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COCULA PROPERTY, Jalisco, Mexico
During the second quarter the Company entered into an option agreement to acquire a 100% interest in the 250 hectare Cocula claims located in San Martin Hidalgo, Jalisco, Mexico, approximately 90 km west of Company's regional office in Guadalajara. The property has been optioned to assess the open pit, bulk tonnage potential of the principal mineralized zone.
The mineralization hosted on the Cocula property exhibits epithermal characteristics similar to those of other deposits in the region and appears to be controlled by a large structural feature responsible for the siliceous and brecciated sedimentary sequence. Mineralization is hosted in hydrothermally altered andesitic tuffs and sandstones. Work to date has traced the principal structure over widths of 15 to 40 metres and a strike length of 2 kilometres. The system is open both at depth and along strike. A separate gossanous zone has also been identified over a surface area of 500 x 500 metres. A hand held drill program consisting of 4 shallow holes (average depth of 40 m) was completed in 2003. While all holes returned highly anomalous gold values (i.e. 0.10 to 4.5 g/t Au), Hole 3, drilled on the mineralized structure returned several intersections with grades between 0.50 and 3.32 g/t gold from 7 to 40 metres depth. A first phase surface sampling program by Timmins Gold geologists along the main structural trend returned numerous economic grade precious and base metal values. Sampling of the some of the zones identified to date returned the following average grades and intersections:
Hermosa Provincia Mine underground workings:
5.28 g/t Au across 6.0 metres
La Chavelita Mine underground workings:
2.45 g/t Au, 60.0 g/t Ag across 0.30 metres
La Chavelita Mine Zone:
0.89 g/t Au, 2.0% Pb, 1.5% Zn across 1.5 metres
Gossanous Zone:
0.54 g/t gold across 16.50 metres & 0.50 g/t gold across 16.0 metres
Margarita Mine underground workings:
1.5 g/t gold across 1.0 metre
In addition base metal values up to 1.2% copper, 1.5% lead and 2.2% zinc have been returned from representative grab samples from other localities on the property. The Company is currently completing a program of sampling and mapping to be followed by a geophysical program consisting of Induced Polarization and resistivity surveys to help define the vertical, lateral and strike extent of the identified mineralizing structures. The program will also help identify any parallel structures that have not been identified on surface.
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