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: rohan@turmalinametals.com
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.
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SOURCE Turmalina Metals Corp.