SSR Mining Announces Positive Exploration Results at Marigold

 

Oxide Intercepts Include 2.97 g/t Au Over 71.6 Meters and 10.47 g/t Over 16.8 Meters

DENVER, Dec. 8, 2021 /CNW/ - SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) ("SSR Mining" or the "Company") is pleased to announce results from 288 drillholes (275 reverse circulation and 13 core drillholes) completed at the Marigold mine in Nevada, USA. The Company's strategy to advance brownfields targets proximal to existing infrastructure has yielded exceptional results in Nevada, as evidenced by the extensive track record of mineral inventory growth throughout Marigold's 32 years of consecutive production. The Marigold mine currently has a mine life in excess of 10 years, and these results support the extension and enhancement of future life of mine plans.

Resource development drilling at Marigold is focused in the New Millennium area around the Basalt-Antler pit that historically produced approximately 1 million ounces at a grade of 0.75 g/t. The New Millennium concept, unlocked by recent land acquisitions, targets low-cost resource and reserve additions proximal to the Marigold plan of operations with the potential to complement the existing life of mine plan. New oxide intercepts in New Millennium include:

• MRA7324: 10.47 g/t Au over 16.8 meters, including 18.72 g/t Au over 9.1 meters
• MRA7249: 7.88 g/t Au over 10.7 meters
• MRA7286: 1.51 g/t Au over 22.9 meters, including 2.17 g/t Au over 13.7 meters
• MRA7285: 0.96 g/t Au over 29.0 meters, including 1.45 g/t Au over 9.1 meters
• DDH7408: 1.49 g/t Au over 29.0 meters, including 2.78 g/t Au over 10.7 meters

In addition to drilling at New Millennium, SSR Mining continues to explore for supplemental oxide ore sources across the broader Marigold land package. At the Trenton Canyon project located ~4 km south of New Millennium (Figure 1), drilling has delivered exciting high-grade intercepts of predominantly oxide mineralization. Exploration at Trenton Canyon aims to define oxide material that leverages existing infrastructure at Marigold to provide an avenue for production growth in the future. Oxide intercepts from Trenton Canyon include:

• MRA7266: 2.97 g/t Au over 71.6 meters
• MRA7264: 6.53 g/t Au over 12.2 meters including 12.49 g/t Au over 6.1 meters
• MRA7316: 7.49 g/t Au over 10.7 meters

Rod Antal, President and CEO said, "These exploration results highlight the potential to add incremental oxide mineralization to Marigold's already robust reserve life. By focusing on adding ounces proximal to existing infrastructure at New Millennium, we are demonstrating opportunities to build on Marigold's near and medium-term future, while also continuing to systematically explore the larger property for longer-term targets. We are working to expand and accelerate our exploration efforts at Marigold as a precursor to completing an updated Marigold District Master Plan technical report later in 2022."

Marigold, Nevada
SSR Mining's mineral holdings include a 100% owned ~20,000-hectare parcel containing the currently producing Marigold mine as well as the past producing Valmy, Trenton Canyon, North Peak, and Buffalo Valley mines.

Near mine exploration during the Exploration Period (May 1^st, 2020 to September 30^th, 2021) focused on Mineral Resource additions at New Millennium, enabled by land acquisitions completed in 2016, 2018 and 2019. New Millennium represents a low cost, high probability development opportunity in the Nevada portfolio and drilling at the target will continue with the ultimate goal to extend operations at Marigold beyond its current mine life to 2032. The New Millennium target area is comprised of six distinct zones which include East Basalt, Battle Cry, Antler, Section 6, Lil' Gun and North Antler (Figure 2).

Exploration drilling on the recently acquired Section 6 parcel has returned intercepts analogous to the typical Marigold-style mineralization, including 22.9 meters at 1.51 g/t of Au from 248.4 meters in MRA7286, demonstrating bulk-tonnage potential at the far southern reaches of the Marigold system. As our definition drilling programs continue, there is potential for the discrete zones of mineralization to coalesce. Figure 3 provides select results from the drilling completed at Section 6 and other New Millennium zones. The Company is also undertaking a re-assay program of historical drill samples in the New Millennium area with potential to build on the success of the re-assay program at Marigold's Mackay deposit during 2015-2016 which yielded a 23% increase in estimated tonnage and a 13% increase in gold ounces within the Mackay pits. The goal of this program is to capture low-grade gold assay values not recorded in the historical dataset and integrate the results with the updated resource model. The first phase of this program, which included the re-analysis of drill samples from two drill sections, yielded positive results (Figure 4) and will now be expanded to encompass the entire project area.

During the exploration period, a lesser amount of drilling was completed in the Valmy and Cross Fire resource area. In June of 2021, SSR Mining submitted a proposed amendment to the Marigold Plan of Operations to include the Valmy and Cross Fire resource areas. The Bureau of Land Management is currently reviewing the proposal and we expect a decision in Q4 2021, informing next steps with respect to National Environmental Policy Act requirements.   

SSR Mining is also continuing exploration on the 100% owned 8,900-hectare land package to the south of Marigold which includes the past producing Buffalo Valley, North Peak, and Trenton Canyon mines. Given the varied nature of the known deposits and the discovery potential of precious metal (distal Au-Ag) and polymetallic (skarn, porphyry) deposits in the district, the Marigold team employs a comprehensive approach to its exploration programs. This included the completion of a 14.5 km² multi-element soil geochemistry survey, the recent acquisition of a proprietary airborne hyperspectral dataset, and completion of a 16.9 km seismic reflection survey. Integration of these data increase the predictive capabilities of our teams and helps to generate higher probability exploration targets. Exploration activities remain focused on the discovery of supplemental oxide material capable of bolstering Marigold's intermediate to long-term production profile, leveraging spatial proximity to New Millennium and potential infrastructure synergies.

Trenton Canyon
SSR Mining's exploration objective at Trenton Canyon is to delineate Mineral Resources and Reserves in oxide material capable of potentially supporting stand-alone heap leaching facilities. Confirmation drilling within the Relay Ridge deposit in hole MRA7266 returned 2.97 g/t Au over 71.6 meters (oxide) and illustrated the localized higher-grade nature of the mineralization. Similar to New Millennium, the oxide inventory at Trenton Canyon currently consists of isolated mineral centers. Definition drilling to delineate the extents of these mineral centers and potential continuity is ongoing.

Buffalo Valley
SSR Mining's objective at Buffalo Valley is to convert the historically delineated mineral inventory into Mineral Resource and Reserve category with the goal of enabling a potential satellite operation to supplement Marigold's intermediate to long-term production profile. The historical Indicated Mineral Resources for Buffalo Valley host approximately 418,000 ounces of gold (20 million tonnes at an average grade of 0.65 g/t) as of December 31, 2018¹. Geotechnical and metallurgical drilling proximal to the Buffalo Valley pit is scheduled for Q4 2021.

Table 1. Significant oxide gold intercepts at Marigold and Trenton Canyon.

Sulfide Exploration
While the Company continues targeting additional oxide inventory across the greater Marigold property, we are simultaneously exploring for structurally controlled sulfide mineralization potentially amenable to alternative mining & processing methods than those currently utilized at Marigold. Building on results announced May 14, 2020, exploration efforts have focused on the Tempest zone, a series of high-grade structures proximal to the past-producing South and West pits at Trenton Canyon (Figure 5). Results from drillhole MRA7405 include 9.1 meters at 18.69 g/t Au (sulfide) from 182.9 meters (Figure 6). At Buffalo Valley, exploration drilling is focused on understanding the geometry and orientation of mineralized structures identified by historical drilling outside of the mine area in addition to drill testing of new targets. Historical drilling previously returned exceptional results, including an anomalously high-grade intercept of 4.6 meters from 283.5 meters at 127.89 g/t Au in hole F95-1, 1.5 km northwest of the Buffalo Valley pit, demonstrating the excellent exploration potential throughout the land position.

The ongoing surface mapping along with results of our geochemical survey are informing interpretation of historical and recent SSR Mining drill results. We are applying this understanding to a robust collection of high-quality and underexplored targets throughout the extensive Trenton Canyon and Buffalo Valley projects.

Table 2. Significant sulfide gold intercepts at Trenton Canyon from the Exploration Period.

Sampling and Analytical Procedures
Drill samples from the Marigold mine drilling program were sent for processing and analysis to the offices of American Assay Laboratories, Inc. ("AAL") in Sparks, Nevada which is an ISO 17025 accredited laboratory independent from SSR Mining. Fire assay was completed on a 30-gram sample (AAL method code FA-PB30-ICP) with an Inductively Coupled Plasma finish after a two-acid digestion. Samples with assay results greater than 10 g/t gold were fire assayed on a 30-gram sample (AAL method code Grav Au30) with a gravimetric finish. We employ a rigorous Quality Assurance/Quality Control ("QA/QC") program, which includes real-time assay quality monitoring through the regular insertion of blanks, duplicates, and certified reference material, as well as reviewing laboratory-provided QA/QC data and confirming results at umpire labs.

Marigold mine also utilizes Paragon Geochemical Laboratories, a privately held corporation located in Sparks, Nevada. Analytical procedures utilized are ISO/IEC 17025:2017 accredited and ISO 9001:2015 certified. Samples were prepared under strictly controlled processes, and 30-gram aliquots fire assayed with lead collection. The analytical determinations were with aqua regia digestion and Inductively Coupled Plasma analysis (Au-OES30). Results greater than 8 g/t gold were fire assayed with gravimetric finish (Au-GR30). Quality control utilizes layers of embedded controls that are monitored during operations and used for final certification.

External review of data and processes relating to Marigold exploration data have been completed by an independent consultant F. C. Edmunds, 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 scientific and technical data contained in this news release relating to the Marigold mine has been reviewed and approved by James N. Carver, SME Registered Member, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101"). Mr. Carver is SSR Mining's Exploration Manager at the Marigold mine.

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. SSR Mining is listed under the ticker symbol SSRM on the NASDAQ and the TSX, and SSR on the ASX.

SSR Mining Contacts
F. Edward Farid, Executive Vice President, Chief Corporate Development Officer
Alex Hunchak, Director, Corporate Development and Investor Relations

SSR Mining Inc.
E-Mail: invest@ssrmining.com
Phone: +1 (416) 306-5789
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SOURCE: SSR Mining Inc.

Cautionary Note Regarding Forward-Looking Information

Except for statements of historical fact relating to the Company, certain statements contained in this press release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may be contained in this document and the Company's other public filings. Forward-looking information relates to statements concerning the Company's outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts.

Forward-looking information in this press release is based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this press release. The key risks and uncertainties include, but are not limited to: local and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; developments with respect to COVID-19 pandemic, including the duration, severity and scope of the pandemic and potential impacts on mining operations; and other risk factors detailed from time to time in the Company's reports filed with the Canadian securities regulatory authorities.

Forward-looking information in this press release include statements concerning, among other things: forecasts; outlook; timing of production; production, cost, operating and capital expenditure guidance; the Company's intention to return excess attributable free cash flow to shareholders; the timing and implementation of the Company's dividend policy; the implementation of any share buyback program and the amount thereof; statements regarding plans or expectations for the declaration of future dividends and the amount thereof; future cash costs and all in sustaining costs ("AISC") per ounce of gold, silver and other metals sold; the prices of gold, silver and other metals; Mineral Resources, Mineral Reserves, realization of Mineral Reserves, and the existence or realization of Mineral Resource estimates; the Company's ability to discover new areas of mineralization; the timing and extent of capital investment at the Company's operations; the timing and extent of capitalized stripping at the Company's operations; the timing of production and production levels and the results of the Company's exploration and development programs; current financial resources being sufficient to carry out plans, commitments and business requirements for the next twelve months; movements in commodity prices not impacting the value of any financial instruments; estimated production rates for gold, silver and other metals produced by the Company; the estimated cost of sustaining capital; availability of sufficient financing; receipt of regulatory approvals; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; ongoing or future development plans and capital replacement; estimates of expected or anticipated economic returns from the Company's mining projects, including future sales of metals, concentrate or other products produced by the Company and the timing thereof; the Company's plans and expectations for its properties and operations; and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.

Such forward-looking information is based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other of the Company's filings, and include: the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations and potential transactions, including joint ventures; weather conditions at the Company's operations; commodity prices; the ultimate determination of and realization of Mineral Reserves; existence or realization of Mineral Resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; lack of social opposition to the Company's mines or facilities; lack of legal challenges with respect to the Company's properties; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While the Company considers these factors and assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect.

The above list is not exhaustive of the factors that may affect any of the Company's forward-looking information. You should not place undue reliance on forward-looking information. Forward-looking information is only a prediction based on the Company's current expectations and the Company's projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in the Company's filings on the Company's website at www.ssrmining.com, on SEDAR at www.sedar.com, on EDGAR at www.sec.gov and on the ASX at www.asx.com.au and other unforeseen events or circumstances. Other than as required by law, the Company does not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future events.

All references to "$" in this press release are to U.S. dollars unless otherwise stated.

This press release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the SEC set out in the SEC rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this press release may not be comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Table 3. Assay results received during the Exploration Period for Marigold and Trenton Canyon

Supporting Drilling Information to SSR Mining Announcement

This document provides supporting drill collar locations and composite assay results for the Marigold drilling program referenced in the announcement "SSR Mining announces positive exploration results at Marigold", dated December 8, 2021.

Drill collar locations are surveyed in UTM Zone 11, NAD27 grid using differential GPS in units of meters. The Hole ID prefix DDH is used for HQ (63.5 mm core diameter) and NQ (47.6 mm core diameter) core drilling, the MR and MRA prefixes designate reverse circulation drill holes.

Table 4. Drill Collar Coordinates

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