Turmalina Metals Corp. (TSX-V:TBX) (OTCQX:TBXXF) is pleased to announce the drilling program at the San Francisco project has continued to intersect broad intervals of gold-silver-copper mineralization at the San Francisco de Los Andes breccia pipe, as well as broad intervals of copper mineralization in the Chorrillos breccia pipe.

Phase 2 drilling at the SFdLA breccia has identified strong, near-surface oxide gold mineralization at the top of the breccia pipe, with recent drill holes designed to test this oxide zone intercepting:

• 22m @ 7.9 g/t Au, 60 g/t Ag & 0.14% Cu (8.8 g/t AuEq) from surface (SFDH-030)

○  including 6m @ 23.7 g/t Au, 142 g/t Ag & 0.04% Cu (25 g/t AuEq) from 3m

• 21m @ 3.4 g/t Au, 25 g/t Ag & 0.11% Cu (3.8 g/t AuEq) from surface (SFDH-031)

○  including 8m @ 5.8 g/t Au, 17 g/t Ag & 0.22% Cu (6.2 g/t AuEq) from 5m

○  and 14m @ 2.2 g/t Au, 72 g/t Ag and 0.26% Cu (3.3 g/t AuEq) from 26m

○  and 17m @ 2.2 g/t Au, 58 g/t Ag and 1.0 % Cu (4.0 g/t AuEq) from 51m

Deeper drilling beneath the oxide zone has focused on testing the western half of the breccia pipe, intersecting primary sulphide gold-silver-copper mineralization and, in the case of SFDH-029, defining a new westward extension to the breccia pipe that remains open in all directions (i.e 29m @ 2.4 g/t Au, 82 g/t Ag and 0.44% Cu (4.1 g/t AuEq) from 65m).

Turmalina is also pleased to announce that first-pass drilling of other breccia pipes on the property has returned broad zones of copper mineralization at the 200m diameter Chorrillos breccia pipe, including 59m @ 0.44% Cu, 0.03 g/t Au and 7 g/t Ag from 72m (SFDH-026; including 18m @ 0.80% Cu from 74m).

Mineralization at Chorrillos appears to be a copper-dominated assemblage typically found in the deeper and wider parts of tourmaline breccia pipes, and samples from a second hole at Chorrillos are currently being prepared for dispatch and assay.

Further intersections are reported in Table 1: Intersections are not true widths and additional drilling and geological modelling of the mineralised zones in the breccia pipes 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:  

Currently two drill rigs are focused on testing the deeper parts of the SFdLA breccia pipe beneath current drilling. To date 27 Phase 2 holes have been completed for a total of 6670 m. Nineteen of these holes test the SFdLA breccia pipe while nine holes test 4 breccia targets out of over 60 identified during the summer field program. The first three Phase 2 holes were reported on August 28^th, six holes were reported on October 5^th, ten holes are reported in this release and samples from the remaining seven holes have been dispatched for assay.    

In addition to the above holes at the SFdLA and Chorrillos breccia pipes the Company has received assay results for two holes drilled at the Colorada breccia pipe, located 4 km to the northwest of SFdLA. Drill holes SFDH-027 and SFDH-028 intersected strongly epidote-sericite-tourmaline altered sediments cut by pyrite-quartz-tourmaline-chalcopyrite tourmaline breccias with elevated gold, silver and copper (i.e. 6m @ 0.24 g/t Au in SFDH 027 and 4m @ 0.35 g/t in SFDH028) but no economic intersections.

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 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.

The protocols put in place by the Company and local authorities have helped successfully prevent any cases of COVID-19, to date, at the Project.

Other Projects

Turmalina has entered into agreements to explore two projects located in Peru: the Chanape copper-gold project located in Lima District and the Turmalina copper-gold molybdenum project located in Piura District. Both projects contain clusters of mineralized tourmaline breccias and are undergoing permitting or social consultation prior to the commencement of exploration.

Table 1: Phase 2 drill hole intersections at the San Francisco de Los Andes breccia pipe. Intersections are selected based on a 0.5 g/t Au cut-off grade, a minimum downhole length of 2m and a maximum waste inclusion of 2 consecutive meters. Equivalent gold values (AuEq) are calculated assuming 100% recovery using USD$ 1900/t oz Au, $23/t oz Ag and $2.9/lb Cu.

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 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.

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/b73841e7-35d6-43f7-a07b-1305342691ac. 

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.

Figure 2 – Interpretation of mineralization at level 2700RL at the SFdLA breccia pipe is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/645d6621-bf77-4773-88cf-88fe5966ad0f.

Drilling at SFdLA is interpreted to have intersected the roof of the breccia pipe, with deeper holes defining strongly mineralised margins and lobes that surround the central core of the breccia pipe. At shallow levels the western lobe remains open to the north and northwest (red arrows), while holes SFDH-022, 23, 24 and 29 defined and discovered a deeper westward extension.

Figure 3: Typical high-grade oxide mineralization at SFdLA is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/950c6410-800b-4251-b98b-b072b49ed08f.

Tourmaline-sericite altered and calcite-veined siltstone clasts set in a goethite-limonite-jarosite matrix. SFDH-030, 5.6m. From a 1m sample that averaged 16.9 g/t gold, 206 g/t silver and 206ppm copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Figure 4: Typical oxide mineralization at SFdLA is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/6747ce18-2fc9-4b5d-8242-b6784f825885.

Tourmaline-sericite altered siltstone clasts set in a carbonate-goethite-limonite matrix. SFDH-031, 10.8 m; from a 1 m interval that averaged 5.8 g/t gold, 10 g/t silver & 478 ppm copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Figure 5: Typical sulphide-rich breccia mineralization at SFdLA is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/94612b55-18fd-4167-ba88-21364581541d.

Angular tourmaline-sericite-carbonate altered siltstone clasts supported in a pyrite-chalcopyrite-tourmaline matrix. SFDH-029, 72.5m. From a 1m sample that averaged 7.9 g/t gold, 15 g/t silver and 0.1% copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Figure 6: Typical sulphide-rich breccia mineralization at SFdLA is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/e166681f-3bbc-413d-bbd9-e9c69111f4c1.

Tourmaline-sericite altered siltstone clasts supported in in a pyrite-chalcopyrite matrix. SFDH-022, 137.8m. From a 1m sample that averaged 1.8 g/t gold, 75 g/t silver and 1.8 % copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Figure 7: Typical copper-rich breccia mineralization at SFdLA is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/5e3a0dbe-935b-47e2-ad7a-92bf27a6b781.

Tourmaline-altered siltstone clasts supported in in a chalcopyrite-tourmaline matrix. SFDH-023, 127.3m. From a 1m sample that averaged 0.4 g/t gold, 76 g/t silver and 2.4 % copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Figure 8: Drilling at the Chorrillos Breccia is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/1117c191-1cca-45a3-8032-3b9e23946908.

The 200m diameter Chorrillos breccia pipe is one of the larger breccia pipes on the property and is surrounded by a halo of artisanal workings.

Figure 9: Typical copper-rich mineralization at Chorrillos is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/5d9e3fb5-0eb8-4fc9-b911-f38031d69c8a.

Tourmaline-sericite-epidote altered granite with disseminated chalcopyrite. SFDH-026, 90.8m. From a 1m sample that averaged 0.08 g/t Au, 5 g/t silver and 1.7% copper. Photograph is of a selected interval and is not necessarily representative of mineralization hosted throughout the property.

Figure 10: San Francisco tenements with main breccias and locations of Phase 2 drill holes is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/5cd254d0-1fab-474f-9439-e0c035095df0.

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 11: Plan map of Turmalina drill holes at the SFdLA breccia pipe is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/2ca9654d-0ae2-4c0a-b296-704dea7c18a7.

The breccia remains open both at depth and to the north and west.

Figure 12: SFDH-30 and 31 cross section is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/a3904b6c-8bbc-4835-854b-30ce452a095b.

Previous drilling by the Company at SFdLA positioned drill rigs outside the breccia, using inclined holes to test across the pipe. This drill hole geometry left the top 20-30m of the breccia pipe (the ‘oxide’ zone) under-represented. Drill holes SFDH-030 and SFDH-031 tested this oxide zone in the western half of the breccia, returning high gold grades from surface.

Figure 13: SFDH-029 cross section is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/ec07ba6e-7f12-4095-8c6b-4274c515e9f6.

SFDH-029 is a step out from the southwest margin of the breccia pipe, intersecting a new zone of mineralized breccia outside the previously defined boundary (red shell in background). This new extension remains open in all directions.

Figure 14: SFDH-23 and 24 cross section is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/d10bf7e1-e70c-47de-8b94-70798688aa73.

Drill holes SFDH-023 and 24 tested the western half of the SFDLA breccia pipe under intersections in holes SFDH008 and SFDH005 (i.e. 85m @ 2.6 g/t Au, 88 g/t Ag and 0.57% Cu (4.3 g/t AuEq); see Turmalina news release dated December 2^nd 2019 for full details). SFDH-023 and SFDH-024 are interpreted to be located east of the main western lobe.

Figure 15: SFDH-022 cross section is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/49de7d92-531a-4f37-9f9f-b0c9ff444248.

SFDH-022 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 2^nd 2019 for full details).

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