| ||October 11, 2007|
Tequila Gold Project, Jalisco, Mexico
| ||High Grade Results Returned from Surface & Underground Sampling Program|
Timmins Gold Corp. ("Timmins Gold") announces the results of a first phase surface and underground exploration and sampling program on its Tequila Gold Project located 30 kms north of Tequila, Jalisco, Mexico (70 kms north of Guadalajara) in a historical mining district where high grade gold and silver veins have been exploited since the Spanish Colonial period. As announced in June, 2007 the Company has an option to acquire a 100% interest in the property.
Results of First Phase Surface & Underground Program
Mineralization is associated with both northeast and northwest trending faults and fractures that are secondary to the principal fault system forming the Santiago River. Gold generally occurs in quartz veins associated with pyrite but also commonly occurs as free gold. When present, silver mineralization occurs as sulphides associated with lead. The main areas sampled were the Veta Grande vein, the Grano de Oro vein, the Guadalupe vein and the Veta Grande breccia zone.
Significant mineralized intervals encountered during the current sampling program include:
Veta Grande Vein:
Samples VG-01 - 09 15.91 g/t Au across 3.0 m
Samples VG 001 - 048 13.71 g/t Au, 119 g/t Ag across 10.0 m
Samples VG 049 - 094 14.01 g/t Au across 10.0 m
Samples GPE7A 5.72 g/t Au, 320.0 Ag across 1.0 m
Samples GPE7A 121.56 g/t Au, 280.0 g/t Ag (chip sample)
Grano de Oro Vein:
Samples GO front 662.40 g/t Au across 2.5 m
Samples GO floor 13.88 g/t Au across 2.0 m
Samples GO floor 5.91 g/t Au across 2.0 m
Samples GO roof 1.01 g/t Au across 1.5 m
Veta Grande Breccia Zone:
Samples TEE 101 - 117 0.72 g/t Au across 28.0 m
Samples TEE 150 - 164 1.67 g/t Au across 30.0 m
Samples TEE 118 - 122 1.80 g/t Au across 10.0 m
Samples TEE 130 - 149 1.13 g/t Au across 40.0 m
Samples TEE 300 - 313 0.04 g/t Au across 26.0 m
While the Company believes the above widths approximate true widths, this is subject to verification by the proposed drill program.
Precious metal mineralization on the Tequila Property is associated with a sequence of rhyolitic tuffs and basalts hosting high grade epithermal gold veins in a breccia zone. The principal mineralized zone on the Tequila Property is the Veta Grande vein. The Veta Grande vein has been traced along strike for over 700 metres and a vertical extent of over 300 metres, from the river valley floor to the top of the canyon wall. The down dip extent of the mineralized structure below the valley floor is not known but will be tested by the proposed drill program. Samples of the Veta Grande vein average 13.71 g/t gold and 119 g/t silver across 10 meters in exposures in the underground workings. Locally the Veta Grande vein has returned bonanza grades of up to 118.46 g/t gold and 469 g/t silver across 1.0 metre. Grab samples of mineralized material from the old workings averaged 23 g/t gold. The Veta Grande vein is hosted in a brecciated shear zone that has been traced along strike for over 1 km. This breccia zone varies from 20 to 60 metres in width and averages 40 metres. Sampling of the breccia zone, which is exposed on both sides of the Santiago River, returned an average grade of 1.13 g/t gold across 40 metres. The underground exposures of the breccia are highly oxidized suggesting the possibility of a higher grade zone of primary mineralization existing at depth.
The Veta Grande system also has several high to bonanza grade veins that cross cut the primary system. These include the Guadalupe, Grano de Oro and La Lupita veins. These veins, while generally narrower, are often higher grade. The remnants of several small scale operations are evident on the property. Current small scale mining activities and our own sampling program have confirmed the presence of bonanza grade gold from the Veta Grande and related veins. Specifically the Guadalupe vein has been traced along strike for over 500 metres and a vertical extent of over 300 metres. Sampling across the 1.5 metre width returned an average of 5 to 6 g/t gold with selective grab samples from the old workings returning 121 g/t gold and 280 g/t silver. The Grano de Oro vein, which has been largely inaccessible to date because of high water levels, averages 2.0 metres wide and is exposed along strike for approximately 100 metres in underground workings. A single sample at the portal returned 662.40 g/t gold across 2.5 metres. The La Lupita Vein, while largely unexplored, is exposed for approximately 15 metres in underground workings. The La Lupita Vein returned 2.14 g/t gold across a 2.0 metre width. Selective samples returned 16 g/t gold in a shaft 15 metres deep.
Proposed Diamond Drill & Exploration Program
Based on the results obtained to date Timmins Gold is planning a first phase 1000 metre, diamond drill program on the Property. The primary objective of this program will be confirmation of the strike length and down dip extent of (i) the Veta Grande vein and the associated breccia zone and (ii) the Grano de Oro vein. The program will also continue with surface exploration and sampling of the Guadalupe and La Lupita veins and reconnaissance mapping and sampling of the entire property. Technical staff are confident additional related veins and/or breccias zones will be identified by this exploration program. Contingent upon favourable results from the first phase 1,000 metre drill program the Company is confident a more comprehensive second phase drill and exploration program forming the basis for an initial resource estimate can be justified.
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 duplicates 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).
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.
Vancouver, B.C. Canada
Darcy Krohman, P.Geo., C.A.
Vice-President & CFO
Vancouver, BC, Canada
For Investor Relations, contact:
Vancouver, BC, Canada
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.
You can view the Next News Releases item: Mon Oct 29, 2007, Acquisition Of San Francisco Mine Property
You can view the Previous News Releases item: Thu Aug 9, 2007, Timmins Gold Corp. Retains Grandich Publications
You can return to the main News Releases page, or press the Back button on your browser.