San Marco Acquires Option to Purchase the Angeles Prospect
June 18 2012 - 5:00AM
Marketwired Canada
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.
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