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Timmins Gold intersects 1.30 g/t gold and 13 g/t silver across 37.5 meters from surface at Cocula Project, Mexico

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It is steady progress at Canadian Venture listed Timmins Gold Corp (TSX.V: TMM) and the company is least bothered about the gloom engulfing markets these days. When we met the company in January, the CEO Bruce Bragagnolo explained that TMM needs to focus on its target of becoming a gold producer. No disagreement there of course. Markets will notice if companies deliver, the old adage says.

The company has been focused on developing its assets and acquiring new projects despite less than impressive performance by financial markets. TMM just announced the assay results of an 26-hole, 1,974 meter reverse circulation drill program at its Cocula Project in the state of Jalisco, Mexico. Highlights of the program include Hole RCC-01 which intersected 1.30 g/t gold and 13 g/t silver across 37.5 meters from surface, including 9.40 g/t gold and 22 g/t silver across 4.5 meters.

Other important intercepts include Hole RCC-02, which intersected 1.22 g/t gold and 34 g/t silver across 4.5 meters, Hole RCC-03 which intersected 0.77 g/t gold and 10 g/t silver across 13.50 meters, Hole RCC-09 which intersected 0.72 g/t gold and 8.7 g/t silver across 54 meters, Hole RCC-10 which intersected 1.20 g/t gold and 13 g/t silver across 37.50 meters from surface, Hole RCC-17 which intersected 1.41 g/t gold across 10.50 meters and Hole RCC-19 which intersected 1.10 g/t gold and 17 g/t silver across 9 meters. All widths are estimated to be true widths.

The drill programme confirmed the existence of an oxidized breccia cap on top of a granitic stock, which outcrops along an identified strike length of 1,600 meters and which varies in thickness from 10 to 60 meters from surface, with a width across the strike of 6 to 150 meters. The gold and silver mineralization is contained in a set of semi parallel quartz veins and veinlets within a breccia consisting of fragments of andesitic rocks affected by the system of veins and veinlets. The vein system appears to be the source of the mineralization.

These results have added more to the confidence of TMM Gold technical staff and management and they reckon that the drill programme has identified a bulk tonnage target with a potential low strip ratio. The Company plans to continue with surface sampling and trenching to delineate the breccia zone, followed by further reverse circulation drilling.

In the face of rising market uncertainties investors are keener on mining companies that have advanced stage, close to production projects, preferably in North America. With assets in considerably mining friendly Mexico together with its near-production asset in the San Francisco Mine, TMM therefore presents an interesting investment proposition.  

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