Tectonic Metals Drills Multiple Gold Bearing Structures at Seventymile Gold Project, Including 2.07 g/t Au Over 6.10m Within a Newly Defined Multi-Kilometre-Scale Shear Zone

Reconnaissance Drilling Confirms Shear Zone Model and Identifies Targets for Follow-Up

VANCOUVER, BC, Nov. 12, 2020 /PRNewswire/ - Tectonic Metals Inc. (TSX-V: TECT;  OTCQB: TETOF) ("Tectonic" or the "Company") today announced the results of its 2,587 metre ("m"), 26-hole Rotary Air Blast ("RAB") drilling campaign at the Seventymile Gold Project ("Seventymile") in eastern interior Alaska. Drilling focused on the 8 kilometre ("km") long Flume orogenic gold trend ("Flume Trend"), located in the northwestern region of Seventymile's underexplored 40 km long late Paleozoic greenstone belt. The reconnaissance drill program tested high-tenor gold-in-soil and top-of-bedrock anomalies situated above interpreted shear zones along lithological contacts. In addition, step-out drilling was completed testing historically known mineralization along strike. Structurally controlled mineralization was intersected where predicted by Tectonic's new structural interpretation of Seventymile with highlight intercepts of 2.07 grams per tonne gold ("g/t Au") over 6.10m at the previously undrilled Flume-Bonanza Zone ("Flume-Bonanza"), 1.37 g/t Au over 19.81m at the Bonanza Zone ("Bonanza"), and 1.20 g/t Au over 4.57m at the Flanders Zone ("Flanders"). Additionally, an infill hole testing extensional, tension-gash quartz-pyrite-arsenopyrite veins at Flanders returned a highlight result of 4.38 g/t Au over 6.10m. Anomalous gold mineralization was intersected in all holes which successfully tested these newly-defined shear-hosted targets along a total strike length of 6 km, validating Tectonic's targeting strategy and indicating the presence of a robust hydrothermal system.

Eric Buitenhuis, VP Exploration, commented, "Tectonic is pleased to report exciting new results from our first drilling campaign at Seventymile, the first drill holes at the property in twenty years, and the first to test Tectonic's shear zone gold model. The 2020 RAB campaign was executed as a targeted, three-week drill program designed to test six of our priority targets within the 8 km long Flume Trend, which is just a small portion of greenstone within the broader 40 km long Seventymile Terrane held by Tectonic. Tectonic successfully confirmed our hypothesis of previously unknown, shear-hosted gold mineralization directly below our 2018 and 2019 soil and top-of-bedrock anomalies. This reconnaissance drill program confirms not only that these structures carry gold mineralization, but that a previously unrecognized lithological control exists at Bonanza, where a buried and blind mafic tuff unit returned consistent gold mineralization at depth with no known surface expression. Our 2020 RAB program has now identified targets warranting aggressive follow up in the future."

Seventymile Drilling Highlights and Key Takeaways

• Structurally Controlled Shear-Hosted Mineralization with Au-As Geochemical Signature Intersected in Drilling
• 2.07 g/t Au over 6.10m at previously undrilled Flume-Bonanza – over 1,000m of soil and top-of-bedrock gold anomalism along an underexplored >3 km long lithological contact anchored by Flume in the west and Bonanza in the east
• 1.37 g/t Au over 19.81m including 3.01 g/t Au over 4.57m at Bonanza in a blind zone of shear-hosted pyrite and arsenopyrite mineralization, which does not appear to come to surface
• 1.20 g/ Au over 4.57m at Flanders in previously unrecognized mineralized structures immediately south of historic drilling
• High-Grade Gold in Tension-Gash Veins at Flanders
• 4.38 g/t Au over 6.10m including 12.0 g/t Au over 1.52m at Flanders in low-angle tension gash veins adjacent to the newly defined shear zones
• Tension veins are hosted by high-Mg basalt immediately north of the shear zones, and remain open for expansion along strike and down-dip
• Relationship between shears and tension veins is yet to be determined, with the possible intersection between the two structures presenting a priority drill target
• Shear-Zone Gold Model Confirmed
• Tectonic's RAB drilling confirms that mineralized shears are present beyond the limits of historical drilling at Flanders as well as throughout the 8 km long Flume Trend
• Gold mineralization appears to be focused along shear zones at lithologic contacts, with lithological control observed as an increase in grade within mineralized basalts and mafic tuffs
• Expansion Potential at All Zones
• Targets exhibit kilometre-scale strike potential, with only limited RAB drilling at each target
• All targets were successfully drill tested, though drilling difficulties resulted in seven drill holes at Flanders, Flume and Flume-Bonanza being abandoned
• Additional Results Pending
• Mapping and Prospecting were conducted across the entire 40 km long Seventymile property to identify new targets for possible reconnaissance drilling in 2021
• Assay results for 82 rock samples collected during the 3-week program are currently being reviewed and interpreted

Drill Highlights – Seventymile Gold Project

A table of drill results from Tectonic's 2020 drill holes at Seventymile as well as maps, cross sections, and drill assay sheets associated with this news release can be viewed by clicking here.

Geology and Mineralization

Flanders Zone – Shear-Hosted Mineralization

Drilling at Flanders has identified structurally controlled gold mineralization hosted by interpreted shear zones found at steeply south-dipping rock contacts (the Flanders Shear Zone). Drilling primarily targeted an interpreted shear zone found at the contact between a distinct iron-rich mafic tuff and a succession of volcaniclastic rocks and mixed sediments which strike to the southeast and dip steeply to moderately to the southwest. Extensive alteration of the mafic tuff and surrounding sediment is found in areas of gold mineralization, with gold spatially associated with the mafic tuff.

Gold mineralization is associated with increased arsenic content, and consists of pyrite and arsenopyrite, with minor quartz chips noted in the RAB chip trays. Highlight intercepts from these structurally controlled intervals include 1.20 g/t Au over 4.57m in hole SMRB20-009, 0.82 g/t Au over 4.57m in hole SMRB20-002, and 0.50 g/t Au over 12.19m in hole SMRB20-010. Notably, hole SMRB20-007 recorded peak intercepts of 0.62 g/t Au over 30.48m, 0.42 g/t Au over 21.34m, and 0.45 g/t Au over 15.24m, although structural orientation and true width is not known at this time.

Flanders Zone – Tension Veins

A single hole was drilled approximately 80m north of the Flanders Shear Zone in the historically drilled portion of Flanders, where previous operators focused on drill testing two outcropping, high-grade, shallow dipping, discrete quartz veins within a distinctive basalt unit (high Fe, low Mg) of the Seventymile Terrane. Hole SMRB20-025 was drilled to test the western portion of the tension vein system as an infill hole on 25m spacing. The hole drilled through both veins where expected, returning an intercept of 1.51 g/t Au over 6.10m in the upper vein, and two separate vein intercepts where the lower vein was expected: 2.03 g/t Au over 1.52m followed by 4.38 g/t Au over 6.10m, including 12.0 g/t Au over 1.52m.

East Flanders Zone – Structural Continuity

Three holes were drilled at East Flanders, located 1.4 km east of the main Flanders Area on a ridgetop, separated by the Deep Creek drainage. Drilling confirmed an interpreted shear zone at the contact between the southern volcaniclastic assemblage and Seventymile Terrane mafic rocks, as observed at the Flanders Shear Zone. Drilling encountered argillite and mafic tuff within the volcaniclastic assemblage, in contact with ultramafic rocks and high Mg basalts of the Seventymile Terrane in the north. The mafic tuff exhibited extensive and pervasive alteration similar to that observed at Flanders, 1.4 km to the west, with gold intersected adjacent to the contact zone and within the tuff. Gold intercepts included 0.78 g/t Au over 4.57m in hole SMRB20-011, and 0.63 g/t Au over 6.10m in hole SMRB20-013, a 100m step out to the west of SMRB20-011. Strong alteration and arsenic anomalism were detected within the ultramafic rocks to the north in hole SMRB20-012, though only slightly anomalous gold was found.

Bonanza Zone – Blind Mineralization at Depth

Two holes were drilled at Bonanza, located 3.0 km west of Flanders, where a strong surface gold expression coincides with a sheared, faulted contact between volcaniclastic sediments in the south and Seventymile Assemblage mafic and ultramafic rocks in the north. Drilling was designed to test the contact zone by stepping 100m east of known historic mineralization to test top-of-bedrock and soil anomalies identified in 2019. Tectonic's 2020 drill hole SMRB20-015 succeeded in intersecting a broad zone of mineralization and alteration within tuffaceous sediments adjacent to the contact with the mafic rocks beginning at 22.86m down hole. Two gold zones were intersected consisting of an upper interval of 0.49 g/t Au over 6.10m, followed by a lower interval from 32.00 to 42.67m running 0.36 g/t Au over 10.67m.

Hole SMRB20-014 targeted an enigmatic interval of mineralized mafic tuff intersected by historic drilling which does not outcrop at surface (1.34 g/t Au over 44.20m – Hole FC1990-04). The mineralized mafic tuff was encountered in SMRB20-014, with an interval of 1.37 g/t Au over 19.81m, including 3.01 g/t Au over 4.57m, intersected beginning at 161.54m down hole. Based on Tectonic's 2020 interpretation, the mafic tuff appears to be oriented near vertical, suggesting the historic hole was drilled down the unit or structure. The mafic tuff hosting this mineralization appears to be similar to the mafic tuff observed at Flanders. This unit does not outcrop but may come to surface south of the historic drill collars in terrain covered by permafrost.

Flume-Bonanza Zone – First Ever Drill Holes

Flume-Bonanza is located 1.1 km west of Bonanza and consists of a gently north sloping, permafrost-covered plateau with no outcrop present. Significant soil and Geoprobe top-of-bedrock gold anomalies cover >800m of potential strike along what is interpreted as a repeated section of sediments, basalts, and ultramafic rocks. A total of 300.8m of drilling in five holes was conducted at Flume-Bonanza, however only hole SMRB20-017 was successfully completed to a depth of 201.2m due to poor ground conditions.

Hole SMRB20-017 intersected gold mineralization in two separate structures, both found within argillites at or proximal to the contacts of the repeated ultramafic units. The first zone intersected 0.44 g/t Au over 13.72m from a down hole depth of 16.76m. The second mineralized structure contained 2.07 g/t Au over 6.10m, beginning at a down-hole depth of 155.45m. Results from hole SMRB20-017 indicate that two main mineralized structures exist at Flume-Bonanza, with a single hole piercing both. Attempts to step out from these intercepts were unsuccessful due to poor ground conditions.

Exploration Upside and Next Steps

Tectonic's reconnaissance RAB drilling program successfully tested top-of-bedrock gold anomalies across a >8 km long target area, identifying the "centre of gravity" of the Flume Trend for follow up in 2021. Drilling has confirmed the presence of gold mineralization at rock contacts as interpreted, tied top-of-bedrock anomalies to subsurface structures, revealed a previously unrecognized lithologically-controlled gold zone and demonstrated significant expansion potential of the hydrothermal system at Seventymile. Five of six zones RAB tested in 2020 warrant diamond drill follow-up to both expand and refine the newly defined anomalies while also obtaining structural data from oriented drill core. Each target exhibits scale potential in excess of 1 km and remains open along strike, especially where permafrost cover obscures and masks the surface expression of mineralization. Additionally, high-grade quartz vein mineralization was confirmed at the historically drilled region of Flanders, which remains open for expansion to the north, west and east.

Beyond the 8 km long Flume Trend, Tectonic completed a three-week mapping and prospecting program along the entire Seventymile property, covering over 40 km of northwest-southeast trending prospective greenstone leased from Doyon, Ltd. by Tectonic. Mapping crews followed up on limited ridge and spur soil sampling completed in 1990, with the goal of identifying additional shear-hosted exploration targets for detailed soil or Geoprobe top-of-bedrock sampling follow up. Results from the mapping program are pending and will be reported on at a later date.

Additional information about the Seventymile Gold Project, including historical information, can be found in the Amended and Restated NI 43-101 Technical Report, Seventymile Property, Eagle District, Alaska, United States of America with an effective date of October 31, 2019, prepared by Carl Schulze, P.Geo., of Aurora Geosciences Ltd. in accordance with NI 43-101, which is filed on the Company's profile on SEDAR.

Qualified Person & QA/QC

Tectonic's disclosure of a technical or scientific nature in this press release has been reviewed, verified, and approved by Eric Buitenhuis, M.Sc., P.Geo., Tectonic's Vice President Exploration, who serves as a Qualified Person under the definition of National Instrument 43-101. Quality Assurance and Quality Control procedures include the systematic insertion of blanks and standards into the drill sample string at a rate of approximately 1/10 (10%). In addition, field duplicate samples are systematically collected at a rate of 3 duplicates per 100 samples. Samples are placed in sealed bags and shipped directly to the Bureau Veritas Laboratories ("BV") preparation facility in Fairbanks, Alaska.

The analytical work for the 2020 Seventymile RAB drilling program was performed by BV, an internationally recognized and accredited analytical services provider, which is independent of Tectonic. All RAB drill samples were prepared using procedure PRP70-250 (crush, split, and pulverize 250g to 200 mesh) at BV's Fairbanks, Alaska facility. Samples were then sent to Vancouver, Canada, where they underwent analysis for gold by method FA430 (30-gram Fire Assay fusion with an atomic absorption finish (AAS). Samples returning >10 g/t Au were re-analyzed using method FA530-Au (30g Fire Assay with gravimetric finish). Following this, a 0.25g pulp was sent to the Vancouver, British Columbia lab for four-acid Inductively Coupled Plasma Emission Spectrometer (ICP-ES) analysis for 35 elements using method MA300.

About Tectonic

Tectonic Metals Inc. is a mineral exploration company created and operated by an experienced and well-respected technical and financial team with a track record of wealth creation for shareholders.  Key members of the Tectonic team were involved with Kaminak Gold Corporation, the company that raised C$165 million to fund the acquisition, discovery and advancement of the Coffee Gold Project in the Yukon Territory through to the completion of a bankable feasibility study before selling the multi-million ounce gold project to Goldcorp Inc. (now Newmont Goldcorp) for C$520 million in 2016.

Tectonic is focused on the acquisition, exploration, discovery and development of mineral resources from district-scale projects in politically stable jurisdictions that have the potential to host world-class orebodies.

Tectonic believes that responsible mineral exploration and development can positively impact the communities in which the company lives and operates and is committed to early and ongoing community engagement, best practices in environmental stewardship and the development of a strong safety culture. Whether at home or at work, the Tectonic team is grounded on the following core values:  passion, integrity, patience, focus, perseverance, honesty, fairness, accountability, respect, and a play big mindset.  The company works for its shareholders and is committed to creating value for them. 

On behalf of Tectonic Metals Inc.,

Tony Reda

President and Chief Executive Officer

For further information about Tectonic Metals Inc. or this news release, please visit our website at www.tectonicmetals.com or contact Bill Stormont, Investor Relations, at toll-free 1.888.685.8558 or by email at [email protected].

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Cautionary Note Regarding Forward-Looking Statements and Historical Information

Certain information in this news release constitutes forward-looking information and statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions and include, but are not limited to, statements with respect to the potential for mineralization at Tectonic's projects and any future exploration activities.   The Company makes no representation or warranty regarding the accuracy or completeness of any historical data from prior exploration undertaken by others other than the company and has not taken any steps to verify, the adequacy, accuracy or completeness of the information provided herein and, under no circumstances, will be liable for any inaccuracies or omissions in any such information or data, any delays or errors in the transmission thereof, or any loss or direct, indirect, incidental, special or consequential damages caused by reliance on this information or the risks arising from the stock market.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental  and other approvals and financing on time, obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Tectonic, and there is no assurance they will prove to be correct.

Although Tectonic considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements necessarily involve known and unknown risks, including, without limitation: the Company's ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industry events; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks. 

Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Although Tectonic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Tectonic does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

[Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.]

SOURCE Tectonic Metals Inc.

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