SSR Mining Announces Positive Exploration Results for the ??akmaktepe Extension Project ("Ardich"), Including 40.7 Meters at 7.48 g/t Au

 

Results Reaffirm Mineral Resource Growth Potential
Maiden Mineral Reserve Expected 2022, First Production Expected in 2023

DENVER, Aug. 18, 2021 /CNW/ - SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) ("SSR Mining") is pleased to announce positive results from 194 diamond drill holes for Ardich for the period from March 2020 to May 2021. These results build upon the preliminary economic analysis ("PEA") reported in the Çöpler District Master Plan ("CDMP20") Technical Report issued in November 2020, in which the Ardich deposit contributed 1.23 million ounces of gold from Measured and Indicated resources, and 0.35 million ounces of gold from Inferred Mineral Resources, providing an after tax NPV_5% of US$431M¹.

Ardich represents a key organic growth initiative for SSR Mining, with the PEA highlighting the potential for approximately 1.1 million ounces of gold production over an 11-year mine life for approximately $50 million in development capital expenditures¹. Ardich was discovered in 2017 and is located 1.5km north of the Çakmaktepe mine and 6km from the Çöpler operations, allowing future development to leverage existing oxide and sulfide processing infrastructure (Figure 1). Drilling and technical study activities are ongoing to further refine the value of this near mine opportunity and target a maiden Mineral Reserve declaration in 2022. Permitting is concurrently being advanced with a target for first gold production in 2023.

All 194 diamond holes (AR234-AR427) reported in this release were drilled in 2020 and 2021 subsequent to the cut-off date used in the compilation of the Mineral Resources in the PEA. None of the assays reported in today's release were included in the CDMP20. These new results include both step-out holes (drilled outside of and below the current Mineral Resource) (Table 1) and in-fill (within the area of the current Mineral Resource) (Table 2). The step-out holes are located to the west, south and south-west of the current Ardich Mineral Resource area. Step-out holes confirmed the extension of mineralization (Figure 2) (Table 1), many with impressive grades, including the following holes:

• AR274: 7.48 g/t Au over 40.7 meters from 155 meters, including 29.99 g/t Au over 5 meters from 187 meters.
• AR280: 4.18 g/t Au over 24.5 meters from 246 meters, including 35.1 g/t Au over 1 meter from 264 meters.
• AR356: 2.98 g/t Au over 62.7 meters from 163 meters, including 13.43 g/t Au over 3.4 meters from 205 meters.
• AR407: 3.68 g/t Au over 54 meters from 145 meters, including 15.43 g/t Au over 2 meters from 157 meters.
• AR417: 2.20 g/t Au over 49.8 meters from surface.

Rod Antal, President and CEO said, "These are great results and we are eager to build them into our models as we aim to both improve on the Ardich PEA case presented in the current Technical Report and deliver an initial Mineral Reserve statement for the project. Permitting and other works required to bring Ardich into production continue in parallel with the exploration and resource definition drilling. We continue to view Ardich as a key driver of organic growth in our global exploration portfolio, with first production expected in 2023."

The PEA case is preliminary in nature and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves, and there is no certainty that the results will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Overview of Mineralization Style

The Ardich deposit is a listwanite-dolomite hosted gold replacement mineralization occurring along thrust fault zones between listwanite, ophiolite, dolomite, cataclastite, hornfels, and limestone. Mineralization and alteration extend in a NW-SE direction, parallel to major high angle fault structures controlling both mineralization and block rotations. Gold grades increase at dolomite-listwanite contacts and within silica-rich (jasperoid) listwanites. The mineralization is predominantly oxide with sulfide mineralization confined to pyrite-rich jasperoid zones. Based on available drill data, the main mineralized zone appears tabular and almost flat lying.

As exploration advances and the geological understanding of the Çakmaktepe and Ardich deposits increases, it appears that there is probable structural connectivity between the areas, potentially creating an expanded "Greater Çakmaktepe" development pathway.

Drilling

SSR Mining has drilled 427 diamond core holes at Ardich between August 2017 and June 2021, totaling 86,898m. The majority of these drill holes were drilled within SSR's 80% owned and managed licenses and greater than approximately 96 % of Ardich Mineral Resources are located on ground held 80% by SSR Mining, with the remainder located on ground 50% held by SSR Mining.²

The 194 holes in this release total 43,627m of drilling that was completed between March 2020 - May 2021 (AR234-AR427). These additional holes improve definition of the west, south and south-eastern extensions of gold mineralization defined by the earlier programs. The main Ardich mineralization dips gently towards the southeast and is interpreted to become deeper due to faulting and topography. SSR Mining currently has seven diamond drill rigs active at Ardich.

Drill Highlights

Table 1: Best 10 Step-out drill holes with significant gold intercepts at the Ardich project.

Table 2: Best 10 In-Fill drill holes with significant gold intercepts at the Ardich Project.

The complete drill assay results and further technical information relating to this news release can be found below.

Technical Procedural Information

Sampling, Assaying and QA/QC

The Ardich drilling program started in 2017. Diamond drill core is sampled as half core at 1m intervals or geological contacts. Sampling interval varies between 0.4 meters and 3.2 meters with an average of 1.24 meters length. The samples were submitted to ALS Global laboratories in Izmir, Turkey for sample preparation and analysis which is of an ISO/IEC 7025:2005 certified and accredited laboratory. Bureau Veritas (Acme) laboratory, Ankara was used for umpire check sample analysis. Gold was analyzed by fire assay with an AAS finish, and the multi-element analyses were determined by four acid digestion and ICP-AES and MS finish. For gold assays greater than or equal to 10 g/t, the fire assay process is repeated with a gravimetric finish for coarse gold. The drill and geochemical samples were collected in accordance with accepted industry standards. SSR Mining conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, field duplicates, and umpire laboratory check assays. External review of data and processes relating to Ardich has been completed by independent consultant Dr. Erdem Yetkin, P.Geo. in July 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.

Metallurgical Test Work

Metallurgical test work and recovery assumptions are reported in CDMP20 and include heap leach for oxide ores and flotation and pressure oxidation of sulfide ore.

Qualified Person

The exploration results disclosed in this document were prepared under the supervision and approved by Dr. Cengiz Y. Demirci, AIPG Registered Member and a CPG (Certified Professional Geologist), and VP Exploration at SSR Mining. Dr. Demirci has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and is a qualified person pursuant to National Instrument 43-101 ("NI 43-101").

External review of data and processes relating to the Ardich was completed in July 2021 by independent consultant Dr. Erdem Yetkin, P.Geo. a qualified person as defined by NI 43-101. There were no adverse material results detected and Dr. Yetkin is of the opinion that the QA/QC indicates the information collected is acceptable, and the database can be used for announcing the exploration results.

End Notes

1. The PEA Case is preliminary in nature and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves, and there is no certainty that the results will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
   
   
2. The Çöpler gold mine is owned and operated by Anagold Madencilik Sanayi ve Ticaret Anonim Şirketi (Anagold). SSR Mining controls 80% of the shares of Anagold, Lidya Madencilik Sanayi ve Ticaret A.Ş. ("Lidya"), controls 18.5%, and a bank wholly owned by Çalık Holdings A.Ş., holds the remaining 1.5%. Exploration tenures surrounding the project area and mining at Çakmaktepe are subject to joint venture agreements between SSR Mining and Lidya that have varying interest proportions. SSR Mining controls 50% of the shares of Kartaltepe Madencilik Sanayi ve Ticaret Anonim Şirketi and 50% of Tunçpinar Madencilik Sanayi ve Ticaret Anonim Şirketi. The other 50% is controlled by Lidya. Greater than 96% of the Mineral Resource is located on SSR Mining owned 80% ground, with the remainder of the mineralization within the 50/50% ownership boundary.

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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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: All step-out drill holes completed at the Ardich project since the Mineral Resource compilation cut-off date for the CDMP20 Technical Report.

Table 4: All In-fill drill holes completed at the Ardich Project since the Mineral Resource compilation cut-off date for the CDMP20 Technical Report

Supporting Drilling Information to SSR Mining Announcement

This document provides supporting drill collar locations and composite assay results for the Çakmaktepe Extension (Ardich) drilling program referenced in the announcement "SSR Mining Announces Positive Exploration Drill Results for the Çakmaktepe Extension (Ardich) Project, including 40.7 meters at 7.48 gr/t Au", August 10, 2021.

Drill collar locations are surveyed in UTM Zone 37N, ED50 grid using differential GPS in units of meters. All drilling was diamond core drilling with HQ and PQ core sizes. HQ is 63.5mm and PQ is 85 mm in diameter.

Drill Collar Coordinates

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