San Marco Acquires Cuatro de Mayo Project
May 14 2014 - 8:00AM
Marketwired
San Marco Acquires Cuatro de Mayo Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 14, 2014) - San
Marco Resources Inc. (TSX-VENTURE:SMN) ("San Marco" or "the
Company") has signed an agreement (the "Agreement") granting the
Company an option to acquire a 100% interest in the Cuatro de Mayo
Project in eastern Sonora State, Mexico, subject to regulatory
approval including the approval of the TSX Venture Exchange.
The Cuatro de Mayo project comprises roughly 18,500 hectares in
nine exploration concessions located 160 km east of Hermosillo,
Mexico. The property hosts numerous styles of mineralization
including: CRD-type (mantos, skarns) silver-lead-zinc showings;
high-sulfidation epithermal volcanoclastic-hosted gold showings;
and, mesothermal silver showings. Old mineral workings have been
noted throughout the property. Surface channel sampling by San
Marco at the entrance to one such historic working returned 124 g/t
silver, 0.86 g/t gold and 4.7% lead over 9.5 m in one sample, and
197 g/t silver, 0.89 g/t gold, 7.1% lead and 0.22% zinc over 2.0
metres in a second sample. San Marco is in the process of
prioritizing targets at the Cuatro de Mayo property and formulating
an exploration plan in anticipation of drill target definition.
Robert Willis, CEO of San Marco states "The Cuatro de Mayo
property provides San Marco with another prospective,
low-opportunity cost exploration project with multiple known
mineralization styles, and further enhances the Company's existing
portfolio of exploration properties in Mexico. Although Cuatro de
Mayo is an early stage exploration opportunity, it has many of the
hallmarks of other deposits in Mexico currently in operation and we
look forward to thoroughly testing its potential."
To acquire a 100% interest in the Cuatro de Mayo Project, San
Marco must pay the property owners an aggregate of USD $2.0 million
and issue them 50,000 common shares over five years (as per the
schedule below), and pay all annual taxes on the concessions. The
Agreement also grants the property owners a 3% net smelter returns
royalty of which San Marco can purchase 1% for USD $1.5 million at
any time and maintain a right of refusal for a third party sale on
the entire royalty. A USD $500,000 bonus will be paid to the
property owners if 1.0 million or more gold-equivalent ounces are
defined in the Proven and Probable Reserve categories according to
a NI 43-101 technical report.
Anniversary of Signing |
|
Common Shares of SMN |
Cash Payments (USD) |
Upon signing |
|
50,000 |
- |
1 year |
|
- |
$10,000 |
1.5 Year |
|
- |
$10,000 |
2 years |
|
- |
$10,000 |
2.5 Years |
|
- |
$25,000 |
3 years |
|
- |
$50,000 |
3.5 years |
|
- |
$100,000 |
4 Years |
|
- |
$200,000 |
4.5 Years |
|
- |
$810,000 |
5 Years |
|
- |
$785,000 |
Total |
|
50,000 |
$2,000,000 |
About San Marco
San Marco Resources Inc. is a Canadian mineral exploration
company with a current portfolio of four promising properties in
mining-friendly Mexico and an aggressive project generation program
focused on high-calibre, low-opportunity cost projects. San Marco
has a committed management team with extensive experience in Mexico
and a proven track record of building shareholder value.
National Instrument 43-101 Disclosure
The technical information contained in this document has been
verified, and 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.
Samples discussed in this document were prepared for assay at
ALS Chemex Lab in Mexico and assayed at their facility in
Vancouver, BC. Assay methodology is as follows. A 30 gram split is
analyzed for gold, using the Au-AA23 method. Sample results greater
than 10 ppm are re-assayed, using AA23 fire assay and gravimetric
finish. For silver, copper, lead and zinc, a multi-element, four
acid digestion (ME -- ICP 61) method is used. For initial assays of
silver > 100 ppm, copper, lead and zinc > 10,000 ppm (over
limits), the OG62 method is used for re-analysis. Blanks and
certified standards are inserted into the sample stream as part of
San Marco's quality assurance and control program, which complies
with National Instrument 43-101 requirements.
Forward Looking Information
Information set forth in this document includes forward-looking
statements, such as: potential exploration plans and programs for
the Cuatro de Mayo project; and, the possibility of acquiring
additional exploration projects. 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. For instance, the execution of any exploration
programs planned by the Company will be dependent upon the
availability of both human and financial resources, both of which
are presently limited. 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
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.
Robert D.
WillisCEO604-568-5951604-813-2606rwillis@sanmarcocorp.comBarbara
HendersonInvestor Relations
Officer604-568-5951604-789-7689bhenderson@sanmarcocorp.com
Sun Summit Minerals (TSXV:SMN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Sun Summit Minerals (TSXV:SMN)
Historical Stock Chart
From Sep 2023 to Sep 2024