San Marco Acquires Gold/Silver Prospect in the “Megashear“ of Sonora State, Mexico and Commences Drilling at Tecomate
07.11.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Nov. 7, 2011) - San Marco Resources (TSX VENTURE: SMN) (the Company) has acquired an option to purchase a 100% interest in the 280 ha. Los Carlos gold/silver prospect in Sonora, Mexico. The property is located 40 km west of the town of Trincheras, 18 km south of GoldGroup's Cerro Colorado mine and 85 km west of Timmins Gold's San Francisco mine.Los Carlos has many historical workings apparently 80 - 100 years old, which targeted gold and silver in 1m – 3m wide oxidized shear structures. Sample results provided by the optionors indicate ranges of 5g/t – 30g/t gold and 20g/t – 200g/t silver from the historical workings.
Rhyolite porphyry outcrop covers most of the property, and in several areas exhibits moderate to intense pervasive silicification. Numerous NW faults are intersected with multiple EW shears/fractures approximately 5m – 10m apart. The intersection of these two orientations appears to provide ample conduits for significant precious metal deposition. The rhyolite host rock between these E-W shears contains abundant veinlets and micro vienlets where gold grades range from 0.1g/t – 2.0g/t gold, again highly oxidized. Property geology appears to be very similar to Goldgroup's Cerro Colorado heap leach mine to the north.
San Marco's Chairman Robert Willis stated: "Los Carlos is a very significant addition to San Marcos property portfolio. Mineralization not only occurs in higher grade shear structures, but also in the host rhyolite porphyry. This property could host a valuable bulk minable, gold and silver deposit. Our geologists are commencing initial surface sampling and trenching next week. Los Carlos is located in the very prolific 'Megashear' of Mexico which hosts numerous operating heap leach gold mines and others in development."
Terms of the acquisition (in US dollars) are:
- Cash payments of:
-- $10,000 on signing (paid)
-- $40,000 in 60 days
-- $120,000 year 1
-- $120,000 year 2
-- $120,000 year 3
-- $1,390,000 year 4
- Optionors retain a 1.5% NSR, which can be purchased by the Company at any time for $1.5 million; and
- No work commitments.
TECOMATE:
The Company also announces that drilling has commenced in its 100% owned Tecomate project, located 85 km SE of Mazatlan. The initial 6 drill holes will range in depth from 250m – 400m and test significant surface trench gold/silver mineralization along 1100m of strike. The 200m wide shear zone extending from the Main Zone to the NW Zone appears to be one continuous area of gold and silver mineralization. This exploration target is open in both directions on strike. (See Company website for locations).
The technical information contained in this press release has been approved by San Marco's President, Robert D. Willis, P. Eng., a 'qualified person' for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has verified the data disclosed through a review of reports and summaries provided by the optionors.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contact Information
San Marco Resources
Robert D. Willis, Chairman & CEO
604-813-2606
rdwillis@telus.net
San Marco Resources
Mike Mallard, Vice President
604-506-3776
mmallard@sanmarcocorp.com
www.sanmarcocorp.com