VANCOUVER, BRITISH COLUMBIA, Feb 10, 2015 (Marketwired via COMTEX) — San Marco Resources Inc. (SMN) ("San Marco" or "the Company") has acquired 100% ownership of a strategically-located 12 hectare claim in the El Chunibas area of the Cuatro de Mayo project, in exchange for a one-time payment of US$ 10,000. There is no retained interest or future royalty payable to the counterparty to the acquisition agreement, a private Mexican citizen. The newly acquired claim occurs within the boundaries of, and now forms part of, the Company's recently acquired El Chunibas land package (see San Marco news release dated December 16, 2014), which itself is in the vicinity of the Company's Cuatro de Mayo Central claim block in northeastern Sonora State, Mexico (http://www.sanmarcocorp.com/i/maps/Cuatro-de-Mayo-Concessions.jpg).
"While this claim is relatively small, it is strategically-located in the El Chunibas area and offers a low-cost opportunity to add additional mineralized ground to San Marco's developing Cuatro de Mayo District exploration portfolio," stated Robert Willis, President and CEO of the Company. "The exploration ground we now own or control in the Cuatro de Mayo District includes numerous known mineralized targets. The El Chunibas area claims have undergone previous drilling and as such, give us a substantial head start on developing a 3-dimensional exploration model for these targets. We look forward to advancing El Chunibas while we continue to evaluate additional strategic acquisition opportunities in the area."
San Marco understands that several exploration initiatives took place in the El Chunibas area over the past several decades, including the drilling of a series of shallow Reverse Circulation holes in the mid-1980s. Significant oxide gold results from this pre-NI 43-101(i) drill program include:
-- 1.09 g/t gold over 19.8 meters and 2.04 g/t gold over 22.9 meters (two intercepts from a single hole) ; and -- 4.6 g/t gold over 9.1 meters from a second hole; and, as previously reported: -- 1.04 g/t gold over 42.6 metres including 1.25 g/t gold over 30.4 metres; and -- 1.0 g/t gold over 13.7 metres (which hole appears to have tested less than 50% of the shear width).
As previously reported, local small-scale mining activity has been ongoing in the vicinity since at least the 1980s. According to historic reports reviewed by the Company(i), approximately 6,100 tonnes of mineralized material from three open pits in the El Chunibas area were processed at a local Sonora State government-operated mill between 1984 and 1987, which material averaged approximately 4.0 g/t gold and 20 g/t silver. A description of the geological setting of the area is provided in the Company's news release of December 16, 2014.
About San Marco
San Marco Resources Inc. is a Canadian mineral exploration company with a portfolio of three promising properties in mining-friendly Mexico, including the Cuatro de Mayo Project in Sonora State and the recently acquired El Chunibas area concession. The Company maintains a strategic project generation program focused on high-calibre, low-opportunity cost projects in the Cuatro de Mayo District. San Marco has a committed management team with extensive experience in Mexico and a proven track record of building shareholder value.
National Instrument 43-101 Disclosure
Aside from the historic technical information addressed below, the technical information contained in this document has been verified, and the disclosure of such technical information in 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.
(i) This document includes technical information that was generated prior to the introduction of NI 43-101 and included in internal reports of previous workers in the Santa Fe and El Chunibas area, including drill summaries and small scale mine production tonnages and grades. Details of the sampling methods, handling, and quality control methods used in the generation of this historic technical data are unknown to San Marco, and the drill material, assay results, true width of intercepts and production values disclosed herein cannot be and have not been verified by the Company's Qualified Person for the purposes of NI 43-101. Therefore, this information should not be relied upon for investment purposes.
Information set forth in this document includes forward-looking statements, such as: the Company's intent to acquire additional exploration projects; and, the Company's intent to conduct exploration programs on the Cuatro de Mayo project. 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 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.
Contacts: San Marco Resources Inc. Robert Willis CEO 604-568-5951 or Cell: 604-813-2606 [email protected] San Marco Resources Inc. Barbara Henderson Investor Relations Officer and Corporate Secretary 604-568-5951 or Cell: 604-789-7689 [email protected] www.sanmarcocorp.com
SOURCE: San Marco Resources Inc.