Tumi Resources Limited - Future work program at the open-pitable Cinco Minas silver-gold project, located near Guadalajara, Mexico
VANCOUVER, Aug. 26 /PRNewswire-FirstCall/ - Mr. David Henstridge,
President, Tumi Resources Limited (TSXvV - TM.V) reports:
Objectives Achieved
The objectives established by management at the outset of the Cinco Minas
exploration program were achieved with the Phase 1 underground channel
sampling and drill results confirming the open-pit potential of the Cinco
Minas silver-gold vein system around the historic El Abra Mine. The Phase 1
program's objective was to drill test a number of potential sites containing
ore grade mineralization along 5 km of the Cinco Minas epithermal vein and
stockwork system. The program focused on determining early in Tumi's
exploration program the open-pit potential at the historically prolific El
Abra mine area, mined for high grade silver-gold ores by the founders of the
Anaconda Mining Co. in the 1920's (1.08 million tonnes at 3.2 g/t gold and 476
g/t silver). Several completed drill holes were very encouraging. CMRC20
intercepted 18m grading 2.03 g/t Au and 316 g/t Ag including 4m grading 7.01
g/t Au and 1,099 g/t Ag and CMRC23 cut 14m grading 1.44 g/t Au and 221 g/t Ag.
On the basis of the recent drill hole results, El Abra may once again be
economically mined but now as a low-cost open-pit operation. The immediate
exploration target in the area of outcropping mineralization at El Abra is to
identify about 2 million tonnes of ore allowing a scoping study to be
undertaken on an open-pit mine project with a proposed initial mining rate of
1,000 tonnes/day. Additional tonnages of well oxidized gold and silver
mineralization will be explored as an integral part of Tumi's ongoing
exploration and development program.
Tumi Resources in Mexico - Background
Tumi has two significant precious metal projects located near
Guadalajara, Mexico which have positioned the Company as one of the premier
junior silver-gold explorers in that country:
1. The advanced Cinco Minas silver-gold project; and
2. An extensive portfolio of early stage silver-gold projects in the
Gran Cabrera area (10,729 acres, 4,342 hectares), located about 20kms
to the NW of Cinco Minas) which includes more than twenty significant
old producing precious metal mines that historically mined only high
grade silver-gold ores and may develop into significant open-pit
silver-gold mines.
The Company has an option to earn a 60% interest (and right to purchase
the remaining 40%) of the Cinco Minas and the Gran Cabrera silver-gold
properties from a private mining company, Minera San Jorge, by expending
$US2.5 million over 3 years.
Management Assessment and Recommendations for Future Work Program
1. Metallurgical test work: Tumi will commission bulk testing of Cinco
Minas ore for updated leach tests to add to the existing historical
data and determine if the El Abra ore is amenable to heap leach or
whether a vat leach process is the preferred method of metal
extraction. Based on historical metallurgical tests done at the
request of the property owners, it is probable that both low-cost heap
leaching methods and milling with agitation leaching and recovery
using well established zinc precipitation units (Merrill-Crowe
process) will be used. Two representative bulk channel samples, from
accessible areas of the old workings, will be collected and subjected
to column leach studies and bottle roll tests.
2. Further Drilling: To date, the drilling around El Abra has outlined
approximately 1 million tonnes of silver-gold mineralization to a
depth of about 100m below surface. In order to commence a scoping
study for a project at a mining at a rate of 1,000 tonnes per day, the
resource size needs to be doubled. Therefore it is recommended :
(a) Undertake a sampling program of the vein above road level at El
Abra estimated to contain about 250,000 to 300,000 tonnes of rock
with no stripping. It will require construction of a road or ramp
access above and behind the vein and holes drilled from the
footwall towards the hangingwall of the vein. As old workings
extend up into this mass of rock, it must be sampled. Channel
sampling of the top of the outcrop is included as part of the
program.
(b) Drill holes from 500W (the last westerly drill line at the
historic El Abra mine) to San Pedro at 800W are also being
programmed. Several holes on 300W are also required to delimit the
vein to the SE of El Abra.
3. Structural Interpretation: As an understanding of the structural
setting of mineralization outside of the 860m wide historic El Abra
mine area may well lead to the discovery of previously unknown high
grade silver-gold ore shoots, detailed geological and structural
mapping will be undertaken in and around the large number of silver-
gold showings and workings distributed SE along the 5km long Cinco
Minas vein and stockwork system.
4. Scoping Study: Appoint an independent engineer to undertake a scoping
study.
5. Gran Cabrera: Undertake geological field investigations of the twenty
old mines within the tenement areas to determine on which old mine
areas the company should focus its future exploration efforts.
Financing
The Company has recently completed a financing and has sufficient capital
to undertake the recommended work program.
Investor Relations and Public Awareness Program
The Company recognizes the importance of making its name known in the
investment community and has an active public relations program which includes
Nick Nicolaas located in Vancouver, Canada who provides market awareness
services and coordinates Tumi's investor relations activities. On the
conference front this year the Company has manned a booth at the PDAC in
Toronto and at Gold Shows in Chicago and Las Vegas and will be attending Gold
Shows this fall and in the spring of 2004. The Company has now been registered
with the U.S. Securities and Exchange Commission as a foreign private issuer.
This 20F registration will make the Company's job much easier in the United
States investment market and specifically within the US brokerage community
who previously were not able to recommend Tumi to their clients. The Company
is well on the way to branding Tumi's name.
Corporate Mission
Tumi's Corporate Mission is to maximize long-term shareholder benefits
and value by identifying exploration projects, predominantly silver projects
of high merit, in such form and quantity and of such a grade or quality that
they have reasonable prospects of low-cost economic extraction. This strategy
will allow the Company to build a solid economic foundation at today's silver
prices and position shareholders to benefit significantly from an anticipated
future rising curve in the price of silver.
The primary objective is to quickly complete exploration on a targeted
project in order to confirm its prime silver potential and complete at least a
preliminary feasibility study in order to reach mineral reserve status, as
defined by National Instrument 43-101, by the most economic means and in the
shortest possible time."
ON BEHALF OF THE BOARD
"David Henstridge"
David Henstridge, President & CEO
Investor Information contact: Nick L. Nicolaas, (604) 657-4058,
nicolaas@attglobal.net
Website: www.tumiresources.com
Forward Looking Statements
This Company Summary contains certain "forward-looking" statements and
information relating to the Company that are based on the beliefs of the
Company's management as well as assumptions made by and information currently
available to the Company's management.
Such statements reflect the current risks, uncertainties and assumptions
related to certain factors including, without limitations, competitive
factors, general economic conditions, customer relations, relationships with
vendors and strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change, changes in
industry practices, and one-time events. Should any one or more of these risks
or uncertainties materialize, or should any underlying assumptions prove
incorrect, actual results may vary materially from those described herein.
SOURCE Tumi Resources Limited
http://www.prnewswire.com/news-releases/tumi-...92937.html
VANCOUVER, Aug. 26 /PRNewswire-FirstCall/ - Mr. David Henstridge,
President, Tumi Resources Limited (TSXvV - TM.V) reports:
Objectives Achieved
The objectives established by management at the outset of the Cinco Minas
exploration program were achieved with the Phase 1 underground channel
sampling and drill results confirming the open-pit potential of the Cinco
Minas silver-gold vein system around the historic El Abra Mine. The Phase 1
program's objective was to drill test a number of potential sites containing
ore grade mineralization along 5 km of the Cinco Minas epithermal vein and
stockwork system. The program focused on determining early in Tumi's
exploration program the open-pit potential at the historically prolific El
Abra mine area, mined for high grade silver-gold ores by the founders of the
Anaconda Mining Co. in the 1920's (1.08 million tonnes at 3.2 g/t gold and 476
g/t silver). Several completed drill holes were very encouraging. CMRC20
intercepted 18m grading 2.03 g/t Au and 316 g/t Ag including 4m grading 7.01
g/t Au and 1,099 g/t Ag and CMRC23 cut 14m grading 1.44 g/t Au and 221 g/t Ag.
On the basis of the recent drill hole results, El Abra may once again be
economically mined but now as a low-cost open-pit operation. The immediate
exploration target in the area of outcropping mineralization at El Abra is to
identify about 2 million tonnes of ore allowing a scoping study to be
undertaken on an open-pit mine project with a proposed initial mining rate of
1,000 tonnes/day. Additional tonnages of well oxidized gold and silver
mineralization will be explored as an integral part of Tumi's ongoing
exploration and development program.
Tumi Resources in Mexico - Background
Tumi has two significant precious metal projects located near
Guadalajara, Mexico which have positioned the Company as one of the premier
junior silver-gold explorers in that country:
1. The advanced Cinco Minas silver-gold project; and
2. An extensive portfolio of early stage silver-gold projects in the
Gran Cabrera area (10,729 acres, 4,342 hectares), located about 20kms
to the NW of Cinco Minas) which includes more than twenty significant
old producing precious metal mines that historically mined only high
grade silver-gold ores and may develop into significant open-pit
silver-gold mines.
The Company has an option to earn a 60% interest (and right to purchase
the remaining 40%) of the Cinco Minas and the Gran Cabrera silver-gold
properties from a private mining company, Minera San Jorge, by expending
$US2.5 million over 3 years.
Management Assessment and Recommendations for Future Work Program
1. Metallurgical test work: Tumi will commission bulk testing of Cinco
Minas ore for updated leach tests to add to the existing historical
data and determine if the El Abra ore is amenable to heap leach or
whether a vat leach process is the preferred method of metal
extraction. Based on historical metallurgical tests done at the
request of the property owners, it is probable that both low-cost heap
leaching methods and milling with agitation leaching and recovery
using well established zinc precipitation units (Merrill-Crowe
process) will be used. Two representative bulk channel samples, from
accessible areas of the old workings, will be collected and subjected
to column leach studies and bottle roll tests.
2. Further Drilling: To date, the drilling around El Abra has outlined
approximately 1 million tonnes of silver-gold mineralization to a
depth of about 100m below surface. In order to commence a scoping
study for a project at a mining at a rate of 1,000 tonnes per day, the
resource size needs to be doubled. Therefore it is recommended :
(a) Undertake a sampling program of the vein above road level at El
Abra estimated to contain about 250,000 to 300,000 tonnes of rock
with no stripping. It will require construction of a road or ramp
access above and behind the vein and holes drilled from the
footwall towards the hangingwall of the vein. As old workings
extend up into this mass of rock, it must be sampled. Channel
sampling of the top of the outcrop is included as part of the
program.
(b) Drill holes from 500W (the last westerly drill line at the
historic El Abra mine) to San Pedro at 800W are also being
programmed. Several holes on 300W are also required to delimit the
vein to the SE of El Abra.
3. Structural Interpretation: As an understanding of the structural
setting of mineralization outside of the 860m wide historic El Abra
mine area may well lead to the discovery of previously unknown high
grade silver-gold ore shoots, detailed geological and structural
mapping will be undertaken in and around the large number of silver-
gold showings and workings distributed SE along the 5km long Cinco
Minas vein and stockwork system.
4. Scoping Study: Appoint an independent engineer to undertake a scoping
study.
5. Gran Cabrera: Undertake geological field investigations of the twenty
old mines within the tenement areas to determine on which old mine
areas the company should focus its future exploration efforts.
Financing
The Company has recently completed a financing and has sufficient capital
to undertake the recommended work program.
Investor Relations and Public Awareness Program
The Company recognizes the importance of making its name known in the
investment community and has an active public relations program which includes
Nick Nicolaas located in Vancouver, Canada who provides market awareness
services and coordinates Tumi's investor relations activities. On the
conference front this year the Company has manned a booth at the PDAC in
Toronto and at Gold Shows in Chicago and Las Vegas and will be attending Gold
Shows this fall and in the spring of 2004. The Company has now been registered
with the U.S. Securities and Exchange Commission as a foreign private issuer.
This 20F registration will make the Company's job much easier in the United
States investment market and specifically within the US brokerage community
who previously were not able to recommend Tumi to their clients. The Company
is well on the way to branding Tumi's name.
Corporate Mission
Tumi's Corporate Mission is to maximize long-term shareholder benefits
and value by identifying exploration projects, predominantly silver projects
of high merit, in such form and quantity and of such a grade or quality that
they have reasonable prospects of low-cost economic extraction. This strategy
will allow the Company to build a solid economic foundation at today's silver
prices and position shareholders to benefit significantly from an anticipated
future rising curve in the price of silver.
The primary objective is to quickly complete exploration on a targeted
project in order to confirm its prime silver potential and complete at least a
preliminary feasibility study in order to reach mineral reserve status, as
defined by National Instrument 43-101, by the most economic means and in the
shortest possible time."
ON BEHALF OF THE BOARD
"David Henstridge"
David Henstridge, President & CEO
Investor Information contact: Nick L. Nicolaas, (604) 657-4058,
nicolaas@attglobal.net
Website: www.tumiresources.com
Forward Looking Statements
This Company Summary contains certain "forward-looking" statements and
information relating to the Company that are based on the beliefs of the
Company's management as well as assumptions made by and information currently
available to the Company's management.
Such statements reflect the current risks, uncertainties and assumptions
related to certain factors including, without limitations, competitive
factors, general economic conditions, customer relations, relationships with
vendors and strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change, changes in
industry practices, and one-time events. Should any one or more of these risks
or uncertainties materialize, or should any underlying assumptions prove
incorrect, actual results may vary materially from those described herein.
SOURCE Tumi Resources Limited
http://www.prnewswire.com/news-releases/tumi-...92937.html
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