Timmins Gold Corp. (TSX: TMM, NYSE.MKT: 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 La Chicharra Pit (LC Pit) located approximately 1.5 km to the west. A total of 107,315 meters in 476 holes were drilled from October, 2012 to the end of February, 2013, the highlights of which are reported below. A further 42,000 meters were drilled in March and April mainly at the SF Pit and management estimates that an additional 30,000 meters will be drilled at the SF Pit to the end of May at which point the drill program will be completed. The results of the drilling will be used to provide an updated Technical Report which is expected by August.
A total of 28,170 meters in 125 holes (reverse circulation) were drilled inside, beneath and directly around the SF Pit. Drilling was designed as infill drilling to both fill in voids in the block model and convert existing previously drilled inferred ounces into the measured and indicated categories. Assay results received to date indicate that the program has been successful in reaching these goals. Highlights of the assays received from this program (rounded to the nearest decimal) include 72 meters of 1.6 gpt gold in Hole TF-3115, 27 meters of 2.5 gpt gold in Hole TF-3052, 24 meters of 2.2 gpt gold in Hole TF-3017, 18 meters of 2 gpt gold in Hole TF-3113, 38 meters of 1.2 gpt gold in Hole 3109, 32 meters of 1.3 gpt gold and 6 meters of 3.6 gpt gold in Hole TF-3035, 23 meters of 1.7 gpt gold in Hole TF-3049, 35 meters of 1.2 gpt gold in Hole TF-3126, 15 meters of 4.2 gpt gold in Hole TF-3003 and 14 meters of 3.2 gpt gold in Hole TF-3029.
Highlights of the assays received from the 51,949 meters drilled in 229 holes (reverse circulation) at LC Pit include 13.7 meters of 2.3 gpt gold in Hole TF-2990, 15 meters of 1.1 gpt gold in Hole TF-2675, 33 meters of 1 gpt gold in Hole TF-2691, 13.7 meters of 1.35 gpt gold in Hole TF-2977, 13.7 meters of 1.2 gpt gold in Hole TF-2907, and 4.6 meters of 6 gpt gold in Hole TF-2939 (all rounded to the nearest decimal). Drilling was designed as infill drilling to both fill in voids in the block model and convert existing previously drilled inferred ounces into the measured and indicated categories. Assay results received to date indicate that the program has been successful in reaching these goals.
San Francisco East
A limited core drill program of four holes was drilled approximately 1 km to the east of the SF Pit. The most significant intercepts were from Hole TFD-141, which was drilled to a depth of 1,304 meters. The drilling intersected numerous lenses of mineralization to the bottom of the hole. The most significant intercepts were 1.5 meters of 15 g/t gold at a depth of 147 meters, 1.5 meters of 6.76 g/t gold at a depth of at 274.5 meters, and 9.00 meters of 8.166 g/t gold which includes 1.50 meters of 47.6 g/t gold at a depth of 288.0 meters. From 465.0 meters to 496.50 meters an interval of 31.50 meters of 0.562 g/t gold including 1.50 meters of 6.041 g/t gold was intersected. The results of this hole are significant since they confirm gold mineralization to a depth of more than 1,000 meters and demonstrate the continuity of the mineral trend along a strike length of at least 4,000 meters.
The tables below highlight the better intercepts from the reverse circulation drilling at San Francisco and La Chicharra from October to the end of February:
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 lead to a significant increase in the estimated 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. Assays were performed by Inspectorate and ALS Chemex Labs 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
For further information:
Alex P. Tsakumis
Vice President, Corporate Development
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the NYSE MKT accepts responsibility for the adequacy or accuracy of this news release.
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, the results of the Company’s drilling program, estimated mineral reserves and resources, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, 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.