-- Posted Thursday, 13 May 2010 | Digg This Article
| | Source: GoldSeek.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/13/10) - Timmins Gold Corp. (TSX-V:TMM - News) is pleased to announce that the ongoing drill program at its 100% owned San Francisco Gold Mine continues to expand the known boundaries of a 1.2 kilometer wide major NW-SE trending gold-hosting structure outside of the confines of the currently planned pit limits. During the months of March and April a total of 17,007 meters of RC and RAB drilling were drilled at the mine. One of the highlights of the assays received during the last two months is the intercept of 13.71 meters of 10.28 g/t gold approximately 50 meters to the south of the San Francisco pit. The other highlight is the intercept of 21 meters of 1.11 g/t gold in a new zone 500 meters to the southwest of the currently defined pit limits in an area which corresponds with the projection to the southeast of a mineral trend of a previously mined satellite pit called La Chicharra which is located 2 km to the west of the San Francisco pit.
Additional holes drilled in the area 50 meters to the south of the San Francisco pit also intercepted gold mineralization. Hole TF-491 intersected 3.04 meters of 1.25 g/t gold at 42.72 meters and 22.82 meters of 1.04 g/t gold at 51.81 meters. Hole TF-492 intersected 15.24 meters of 0.87 g/t gold at 39.62 meters, 13.71 meters of 1.20 g/t gold at 57.91 meters, 3.04 m of 3.18 g/t gold at 77.72 meters and the mineralization is still open at the bottom of the hole. The table below highlights the better intercepts from the recently completed program:
The 500 meter step out confirms that the major mineralized structure has a known width of approximately 1.2 kilometers. This structural zone presents high priority exploration targets which will be further explored by the ongoing drill program. The purpose of the ongoing drill program, which consists of a total of 50,000 meters of reverse circulation and 20,000 meters of RAB drilling, is to confirm whether in-pit mineralization continues along the strike of this major gold-hosting structure outside of the confines of the currently planned pit limits. A map of the ongoing drill hole locations can be found on the Company's website at http://www.timminsgold.com/.
The exploration success follows upon the commencement of commercial production at the San Francisco Mine in April 2010. The size of the gold mineralization zone, its presence within large shear zones and the continuous nature of the gold within the zones form the basis of management's expectation that the ongoing program could lead to a significant increase in the mineral resource at San Francisco and could potentially also lead to the discovery of additional satellite deposits within the existing land package.
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. A minimum of fifteen percent of the pulps assayed in the mine lab were also sent to IPL-Inspectorate Lab, for check assays and a minimum of ten per cent of the original samples assayed by IPL will be sent to other independent labs for check assays. The check assays were cross referenced to the mine assays and verified the results.
About Timmins Gold
Timmins Gold Corp. is strategically positioned for gold production and development. In April 2010, Timmins Gold commenced commercial production at its wholly owned San Francisco gold mine in Sonora, Mexico. 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)
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 and by Miguel Soto, P. Geo., a director and the COO of the Company. For further information contact Timmins Gold Corp. at 604-682-4002 or go to the website at http://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
bruce@timminsgold.com
http://www.timminsgold.com/
-- Posted Thursday, 13 May 2010 | Digg This Article | Source: GoldSeek.com
