San Marco Resources Inc. (TSX VENTURE: SMN) is pleased to announce
it has entered into an agreement with Chesapeake Gold Corp. for the
acquisition of the El Tecomate gold/silver project in Mexico.
El Tecomate is located in Durango State, Mexico, within the
Sierra Madre Occidental range which hosts numerous prolific
precious metals systems. As is the case at famous caldera-related
precious metal systems like Round Mountain, Nevada and Creede,
Colorado, the precious metal systems so far identified at El
Tecomate are epithermal and low sulphidation in nature. The 1,195
hectare project is roughly a one hour drive south-east from
Mazatlan, and a further two hour drive from the town of Rosario
along paved and maintained gravel roads. The Trinidad mine project,
where Oro Gold Resources Ltd. is currently active, is located
approximately 25 km to the south.
San Marco has applied to the Mexican mining authorities for a
4,735 hectare concession contiguous to the El Tecomate project.
This new area covers prospective exploration targets similar in
nature to the El Tecomate concessions and gives San Marco a total
of 5,930 hectares in the structural corridor.
Terms of the purchase from Chesapeake on closing are;
- $(US) 75,000 cash
- 400,000 shares of San Marco
- 1% NSR royalty on the El Tecomate project and all concessions
within 5 km of its perimeter
Closing of the purchase is subject to formal execution of
certain documents and stock exchange approval.
Chairman Robert Willis states, "We are delighted to have an
opportunity to assemble and explore a relatively large land
position in an area of Mexico that has demonstrated to have very
significant gold and silver deposits. San Marcos' on-site work
during our due diligence process has confirmed Chesapeake's results
to date. We believe that with additional detailed exploration, and
a broader view of the entire caldera system, Tecomate could become
a very valuable asset to San Marco shareholders."
Mineral systems identified so far at El Tecomate occur within a
structural corridor approximately 1.5 km wide and at least 4 km
long. This corridor is interpreted to be the margin of a caldera or
superimposed collapsed calderas. Numerous artisanal workings occur
within the corridor and were focused on north-west trending shear
veins, sheeted veinlet zones and breccias that occur within zones
of phyllic altered volcanics up to 200m wide.
Currently three mineralized zones have been identified at El
Tecomate - Main Zone, Southeast, and Cerro Colorado (El Tecomate
Map: http://www.sanmarcocorp.com/files/tecomate_GEO_MAP.pdf).
Highlights of sample results reported by Chesapeake are:
Main Zone
- 0.95 g/t gold over 47.9m (continuous 3m chip samples)
- 1.14 g/t gold over 36m (continuous chip samples), 130m to the
east of above area
- Individual grab samples along strike within Main Zone up to
21.96 g/t gold
- 9.46 g/t gold, 36 g/t silver, 1.1% lead, 1.86% zinc, 500m
north of Main Zone, from old workings (grab sample)
Southeast Zone
- Located one km south-east of the Main Zone, no old workings
identified so far
- 0.86 g/t gold and 23.6 g/t silver over 30m (consecutive 3m
chip samples)
- 500m to the south of the Southeast Zone, grab sample 0.74 g/t
gold and 34 g/t silver
Cerro Colorado Zone
- Located 500m south of the Main Zone, no old workings
identified so far
- 23.3 g/t gold over 2m in an area of limited exposure.
Artisinal workings at El Tecomate are not limited to the Main
Zone. At least four other areas 2-3 km away remain to be explored.
Modern exploration has been limited to rock chip and soil sampling
that focused almost exclusively on the Main Zone. Current chip
channel sampling has been limited by dense vegetation and talus
cover in typically relative steep terrain of the Sierra Madre
Occidental.
The geology of the El Tecomate project is not yet well
understood, however it is known that metals of economic interest
occur within the "Lower Volcanics" predominantly andesitic of
nature, similar to other productive mines in the area.
San Marco intends to immediately commence road construction and
potential drill pad sites to currently known mineralized zones as
well as to new prospective areas. Significant drill targets are
known to exist as a result of interpretation of current exploration
data.
The technical information contained in this press release (other
than information obtained from press releases issued by Chesapeake)
has been based on information prepared by, or under the supervision
of, San Marco's CEO, 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, including
sampling, analytical and test data, underlying such technical
information.
ABOUT SAN MARCO RESOURCES INC.
San Marco Resources Inc. is a Tier 2, TSX Venture Exchange
company (trading symbol SMN), with 14,363,675 shares issued. Its
100% owned Alwin Copper Mine is located in south-central British
Columbia, to the west and contiguous to the Highland Valley Copper
mine operated by Teck Resources Ltd. which has an annual production
of 160,000 tonnes of copper.
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 rdwillis@telus.net San Marco Resources Inc.
Mike Mallard Cell/Text: 604-506-3776 mmallard@sanmarcocorp.com
www.sanmarcocorp.com
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