VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 23, 2012) - Timmins Gold Corp. (TMM.TO)(NYSE MKT:TGD)(NYSE Amex:TGD) is pleased to announce that its ongoing drill program continues to extend and expand the mineralization at the San Francisco Gold Mine, located in the State of Sonora, Mexico. The San Francisco Gold Mine is comprised of two pits, the larger San Francisco pit (SF Pit) and the La Chicharra Pit located approximately 1.5 km to the west. A total of 35,455 meters in 148 holes were drilled from July to the end of September, 2012. Timmins Gold is continuing with its ongoing drill program and currently has four reverse circulation rigs and one core drill rig working on site.
San Francisco East Zone Drill Results
Core drilling from July to September has led to the confirmation of a new mineralized zone extending as far as 1 km to the east of the existing limits of the SF Pit (East Zone). Highlights of the assays received from the 4,239 meters drilled in 9 holes at the East Zone include Hole TFD-128 which intersected numerous mineralized zones to a depth of 837 metres. Hole TFD-128 contained intercepts of 4.5 metres of 4.55 grams per tonne (gpt or g/t) gold and 7.5 meters of 2.19 gpt gold. Hole TFD-120 drilled in the same area contained intercepts of 3 metres of 5.86 gpt gold and 6 metres of 2.65 gpt gold. Hole TFD-123 contained intercepts of 3 metres of 3.57 gpt gold and 6 metres of 1.65 gpt gold. Hole TFD-124 contained intercepts of 3 metres of 2.08 gpt gold and 16.5 metres of 0.87 gpt gold. Hole TFD-125 contained intercepts of 6 metres of 1.59 gpt gold and 3 metres of 6.12 gpt gold.
Drilling in the East Zone was designed to test a magnetic high trend which passes through the San Francisco Pit. The magnetic high trend continues for a minimum of two kilometres to the east of Hole TFD-128. Lithologies intersected by the core holes include a conglomerate/breccia containing mineral zones at different elevations. Underlying the conglomerate/breccia is the metamorphic sequence with felsic and mafic gneisses, gabbro, granite and pegmatite. These are essentially the same lithologies found within the SF Pit.
San Francisco South
Limited drilling was performed south of the SF Pit. The drill was moved in September to La Chicharra to follow up on new mineralized zones discovered to the north of the La Chicharra Pit. Highlights of the assays received from the 5,522 meters drilled in 33 holes of reverse circulation drilling to the south of the SF Pit include 6.1 meters of 3 gpt gold in Hole TF-2042, 6.1 meters of 1.979 gpt gold in Hole TF-2043, and 12.19 meters of 1.93 gpt gold in Hole TF-2052.
La Chicharra Drill Results
Highlights of the assays received from the 25,585 meters drilled in 106 holes of reverse circulation drilling at the La Chicharra Pit include 4.57 meters of 15.53 gpt gold in Hole TF-1929, 7.62 meters of 1.19 gpt gold in Hole TF-1967, and 13.71 meters of 1.88 gpt gold in Hole TF-1970.
Results from the recent round of drilling at La Chicharra indicate that the mineralization extends both along strike of the current pit and also that there are at least two parallel mineralized structures immediately to the north of the current pit. The multiple shear zones encountered in and around the La Chicharra Pit give no indication that the limits of the mineralization have been reached.
The tables below highlight the better intercepts from the drilling from July to the end of September:
|San Francisco East Zone
|San Francisco South|
Given the mesothermal (deep-seated) conditions of formation of the San Francisco mineralized system, management considers it not unreasonable that the system could reach very significant proportions, in addition to the open ended limits indicated by the present drilling, in terms of ultimate strike length and depth. The size of the gold mineralization zone, its presence within large shear zones and the continuous nature of the gold within these zones form the basis of management''s belief that the ongoing drill program could also lead to a significant increase in the mineral resources at the San Francisco mine and could potentially also lead to the discovery of additional satellite deposits within Timmins Gold''s existing land package. The orogenic nature of the deposit may provide the potential for the discovery of high grade feeders at depth.
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. All assays were performed by Inspectorate Lab and a minimum of ten per cent of the original samples assayed by Inspectorate were sent to other independent labs for check assays. The check assays were cross-referenced and the results verified.
This press release was reviewed and prepared by Lawrence A. Dick, Ph.D., P.Geo, who is a consultant to the Company and is recognized as a Qualified Person under the guidelines of National Instrument 43-101 and by Miguel Soto, P. Geo., a director and the Vice-President of Exploration of the Company. 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
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein may constitute forward-looking statements and are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forward-looking statements are statements which relate to future events. Such statements include estimates, forecasts and statements as to management''s expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed.
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.
- San Francisco