalina Metals and the San Francisco Project: Turmalina Metals is a TSXV-listed exploration company focused on developing our portfolio of high grade gold-copper-silver projects in South America. Our focus is on tourmaline breccias, a deposit style overlooked by many explorers. Turmalina Metals is led by a team responsible for multiple gold-copper-silver discoveries who are highly experienced in this deposit style. Our projects are characterised by open high-grade mineralization on established mining licenses that present compelling drill targets. The principle project held by Turmalina is the San Francisco project in San Juan, Argentina. For further information on the San Francisco Project, refer to the technical report entitled “NI43-101 Technical Report San Francisco Copper Gold Project, San Juan Province, Argentina” dated November 17, 2019 under the Corporation’s profile at www.sedar.com.Sampling and Analytic procedure: Turmalina Metals follows systematic sampling and analytical protocols which exceed industry standards and are summarized below.All drill holes are HQ diameter diamond core holes. Drill core is collected at the drill site and transported by vehicle to the Turmalina core logging facility in Villa Nueva, where recovery and RQD (Rock Quality Designation) measurements are taken before the core is photographed and geologically logged. The core is then cut in half with a diamond saw blade with half the sample retained in the core box for future reference and the other half placed into a pre-labelled plastic bag, sealed with a plastic zip tie, and identified with a unique sample number. The core is typically sampled over a 1 to 2 meter sample interval unless the geologist determines the presence of an important geological contact. The bagged samples are then stored in a secure area pending shipment to the ALS sample preparation facility in Mendoza where they are dried, crushed and pulverized. Following sample preparation the prepared pulps are then sent to the ALS laboratory in Lima for assay. The samples are then analyzed using a 50g aqua regia digest and fire assay-AA finish analysis for gold and four acid digestion with ICP-MS analysis for 53 other elements. Samples with results that exceed maximum detection values for gold are re-analyzed by fire assay with a gravimetric finish and other elements of interest are re-analyzed using precise ore-grade ICP analytical techniques. Turmalina Metals independently inserts certified control standards, coarse field blanks, and duplicates into the sample stream to monitor data quality. These standards are inserted “blindly” to the laboratory in the sample sequence prior to departure from the Turmalina Metals core storage facilities.Qualified Person: The scientific and technical data contained in this news release pertaining to the San Francisco and Turmalina projects has been reviewed and approved by Dr. Rohan Wolfe, Chief Executive Officer, MAIG, who serves as the Qualified Person (QP) under the definition of National Instrument 43-101.  Forward Looking Statement:  This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks (including those risk factors identified in the Corporation’s prospectus dated November 21, 2019) and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.There is no assurance when the government-imposed measures related to COVID-19 in Argentina will be lifted. There is uncertainty over the form and duration of government measures and multiple policy changes may occur with regards to these measures over time. The Company may not provide updates on various government measures and changes to these measures as they occur.Figure 1: Schematic model of mineralization within a typical tourmaline breccia pipe (adapted from Kirwin, 2019) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/60d5e329-e92d-4df0-aef2-8f25353a34d7. Tourmaline breccia pipes can extend over 2 or 3 km in depth. Mineralization within a breccia pipe is typically uniform throughout the top of the breccias (the ‘roof’) while at greater depths the breccia pipe widens with higher-grade mineralization becoming focused along the margins and ends (‘lobes’) in intrusion-related breccia pipes. The drill holes at SFdLA are interpreted to have intersected the roof and lobes of the breccia pipe, while recent holes SFDH-014, SFDH-015 and SFDH-020 are interpreted to have intersected the top of the breccia ‘core’ zone.Figure 2: Typical high-grade breccia mineralization at SFdLA is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ff0fef63-bbc2-42ff-8942-1a81543b8d52. Tourmaline-sericite-chlorite altered siltstone clasts set in a chalcopyrite-pyrite matrix. SFDH-018, 71m. From a 1m sample that averaged 9.6 g/t gold, 424 g/t silver and 2.6% copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.Figure 3: Typical breccia mineralization at SFdLA is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea909d27-e1fb-4cd0-ad5a-757c9f004630. Angular tourmaline-altered clasts of siltstone supported in a pyrite-quartz-tourmaline matrix. SFDH-014, 75 m; from a 1 m interval that averaged 4.9 g/t gold, 127 g/t silver & 0.22 % copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.Figure 4: Typical sulphide-rich breccia mineralization at SFdLA is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/568a88b6-f104-4265-a408-f23adb275ed8. Angular silica-tourmaline altered siltstone clasts supported in a pyrite-chalcopyrite matrix. SFDH-015, 136m. From a 1m sample that averaged 1.5 g/t gold, 51 g/t silver and 2.6% copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.Figure 5: Typical central breccia mineralization at SFdLA is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4471a415-872a-442b-89a2-1731045af149. Sericite-tourmaline altered siltstone clasts supported in a quartz-tourmaline-pyrite-chalcopyrite matrix. SFDH-020, 200m. From a 1m sample that averaged 6.4 g/t gold, 18 g/t silver and 0.32% copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.Figure 6: Typical sulphide-rich breccia at Humilde is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3bd04c77-dfaf-4b9a-94a8-2ac87c6e5840. Sericite-chlorite altered siltstone clasts set in a pyrite-tourmaline matrix. SFDH-019, 359m. From a 1m sample that averaged 0.01 g/t Au, 0.2 g/t silver and 15 ppm copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.Figure 7: San Francisco tenements with main breccias and locations of Phase 2 drill holes is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d24ed985-44a6-411e-817f-b974a159576a. To date over 60 tourmaline breccias have been mapped in the project area. Phase 2 drilling tests the San Francisco de Los Andes (SFdLA), Chorrillos, Humilde, Solita and Colorada breccias.  Drilling at SFdLA has focused on the south-east corner of a composite breccia body, with the north-west extension tested as a part of Phase 2 drilling.Figure 8: Plan map of Turmalina drill holes at the SFdLA breccia pipe is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09ea5155-2888-4ba2-9303-a3d91cc36e3e. The breccia remains open at depth and to the north and west.Figure 9: SFDH-014 cross section at the SFdLA breccia pipe is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/93950b73-1047-4fab-91b9-f80258bfc29f. Hole SFDH-014 tested the SFdLA breccia along strike from higher grades intersected in SFDH-004 and SFDH011 (i.e. 83m @ 4.4 g/t Au, 82 g/t Ag & 0.43% Cu (5.9 g/t AuEq); see Turmalina news release dated August 28th 2020 for full details).Figure 10: SFDH-015 cross section is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c739d1ed-3d24-4373-99e7-5457ccaec390. SFDH-015 tests the centre of the SFdLA breccia pipe beneath SFDH-007 (27.5m @ 3.0 g/t Au, 124 g/t Ag and 0.37% Cu (4.8 g/t AuEq); see Turmalina news release dated December 2nd 2019 for full details).Figure 11: SFDH-018 cross section is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b3a5f5d6-2ba2-4588-8075-9e693cbfafd9. SFDH-018 tests the easternmost lobe of the SFdLA breccia pipe, 70m below higher grades intersected in SFDH-003 and SFDH-012 (i.e. 109m @ 4.9 g/t Au, 109 g/t Ag & 1.1% Cu (7.5 g/t AuEq; see Turmalina news release dated August 28th for full details).Figure 12: SFDH-020 cross section is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2a9e6bfd-7f6f-4ba0-be44-0f63a5bedac3. SFDH-020 tests the centre of the SFdLA breccia pipe, as a ‘scissor’ hole to SFDH-015.Drill holeEast North Elevation Azimuth DipLength (m)Prospect SFDH-0144425146588442274820-70166.5SFdLA SFDH-0154424746588451276420-65223.5SFdLA SFDH-0174409176590441297317555345Humilde SFDH-01844254765884282740345-60151SFdLA SFDH-0194408436590357296490-60437Humilde SFDH-02044249465885382779165-70279SFdLA Table 2: Turmalina Metals Phase 2 drill hole locations reported in this release. Co-ordinate projection - WGS84 UTM Zone 19 South.

  • We're Not Very Worried About Turmalina Metals' (CVE:TBX) Cash Burn Rate
    Simply Wall St.

    We're Not Very Worried About Turmalina Metals' (CVE:TBX) Cash Burn Rate

    Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...

  • 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)
    GlobeNewswire

    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)

    Figure 1 Winter drilling at the San Francisco Project. 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. 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. 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. 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. 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. The breccia remains open at depth and to the north and west. Figure 7 SFDH-011 cross section at the SFdLA breccia pipe. 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. 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. 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.VANCOUVER, British Columbia, Aug. 28, 2020 (GLOBE NEWSWIRE) -- 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 179mThese 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.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 AcquisitionsThe 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 ProjectThe 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 ProjectsTurmalina 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. StatementsAbout 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.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.