VANCOUVER, March 23, 2020 /CNW/ - Turmalina Metals Corp. ("Turmalina" or the "Company"; TBX TSX.V) wishes to provide an update on exploration activity at its San Francisco copper-gold project ("San Francisco" or the "Project"), located in San Juan in Argentina, and our response to the COVID-19 pandemic.
Turmalina completed the summer field program at San Francisco during the past week with exploration staff demobilized from site at the end of that program. This program mapped the entire Project area and identified several high priority exploration targets.
Based on the information obtained from the past three months of field work, Turmalina geologists are now planning the upcoming drill program which will be a concurrent blend of testing for vertical and lateral extensions of the SFLD breccia, where Turmalina intersected high-grade gold-silver mineralization in multiple holes (such as 36.95m at 6.31 g/t gold, 122 g/t silver, and 0.88% copper, being 8.7 g/t gold equivalent; see Turmalina News Release dated December 9, 2019 for details) and drilling on new exploration targets within a large cluster of breccias in close proximity to SFLD. Exploration drilling will be based on the recently concluded field program which included 4494 soil samples, 1240 rock chip samples and mapping of 60 breccias (rock chip samples from one of the high priority exploration targets included 79 g/t gold, 385 g/t silver and 7.7% copper, as detailed in Turmalina News Release dated March 6, 2020).
In response to the recent Covid-19 pandemic, Turmalina wishes to describe the Company's protocols and plans. Firstly, the Company notes that there have been no confirmed nor presumptive cases of the COVID-19 pandemic at site. The Company is now in a planning phase for drilling which primarily occurs offsite. While Turmalina maintains a corporate office in Canada our technical and managerial team operate remotely from individual home offices located in Peru, Brazil, Argentina, Canada and Asia. The current compilation, analysis and modeling of recently collected data is being done on a physically decentralized basis from these individual home offices as the Company prepares for drilling.
On the 19th of March the Argentine government declared a nation-wide mandatory quarantine, which is currently in effect from the 21st to the 31st of March to reduce the spread of COVID-19. We are monitoring events closely and will review the situation upon the lifting of the quarantine, which may be subject to change depending on conditions in the country. While work is ongoing by the technical and management team, in preparation for drilling, the decision to commence drilling will be made once planning is complete, in consultation with local authorities and only when we believe we can ensure the health and safety of our team and all concerned.
Turmalina has a strong balance sheet and a small but highly-experienced management team with low overheads. Turmalina is in a strong position to execute our business plan.
Dr Rohan Wolfe, Chief Executive Officer of Turmalina, comments "In these unprecedented times our main priority is the health and safety of our team, contractors and host community. We are well prepared to operate over this period, with a strong cash position and a team used to working together remotely from our home offices. With the completion of our extensive summer field program we are looking forward to reviewing the large amount of data collected to date, and we will be ready to commence our Phase 2 drilling program the moment it is deemed safe to do so."
On Behalf of the Company, Dr. Rohan Wolfe, Chief Executive Officer and Director.
Email: [email protected] Mobile: +976 9999 6994 Website: turmalinametals.com Address: #488 – 1090 West Georgia St, Vancouver, BC V6E 3V7.
About Turmalina Metals and the San Francisco Project:
Turmalina Metals is a TSXV-listed exploration company focused on developing our portfolio of high grade gold-copper-silver-molybdenum projects in South America. Our focus is on tourmaline breccias, a deposit style overlooked by many explorers. Turmalina Metals is led by a team responsible for multiple gold-copper molybdenum discoveries who are highly experienced in this deposit style. Our projects are characterized by open high-grade mineralization on established mining licenses that present compelling drill targets. The principle project held by Turmalina is the San Francisco project in San Juan, Argentina. For further information on the San Francisco Project, refer to the technical report entitled "NI43-101 Technical Report San Francisco Copper Gold Project, San Juan Province, Argentina" dated November 17, 2019 under the Corporation's profile at www.sedar.com.
Forward Looking Statement:
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release including but not limited to the timing of the completion of planning for and the subsequent commencement of the drill program at the San Francisco Project or the likelihood of success resulting from such drill program based on the results to date from completed exploration on the San Francisco Project. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks (including those risk factors identified in the Corporation's prospectus dated November 21, 2019) and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
There is no assurance when the government-imposed quarantine period in Argentina will be lifted. There is uncertainty over the form and duration of government measures related to COVID-19 and multiple policy changes may occur with regards to these measures over time. The Company may not provide updates on various government measures and changes to these measures as they occur.
SOURCE Turmalina Metals Corp.
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