Tuesday, 30 April 2013

Timmins Gold sees encouraging results from ongoing drilling program

Timmins Gold Corp (TSE:TMM )(NYSE:TGD) has announced success in the ongoing drilling program at its San Francisco gold mine, highlighting the results of 72 metres of 1.6 grams per tonne (gpt) gold, 15 metres of 4.2 gpt gold and 14 metres of 3.2 gpt gold at the site.
The company says that its ongoing drill program continues to extend and expand the mineralization at the site in the Mexican state of Sonora, which is comprised of two pits, the San Francisco Pit (SF Pit) and the La Chicharra Pit (LC Pit), approximately 1.5 km distant.
From October 2012 to the end of February 2013, a total of 107,315 metres were drilled across 476 holes with a further 42,000 metres drilled in March and April mainly at the larger SF Pit, and an additional 30,000 metres to be drilled again at the SF Pit to the end of May.
An updated technical report based on the drilling results is expected by August.
The drilling program 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. In both cases, assay results received to date indicate that the programs were successful in reaching these goals.
At the San Francisco pit, a total of 28,170 metres were drilled across 125 holes by reverse circulation drill. Findings include 72 metres of 1.6 gpt gold in hole TF-3115, 6 metres of 3.6 gpt gold in hole TF-3035, 15 metres of 4.2 gpt gold in hole TF-3003 and 14 metres of 3.2 gpt gold in hole TF-3029.
At the La Chicharra pit, 51,949 metres were drilled across 229 holes, also by reverse circulation drilling. Findings include 13.7 metres of 2.3 gpt gold in hole TF-2990, 13.7 metres of 1.35 gpt gold in hole TF-2977, and 4.6 metres of 6 gpt gold in hole TF-2939.
A limited core drill program of four holes was also drilled approximately a kilometre to the east of the SF Pit and returned results confirming gold mineralization to a depth of more than 1,000 metres, and the continuity of the mineral trend along a strike length of at least 4,000 metres.
One hole, drilled to a depth of 1,304 metres, intersected numerous lenses of mineralization including 1.5 metres of 15 g/t gold at a depth of 147 metres, 1.5 metres of 6.76 g/t gold at a depth of at 274.5 metres, and 9.00 metres of 8.166 g/t gold, which includes 1.50 metres of 47.6 g/t gold at a depth of 288.0 metres.
“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,” said the company in the statement. 
“The orogenic nature of the deposit may provide the potential for the discovery of high grade feeders at depth.”
Shares in Timmins Gold were trading on the TSX at an intraday high of $2.55 from an open of $2.50.

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