Exploration Begins at Colquemayo Project by Turmalina Metals

Reviewed by Lexie CornerDec 10 2024

Turmalina Metals Corp. announced an update on its operations and projects, including the Colquemayo Project in Peru, which has completed access agreements with the local communities. Preliminary fieldwork for environmental and social baseline studies has begun.

The company is concentrating its efforts on the recently acquired Colquemayo project, where the drill permit process is moving forward, and preliminary environmental studies are currently in progress.

Highlights of the Colquemayo Project:

• Porphyry and epithermal Copper-Silver-Gold exploration project in Southern Peru’s Moquegua Province.
• Among the historic drill results is an intersection that came back:
  • 2.4 % Cu, 0.08 g/t Au, and 10 g/t Ag at 237.3 m, comprising:
    • 161.2 m at 0.09 g/t Au, 14 g/t Ag, 3.4% Cu
    • 31.3 m at 0.2 g/t Au, 47 g/t Ag, and 14.8% Cu
• Several undrilled targets and numerous epithermal and porphyry targets with substantial drill intercepts are present on this expansive 6,600-hectare property.
• The company has the option to purchase 100 % of the project’s title and interest.

The company has contacted the communities of Palcamayo and Amata, who hold the majority of the project’s surface rights, and they have granted access for preliminary fieldwork to establish an environmental baseline.

To proceed with the environmental studies and the application for the Declaración de Impacto Ambiental (the “DIA”), which is necessary to authorize drilling at the property, Turmalina has engaged INSIDEO, a Lima-based environmental consultant. To establish the baseline, INSIDEO began fieldwork on December 3rd, gathering soil and water samples as well as measuring noise levels and air quality.

The exploration team has received 15,000 meters of drill core from holes completed by Compania De Minas Buenaventura SAA (the optionor) at Colquemayo. They are currently logging the core to create a geological model, which will serve as the basis for planning the next phase of drilling, while drill permitting is underway.

San Francisco Project Update in San Juan, Argentina

Turmalina is currently evaluating a joint venture with potential partners as one option to advance or monetize the San Francisco project in Argentina’s San Juan province. The project has multiple drill pads ready to test the epithermal veins, which have shown gold mineralization over a potential strike length of 11.3 km.