San Marco Acquires Gold/Silver Prospect in the "Megashear" of Sonora State, Mexico and Commences Drilling at Tecomate
November 07 2011 - 7:30AM
Marketwired
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.
Contacts: San Marco Resources Robert D. Willis Chairman &
CEO 604-813-2606rdwillis@telus.net San Marco Resources Mike Mallard
Vice President
604-506-3776mmallard@sanmarcocorp.comwww.sanmarcocorp.com
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