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SSR Mining Announces Positive Exploration Results At Copper Hill And Increases Ownership To 70%

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SSR Mining Announces Positive Exploration Results At Copper Hill And Increases Ownership To 70%

 

 

 

 

 

Results Include 3.29% Cu Over 37.4 Meters and 3.03% Cu Over 31.5 Meters

 

SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) is pleased to announce positive results from an additional 27 diamond drill holes at Copper Hill for the period from June to September 2021. Copper Hill is located in the Black Sea region of northeast Turkey (Figure 1), and these results follow the initial 8 drill holes reported from the prospect in 2020. Recent intercepts1 of note from Copper Hill included:

  • EKD-09: 2.02% Cu over 30.5 meters from 44.7 meters,
  • EKD-10: 3.03% Cu over 31.5 meters from 107.5 meters,
  • EKD-12: 2.37% Cu over 13.0 meters from 213.6 meters,
  • EKD-14: 1.60% Cu over 30.1 meters from 65.7 meters,
  • EKD-16: 3.29% Cu over 37.4 meters from 92.0 meters,
  • EKD-26: 1.02% Cu over 80.5 meters from 123.5 meters,
  • EKD-30: 1.39% Cu over 36.0 meters from 122.0 meters,
  • EKD-32: 1.25% Cu over 33.4 meters from surface.
1 Significant intervals reported at a nominal 0.2% copper cut-off and with a maximum 5 meters contiguous dilution. All thicknesses are down hole length and true thicknesses are not known at this stage.

 

Concurrent with this exploration update, SSR Mining is pleased to announce that it has reached an agreement to acquire an additional 20% ownership in Copper Hill from joint venture partner Lidya Mining (the “Transaction”). Upon completion of the Transaction, SSR Mining will own 70% of the asset and serve as operator. As consideration for the increased ownership in Copper Hill, SSR Mining will transfer 20% of its ownership stake in the Tunçpınar prospect in east-central Turkey to Lidya Mining, reducing SSR Mining’s ownership to 30% while retaining a new 0.5% net smelter return royalty on the property. Lidya Mining will serve as operator at Tunçpınar. There are no royalties existing on Copper Hill. The ownership swap will provide both SSR Mining and Lidya Mining with the ability to efficiently advance both the Copper Hill and Tunçpınar assets while retaining material economic exposure. The Transaction will be completed in early 2022, upon receipt of all customary regulatory approvals and satisfaction of completion of all closing conditions.

 

Rod Antal, President and CEO said, “Copper Hill is beginning to show real potential as a new development project, particularly given the near-surface and high-grade mineralization. While still early stage, there is good potential to expand the footprint at Copper Hill as we step out exploration drilling. Our exploration and development teams will accelerate the work on Copper Hill, commencing with metallurgical test work and an expanded drilling program.”

 

Drilling at Copper Hill continues to intersect copper sulfide mineralization (chalcopyrite) with impressive grades. The oxide zone appears very narrow and constrained close to surface.

 

Copper mineralization in the intercepts is considered “clean”, having low levels of other metals or arsenic (

 <0.01% zinc and lead, with average ><60 ppm arsenic levels), which is atypical for skarn-type deposits and bodes well for future economic studies on the property.  Drilling and technical study activities are ongoing to determine the extent of mineralization, subject to drill permits and weather. The target is open in all directions laterally and at depth and starts from the surface. >

Prospect Overview

 

Copper Hill sits within the package of exploration leases known as Kazıkbeli. The Lidya Mining Exploration team discovered Copper Hill and undertook the preliminary exploration activities on behalf of the joint venture with SSR Mining (the “Joint Venture”). Site activities are now being transitioned to the SSR Mining Exploration and Project Development teams. The prospect is covered by porphyritic intermediate magmatic rocks, volcanic rock, and volcano-sedimentary rock sequences. Skarn-type mineralization is composed of copper-iron occurrences developed within the volcano-sedimentary rock sequences. The mineralization consists of coarse-grained chalcopyrite, specular hematite, and magnetite with exotic copper such as malachite constrained to the very narrow oxide zone. The skarn exposed on the surface is coincident with anomalous alteration zones of CuOx, FeOx, and silicification (Figure 2).

 

Exploration activities were initiated in 2009, consisting of surface sampling (rock and soil sampling) and ground magnetics. To-date, 35 diamond drill holes, totaling 10,829 meters have been completed. The northwest-southeast trending mineralized zone has been identified over a strike length of at least 450 meters with a width of 180 meters and a depth extent of at least 200 meters. The mineralization is open in all directions (Figure 3).

 

SSR Mining will conduct further drilling to continue to define the overall size of the mineralization and test the higher-grade zones. In addition, encouraging high-grade surface results at the north and east will be the initial focus of further work in the upcoming exploration program.

 

* Drill Holes are reported previously in the press release entitled “ALACER GOLD REPORTS INITIAL DRILL RESULTS FROM THE COPPER HILL COPPER EXPLORATION PROSPECT” April 22, 2020, Toronto: Alacer Gold Corp, which is available on www.sedar.com and on www.asx.com.au.

 

Drilling

 

The Joint Venture has drilled 35 diamond drill holes at Copper Hill between July 2018 and September 2021, totaling 10,829m. The previously announced 8 holes (EKD01 – EKD08, totaling 3,181m) defined the initial area of mineralization. The extent of the drilling pattern of those holes was constrained to areas previously permitted for drilling.

 

The 27 holes in this release total 7,648m of drilling and were completed between June and September 2021 (EKD09 – EKD35). All drill holes are vertical with the exception of EKD-15, EKD-21 and EKD-23 which were collared with a -60° dip and an azimuth of 120°. EKD-27 was abandoned at 79.2 meters due to a rubble zone. EKD-27A was offset to the previous hole (EKD-27).

 

In 2022, the Copper Hill property will be tested with an additional diamond drilling program in attempt to expand known mineralization through the targeting of new high-grade zones laterally and at depth.

 

Drill Highlights

 

Significant drill results are down hole length and include:

  • EKD-14: 1.60% Cu over 30.1 meters from 65.7 meters and 0.38% Cu over 20.6 meters from 136.8 meters.
  • EKD-16: 3.29% Cu over 37.4 meters from 92 meters and 1.27% Cu over 8.6 meters from 135.4 meters and 0.33% Cu over 9 meters from 152 meters and 0.86% Cu over 16 meters from 168 meters.
  • EKD-26: 0.21% Cu over 7.2 meters from 93.3 meters and 1.02% Cu over 80.5 meters from 123.5 meters.
  • EKD-30: 1.39% Cu over 36 meters from 122 meters and 0.4% Cu over 11.5 meters from 168.5 meters and 0.53% Cu over 26.3 meters from 188.7 meters and 0.88% Cu over 27.7 meters from 221 meters.
  • EKD-32: 1.25% Cu over 33.4 meters from surface and 0.84% Cu over 22.1 meters from 71.4 meters.

 

Table 1. Significant copper intercepts from 2021 drilling at the Copper Hill Prospect.

 

Drill Hole From
(m)
To

(m)

Interval
(m)
Cu

(%)

Oxidation State EOH Depth
(m)
EKD-09 0.00 18.60 18.60 0.59 Mixed 270.00
26.90 35.70 8.80 1.00 Mixed
44.70 75.20 30.50 2.02 Sulfide
145.90 161.80 15.90 0.79 Sulfide
169.80 179.75 9.95 0.26 Sulfide
186.90 196.10 9.20 0.81 Sulfide
214.40 225.20 10.80 0.42 Sulfide
EKD-10 0.00 13.30 13.30 0.33 Mixed 281.20
107.50 139.00 31.50 3.03 Sulfide
151.50 157.80 6.30 0.32 Sulfide
EKD-12 81.50 94.00 12.50 0.29 Sulfide 365.50
132.60 150.00 17.40 1.24 Sulfide
199.20 206.60 7.40 1.47 Sulfide
213.60 226.60 13.00 2.37 Sulfide
233.60 244.20 10.60 0.95 Sulfide
292.00 299.50 7.50 0.42 Sulfide
EKD-14 65.70 95.80 30.10 1.60 Sulfide 251.40
136.80 157.40 20.60 0.38 Sulfide
EKD-16 92.00 129.40 37.40 3.29 Sulfide 250.00
135.40 144.00 8.60 1.27 Sulfide
152.00 161.00 9.00 0.33 Sulfide
168.00 184.00 16.00 0.86 Sulfide
EKD-22 136.40 160.80 24.40 0.51 Sulfide 263.40
166.80 177.00 10.20 2.40 Sulfide
EKD-23 4.60 11.60 7.00 0.20 Mixed 380.00
24.30 44.50 20.20 1.11 Sulfide
330.60 337.90 7.30 0.32 Sulfide
EKD-25 2.50 34.70 32.20 0.71 Mixed 264.70
EKD-26 93.30 100.50 7.20 0.21 Sulfide 302.50
123.50 204.00 80.50 1.02 Sulfide
EKD-30 122.00 158.00 36.00 1.39 Sulfide 300.00
168.50 180.00 11.50 0.40 Sulfide
188.70 215.00 26.30 0.53 Sulfide
221.00 248.70 27.70 0.88 Sulfide
EKD-32 0.00 33.40 33.40 1.25 Mixed 235.40
71.40 93.50 22.10 0.84 Sulfide

 

Significant intervals reported at a nominal 0.2% copper cut-off and with a maximum 5 meters contiguous dilution are given in Table 1. All thicknesses are down hole length and true thicknesses are not known at this stage.

 

Sampling and Analytical Procedures

 

Drilling at Copper Hill commenced in 2018. Diamond drill core is sampled as half core at 1m intervals. The samples were submitted to ALS Global laboratories in Izmir, Turkey for sample preparation and analysis which is an ISO/IEC 7025:2005 certified and accredited laboratory. SGS laboratory, Ankara and ArgeTest laboratory, Ankara are being used to umpire check sample analysis. Copper was analyzed by four acid digestion and ICP-AES finish. For copper assays greater than or equal to 10%, aqua regia digestion with ICP-AES finish is used. SSR Mining’s 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 and umpire laboratory check assays. External review of data and processes relating to the prospect have been completed by independent Consultant Dr. Erdem Yetkin, P.Geo. in November 2021. 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.

 

Qualified Persons

 

The exploration results disclosed in this document 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 pursuant to National Instrument 43-101.

 

External review of data and processes relating to the Copper Hill was completed in November 2021 by independent consultant Dr. Erdem Yetkin, P.Geo. a qualified person as defined by NI 43-101. There were no adverse material results detected and Dr. Yetkin is of the opinion that the QA/QC indicates the information collected is acceptable, and the database can be used for announcing the exploration results.

 

About SSR Mining

 

SSR Mining Inc. is a leading, free cash flow focused intermediate gold company with four producing assets located in the USA, Turkey, Canada, and Argentina, combined with a global pipeline of high-quality development and exploration assets in the USA, Turkey, Mexico, Peru, and Canada. In 2020, the four operating assets produced approximately 711,000 gold-equivalent ounces.

 

Posted November 29, 2021

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