San Marco Resources Inc. Acquires Option to Purchase the Angeles Prospect
18.06.2012 | Marketwire
Samples 5m of 4.3 g/t Gold, 50 g/t Silver, 0.12% Copper, 0.16% Lead and 0.22% ZincVANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/18/12 -- San Marco (TSX VENTURE: SMN) (the "Company") has acquired an option to purchase 100% interest in the 362 ha. Angeles property in Sonora State, Mexico. The property has many old historical workings and according to locals, hosted a high grade underground copper, gold and silver mine at the beginning of the 20th century as indicated by remnants of milling, mining facilities as well as tailings.
A mineralized shear structure is exposed intermittently over at least 3 km on surface and appears to be between 1 - 15m in width, averaging about 4 - 5m. This structure is hosted in metamorphic rocks such as schist, gneisses and meta-sediments and limestones. Additional sub-parallel structures exist.
Partial assay results have been received from channel samples across the structure, old dumps located along the 3 km of structure and tailings. These samples were collected during the Company's due diligence process.
A total of 14 dump grab samples were collected at various locations along 3 km of the structure. The average grades of all samples are:
- Au g/t Ag g/t Cu% Pb% Zn%
3.3 50 1.0 2.0 0.5
See Table 1 for all sample results.
A total of 3 samples from residual tailings (2.5 kg each sample) were randomly collected. The average grades are:
- Au g/t Ag g/t Cu% Pb% Zn%
7.29 50 1.0 3.0 1.5
See Table 2 for all sample results.
A total of 101 rock chip/channel samples were collected across the structure. Fifteen sample lines were located in areas where reasonable surface exposure of the structure exists. Partial results have been received and highlights to date are:
- Length (m) Au g/t Ag g/t Cu% Pb% Zn%
5.0 4.3 50 0.20 0.16 0.22
2.5 3.3 64 0.24 0.71 0.15
- Length (m) Au g/t Ag g/t Cu% Pb% Zn%
16.0 0.57 66 0.15 0.10 0.10
Included in 16m interval above:
8.0 1.04 116 0.26 0.19 0.13
- Length (m) Au g/t Ag g/t Cu% Pb% Zn%
2.6 0.49 60 0.32 (i) (i)
3.8 2.1 (i) (i) (i) (i)
4.8 0.96 16 (i) 0.67 0.14
(i)indicates waiting for assays
Although San Marco has not found any historical mine records, local people indicate that mining was targeting high grade copper and did not go below the water table believed to be about 75m below surface. Access to underground workings is being attempted. If successful, mapping and sampling of these workings will commence immediately.
Early geological interpretation indicates the possibility for a bulk tonnage type of target as well as the obvious highly mineralized shear structure. A Magnetometer survey, followed by a Gravity survey will commence June 20th. The Company expects to have Angeles prepared for drilling in the next 2 months.
San Marco Chairman, Bob Willis, stated, "The Angeles property acquisition adds to the Company's very significant platform of properties that we expect to be drilling over the next few months. The assay results from the dumps and tailings indicate very significant grades of mineralization were mined in the past. Our ongoing exploration, including drilling, will focus on areas where our geological team expects similar results."
Primary terms of the Option are:
-- Option to purchase 100% interest for payment of $1M over 4 years and 2
months. Staged payments of $35,000 (total) in year 1 and $70,000 (total)
in year 2;
-- Optionor retains a 1.5% NSR, which can be purchased by San Marco at any
time for US $1.5M;
-- A bonus payment of $1.5M to be paid to the Optionor if 1M Au/Eq ounces
of gold reserves are generated in the 'Proven" category according to 43-
101 compliant regulations.
Table 1 - Dump samples:
Sample # Au g/t Ag g/t Cu% Pb% Zn%
628696 0.98 77.8 (i) 3.29 1.98
628697 0.96 152.0 0.95 4.26 1.94
628698 2.52 11.8 0.13 0.74 0.35
628942 6.99 35.9 0.75 0.90 0.43
628943 11.95 119.0 5.19 2.08 1.05
628952 0.44 26.4 .06 0.74 0.40
628953 1.17 70.5 .08 4.98 0.36
628957 4.45 94.4 3.73 4.78 0.41
628969 1.08 10.3 0.06 1.38 0.16
628976 4.81 56.4 0.91 2.67 0.52
628977 6.54 58.0 0.23 3.66 0.80
628987 2.94 38.9 0.09 1.36 0.18
628994 0.08 34.4 3.06 0.01 0.01
Table 2 Tailings samples 2.5 kg samples of fine tailings sand
Au g/t Ag g/t Cu% Pb% Zn%
6.77 55.3 1.12 2.60 1.50
7.32 44.3 0.79 1.95 1.52
7.78 55.2 1.40 3.81 1.79
The technical information contained in this press release has been verified, and this news 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.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contacts:
San Marco Resources Inc.
Robert D. Willis
Chairman & CEO
604-813-2606
rwillis@sanmarcocorp.com
San Marco Resources Inc.
Mike Mallard
V.P. Corporate Communications
604-506-3776
mmallard@sanmarcocorp.com
www.sanmarcocorp.com