Kingsmen Resources Ltd. press release
Tumi Resources Limited - Tumi Signs Letter of Intent over the San Felix and San Carlos Gold/Silver Properties, Sonora, Mexico
TSXV - TSX Venture Exchange · Silver · Gold · Lead · Zinc · Copper · Antimony · Bismuth · Indium · Arsenic · Canada
TSXv - TM Frankfurt - TUY OTCBB - TUMIF
VANCOUVER, July 17 /CNW/ - Tumi Resources Limited ("Tumi" and/or the "Company") (TSXv-TM; OTCBB - TUMIF; Frankfurt - TUY). David Henstridge, President, is pleased to announce the signing, through its 100% owned Mexican subsidiary, TMXI Resources S.A. de C.V. ("TMXI"), of a letter of intent (the "LOI") for the right to acquire 100% interest in the San Felix and San Carlos gold/silver properties (the "Claims") located in Caborca, Sonora State, Mexico. Pursuant to the LOI, TMXI will have the right to acquire the Claims by making cash payments of USD $350,000 over a four year period, with the payment in the first year being USD $25,000. The San Felix claim is located west of Tumi's Phoenix property, and the San Carlos claim is contained within the boundaries of Phoenix. The property is underlain by Mesozoic age volcanic and sedimentary rocks covered by a gently dipping alluvial plain. Within this sequence occur at least four horizons of intensely sheared and fractured rock (original composition uncertain) on the San Felix property, and at least two horizons have been identified on San Carlos. Within these shear zones occur extensive hematite and ferruginous carbonate alteration, along with quartz, arsenopyrite, chalcopyrite and oxides. The mineralized horizons range from a few metres to tens of metres in thickness. Twelve rock samples were taken from the San Felix property. Individual samples ranged from 0.01 g/t gold over 3 metres to 6.7 g/t gold and 480 g/t silver over 0.6 metres. The widest individual samples that carried highly anomalous gold ran 0.48 g/t gold over 6 metres and 0.42 g/t gold over 5.7 metres. Composite samples over the central vein/shear zones and the adjacent hanging wall and/or footwall include 1.0 g/t gold and 10 g/t silver over 3.2 metres, 1.6 g/t gold and 111 g/t silver over 2.75 metres, 0.6 g/t gold and 103 g/t silver over 7.0 metres and 1.2 g/t gold and 32 g/t silver over 1.9 metres. These samples were taken over an area 600 metres north-south by 300 metres east-west. Seven rock samples were collected from the San Carlos property. Gold values ranged from 0.1 g/t to 1.81 g/t, and silver from 11 g/t to 233 g/t. Two areas of composite samples, similar to those described at San Felix, averaged 0.33 g/t gold, 42 g/t silver over 8.0 metres, including a 2.0 metre sample at 0.87 g/t gold, 17 g/t silver, and 0.46 g/t gold, 99 g/t silver over 3.4 metres. A grab sample taken of a hematitic, quartz rich float boulder between these sample sites ran 1.81 g/t gold and 51 g/t silver. These samples were taken from two separate horizons located about 300 metres apart east-west. Mr Henstridge stated "These claims are an excellent addition to our portfolio and consolidate our land position for the exploration of a known large, low grade precious metal system within our Phoenix concession. This style of mineralisation is common in Sonora, including La Herradura, La Choya and San Franciso mines and the Lluvia de Oro, La Jojoba and El Chanate deposits. Surface exploration within the San Felix property, including gridding, mapping, rock and soil sampling, has already commenced." The qualified person for Tumi's Projects, David Henstridge, a Fellow of the Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists, has visited the Claims and has verified the contents of this news release.
On behalf of the Board,
"David Henstridge" David Henstridge, President & CEO
Forward Looking Statements This Company Press Release 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. Neither the TSX Venture Exchange nor the Frankfurt Deutsche Borse have reviewed the information contained herein, and, therefore, do not accept responsibility for the adequacy or the accuracy of this release.