Timmins Announces US$5 Million 2014 Exploration Program Focusing on
Three High Potential Targets
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2014) -
Timmins Gold Corp. (TSX:TMM)(NYSEMKT:TGD) ("Timmins Gold" or the
"Company") announced today a US$5 million exploration program for
2014. The objective is to probe three high potential targets near
the Company's San Francisco gold mine in Mexico.
Over the last few years, regional prospecting of over 200,000
hectares ("Ha") staked by Timmins in Sonora, Mexico has identified
multiple high priority targets. The objective of this year's plan
is a first-stage drilling program to follow up on the initial
testwork of three of these targets: the North Trend, Marisol and
Las Barajitas.
- The North Trend was selected due to the similarity of its
geophysics, soil anomalies and gold mineralization with the San
Francisco deposit and because of its potential to host an open-pit
deposit of similar scale to the San Francisco Mine. Trenching at
the North Trend has returned values such as 6.01 g/t gold over 10
m, including 2 m at 26.61 g/t gold.
- Marisol is a shear zone hosted deposit with gold showings for
approximately 2 km of strike, and it also has the potential to host
a deposit of similar scale to the San Francisco Mine. Drilling by
previous operators at Marisol (see below) returned values such as
1.43 g/t gold over 73 m. A total of 40,000 m of core, RC (reverse
circulation) and RAB (rotary air blast) drilling will be carried
out at the two priority targets, the North Trend and Marisol.
- Las Barajitas, to the south of San Francisco, is a new
prospect. It will be tested with several holes. Trench assays here
returned 2 m of 4.14 g/t gold as well as three consecutive samples
of 2 m of 1.20, 1.38 and 1.24 g/t gold.
The details related to the drill program by area are outlined
below. Figures (including maps and assay tables) for the
information in this news release can be found at:
http://timminsgold.com/projects/2014-exploration/.
The North
Trend
Location:
The North Trend target is located on the same mineral trend as
the Company's San Francisco Mine, 2-8 km north of current
operations. This area includes the Vetatierra, La Mexicana, Area
1B, El Socorro, El Diez and La Escondida zones.
Objective:
The exploration objective is to find a new deposit that can act
as a satellite pit for the San Francisco Mine or as a standalone
operation. While still at an earlier stage, the Vetatierra zone in
particular appears to be quite similar to the San Francisco area in
terms of both geophysics and soil anomalies. Also similar to San
Francisco, the area is populated by numerous quartz and
quartz-tourmaline veins/veinlets and diorite which at San Francisco
indicate the presence of gold. The aim is to delineate an open-pit
deposit of similar scale to the San Francisco Mine.
Previous work:
Previous work at the North Trend includes airborne magnetic
data, geochemical soil sampling, and 3,000 m of regional
exploration drilling which was completed in 2007. In 2011, a 1,500
m drill campaign was carried out at La Mexicana and returned
multiple gold intersections, including 3 m of 2.16 g/t, 6 m of 0.61
g/t, 3 m of 23.98 g/t, 8 m of 1.49 g/t, 3 m of 3.55 g/t, 3 m of
1.80 g/t, and 3 m of 4.21 g/t.
In the Vetatierra zone, 3 km west-northwest of La Mexicana,
there are many outcroppings of diorite stocks, most likely related
to the metasedimentary sequence formed by metasandstone and
metaconglomerate. Select rock chip samples on trenches across the
diorite include gold values of 10 m grading 6.01 g/t, including 2 m
of 26.61 g/t, 44 m of 0.39 g/t, and 8 m of 0.64 g/t. In addition,
orientation sampling on the sedimentary sequence including the
quartz-tourmaline veinlets returned higher gold values such as 7.20
g/t, 10.19 g/t, 12.52 g/t, 15.18 g/t and 29.56 g/t.
2014 plan:
(1) General area: The Company plans a series of RAB
holes to be distributed in an area of 3 km wide in the east-west
direction and 8 km north-south, totaling approximately 15,000 m of
drilling. The RAB holes will be widely spaced along lines N25°E.
The RAB holes are meant to explore areas where there is an overlap
of the soil geochemical anomalies with the low magnetic trends,
which is part of the signature at the San Francisco mine.
(2) Vetatierra: The Company plans to drill 10 core
holes, 350-400m deep, and several RC holes totaling 3,000 m.
Additionally, around 3,000 m of RAB drilling will be carried out to
explore the low magnetic trend observed in the corridor (2,000 m
long x 600 m wide) between Vetatierra and La Mexicana, which has
not been drilled to date. There are numerous artisanal workings and
old mines in this area.
Marisol
Property
Location:
The Marisol property is located 16 km directly east of the San
Francisco Mine.
Objective:
The exploration objective is to test the mineralization adjacent
to historical drilling and also explore along strike (~2 km). From
previous work, there is potential both for a near-surface bulk
tonnage structure and/or higher-grade gold and silver structure at
depth (especially near the southwest). Drilling to test the surface
stockwork extension at depth and its relationship with the
metamorphic unit at depth will also be carried out. The Marisol
prospect appears to be a pluton-related deposit, however further
work has to be done to prove this. Marisol is highlighted by shear
zone hosted mineralization that outcrops discontinuously over 2 km.
The shear zone trends northeast-southwest and represents the
sediment-volcanic contact.
Previous work:
Marisol consists of a series of trenches and shallow underground
works. Core and RC drilling and trenching crossing the
metasedimentary sequence was carried out by previous owners (see
news releases of Goldrich Mining Company, June 30, 2008 and August
25, 2008). The underground works appear to reach depths of
approximately 50 m and were developed along high-grade gold and
silver structures. Historical RC holes intersected gold and silver
values in intervals that could be minable by open-pit methods. The
best gold intersections are: 21 m of 2.48 g/t in hole MA-1,
including 12 m of 3.78 g/t gold; 73 m grading 1.43 g/t gold
including 28 m of 2.61g/t and 7 m of 5.90 g/t in hole MRAC-8; 74 m
of 0.81 g/t including 8 m of 4.30 g/t in hole MARC-9.
The trenches demonstrate the presence of parallel structures in
the direction of the hanging wall and strong alteration and
presence of micro-fissures in the host rock. Sampling along the
trenches in the host rock shows that mineralization and the width
of the potential mineral zones could be extended at least in three
zones in the southwest. The extreme ends of Marisol appear to be in
contact with a metamorphic sequence of the same rock type that
hosts the gold mineralization at the San Francisco Mine.
The initial interpretation of Marisol is that it is a window of
sedimentary rocks affected by low grade metamorphism hosting a
parallel system of structures containing gold and silver
mineralization extending approximately 3 km long, N60°E dipping
80°-85° southwest, in intermittent outcrops. Alteration and gold
and silver mineralization can be observed in the trench across
trenches almost 200 m wide. The longest and central part of the
area is called Marisol and is open to the northeast. The southwest
extreme is called La Jarra, in which gold and silver is found in
fissure structures filled by quartz and tourmaline along several
directions.
2014 plan:
Approximately 6,000 m of RC and core drilling will be carried
out to test the mineralization adjacent to historical drilling.
Exploration along strike is also planned. The Company has recently
signed an exploration option agreement on the Marisol claims that
were not part of the Company's claim block in the area. The Company
will pay a total of US$ 3.5 million in cash and a 1.5% NSR which
may be purchased by the Company for US$ 1.5 million. Payments
totaling US$ 800,000 are to be made on signing and every six months
over the four year option term with the remaining $2.7 million is
due on the four year anniversary date.
Las
Barajitas
Location:
Las Barajitas target is located 2 km south of the San Francisco
Mine.
Objective:
The target consists of two gold and silver mineral structures
hosted by rocks of the Coyotillo Group, formed by meta-volcanics,
quartzite, meta-conglomerate, schist and lenses of gneiss. It has
been observed that a very intense magnetic dipole trend starts at
Las Barajitas and extends for more than 10 km to the northwest. The
Company's hypothesis is that the gold and silver mineralization in
Las Barajitas is the shallow top level of a mineral system that
could be related to an event of deep intrusion in its middle
portion - which could be the source of the mineralization in the
region.
Previous work:
Trench sampling returned significant assays of silver detected
along a 275° shear. These samples varied from 5 ppm to a maximum of
972 g/t silver, including samples of 101, 204, 107 and 332 g/t
silver. The shear is intersected by a 30° azimuth fault which
detected gold values in the order of 10 ppb to a maximum of 4.14
g/t gold including three consecutive samples of 2 m of 1.20, 1.38
and 1.24 g/t gold.
2014 plan:
The Company plans to drill three core and three RC holes to
explore the gold and silver values at depth and to understand the
projection and its relationship with the lithology and
structures.
Neither the TSX nor its Regulation Services Provider (as
that term is defined in the policies of the TSX) nor the New York
Stock Exchange MKT accepts responsibility for the adequacy or
accuracy of this news release.
Technical Information & Qualified Person Notes
This news release was reviewed by Jose Vizquerra-Benavides, CPG
(AIPG), a Director of the Company, and Taj Singh, M.Eng, P.Eng, a
Vice-President of the Company, both of whom are recognized as a
Qualified Person ("QP") under the guidelines of National Instrument
43-101. The news release was prepared by Miguel Soto, P. Geo. Eng.,
a Director and Vice-President of the Company. Mr. Vizquerra -
Benavides, Mr. Singh, and Mr. Soto have read and approved the
contents of this news release. 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. In addition, for a
discussion of verification, sampling and QA/QC protocols used by
the Company, please see the Company's technical report dated Dec 6,
2013 entitled "NI 43-101 F1 Technical report updated Resources and
Reserves and Mine plan for the San Francisco Gold project", filed
on SEDAR.
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, business and financial prospects, financial multiples and
accretion estimates, future trends, plans, strategies, objectives
and expectations, including with respect to production, exploration
drilling, reserves and resources, 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.
Timmins Gold Corp.Bruce BragagnoloCEO and
Director604-638-8980bruce@timminsgold.comwww.timminsgold.com
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