Vancouver, B.C. March 2nd, 2017: San Marco Resources Inc. (SMN: TSX-V) (“the Company” or “San Marco”) provides an exploration update on the Chunibas Property located in Sonora State, Mexico and an update on corporate activities.
Chunibas Property Update
Exploration results from the recently completed property wide soil sampling grid (approximately 1,000 samples) have confirmed the existence of the primary gold target, 600 metres X 800 metres. Historical data has been incorporated with the Company’s recent exploration work, resulting in field evidence that the north-south trending shear/vein structures coalesce in various zones along strike. This has reinforced the geological model that wider zones of gold mineralization, flanking the high-grade shear structures, some of which continue to be mined by local gambosinos (miners), where grades appear to be in the 15 g/t gold range, exist. The Company’s sampling of the one to two metre-wide structures has resulted in grades up to 46 g/t gold.
Mineralized structures have been identified in the western sector of the property as well, however, additional exploration is required, since alluvial cover minimizes meaningful surface exploration beyond the one to two metre wide structures exposed at surface.
Drilling is anticipated to be the next phase of exploration such that field crews are planning and spotting drill hole locations. Since the Chunibas Property’s primary mineralized area is open in all directions, drilling is expected to probe deeper and on-strike mineralized zones not explored in previous drilling.
All drill permits, surface access agreements and drill contract proposals are in place, such that drilling could commence quickly. Partnership opportunities are being investigated to fund the drilling, however, the Company is funded to support this program as required.
Warrants Exercised
During the period of November 1st, 2016 to February 15th, 2017, the Company received $717,475 from the voluntary exercise of 7,570,750 warrants. Over the period, June 1st, 2016 to February 15th, 2017, the Company’s outstanding warrants have been reduced from 24,524,000 to 8,740,250.
Launch of new Corporate Website
As part of the Company’s continuing commitment to shareholder communication, San Marco has launched a new responsive website to enable ease of use for shareholders to view the Company’s website information across multiple platforms, including mobile devices. The website address remains the same: http://www.sanmarcocorp.com/.
Prospectors and Developers Association Convention 2017 (PDAC)
Company representatives will be attending the upcoming PDAC conference held at the Metro Toronto Convention Centre March 5th to 8th, 2017, in Toronto, Ontario. If you wish to arrange a meeting with management, please email [email protected].
About San Marco
San Marco Resources Inc. is a Canadian mineral exploration company with a portfolio of promising projects in mining-friendly Mexico, including the Chunibas and Mariana Projects in Sonora State.
San Marco actively pursues strategic project generation program focused on high-caliber, low acquisition cost opportunities in the North-western Mexico. The Company has a committed management team with extensive experience in Mexico and a proven track record of building shareholder value. San Marco currently has 53,851,832 issued and outstanding shares.
On behalf of the Board of Directors,
Robert Willis, P. Eng.
President & CEO
For further information, contact:
Nancy Curry
[email protected]
National Instrument 43-101 Disclosure
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. He has verified the data disclosed, including sampling, analytical and test data, underlying such technical information by reviewing the assay reports provided to San Marco by its independent testing laboratory.
The Company has implemented quality assurance (“QA”) and quality control (“QC”) programs to ensure sampling and analysis of all exploration work is conducted in accordance with the best possible practices. All sampling programs are carried out in a careful and diligent manner using scientifically established sampling practices designed and tested to ensure that the results are representative and reliable. Quality control programs appropriate to the type of sample and the mineralization are implemented, including such measures as external blanks, standards and duplicate samples. The security of samples from sample acquisition to analysis is a vital component of the sampling process. Procedures include the use of secure core logging, sampling, storage and preparation facilities as appropriate and the prompt, secure and direct shipping of samples to the laboratories. Appropriate sample security procedures are employed given the geographic and topographic conditions and the logistics created by the site location.
Forward Looking Information
Information set forth in this document may include forward-looking statements. 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. 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, activities 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.
Original Article: https://www.sanmarcocorp.com/news/2017/san-marco-prioritizes-drill-targets-on-chunibas-raises-717-475-from-warrants-exercised-and-launches-new-website/
