VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 13, 2016) - San Marco Resources Inc. (TSX VENTURE:SMN) ("San Marco" or the "Company") announces the staking of the first three new concessions in Sonora State, Mexico, to protect target areas generated as part of the GlobeTrotters Resource Group Inc. ("GlobeTrotters") / San Marco partnership (the "GSM Partnership", see the San Marco News Release of May 5th 2016 for further details).
Three separate mineral concessions totalling 25,967 hectares have been staked to protect new target areas with favourable characteristics based on remote sensing, known favourable geology and regional structural framework permissiveness for economic mineralization as defined by GSM Partnership parameters. All three concessions are presently undergoing initial field evaluations by San Marco geologists. It is worth noting that several smaller internal concessions within the staked areas could result in the reported concession size being slightly reduced. Details on each concession area are as follows:
La Caridad Este (9040 hectares appl.) covers a large hydrothermal alteration zone occurring along a major east-west trending structural lineament which also appears to intersect the 1.5 billion tonne La Caridad open-pit porphyry Cu-Mo deposit operated by Groupo Mexico located 27 kilometres to the west. A first pass assessment of the property has outlined a large hydrothermal alteration zone associated with a highly altered porphyritic andesite. Initial field investigations indicate the presence of an argillic altered and oxidized lithocap with indications of Cu-oxide mineralization. Lithocaps commonly overlie fully preserved porphyry systems so these preliminary results are encouraging, but more work is required to evaluate the full potential of this large property. The next stage of field work will include geological mapping, stream sediment and rock chip sampling, as well as PIMA spectral analysis of alteration minerals.
Aqua Zarca (4309 hectares appl.) located in northern Sonora, and is underlain by Cretaceous clastic and volcanic rocks. Regional field studies by the SGM (Servicio Geologico Mexicano) have shown highly anomalous gold values from stream sediment sampling in watercourses draining the property area. Reconnaissance field work has outlined an Fe-oxide filled crackle breccia within locally silicified, argillic altered sandstones. Preliminary results look encouraging but more work is required to evaluate the potential of this property to host a mineralized epithermal Au-Ag system.
La Pitahaya (12,618 hectares appl.) located in northeastern Sonora, was staked to cover a large GSM Partnership derived hydrothermal alteration target associated with Cretaceous volcanic rocks overlying Proterozoic gneisses and Cretaceous limestone, all cut by younger suite of intrusive rocks. The presence of hydrothermally altered volcanic rocks in close proximity to a major fault-controlled uplifted block of basement gneisses in a continental arc geological setting is considered an excellent geological environment for the emplacement of porphyry and related epithermal systems.
The Company has also staked four new concessions that were made available under the Mexican government's "Libertad" system. The Libertad system is a lottery that allows competing parties to make multiple applications, each with a separate fee, for a given concession area. Government authorities then perform a draw to randomly choose the winning application for a given area. San Marco will disclose the details of any concessions it gains through this process once it has been notified of the results of the lotteries. In parallel to field evaluation of newly staked concessions and Libertad opportunities, discussions are ongoing with concession owners where high priority targets are currently situated on previously staked ground.
San Marco's CEO, Bob Willis stated; "We're extremely pleased with the early results of the GSM Partnership's targeting efforts. As we hoped, application of these techniques generated numerous new targets throughout the states of Sonora, allowing us to quickly focus on the highest potential areas. Interestingly, some of these areas appear to be lightly explored or even unexplored, though some lie in close proximity to well-known major deposits. Early results have increased our confidence that this method will allow us to rapidly prioritize new projects with cost effective reconnaissance techniques.
"This process should result in the application for a large number of concessions in coming months. Most of these won't meet our strict guidelines for advancement after cursory field examinations. This is an expected outcome. San Marco fully expects the process will result in a large but manageable set of concessions with high potential targets available for advancement by San Marco or partner companies. Management views this as an excellent way to maximize shareholder value and is pleased with the rapid progress to date. We will update shareholders regularly as new target areas are added and results of initial fieldwork are obtained. Work on existing projects outside the GSM Partnership also continues and will be reported on in the near future."
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 & Mariana Projects in Sonora State.
San Marco actively pursues a strategic project generation program focused on high-calibre, 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.
On behalf of the Board of Directors,
Robert Willis, P. Eng.
President & CEO
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.
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.