Timmins Gold Corp.: 40,000 Hectares Acquired Contiguous to Goldcorps World Class Penasquito Gold Depositadmin
Timmins Gold Corp. announce that it has acquired, by staking, a 40,000 hectare land package in the Penasquito area of Mexico. The claims are contiguous to Goldcorp’s Penasquito Gold Deposit and are approximately 20 km to the northwest of the Camino Rojo project of Canplats Resources. As of June 2007, Goldcorp reported proven and probable gold reserves at Penasquito of 13.0 million ounces. More recently Canplats Resources has reported drill intercepts of up to 224 metres averaging 1.50 grams of gold and 24.45 grams of silver per tonne from its Camino Rojo project.
The claims are located in the northern part of the state of Zacatecas, Mexico, and are located approximately 42 kilometres west of the town of Concepcion del Oro. The northern Zacatecas area is an important mining district in Mexico. The area possesses flat topography and excellent proximity to roads, power, rail, skilled labor and smelters.
Timmins Gold acquired the claims due to their proximity and geological similarity to the Penasquito Gold Deposit. Concepcion del Oro lies within the Mexico Geosyncline, a 2.5 km thick series of marine sediments. Mineralization in the region is characterized by carbonate replacement bodies along the contact between intrusive and limestone packages. Ore deposits are formed in skarns and chimneys, and mineralized breccias developed in clastic and permeable rocks of the Caracol formation affected by intermediate intrusions. The Timmins Gold claims show evidence of such intrusive and limestone packages and Timmins Gold geologists have identified a sandstone unit within a synclinal structure in the eastern portion of the property believed to be a unit within the Caracol formation, the host of the Penasquito mineralization. Assays from selected grab samples taken by Timmins Gold geologists have returned anomalous gold values in excess of 1 gram of gold per tonne.