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Timmins Gold Intersects Gold Below the Open Pit and Along Strike at San Francisco Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2011) - Timmins Gold Corp. (TSX:TMM) is pleased to announce that its ongoing drill program continues to extend, expand and deepen the mineralization at the San Francisco Gold Mine, located in the State of Sonora, Mexico.
During the four months from March to the end of June, 2011, the Company completed 38,623 metres of reverse circulation drilling in 268 holes and 10,015 metres of core drilling in 26 holes. The ongoing drill program is focused around the existing pit in a zone 2 kilometres E-W by 1 km N-S, and also beneath the presently planned pit depth of 240 metres. Drilling has also started around the La Chicharra pit 2 kilometres to the west of the San Francisco pit. Significant gold values have been intersected in all directions around the San Francisco pit including beneath the planned San Francisco pit bottom.
As a result of the success of the ongoing program the Company has expanded the drill program and has on site 6 reverse circulation drill rigs and 3 core drill rigs, one of which is capable of drilling to depths of 1,000 metres. The Company has engaged independent consulting firm Micon International Inc. of Toronto to provide an updated NI 43-101 Reserve and Resource Estimate which will incorporate assay results obtained from over 85,000 metres of drilling conducted from June 30, 2010 to July 15, 2011.
Significant mineral intercepts from the program around the San Francisco pit are as follows: 4.57 metres of 11.932 gpt gold and 39.62 metres of 1.613 gpt gold in Hole TF-1280, 6.09 metres of 4.27 gpt gold in hole TF-1099; 10.67 metres of 1.62 gpt gold and 6.09 metres of 1.43 gpt gold, both in hole TF-1100; 7.62 metres of 1.52 gpt gold in hole TF-1117; 6.10 metres of 2.28 gpt gold in hole TF-1119. Hole TF-1168 had multiple mineral intercepts including 6.10 metres of 1.65 gpt gold, 7.62 metres of 1.43 gpt gold and 4.57 metres of 8.31 gpt gold including an interval of 1.53 metres of 24.63 gpt gold. Hole TF-1196 intercepted three mineralized zones including, 4.57 metres of 3.25 gpt gold. Hole TF-1234 intersected 6.09 metres of 3.41 gpt gold and 6.10 metres of 1.082 gpt gold. Hole TF-1240 intersected multiple zones including 12.19 metres of 2.0 gpt gold, 3.05 metres of 8.294 gpt gold, 3.05 metres of 1.12 gpt gold and 7.62 metres of 1.40 gpt gold.
The drill program has included exploring below the currently planned pit bottom of 240 metres using reverse circulation drilling and core drilling for holes deeper than 250 metres. The returned assays indicate the mineralization is extending in parallel mineral bodies up to 40 metres in width below the currently planned pit bottom and has shown mineralized zones at depths of 100 metres below the currently planned pit bottom.
Results from deep core drilling underneath the planned pit bottom were very encouraging. The previously stated Hole TF-1280 intersected 4.57 metres of 11.932 gpt gold and 39.62 metres of 1.613 gpt gold. Hole TFD-90 intersected 4.50 metres of 2.219 gpt gold at a depth of 385 metres and Hole TFD-80 intersected 1.50 metres of 3.097 gpt gold at a depth of 421.50 metres. Directly underneath the planned pit bottom hole TF-1246 intersected 12.19 metres of 1.031 gpt gold and hole TF-1279 intersected several intervals including 4.57 metres of 1.036 gpt gold, 4.57 metres of 1.89 gpt gold and 6.09 metres of 2.48 gpt gold.
The current exploration below the planned pit bottom supports the theory from the Company's geological team, that the mineralized system may extend to greater depths. This is consistent in "Mesothermal" systems, which have significant depth extent, and have the potential to yield high grade feeder systems at depth.
Core drilling continuing along strike in a zone 600 metres to the east of the pit returned values as high as 25.5 metres of 1.908 gpt gold in hole TFD-71. Results of holes in this new zone are confirming the continuity of the gold mineralization at least 600 metres to the East of the current pit limit. The Company has extended the core drill program in order to cover the next 400 metres to the east to determine whether the mineralization extends at least 1 kilometer to the east of the SF pit.
The table below highlights the better intercepts from the last four months of drilling:
Reverse Circulation Drilling ------------------------------------------------------------------ Drill True Hole From To Width Au Number (m) (m) (m) (g/t) ------------------------------------------------------------------ TF-1092 1.52 9.14 7.62 1.602 Includes 1.52 3.05 1.53 5.257 Includes 7.62 9.14 1.52 2.455 ------------------------------------------------------------------ TF-1099 105.16 111.25 6.09 4.270 Includes 108.20 109.73 1.53 5.820 Includes 109.73 111.25 1.52 10.810 ------------------------------------------------------------------ TF-1100 47.24 57.91 10.67 1.620 Includes 50.29 56.34 6.10 2.621 And 64.01 70.10 6.09 1.430 Includes 64.01 68.58 4.57 1.839 ------------------------------------------------------------------ TF-1107 62.48 70.10 7.62 0.571 Include 62.48 65.53 3.05 1.274 And 102.11 103.63 1.52 2.724 ------------------------------------------------------------------ TF-1109 94.49 103.63 9.14 0.859 Includes 100.58 103.63 3.05 2.362 ------------------------------------------------------------------ TF-1114 80.77 86.87 6.10 1.613 Includes 80.77 82.30 1.53 5.556 ------------------------------------------------------------------ TF-1116 160.02 176.78 16.76 1.832 Includes 160.02 164.59 4.57 1.571 Includes 169.16 170.69 1.52 14.250 ------------------------------------------------------------------ TF-1117 143.26 150.88 7.62 1.516 Includes 146.30 149.35 3.05 3.449 ------------------------------------------------------------------ TF-1119 33.53 39.62 6.09 0.941 Includes 33.53 36.58 1.53 1.499 And 83.82 89.92 6.10 2.283 Includes 85.34 86.87 1.52 7.777 ------------------------------------------------------------------ TF-1122 73.15 79.25 6.10 1.503 Includes 76.20 77.72 1.52 5.212 And 100.58 109.73 9.15 0.771 Includes 100.58 102.11 1.53 3.020 Includes 106.68 108.20 1.52 1.125 ------------------------------------------------------------------ TF-1127 74.68 82.30 9.14 1.412 Includes 77.72 80.77 3.05 3.075 ------------------------------------------------------------------ TF-1129 45.72 48.77 3.05 1.143 And 96.01 100.58 4.57 4.541 Includes 96.01 97.54 1.53 10.985 ------------------------------------------------------------------ TF-1152 15.24 24.38 9.14 4.368 Includes 21.34 24.38 3.04 12.760 ------------------------------------------------------------------ TF-1158 47.24 53.34 6.10 1.829 Includes 48.77 53.34 4.57 2.176 ------------------------------------------------------------------ TF-1159 100.58 108.20 7.62 1.035 Includes 105.16 106.68 1.52 3.269 ------------------------------------------------------------------ TF-1162 138.68 147.83 9.15 0.938 Includes 140.21 141.73 1.52 2.713 Includes 144.78 146.30 1.52 1.200 And 155.45 163.07 7.62 1.430 Includes 156.97 158.50 1.53 6.052 ------------------------------------------------------------------ TF-1168 0.00 6.10 6.10 1.649 Includes 4.57 6.10 1.53 4.818 And 18.29 25.91 7.62 1.492 Includes 21.34 24.38 3.04 2.940 And 103.63 108.20 4.57 8.308 Includes 103.63 105.16 1.53 24.633 And 138.68 150.88 14.20 0.470 Includes 140.21 141.73 1.52 0.928 Includes 149.35 150.88 1.53 1.165 ------------------------------------------------------------------ TF-1170 24.38 33.53 9.15 1.631 Includes 25.91 28.96 3.05 3.907 ------------------------------------------------------------------ TF-1186 35.05 38.10 3.05 4.372 Includes 35.05 36.58 1.53 8.501 ------------------------------------------------------------------ TF-1188 13.72 18.29 4.57 0.913 Includes 15.24 16.76 1.52 2.466 ------------------------------------------------------------------ TF-1196 4.57 13.72 9.15 0.695 Includes 7.62 9.14 1.52 2.696 And 103.63 108.20 4.57 3.253 Includes 103.63 105.16 1.53 8.547 And 135.64 143.26 7.62 0.682 Includes 135.64 138.68 3.04 1.199 ------------------------------------------------------------------ TF-1204 112.78 118.87 6.09 1.175 Includes 117.35 118.87 1.52 2.991 ------------------------------------------------------------------ TF-1207 73.15 79.25 6.10 1.381 Includes 77.72 79.25 1.53 4.836 ------------------------------------------------------------------ TF-1209 9.14 13.72 4.58 1.159 And 120.40 126.49 6.09 1.008 ------------------------------------------------------------------ TF-1210 36.58 41.15 4.57 1.184 ------------------------------------------------------------------ TF-1216 128.02 132.59 4.57 2.935 Includes 128.02 129.54 1.52 8.285 And 149.35 152.40 3.04 0.877 ------------------------------------------------------------------ TF-1220 128.02 149.35 21.33 1.063 Includes 141.73 144.78 3.05 3.669 ------------------------------------------------------------------ TF-1222 126.49 141.73 15.24 0.477 Includes 126.49 128.02 1.52 1.223 Includes 134.11 135.64 1.53 1.338 ------------------------------------------------------------------ TF-1234 36.58 42.67 6.09 3.410 And 62.48 68.58 6.10 1.082 And 74.68 97.54 22.86 0.586 Includes 79.25 83.20 3.95 1.442 ------------------------------------------------------------------ TF-1236 47.24 53.34 6.10 1.253 Includes 48.77 51.82 3.05 2.338 ------------------------------------------------------------------ TF-1240 50.29 62.48 12.19 2.001 Includes 57.91 60.96 3.05 8.294 And 82.30 85.35 3.05 3.117 And 88.39 94.49 6.10 0.449 Include 89.92 91.44 1.52 1.296 And 105.16 112.78 7.62 1.398 Includes 111.25 112.78 1.53 4.836 ------------------------------------------------------------------ TF-1251 83.82 88.39 4.57 1.537 Includes 85.34 86.87 1.53 4.148 ------------------------------------------------------------------ TF-1254 30.48 45.72 15.24 0.726 Includes 30.48 32.00 1.52 2.653 Includes 44.20 45.72 1.52 1.174 And 100.58 114.30 13.72 0.710 Includes 109.73 112.78 3.05 2.932 And 137.16 140.21 3.05 0.973 Includes 138.68 140.21 1.53 1.828 ------------------------------------------------------------------ TF-1259 54.86 65.53 10.67 1.150 Includes 57.91 60.96 3.05 2.667 ------------------------------------------------------------------ TF-1270 3.05 6.10 3.05 5.693 And 18.29 19.81 1.52 3.305 And 59.44 62.48 3.04 0.620 And 68.58 77.72 9.14 0.521 Includes 73.15 76.2 3.05 1.194 And 132.59 134.11 1.52 0.237 ------------------------------------------------------------------ TF-1278 21.34 48.77 27.43 1.401 Includes 21.34 24.38 3.04 2.958 Includes 28.96 39.62 10.66 1.909 And 57.91 70.10 12.19 1.637 Includes 60.96 67.06 6.10 2.773 And 83.82 88.39 4.57 0.446 Includes 83.82 85.34 1.52 1.101 And 102.11 103.63 1.52 0.266 And 106.68 108.2 1.52 0.214 And 124.97 146.3 21.33 0.393 Includes 128.02 129.54 1.52 1.218 ------------------------------------------------------------------ TF-1279 0.00 18.29 18.29 0.536 Includes 6.10 10.67 4.57 1.036 And 24.38 27.43 3.05 0.233 And 33.53 36.58 3.05 0.296 And 51.82 56.39 4.57 1.899 Includes 51.82 54.86 3.04 2.775 And 60.96 64.01 3.05 1.084 Includes 60.96 62.48 1.52 1.777 And 68.58 76.20 7.62 0.565 Includes 71.63 73.15 1.52 2.140 And 80.77 83.82 3.05 0.214 And 89.92 96.01 6.09 2.48 Includes 89.92 94.49 4.57 3.259 And 111.25 115.82 4.57 2.336 ------------------------------------------------------------------ TF-1280 15.24 30.48 15.24 1.431 Includes 25.91 27.43 1.52 9.798 And 33.53 42.67 9.14 0.762 Includes 33.53 36.58 3.05 1.799 And 56.39 68.58 12.19 0.647 Includes 56.39 57.91 1.52 1.683 And 73.15 76.20 3.05 0.226 And 88.39 92.96 4.57 11.932 Includes 88.39 91.44 3.05 17.57 Includes 89.92 91.44 1.52 25.674 And 106.68 141.73 35.05 1.807 Includes 109.73 118.87 9.14 4.456 ------------------------------------------------------------------ TF-1282 0.00 9.14 9.14 1.982 Includes 6.10 9.14 3.04 3.659 And 24.38 35.05 10.67 1.778 Includes 32.00 33.53 1.52 9.013 And 77.72 79.25 1.52 0.356 And 129.54 140.21 10.67 0.343 Includes 132.59 134.11 1.52 1.039 ------------------------------------------------------------------ Core Drilling ------------------------------------------------------------------ Drill True Hole From To Width Au Number (m) (m) (m) (g/t) ------------------------------------------------------------------ TFD-71 68.00 99.50 31.50 1.570 Includes 68.00 93.50 25.50 1.908 Includes 80.00 83.00 3.00 4.740 Includes 90.50 93.00 3.00 4.696 And 138.50 146.00 7.50 0.602 ------------------------------------------------------------------ TFD-72 36.00 39.00 3.00 0.942 And 49.50 54.00 4.50 1.483 Includes 51.00 54.00 3.00 2.038 And 181.50 184.50 3.00 0.949 ------------------------------------------------------------------ TFD-75 96.00 100.50 4.50 3.136 Include 97.50 99.00 1.50 3.136 And 115.50 118.50 3.00 8.868 Includes 117.00 118.50 1.50 16.969 And 175.50 181.50 6.00 0.722 Includes 178.50 180.00 1.50 2.260 And 205.50 208.50 3.00 2.369 ------------------------------------------------------------------ TFD-81 48.00 60.00 12.00 1.813 Includes 55.50 60.00 4.50 3.331 ------------------------------------------------------------------ TFD-83 139.50 144.00 4.50 1.841 Includes 139.50 141.00 1.50 4.672 ------------------------------------------------------------------ TFD-85 150.00 159.00 9.00 2.176 Includes 153.00 154.50 1.50 10.268 ------------------------------------------------------------------ TFD-89 51.00 58.50 4.50 0.880 And 150.00 153.00 3.00 1.696 And 177.00 186.00 9.00 0.437 Includes 177.00 178.50 1.50 1.795 And 216.00 220.50 4.50 2.118 ------------------------------------------------------------------ TFD-90 120.00 145.50 25.50 0.424 Includes 120.00 123.00 3.00 1.179 And 240.00 268.50 28.50 1.058 Includes 240.00 246.00 6.00 1.470 Includes 253.50 256.50 3.00 2.674 Includes 264.00 265.50 1.50 2.889 And 289.50 292.50 3.00 5.537 And 315.00 336.00 21.00 0.571 Includes 315.00 316.50 1.50 2.603 Includes 321.00 322.50 1.50 1.308 And 367.50 399.00 31.50 0.721 Includes 373.50 375.00 1.50 1.998 Includes 385.50 387.00 1.50 1.264 Includes 388.50 393.00 4.50 2.219 And 462.00 469.50 7.50 0.450 Includes 468.00 469.50 1.50 1.465 ------------------------------------------------------------------
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 expectation that the ongoing drill 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 by The Company and assayed by Inspectorate Lab using fire assay and AA finish Gold values above 10 g/t Au are re-assayed and checked by 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.
About Timmins Gold
Timmins Gold Corp. is a gold production and development company. 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 of approximately 100,000 ounces of gold per year at a life of mine cash cost of approximately $489 per ounce. (Micon International Preliminary Feasibility Study, November 2010).
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 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. 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, 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.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Timmins Gold Corp.
Bruce Bragagnolo, LLB
Chief Executive Officer
604-638-8980
bruce@timminsgold.com
www.timminsgold.com
Source: Timmins Gold Corp.
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