VANCOUVER, Nov. 30 /CNW/ - Tumi Resources Limited ("Tumi" and/or the
"Company") (TSXv-TM; OTCBB - TUMIF; Frankfurt - TUY). David Henstridge,
President, is pleased to announce that geochemical sampling within the 100%
owned Phoenix claim has defined at least four distinct horizons, displaying
anomalous geochemistry that strike for at least 1.75 km and remain open.
Phoenix is located near Caborca, Sonora, Mexico.
The Company has for the last few months undertaken a systematic gridding
and rock/soil sampling program on the Phoenix claim. To date, an area roughly
1.5 km east-west by 3.5 km north-south has been gridded from which
1,872 samples have been taken and analyzed. The lines are spaced either 50 m
or 100 m apart east-west with stations placed every 20m along the lines. The
grid will be extended another 1.4 km to the western boundary of the property
before proceeding to the east.
Phoenix is underlain by Mesozoic age volcanic and sedimentary rocks
covered by a gently dipping alluvial plain. The bulk of the samples are taken
from rock as the soil cover is sparse and poorly developed. Multi-element ICP
analyses have shown a strong correlation between arsenic, silver, lead, zinc,
and to some extent antimony, along hematite and carbonate altered horizons. It
is believed that up to four distinct, sub-parallel horizons exist over a
strike length of 1.75 km and over a width of 1.5 km. Gold has not been
analyzed in these samples for cost purposes; it has been demonstrated from
previous sampling that gold has a strong correlation with the elements
mentioned above.
The Company is also pleased to announce the signing, through its 100%
owned Mexican subsidiary, TMXI Resources S.A.de C.V. ("TMXI"), an agreement
for the right to acquire a 100% interest in the San Carlos gold/silver
property (the "San Carlos Claim"). Pursuant to the Agreement, TMXI will have
the right to acquire 100% of the San Carlos Claim from a private Mexican owner
by making cash payments of USD $175,000 over a four year period with the
payment in the first year being USD $12,500. The San Carlos Claim is contained
within the boundaries of the 4,106 hectare Phoenix claim.
At least two of the horizons mentioned above have been identified on the
San Carlos Claim that lies at the SW end of the gridded area. 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.
Seven rock samples collected from the San Carlos Claim yielded gold
values ranging from 0.1 g/t to 1.8 g/t, and silver from 11 g/t to 233 g/t. Two
areas of composite samples averaged 0.3 g/t gold, 42 g/t silver over
8.0 metres, including a 2.0 metre sample at 0.8 g/t gold, 17 g/t silver, and
0.4 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 1.8 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 "The San Carlos Claim is an excellent addition to
our portfolio and consolidates 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".
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 Phoenix and the San Carlos
Claim and has verified the contents of this news release.
On behalf of the Board,
"David Henstridge"
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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.
