TSXV - TM
Frankfurt - TUY
Pink Sheets - TUMIF
VANCOUVER, March 2, 2012 /CNW/ - Tumi Resources Limited (the "Company") (TSXV:TM) (Pink Sheets:TUMIF) (Frankfurt:TUY). Mr. David Henstridge, President, announces that the Company has, with the assistance of an independent resource consultant, defined a 4 - 5 million tonne zinc-silver exploration target at the Company's 100%-owned Sala property, located in the Bergslagen District of central Sweden. The exploration target is based on mineralized horizons in a dolomitic marble host, located parallel to and about 200 m west of the former Sala silver mine which ceased production in 1908.
In 2008 and 2009, the Company released results of four diamond drill holes (Figure 1) which intersected significant zinc/silver mineralization (Table 1 drill holes 08-001, 08-002, 08-003, 08-008 totaling 1,610.9m). These drill holes were reported by the Company in press releases dated October 15, 2008 and February 26, 2009 and include a quality control statement. More recent analysis of historical data has revealed fourteen historical drill holes located nearby (totaling 5,090.8m). Eight of these historical drill holes intersected similar mineralization to the Company's 2008 holes (Table 1). It should be noted that the Company does not have access to the core from the fourteen historic drill holes, and hence the assay results cannot be validated. The historical data, however, supports assumptions as to the continuity and magnitude of the mineralization intersected in 2008. The available data is interpreted to represent four discrete en echelon mineralized horizons dipping steeply to the west (80 degrees) and plunging at 40 degrees to the NNW (Figures 2-7). Each of these horizons has a true thickness of 3m - 5m and the zones are separated by 10m -15m of waste rock. The mineralization is constrained within a corridor 60m wide which extends along strike (340 degrees) for 640m. The horizons have been defined to a depth of 400m and are open at depth and down plunge.
In order to quantify the potential size of the target, a resource consultant was engaged to model the mineralized horizons as 3-dimensional solids. Using Gemcom Surpac software, four separate digital solid domains were created based on a lower limiting cut-off grade of 2% zinc and/or 30g/t silver. The methodology involved creating polygons on separate drillhole sections. The terminal sections at each end were conservatively projected to 20m beyond the data. Vertical distances between drill holes on the same section range from 50m to 80m. Corresponding polygons were joined by wireframes to create the digital solids.
The volume of material contained within the four defined mineral domains ranged from 0.2 million cubic m for the smallest domain, to 0.8 million cubic m for the largest domain. Two of the four domains showed continuity across all four sections. If a range of specific gravity from 2.5 to 3 is applied to the volume of mineralized rock, it is suggested that the total tonnage of material lies between 4.1 million tonnes and 4.9 million tonnes. It is therefore assumed that, given the uncertainty at this stage of the project, the target constrained in this area lies between 4 and 5 million tonnes.
No interpolation of metal grades for the defined domains has been undertaken, however, the weighted average of the individual metal values of the drill intersections contained within each of the solid shapes is 3.6% +/- 1.4% for zinc and 65 g/t +/- 30 g/t for silver.
Investors are cautioned that the potential quantity and grade is conceptual in nature and that there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the confirmation or discovery of a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Mr. Henstridge stated, "The compilation of both the Company's and the historic Sala drill holes has proven to be very rewarding. A significant zinc-silver target has been identified and the Company will undertake further drilling to better define the target. A drill hole has previously been pre-collared at a site about 50 m south of the Company's hole 08-003 and this hole will be completed by diamond drilling as soon as a drill rig can be contracted".
Mr Colin Lutherborrow, independent resource consultant from Zilloc Pty Ltd, has quantified the resource potential of the target (February, 2012) based on the acceptance of geological data and interpretation as provided by the Company. Mr. Colin Lutherborrow has not been to the site and has not undertaken any independent steps to verify the company's data and interpretation on behalf of Zilloc.
The qualified person for Tumi's projects, David Henstridge, has visited the Sala project area in the Bergslagen District of Sweden and has verified the contents of this news release.
On behalf of the Board,
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, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the Frankfurt Stock Exchange accepts responsibility for the adequacy or accuracy of this news release.
TABLE 1: Significant drill hole intercepts, calculated using a lower cut-off of 2% zinc or 30 g/t silver.
|Hole Number||From (m)||To (m)||Width (m)||Ag (g/t)||Zn (%)||Pb (%)|
*NB SAE = historical hole
PDF with caption: "TM Figure 1". PDF available at: http://stream1.newswire.ca/media/2012/03/02/20120302_C9188_DOC_EN_10684.pdf
PDF with caption: "TM Figure 2". PDF available at: http://stream1.newswire.ca/media/2012/03/02/20120302_C9188_DOC_EN_10685.pdf
PDF with caption: "TM Figure 3". PDF available at: http://stream1.newswire.ca/media/2012/03/02/20120302_C9188_DOC_EN_10686.pdf
PDF with caption: "TM Figure 4". PDF available at: http://stream1.newswire.ca/media/2012/03/02/20120302_C9188_DOC_EN_10687.pdf
PDF with caption: "TM Figure 5". PDF available at: http://stream1.newswire.ca/media/2012/03/02/20120302_C9188_DOC_EN_10688.pdf
PDF with caption: "TM Figure 6". PDF available at: http://stream1.newswire.ca/media/2012/03/02/20120302_C9188_DOC_EN_10689.pdf
PDF with caption: "TM Figure 7". PDF available at: http://stream1.newswire.ca/media/2012/03/02/20120302_C9188_DOC_EN_10690.pdf
For further information:
Investor Information Contact:
Nick L. Nicolaas at (604) 657-4058
or email: [email protected]