Mr. James Rogers reports

TURMALINA DISCOVERS HIGH-GRADE GOLD VEIN SYSTEM INCLUDING 17.9 G/T AU OVER 1.18 M

Turmalina Metals Corp. has discovered a high-grade gold vein system and a new copper-gold-mineralized breccia pipe following the successful completion of 2,984 metres of diamond drilling at the company's 403-square-kilometre San Francisco project, located in the prolific mining province of San Juan, Argentina. The recently completed 22-hole program included maiden drilling at five targets over the extensive project area. Initial mapping and sampling at Veta Rica defined a low-sulphidation, epithermal quartz vein, one m to six m wide, outcropping over 300 metres of strike length that returned rock chip assays of up to 56 grams per tonne gold. Two holes were drilled from the same drill pad, with both intersecting high-grade gold at depth, including:

• 4.4 m at 6.4 g/t Au from 36.6 m (SFDH-078):
  • Including 0.5 m at 28.6 g/t Au from 36.6 m;
  • And 0.45 m at 14.12 g/t Au from 38.85 m.
• 8.75 m at 3.5 g/t Au from 42 m (SFDH-079):
  • Including 6.0 m at 4.6 g/t Au from 42 m;
  • Including 1.18 m at 17.9 g/t Au from 42 m.

Follow-up mapping has defined a series of epithermal veins extending for up to 1.5 kilometres, both along strike, and parallel with, the drilled Veta Rica vein, with assay results pending. Mapping is continuing, and the system remains open along strike and at depth. The project area is located within a known epithermal gold belt: The nearest such epithermal system is located at Austral Gold's Casposo mine, 70 km south of the Veta Rica discovery. Casposo produced, between 2011 and 2015, 283,000 ounces of gold and 9.6 million oz of silver, with average grades of 4.8 g/t Au and 183 g/t Ag. Between 2017 and 2019, another 32,000 oz of gold and three million oz of silver were produced before the mill was placed back into care and maintenance.

The drilling program also tested the Ethan breccia pipe, a large (approximately 200 m long by 100 m wide) tourmaline breccia pipe that returned strong surface trench assays (i.e., 30 m at 0.8 per cent copper). Two reverse circulation (RC) and three diamond holes were drilled at the Ethan breccia. These scout holes intercepted the strongest tourmaline breccia mineralization discovered to date at the project outside of the high-grade San Francisco breccia, with intercepts including:

• 31 m at 0.42 per cent Cu, 0.31 g/t Au and two g/t Ag (0.66 per cent copper equivalent) from three m (SFRC-061):
  • Including 10 m at 0.72 per cent Cu, 0.53 g/t Au and five g/t Ag (1.2 per cent CuEq) from six m.
• Eight m at 0.71 per cent Cu, 0.68 g/t Au and one g/t Ag (1.2 per cent CuEq) from 27 m (SFDH-062);
• 33.8 m at 0.45 per cent Cu, 0.18 g/t Au and five g/t Ag (0.63 per cent CuEq) from surface (SFDH-063):
  • Including 14 m at 0.72 per cent Cu, 0.16 g/t Au and nine g/t Ag (0.93 per cent CuEq) from surface.

James Rogers, chief executive officer, stated: "We are very pleased to announce that the San Francisco project has delivered Turmalina an exciting development with the discovery of high-grade gold in the extensive Veta Rica epithermal vein system. This mineralization is similar to that of several epithermal mines located along strike of our project, including Austral Gold's Casposo mine, located 70 km to the south. Only two holes have been drilled into this new discovery, and both holes have returned grades of over 17 g/t Au. Ongoing surface work has already extended the strike length of the vein system from 300 m to over 1.5 km. To have intercepted high-grade gold veins in such a prolific epithermal gold district continues to demonstrate the value of our large land package in San Juan: the largest gold producer and most mining-friendly state in Argentina.

"While the San Francisco breccia pipe is an outstanding high-grade asset, we are pleased to add the Ethan breccia to our portfolio of mineralized breccias. It's encouraging to see the strong copper mineralization in shallow drilling at Ethan, a breccia pipe that is nearly four times the width of the San Francisco pipe, and our team is currently reviewing and modelling the results."

Three other prospects were tested during the program. Eight holes were drilled to test intrusion-hosted stockwork veining at Tres Magos, returning multiple short intervals of silver-lead-zinc plus or minus Cu-Au mineralization (i.e., 1.3 m of 0.5 per cent Cu, 13 g/t Ag, 0.3 per cent Pb and 0.4 per cent Zn (0.9 per cent CuEq) from 51.8 m (SFDH-076)). Three holes were drilled to test intermediate-sulphidation, epithermal veins at Veta Amarilla, which returned short intervals of Ag-Au-Pb-Zn mineralization (i.e., one m at 18 g/t Ag, 0.3 g/t Au, 0.5 per cent Pb and 0.2 per cent Zn (0.5 per cent CuEq) from 28 m (SFDH-071)). Three holes testing low-sulphidation, epithermal quartz veins at Veta Alumbrera did not return any significant results. Intersections for all prospects are listed in an attached table.

Current work

Initial exploration efforts at San Francisco were focused on breccia mineralization. Through the company's extensive exploration work, led by Chico Azevedo, the project has greatly expanded into highly prospective areas containing a number of vein, intrusion-related, porphyry and breccia targets.

While the San Francisco breccia pipe remains one of the highest-grade tourmaline Cu-Au breccia pipes ever discovered (see select results in an attached table), the company is most excited about the exploration potential for high-grade gold-silver and polymetallic vein types and other mineralization styles. The Veta Rica discovery exemplifies the style of epithermal mineralization commonly found in the district.

The Turmalina technical team is currently in the field continuing surface work on the new Veta Rica discovery along with other nearby targets. A follow-up diamond drilling program is currently being planned to further test the Veta Rica target along strike and at depth. The company's team is also currently modelling the Ethan breccia discovery, with an aim of designing follow-up drill holes in this large breccia system.

Grant of stock options and restricted stock units

The company has granted options to acquire a total of 1,225,000 common shares of the company to officers, directors, employees and consultants, pursuant to the company's stock option plan, at the exercise price of 35 cents per share for a period of five years.

Additionally, the company has granted 5.4 million restricted stock units to officers, directors, employees and consultants of the company under the terms of the company's restricted share unit plan and which have a two-year vesting period.

About Turmalina Metals Corp.

Turmalina Metals is an exploration company focused on developing its portfolio of high-grade gold-copper-silver projects in South America. Turmalina Metals' 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 which is highly experienced in this deposit style. Turmalina Metals' projects are characterized by open, high-grade mineralization on established mining licences that present compelling drill targets. The principal project held by Turmalina is the San Francisco project in San Juan, Argentina.

Sampling and analytic procedures

Turmalina Metals follows systematic sampling and analytical protocols which exceed industry standards and are summarized herein.

All drill holes are PQ-diameter, HQ-diameter or NQ-diameter diamond core holes. At San Francisco, drill core is collected at the drill site and transported by vehicle to the Turmalina core-logging facility in Villa Nueva, where recovery measurements are taken before the core is photographed and geologically logged. The core is then cut in half, with a diamond saw blade, with half the sample retained in the core box for future reference and the other half placed into a prelabelled plastic bag, sealed with a plastic zip tie and identified with a unique sample number. The core is typically sampled over a 0.5 m to 1.5 m sample interval, unless the geologist determines the presence of an important geological contact. In this case, the samples can have a minimum 20-centimetre length. The bagged samples are then stored in a secure area pending shipment to the ALS laboratory in Lima, where they are dried, crushed and pulverized. Following sample preparation, the prepared pulps are then analyzed using a 50 g digested sample and fire assay/atomic absorption finish analysis for gold and four-acid digestion with ICP-MS analysis for 53 other elements. Samples with results that exceed maximum detection values for gold are reanalyzed by fire assay with a gravimetric finish, and other elements of interest are reanalyzed using precise ore-grade ICP analytical techniques.

Turmalina Metals independently inserts certified control standards, coarse field blanks and duplicates into the sample stream to monitor data quality. These quality assurance/quality control samples are inserted blindly to the laboratory in the sample sequence prior to departure from the Turmalina Metals core storage facilities. For drill core samples, eight quality assurance/quality control samples are inserted into each 70-sample dispatch: one blank sample, five commercially prepared standards, one core duplicate sample and one control sample from the SF mine.

The assay results for the quality assurance/quality control samples are checked and verified by the project geologist and the qualified person. All such quality assurance/quality control assay results from sample dispatches reported in this news release have been found to be within acceptable industry limits, and the qualified person is not aware of any sampling, recovery or any other factors that could materially affect the accuracy or reliability of the data.

Qualified person

The scientific, technical and analytical data contained in this news release pertaining to the San Francisco and Chanape projects have been reviewed and approved by Dr. Rohan Wolfe, technical adviser, MAIG, who serves as the qualified person under the definition of National Instrument 43-101.

We seek Safe Harbor.