|
Timmins Gold Corp. ( TSX.V: TMM )
CLICK HERE for a direct link to Timmins Gold's Company Reports and Press Releases page.
February 20, 2008
Drilling Intersects 5.88 G/T Gold And 29.9 G/T Silver Across 24.3 Meters At Tequila Gold Project, Jalisco, Mexico Timmins Gold Corp. ("Timmins" or the "Company") announces that the first diamond drill hole of an on-going, first phase drill program on its Tequila Gold Project, located in the state of Jalisco, Mexico, has returned a 24.3 meter interval grading an average of 5.88 grams per ton (g/t)gold (Au) and 29.9 g/t silver (Ag). The intersection includes higher grade intervals such as 15.14 g/t Au over 5.5 meters. The highest grade interval grades 40.4 g/t Au across 1.55 meters. These intervals are considered to be close to true widths.
Drill hole BDVG-1was positioned to test the width of the Veta Grande vein and zones of associated hydrothermal brecciation, approximately 30 meters down dip from the existing underground workings. The 188 meter hole was successful in intersecting the Veta Grande vein as well as four additional veins enveloped by lower-grade zones of brecciation.
The table below details the most significant mineralized intervals from the first hole:
FROM
(m) |
TO
(m) |
WIDTH*
(m) |
Au
(g/t) |
Ag
(g/t) |
23.00 |
40.00 |
17.00 |
1.21 |
7.7 |
Including 24.00 |
29.00 |
5.00 |
2.53 |
12.62 |
94.50 |
118.80 |
24.3 |
5.88 |
29.9 |
Including 94.50 |
98.50 |
4.0 |
5.66 |
39.5 |
Including 103.50 |
118.80 |
15.3 |
7.86 |
30.98 |
120.80 |
122.80 |
2.0 |
3.45 |
17.5 | * Approximate true widths.
Hole BDVG-1 intersected the Veta Grande vein between 23 and 33 meters prior to encountering a transition zone of highly altered (siliceous and propylitic) and brecciated rhyolitic volcanic rocks with quartz veinlets and stockworks between 34 and 75 meters. Fault gouge was penetrated between 75 and 78 meters before encountering the highly-altered and brecciated rhyolitic unit once again. Between 95.5 and 122.8 meters four vein/zones with significant gold values were intersected. The hole was terminated at 188 meters.
Timmins geological staff are highly encouraged by the results of the first hole of the program as it supports the Company's theory that additional parallel and intersecting high-grade zones exist within the system and that precious metal mineralization extends beyond the Veta Grande vein. Historical records available to the Company indicate mining in the immediate area was restricted to the Veta Grande vein, and that the average, recovered grade was between 10-15 g/t gold.
The Company is awaiting the results from Hole BDVG-2 which was drilled to intersect the Veta Grande vein approximately 60 meters down dip. The objective of this hole is to extend the down dip extent of the Veta Grande vein.
Timmins Gold is currently drilling Hole BDVG-3 approximately 100 meters upslope from the BDVG-1 drill site. This hole has been located to intersect the Veta Grande vein approximately 50 meters along strike and 50 meters updip from the BDVG-1 intersection. In addition to extending the strike length of the Veta Grande vein to the north, other holes planned from this station will test a series of parallel veins that outcrop to the east. A second larger diamond drill will shortly be arriving at the Property to begin holes planned on the east side of the Rio Santiago. Additional holes are also planned to test the Grano de Oro, Lupita and Guadalupe veins.
As a result of the positive results encountered in the first drill hole, the current drill program has been expanded from a total of 1,500 to 5,000 meters.
Other Exploration at Tequila
Surface exploration and sampling of the Guadalupe and La Lupita veins and reconnaissance mapping and sampling of the Property is continuing during drilling. Recent results include 3.28 g/t Au across 6 meters from an outcrop of the Veta Grande vein and 5.79 g/t Au across 6.0 meters (including 10.99 g/t across 3.0 meters) from an outcrop of rhyolitic breccia on the south side of the Rio Santiago. Sampling at the entrance of the Grano de Oro vein returned an assay of 16.75 g/t Au over 1.5 meters. A summary of previous sampling on the property can be found in the Company's news releases dated June 19 and October 11, 2007.
As previously reported, the Company entered into an option to acquire a 100% interest in the 564 hectare property, located approximately 30 kilometres north of Tequila, Jalisco, Mexico, in May of 2007. The drill program commenced in early December 2007 and was prompted by encouraging results from the first phase surface and underground sampling program.
Quality Control
As part of its QA/QC program the Company uses standard industry practice in its handling, preparation and processing of samples. This includes but is not limited to the segregation of duties and the use of blanks, standards and duplicate samples. The Company has contracted International Plasma Labs Ltd. (IPL), an ISO 9001:2000 accredited lab, to complete geochemical analysis and/or assay of the samples. Preparation of the samples occurs in IPL's facility in Mexico prior to secure shipment to Richmond, BC for analysis. In Richmond each sample is subjected to 30 Element ICP-ES (Inductively Coupled Plasma-Atomic Emission Spectrometer) analysis. Gold values above detection limits for ICP-ES are subjected to FA/AAS (Fire Assay and Atomic Absorption).
Qualified Person
Pursuant to National Instrument 43-101, Darcy Krohman, P.Geo., C.A,. Senior Vice-President and CFO of Timmins Gold Corp. is the Qualified Person (QP) responsible for the disclosure in this news release. Field work has been conducted by Timmins Gold Corp. employees and contractors.
For further information, contact:
Bruce Bragagnolo, LLB.
CEO
Vancouver, B.C. Canada
Tel: 604-638-8980
bruce@timminsgold.com
Darcy Krohman, P.Geo., C.A.
Vice-President & CFO
Vancouver, BC, Canada
Tel: 604-638-8971
darcy@timminsgold.com
For Investor Relations, contact:
Leighton Bocking
Corporate Development
Vancouver, BC, Canada
Tel: 604-638-8977
Leighton@timminsgold.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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 out 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 suggests herein. Except as required by applicable law the Company does not intend to update any forward-looking statements to conform these statements to actual results.
Top 10 Mining Stocks.com ( Top Mining Stocks, LLC) does not accept responsibility for the adequacy or accuracy of this release.
|
|
| |
December 12, 2007
Share
Capitalization
|
| |
| Issued and Outstanding |
61,517,954 |
| Warrants and Options: |
| Warrants |
0 |
| Options @$0.35 |
1,900,000 |
| Options @$0.50 |
2,000,000 |
| Options @$0.70 |
2,500,000 |
| Options @$0.75 |
1,600,000 |
| Fully Diluted |
67,517,954 |
| Market Capitalization |
$50,000,000 |
| 52 Week Range |
$0.395 - $1.14 |
| Management & Insiders |
36% |
| Institutional Holdings |
17% | |
If you buy any of these stocks, or call the companies for more information, PLEASE let them know you saw their company at Top 10 Mining Stocks.com
|
|
