San Marco Drills 70 Meters of 0.74 g/t AuEq Gold/ Silver Oxide at Los Carlos
May 23 2012 - 5:00AM
Marketwired Canada
San Marco Resources Inc. (TSX VENTURE:SMN) is pleased to report results from the
first phase of core drilling at its 100% optioned Los Carlos property in the
"Sonora Mojave Megashear", Sonora State, Mexico.
Los Carlos is an intermediate sulphidation, epithermal type system where
gold/silver/lead veinlets are hosted in rhyolite porphyry. Several gold mines
operate in the area, such as Goldgroup's Cerro Colorado mine 18km to the north,
Timmins Gold's San Francisco and AuRicos El Chanate mines to the east and
northeast. Resource gold grades of heap leach mineralization at these mines, as
posted on their websites, are in the 0.6 - 0.7 grams of gold per tonne (g/t)
range. Infrastructure in the Los Carlos area is excellent, with ample water,
grid power close by, relatively flat terrain and a local work force experienced
in modern day mining and exploration activities.
A total of seven holes (1560m of HQ and NQ) tested a 150m portion of a major
shear/fault structure, approximately 200 - 300m wide, extending in a NW
direction for at least 1.5km across the property. All seven drill holes
intercepted gold and silver mineralization. Previous surface sampling by San
Marco identified numerous mineralized structures within this main shear
structure. Drilling confirms gold and silver mineralization hosted in quartz
veins, veinlet's and fracture fillings, having various orientations, occurs in
numerous sub-parallel 2 - 30 m wide zones and extends from surface at least down
dip to the reported drill intercepts. Oxidation appears to be greater than 95%,
and extends up to 100m below surface as indicated in the drilling. Hematite is
the dominant oxide mineral, and any residual sulphides noted are galena and
pyrite. The host rock is highly fractured rhyolite porphyry which has intruded
as a low angle sill like feature between the Precambrian basement metamorphic
gneiss and the overlying Jurassic age sedimentary sandstone/siltstones. (See
cross sections available at the following link:
http://media3.marketwire.com/docs/snm0523.pdf)
San Marco's Chairman, Bob Willis stated; "Our initial drill program has
demonstrated that gold/silver grades and style of mineralization, are very
similar to operating mines in the area. Of significance, San Marco's adjoining
156 square km Los Carlos II concession hosts a number of old workings with
similar geological signatures. Our geological team is currently ramping up
exploration on two zones that are within 5 km from our current drilling
location."
Significant drill intercepts are:
interval
LCD12-02 from (m) to (m) (m) Au g/t Ag g/t AuEq g/t
----------
94.0 164.0 70.0 0.54 10 0.74
Incl. 94.0 120.6 26.6 1.03 9 1.20
Incl. 94.0 97.0 3.0 4.80 6 4.93
Incl. 135.0 164.0 29.0 0.32 15 0.62
(Intercept average 100m below surface)
interval
LCD12 - 06 from (m) to (m) (m) Au g/t Ag g/t AuEq g/t
----------
34.0 66.0 32.0 0.49 9 0.67
Incl. 50.4 66.0 17.6 0.73 13 0.99
Incl. 63.9 64.8 0.9 9.04 126 11.56
124.0 144.6 20.6 0.52 6 0.65
(Intercept average 75m below surface and 50m to the ESE of LCD12 - 02 above)
interval
LCD12 - 05 from (m) to (m) (m) Au g/t Ag g/t AuEq g/t
----------
16.0 69.0 53.0 0.58 5 0.68
Incl. 25.1 35.0 9.9 1.12 6 1.23
Incl. 50.8 69.0 18.2 0.81 5 0.91
(Intercept average 50m below surface and 50m ESE of LCD - 06 above)
interval
LCD12 - 03 from (m) to (m) (m) Au g/t Ag g/t AuEq g/t
----------
11.8 26.0 14.2 0.56 4 0.65
Incl. 17.1 26.0 8.9 0.85 7 0.95
49.0 79.0 30.0 0.20 5 0.29
Incl. 56.4 63.1 6.7 0.60 10 0.80
206.5 223.5 17.0 0.28 6 0.39
(Intercept average 50m below surface and 100m SW of LCD - 05 on same
section line)
interval
LCD12 - 04 from (m) to (m) (m) Au g/t Ag g/t AuEq g/t
----------
20.0 32.8 12.8 0.34 5 0.44
93.0 102.0 9.0 0.38 5 0.48
(Intercept average 40m below surface and 100m SW of LCD12 - 03 above, on
same section line)
Appears to be on the SW edge of the main shear structure.
interval
LCD12 - 07 from (m) to (m) (m) Au g/t Ag g/t AuEq g/t
----------
59.0 102.0 43.0 0.17 11 0.40
(Intercept average 75m below surface and 50m to the west of LCD 12 - 02
section line.)
Notes:
1. Drill core recovery appears to be at least 75% in all holes. HQ core was
drilled and reduced to NQ in zones of highly fractured and broken ground.
2. Rounding may occur in grade calculations
3. For consistency with previous news releases, a 50 (silver) to 1 (gold)
ratio has been used for gold equivalent calculations.
4. All holes are 200 Azimuth and drilled at either - 45 or - 50 degrees
5. Reported drill hole intervals appear to be between 80% and perpendicular
to the strike of the primary NW shear/fault structures.
6. Individual process recoveries are not factored into the gold/silver
ratio calculations
7. Drill hole interval grade calculations may include internal low grade
and waste sections. All assays have been included in the weight averaged
reported intervals. Intervals that returned assays below detection limit
were assigned zero value.
Mineralization appears to have a shallow plunge following the shear trend in a
NW direction. Early indications from drilling suggest bulk mineable targets as
well as higher grade underground possibilities exist. There does not appear to
be a grade or mineral occurrence relationship between gold and silver, therefore
silver mineralization may be an additional phase. It should also be noted that
locally, lead values assay 1 - 5 % and zinc in the 0.5% range. The drill hole
section with holes LCD12 -05, LCD12 - 03 and LCD12 - 04 appears to be on the
eastern end of the apparent plunge of mineralization to the NW. Drill LCD12 - 01
was drilled underneath the mineralized zones in the shear structure and returned
anomalous low grade gold values ; 0 - 50.1m of 0.15 g/t AuEq. The main NW shear
structure appears to dip 55 - 65 degrees to the NE. Secondary NE faulting has
offset the main shear structure in many locations and such faults appear to host
a subsequent phase of mineralization. The intersections of this NE orientation
with the main NW shear/fault structure appear to be structural traps where
significant mineralization may occur. The reported drill holes have tested about
150m of the approximately 1.5km of the main shear strike, and only part of its
200 -300m width where surface geology indicates multiple sub-parallel internal
mineralized structures exist. Therefore mineralization occurs from surface at
least down to the drill intercepted intervals, and is open on strike and to
depth.
A Phase II exploration drill program is being prepared for the Los Carlos
concession. In addition, exploration (including, mapping, and sampling
trenching) will commence on the adjacent, recently staked 156 square km Los
Carlos II concession. Initial reconnaissance work resulted in discovery of four
areas of old workings which were sampled by San Marco's geologists (see News
Release dated April 12, 2012). Two of these prospective areas are within 5 km of
the current Los Carlos drilling and appear to exhibit similar regional
geological characteristics.
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. All samples are taken under the supervision of qualified
geologists and stored in sealed bags. Drill core was split with a hydraulic
splitter, one half retained in secure storage and the other half bagged and
secured until picked up by ALS Chemex for assaying. Blanks, duplicates and
certified standards were inserted into the sample stream. ALS Chemex PREP 31B
sample preparation was used at Chemex facilities in either Hermosillo or
Guadalajara, Mexico. The analyses reported were carried out at ALS Chemex
Laboratories of North Vancouver using industry standard analytical techniques.
Analytical procedures included Au-AA23 for gold and ME-ICP61 for multi elements.
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