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"
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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.
