Resumption of drilling at the Golden Jubilee Gold project

Vancouver, British Columbia–(Newsfile Corp. – September 16, 2022) – Transatlantic mining company. (TSXV: TCO) (the “Company”) is pleased to announce that it will resume drilling at the Golden Jubilee mine and associated claims in Granite County, Montana, United States. This drilling program will follow an initial set of drill results from a program undertaken earlier this year and announced in March 2022. The program will include a total of 2,000 meters of drilling that will target the down-dip mineralized structure and along the direction of existing drilling and mine development.

In addition, geophysical field work of 5,300 linear meters has already been completed on the property. This is currently being interpreted and analyzed with the aim of identifying new drill targets.

Installation of the September 2022 drilling

Figure 1: Reverse circulation drilling rig configured to drill the Golden Jubilee Vein

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About the Golden Jubilee

The 22 demands of the golden jubilee (Figure 2) are located in Granite County, Montana, USA, and have had multiple previous owners. There has been only limited exploration and mining on a vein located on the Red Lion Line, which is a structure known to continue over a regional trend of 7 km in length. The Golden Jubilee mine is located in mountainous country at an elevation of approximately 2,350m.

Figure 2: Plan view and area with new ground geophysical data capture

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The geophysical lines include induced polarization and resistivity lines on 50m spacing with 5,300 meters of line now complete. This is currently being analyzed for geological responses on the property.

Drilling

The next long section (picture 3) highlights intersections obtained during historical drilling as well as drilling undertaken in March 2022 at the Golden Jubilee project.

picture 3: Long section to the northwest on the Golden Jubilee vein

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The Company has restarted its first drilling campaign in the Golden Jubilee deposit after announcing five assay results in March 2022, including hole 1611 10.7 meters at 9.9 g/t Au (including 3.7 m at 18.46 g/t Au) (Table 1). The Company is fully funded to complete this program with an additional 2,000 meters planned to be drilled. Mineralization has been interpreted down dip and along strike of previous intersections and assay results provide sufficient encouragement to undertake further drilling. Exploration permits have been received to allow further holes to be drilled once these 2,000m have been completed. The gold mineralization intersected by the diamond drilling occurs within an iron-rich sulphide and shear-rich replacement zone; as well as the associated quartz. Some characteristics of mineralization include:-

  • Drill intersections are shallow between 30 and 80 meters from surface.

  • Contacts with mineralization are in competent marbled limestones.

  • There is new evidence of multiple parallel mineralized structures.

“The first phase of drilling has confirmed the presence of geology conducive to gold mineralization as well as an extension of the mineralized structure. This supports and underpins the potential for deeper and lateral extensions of the mineralization at high grade observed at the Golden Jubilee in combination with existing structures high quality production and processing information,” commented Bernie Sostak, CEO of Transatlantic Mining.

Historical production

Although some mining took place before 2000, there are few production records. Table 2 contains results from a bulk sample taken in 2000 and the most recent 10,000 t plot extracted in 2014.

Period

*Analyzed/**Processed at

Tons

Grade ( g/t Au)

At Gravity % Recovery

Total recovery Au %

September 2000

*Barrick-Golden Sunlight

447

64.7 g/t Au

NR

96.7%

July- September 2014

**Phillipsburg Mill

3,864

10.47 g/t Au

47%

78.2%

September – November 2014

**Barrick – Golden Sun

5,908

8.05 g/t Au

NR

88.5%

NR= Not recorded separately

Table 2: Recent Golden Jubilee Mining and Processing Tests 2000 and 2014

Historical drilling

Previous exploration drilling included 37 holes drilled prior to 2013 (Table 3) where gold mineralization and veining were observed to be approximately 2.5m wide with an 80 degree dip. Broader enrichments and widths of mineralization were observed on geological cross-sectional structures striking at an obtuse angle to the strike of the Red Lion Vein.

Examination by a qualified person (*Note Table 1,2,3)

Aslam Awan PhD CP MAusIMM (CP Geo) is the Qualified Person under National Instrument 43-101 responsible for reviewing and approving the technical information contained in this press release. Mr. Awan is the Director of AAA GeoConsultants:

HQ diamond drill core samples were ground over 70% whole passing 2mm, then split and pulverized with analysis for gold and silver at Christofferson Laboratory, Smelterville, Idaho, USA . The laboratory is an independent analytical and referee laboratory that follows industry techniques with blanks and standards inserted in batches of 25, the sample being pulverized and analyzed with a 30 gram fire assay charge and a gravimetric finish. True widths were estimated based on the width of the dip cross-section of the mineralization at a cut-off grade of 1.0 g/t Au (Table 1). Table 3 shows historical holes drilled and assayed

Further announcements will be made regarding activities as they unfold.

About Transatlantic Mining Corp.Transatlantic Mining (TSXV: total cost of ownership ) is an emerging precious and base metals explorer. The Company is focused on converting projects to mines in stable mining jurisdictions. The Company currently holds real estate interests, including an 80% interest in a joint venture on the Monitor Copper-Gold project in Montana-Idaho (USA) and 100% of the golden jubilee gold Project with its associated mining rights. The Company also has a lease-purchase agreement for the Miller gold mine

in Montana 100% owned. For more information, please contact:

Bernie Sostak +61 (0) 439 904 044

Email:[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Table 1

: March HQ Diamond Drill Assay Results for Gold at > 1.0 g/t Au

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Table 3
: Historical Drilling Results for Gold at > 1.0 g/t Au

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https://images.newsfilecorp.com/files/4652/137538_table3.jpgTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/137538

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