VANCOUVER, BRITISH COLUMBIA, May 06, 2015 (Marketwired via COMTEX) — San Marco Resources Inc. (SMN) ("San Marco" or "the Company") announces its recent field exploration program at the 100% owned Cuatro de Mayo Project in Sonora, Mexico resulted in the expansion of three previously-identified targets (Chunibas, Valle and Oregano) and the identification of two new targets (Tabacote and Chinos).
San Marco's geologists spent approximately 3 weeks during March mapping, rock- and soil- sampling, and conducting reconnaissance exploration at a number of sites in the Cuatro de Mayo project (described below). Follow-up field work is currently underway.
Summary of the March 2015 Field Program:
Chunibas is a vein target hosted in intrusive rocks that intrude tuff agglomerate. There are several sub-vertical main veins on the property and numerous high-grade iron-oxide shear zones that have been mined by local miners.
Limited historical RC drilling has been conducted at Chunibas, which indicated the presence of mineralization in the intrusive host rock. Modest open cut mining of the oxide zones of some of the veins occurred several years ago.
-- Five gold-bearing veins (two of which are newly discovered) identified over a mineralized corridor that is approximately 800m long and 700m wide. -- Soil sampling completed south of the known vein traces indicates gold enrichment may extend further to the south. -- Veins are generally 1-2m wide, and rock chip and channel samples of the veins collected by the Company and previous property owners typically assay between 3 and 18 g/t gold. Highlights include: -- 16.7 g/t gold from the Santa Rosa vein -- 15.5 g/t gold from the Santa Fe vein -- 18.4 g/t gold from the Argentina vein -- 6.6 g/t gold from the newly discovered Gusima-1 vein, and -- 7.6 g/t gold from the newly discovered Western vein. -- Importantly, a continuous rock chip sample of the Santa Fe vein hanging wall rock returned 3.8 g/t gold over 10 meters.
Follow-up work will include additional rock sampling of the Gusima and Western veins, soil sampling south of the main target area to trace potential extensions of the vein system, and vein wall rock sampling where outcrop exists.
Oregano is a low sulphidation high level vein target. There was no previous mining or drilling on this property.
-- Three low sulphidation veins (two of which are newly discovered) were identified over an area approximately 3km long and 450m wide. -- Typical low sulphidation textures such as bladed quartz after calcite, crustiform, banded, quartz and coxcomb textures were observed. -- Elevated mercury and antimony indicate that the upper level of veins are exposed at surface.
Follow-up work will include mapping and additional sampling of the known veins, and soil sampling across extensions of the newly discovered two veins.
Valle is a stack of shallow dipping sub-parallel shear zones and dikes hosted in tuff agglomerate. There was no previous mining or drilling on this property.
-- New geochemical data led to reinterpretation of the previous geological model. -- New model suggests that the Valle Target consists of multiple sub- parallel mineralized shear zones that are currently traced for over 500m and that the mineralized zone is at least 300m wide. -- Mineralization appears to be fine gold hosted in 100% oxidized rocks. -- Mineralized zone dips at around 30 degrees and it is a drill-ready target.
Follow-up work will include soil sampling with a focus on extending the presently known zone along its strike and identifying additional sub-parallel mineralizes shears.
Tabacote is a high sulphidation (high level) system that has no history of previous mining or drilling.
-- It is a newly discovered target approximately 500m x 500m (open in all directions) consisting of mineralization that is indicative of the upper levels of a high sulphidation epithermal system. -- Anomalous silver, lead, antimony and tellurium is hosted in highly siliceous, vuggy silica altered and oxidized dacite and dacitic tuff. -- Follow-up field work will include mapping, rock and soil sampling of the anomalous target area as well as collecting samples for petrography and PIMA alteration studies.
Chinos is a high sulphidation system that has no history of previous mining or drilling.
-- It is a newly discovered, potential high sulfidation epithermal target traced along strike for approximately 200m (open in all directions). -- Anomalous gold is hosted in vuggy silica dacite tuffs at the contact with overlying rhyolites.
Follow-up work will include additional sampling, mapping, and PIMA testing of the target area
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
The technical information contained in this document has been verified, and 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.
The samples discussed in this document were prepared for assay at ALS Chemex Lab in Mexico and assayed at their facility in Vancouver, BC. A 30 gram split is analyzed for gold, using the Au-AA23 method. Sample results greater than 10 ppm are re-assayed, using AA23 fire assay and gravimetric finish. For silver, copper, lead and zinc, a multi-element, four acid digestion (ME — ICP 61) method is used. For initial assays of silver greater than 100 ppm, copper, lead and zinc greater than 10,000 ppm (over limits), the OG62 method is used for re-analysis. San Marco's sample collection, integrity, and quality control and assurance procedures are in line with industry best practices and comply with National Instrument 43-101 requirements.
Information set forth in this document includes forward-looking statements, such as: the nature of additional work that may be undertaken on the Cuatro de Mayo project; the potential size of the mineralized targets identified to date; and the potential mineral deposit type of the Cuatro de Mayo targets currently identified. 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.
Contacts: Robert Willis CEO Phone: 604-568-5951 Cell: 604-813-2606 [email protected] Barbara Henderson Investor Relations Officer and Corporate Secretary Phone: 604-568-5951 Cell: 604-789-7689 [email protected]
SOURCE: San Marco Resources Inc.