-- Posted Monday, 7 December 2009 | Digg This Article
| | Source: GoldSeek.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 12/07/09) - Timmins Gold Corporation (TSX-V:TMM - News) is pleased to announce the results of a 69 hole, 6,515 meter systematic surface reverse circulation drill program within a grid 200 meters wide and extending 150 meters along strike from the current Northwest (NW) limit and 200 meters from the Southeast (SE) limit of the open pit at its 100%-owned, San Francisco gold mine, located in the northern Mexican State of Sonora. The San Francisco Mine is currently ramping up to commercial production with all infrastructure now in place. The drilling was carried out to test the extension of the structurally controlled mineralization outside of the current resource. A second drill rig is in transit to the mine and an extensive drill program is currently being planned for 2010.
Northwest Zone
The results include multiple intersections in a series of 42 holes totaling 4,300 meters situated 100- 150 meters WNW of the currently planned pit limit. Highlights of the program include Hole TF- 200 which intersected 34.5 meters grading 1.43 gpt (grams per ton) gold (from 28.5 to 63 m depth) and holes TF-185 and TF-189 located approximately 140 meters to the south of Hole TF-200 which intersected 13.5 meters grading 1.05 gpt gold (from surface to 13.5 meters) and 13.5 meters grading 1.77 gpt gold (25.5 to 39 meters); and 15.0 meters grading 1.59 gpt gold (36 to 51 meters), respectively. Hole TF-201 in the same area had an intercept of 16 meters grading 2.15 g/t Au (16.5 to 33 meters).
These results indicate that the gold mineralization extends along strike to the NW and SE of the currently planned pit limits. The anomalous drill intersections follow the trace of a major mineralized structural feature, thought to have been important in the localization of gold mineralization in the existing pit. This zone is 650 meters across at its widest dimension inside the pit. This structural zone is now known to continue to the NW and SE, presenting high priority exploration targets which will be further explored by drilling with the objective of increasing the resource at the San Francisco mine.
Southeast Zone
The current program to the SE of the currently planned pit limit consisted of 2,215 meters of reverse circulation drilling in 27 holes. The program was designed to determine the continuity of near surface gold mineralization identified from previous programs. Highlights from the SE include Hole TF 159 which intersected 2.31 gpt gold over 15 meters (1.5 to 16.5 meters), Hole TF 161 which intersected 1.45 gpt gold over 15 meters (9 to 24 meters) and Hole TF 199 which intersected 1.09 gpt gold over 19.5 meters (60 to 79.50 meters). The current results show at least two shallow mineral zones located between surface and 80 meters depth elongated along an E-W strike with a width of 60 meters approximately 200 meters from the current pit. Additional drilling is required to determine whether this zone can be linked up to the current pit.
The results from current and previous drill programs will be used to generate a database for block modeling with the aim of increasing the mineral resource at the San Francisco mine.
Tables 1 and 2, shown below, give complete results for the recently completed surface RC drilling campaign. The large number of highly anomalous intersections indicate that more drilling is necessary to determine continuity and also indicate that the overall footprint of the San Francisco deposit may be amenable to significant expansion through additional drilling. The widths in both tables are true widths.
Table 1: Anomalous drill intersections from holes drilled to the W-NW of the currently planned limit of the San Francisco pit.
Table 2: Anomalous drill intersections from holes drilled to the E-SE of the currently planned limit of the San Francisco pit
All the samples collected during the drilling were prepared and assayed in the San Francisco mine assay laboratory using fire assay and gravimetric finish. Strict sampling and QA-QC protocol were followed to ensure the best practices in sampling and analysis of the drill samples. Duplicates, standards and blanks were inserted into the sampling stream at intervals of 25 samples. Fifteen percent of the pulps were sent to IPL-Inspectorate Lab, an independent assay lab in Vancouver, Canada, for check assays. The check assays were cross referenced to the mine assays and verified the results.
About Timmins Gold
Timmins Gold Corporation is strategically positioned for gold production and development. Focused solely in Mexico, Timmins Gold is currently ramping up to commercial production at its wholly owned San Francisco Gold mine in Sonora, Mexico.
The mine is a past-producing open pit heap leach operation from which Timmins Gold has projected production at a rate in excess of 80,000 ounces of gold per year at a life of mine cash cost of approximately $412 per ounce. (Micon International Preliminary Feasibility Study, March 2008)
To date all plant and equipment necessary for full production is in place including crushing, leaching and extraction facilities. Surface drilling in the vicinity of the deposit is ongoing with the objective of adding gold ounces to the inventory to expand current mine life.
This press release was reviewed and prepared by Lawrence A. Dick, Ph.D., P.Geo, a director of the Company, who is recognized as a Qualified Person under the guidelines of National Instrument 43- 101. For further information contact Timmins Gold Corp. at 604-682-4002 or go to the website at www.timminsgold.com.
On behalf of the Board:
Bruce Bragagnolo, LLB, Chief Executive Officer
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Timmins Gold does not intend to update any forward-looking statements to conform these statements to actual results.
Neither 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.
Contacts:
Timmins Gold Corp.
Bruce Bragagnolo, LLB
Chief Executive Officer
604-638-8980
Email: bruce@timminsgold.com
Website: www.timminsgold.com
-- Posted Monday, 7 December 2009 | Digg This Article | Source: GoldSeek.com
