San Marco Announces Warrant Exercise and Exploration Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 9, 2016) - San Marco Resources Inc. (TSX VENTURE:SMN) ("the Company" or "San Marco") announces that, during the period July 1, 2016 to October 31 2016, $642,250 was received by the Company from the exercise of 8,213,000 warrants.
San Marco's CEO, Bob Willis stated; "As a result of our stated business plan to aggressively pursue the multitude of target areas generated by the Globetrotters/San Marco partnership, we asked our San Marco warrant holders if they would be willing to exercise their warrants much earlier than their expiry. Results so far are a testament to the quality and belief by our shareholders that significant value will result from this request, while striving to preserve our reasonable share structure."
In addition to the continued exploration at the Company's 100% controlled Chunibas property, (please see news release dated Nov. 1, 2016), field exploration efforts continue to confirm significant targets being identified from field examination of the Globetrotters/SMN database.
Initial field evaluation of Target # 1068, acquired through the recent Libertad, indicates the presence of a porphyry copper system hosted by Laramide plutonic and volcanic rocks. Typical porphyry copper zoned alteration (propylitic, phyllic and potassic alteration) of a quartz diorite porphyry, hosts evidence of copper (chalcopyrite, chalcocite) and molybdenite mineralization. Detailed mapping, rock chip and stream sediment sampling are scheduled to commence next week.
As well, Company geologists will return to an apparent epithermal high sulphidation gold/silver target, where volcanic and volcanoclastic rocks exhibit advanced argillic alteration. Dacite breccias and pyroclastics show quartz/alunite alteration and vuggy silica areas where sampling will commence shortly.
About San Marco
San Marco Resources Inc. is a Canadian mineral exploration company with a portfolio of promising projects in mining-friendly Mexico, including the Chunibas and Mariana Projects in Sonora State.
San Marco actively pursues strategic project generation program focused on high-caliber, low acquisition cost opportunities in the North-western Mexico. The Company has a committed management team with extensive experience in Mexico and a proven track record of building shareholder value. San Marco currently has 46,281,082 issued and outstanding shares.
On behalf of the Board of Directors,
- Robert Willis, P. Eng., President & CEO
National Instrument 43-101 Disclosure
This news release has been approved by San Marco's CEO, Robert D. Willis, P. Eng. a "Qualified Person" as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
This news release includes technical information that was generated prior to the introduction of National Instrument 43-101. Details of the sampling methods, handling, and quality control methods used in the generation of this historical technical data are unknown to San Marco, and the drill material, assay results, true width of intercepts herein cannot be and have not been verified by the Company's Qualified Person for the purposes of National Instrument 43-101.
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management's current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco's actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.