San Marco Resources Provides 2013 Review and Updates 2014
Exploration Strategy
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 26, 2014) - San
Marco Resources Inc. (TSX-VENTURE:SMN) ("San Marco" or the
"Company") is pleased to provide a review of the significant
progress made in 2013 and update the strategic plans going forward
into 2014. The Company's property portfolio comprises of three
active projects in Mexico that potentially host significant
mineralized systems. During 2013, two of these projects, La Buena
and Angeles, were comprehensively explored and drilled with all
expenditures covered by Exeter Resources Corporation ("Exeter" or
the "Optionee") as per JV agreements signed in March 2013 (See News
Releases: March 4, 2013).
Robert D. Willis,
CEO comments; "We believe there is significant value unlocked as a
result of exploration activities during our tenure with Exeter as
JV partner and feel we are well positioned to build on the work
completed to date. Following a series of geological, geochemical
and geophysical programs, the technical and management teams
analyzed layers of data to identify and recommend a series of
compelling drill targets that produced encouraging results. This
systematic and methodical approach has defined geological models
that continue to support the potential of each project. We are
pleased to provide the following highlights:"
La Buena:
During 2013,
approximately $1.4 million was expended on the 100% owned property,
and included the following programs:
- HQ core drilling (just under 2,000 metres in four holes)
- Geological mapping completed in the Julia zone and preliminary
mapping at the Las Crucitas zone
- IP Geophysical Survey consisting of 35 line km on a 400 metre x
100 meter grid
- Gravity Survey consisting of 13 lines spaced 200 metres apart
with lengths between 11.2 and 1.6 kms.
The Phase I Drill
Program at La Buena comprised just under 2,000 meters over four
drill holes. The first two holes were drilled in the Julia zone,
where geology, geochemistry and geophysics identified highly
prospective targets. An intense IP chargeability high coincident
with widespread low grade gold exposed over 125 metres in Trench 14
was the focus of initial drilling. The holes were designed to
intersect highly altered calcareous siltstone / sandstone Caracol
Formation known to host several mineral deposits in the area
including the nearby Penasquito mine. Drill hole LBD 13-02 produced
promising results (See Press Release December 3, 2013), the
mineralization being consistent with surface trenching.
A gravity survey was
also recommended to augment the data set. Since approximately half
of the property is overlain by alluvium, the gravity survey is a
useful tool in identifying important indicators associated with
stockwork, breccia pipe, disseminated and skarn mineralizing
systems. Results outlined several additional targets where gravity
lows were coincidental to or adjacent to chargeability highs around
the Julia zone and at the Las Crucitas zone, 4 km to the east.
The third and fourth
holes drilled in late Q4 2013, tested two of these targets. LBD
13-03 located just south of the Julia zone ridge, was terminated at
340m and appears to have been stopped short of an intense I.P.
chargeability high. The hole has been cased to allow for the
possibility of deepening this hole at a later date. LBD 13-04,
collared approximately 200m to the west of LBD13-02, was targeting
a gravity low which was interpreted as a possible diatreme. Drilled
to a depth of 270 metres, it appears the gravity low is related to
a north-south fault system with minimal mineralization.
All drill targets in
the Las Crucitas zone to the east, the San Lucas zone to the north
and additional targets around the Julia zone have yet to be
drilled.
Exeter has advised
San Marco that it will not be continuing to fund La Buena
exploration, and is therefore withdrawing from the Joint Venture.
The Company will begin to entertain site visits and data review by
other interested parties, which could lead to their funding of
ongoing exploration activities in 2014.
Angeles:
During 2013, $1
million was expended on the 100% optioned property and included the
following programs:
- HQ diamond drilling (2,900 meters in 15 holes.)
- Metallurgical work was conducted to test metal extraction and
recovery rates, with positive results.
- Preliminary geological mapping was conducted within the central
portion of the property on the L Bonanza, La Verde and La Bota
zones.
- Underground panel samples were collected indicating a
significant increase in gold grade compared to channel samples
taken over the same area of the Angeles structure.
The Phase 1 Drill
Program targeted two different zones of mineralization in 11 holes
on La Bonanza zone and in four holes on La Verde zone. The property
has been partially tested over 600 metres of strike and 300 metres
down dip primarily in the Bonanza zone which returned high gold and
silver mineralization in the Angeles structure. Highlights of
drilling include:
ID Hole |
FROM |
|
TO |
WIDTH |
Au |
Ag |
AuEq* |
Cu |
Pb |
Zn |
Pb-Zn |
|
|
|
|
|
|
|
|
|
|
|
Combined |
|
(meters) |
g/t |
(%) |
AD13-03 |
146.0 |
|
152.2 |
6.2 |
2.81 |
63.77 |
4.09 |
0.55 |
1.16 |
0.90 |
2.06 |
|
Including |
|
|
|
|
|
|
|
|
|
|
|
147.0 |
|
152.2 |
5.2 |
3.33 |
71.76 |
4.77 |
0.65 |
1.36 |
0.95 |
2.31 |
|
147.0 |
|
149.0 |
2 |
5.18 |
94.38 |
7.07 |
1.03 |
1.59 |
1.27 |
2.86 |
|
147.0 |
|
148.15 |
1.15 |
7.38 |
141.00 |
10.20 |
0.64 |
2.50 |
1.92 |
4.42 |
|
151.0 |
|
152.2 |
1.2 |
5.46 |
136.00 |
8.18 |
0.73 |
3.03 |
1.60 |
4.63 |
AD13-07 |
166.15 |
|
169.7 |
3.55 |
3.93 |
62.67 |
5.18 |
0.74 |
1.22 |
0.63 |
1.84 |
|
Including |
|
|
|
|
|
|
|
|
|
|
|
166.15 |
|
168.65 |
2.50 |
5.50 |
85.80 |
7.21 |
1.04 |
1.68 |
0.87 |
2.55 |
|
167.05 |
|
168.65 |
1.60 |
8.17 |
120.23 |
10.58 |
1.57 |
2.58 |
0.88 |
3.46 |
|
167.55 |
|
168.65 |
1.10 |
11.02 |
87.15 |
12.76 |
1.39 |
3.47 |
0.16 |
3.63 |
AD13-09 |
234.85 |
|
237.45 |
2.6 |
7.00 |
24.06 |
7.48 |
0.93 |
1.05 |
0.92 |
1.96 |
|
Including |
|
|
|
|
|
|
|
|
|
|
|
235.3 |
|
236.85 |
1.55 |
10.87 |
19.82 |
11.27 |
0.88 |
1.36 |
1.16 |
2.51 |
* A silver to gold ratio of 50:1 was used for AuEq
calculations |
The Bonanza Zone
mineralization remains open in all directions. In the La Verde
zone, low gold values were found and it is interpreted that the
mineralized zone is located in the upper part of the epithermal
gold system. The Company believes there is significant potential to
expand the volume of mineralization, since large drill hole
step-outs have shown excellent continuity of mineralization on
strike and down dip.
Based on market
conditions Exeter Resources Corp elected to withdraw from the
option agreement (see News Release: December 3, 2013.) The Company
i has been entertaining site visits and data review by other
interested parties, which could lead to their funding of ongoing
exploration activities.
Los Carlos:
Los Carlos is a
project that the Company continues to regard as having significant
potential based on its location in the prolific Sonora Mojave
Megashear. The Mojave Megashear hosts over 50 gold occurrences
including operating gold mines, development projects and highly
prospective early stage properties.
During 2012 and
2013, four zones of mineralization were located, based primarily on
the occurrence of old "gambusino workings". These occurrences
define two northwesterly trending corridors (one of which can be
traced intermittently for about 5 km along strike) and are open in
all directions. These presently known occurrences all have the
attributes of low grade, bulk tonnage gold deposits found elsewhere
in this highly mineralized belt. Early reconnaissance work and
sampling has indicated that all the low angle shear/fault zones are
mineralized with gold grades ranging from 0.5g/t - 18g/t gold, and
are highly fractured and oxidized. As well, Satellite Imagery has
identified over 150 old workings, pits, shafts over 5 km of strike,
which will be the focus of mapping and sampling and trenching to
follow once the 2014 exploration work gets underway.
The 100% owned,
15,635 ha, Los Carlos property provides the Company with an
outstanding opportunity to add significant value by completing a
quick and inexpensive exploration program.
Alwin Mine, BC:
While these three
projects in Mexico remain a priority for the Company, the Alwin
Mine property in BC remains an interesting prospect. The property
is a past, small high grade copper mine. The property adjoins
Teck's large Highland Valley land holding and is located within 3
km to the west of the Valley Copper open pit and may well be a
westerly extension of this very valuable deposit. Alwin is
considered an advanced stage exploration project, where a detailed
exploration and production report can be found on the Company's
website. The Company is entertaining business proposals for Alwin,
since this is a non-core asset.
The technical
information contained in this press release has been verified, and
this news release has been approved, by San Marco's CEO, 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.
About San Marco:
San Marco Resources
Inc. is a Canadian mineral exploration company aggressively
pursuing three promising projects in mining-friendly Mexico. San
Marco is currently focused on its Angeles and Los Carlos
properties, both located in the prolific Sonora Megashear, as well
as La Buena 8 km north of Penasqutio, Mexicos largest open pit gold
mine. San Marco has a committed management team with extensive
experience in Mexico and a proven track record of building
shareholder value.
This news
release contains "forward-looking information" and "forward-looking
statements" (together, the "forward-looking statements"), which are
not historical facts are forward-looking statements that involve
risks, uncertainties and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. Factors that could cause such
differences, without limiting the generality of the following,
include: risks inherent in exploration activities; volatility and
sensitivity to market prices; volatility and sensitivity to capital
market fluctuations; the impact of exploration competition; the
ability to raise funds through private or public equity financings;
imprecision in resource and reserve estimates; environmental and
safety risks including increased regulatory burdens; unexpected
geological or hydrological conditions; changes in government
regulations and policies, including trade laws and policies;
failure to obtain necessary permits and approvals from government
authorities; weather and other natural phenomena; and other
exploration, development, operating, financial market and
regulatory risks. These forward-looking statements are made as of
the date of this news release. San Marco Resources Inc. disclaims
any intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Neither the TSX
Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
San Marco Resources Inc.Robert D. WillisCEO604-568-5951 or
604-813-2606rwillis@sanmarcocorp.comSan Marco Resources Inc.Sophie
TaylorCorporate Communications604-568-5951 or
604-219-7976staylor@sanmarcocorp.com
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