Yearly Archives

2013

San Marco Signs Two Significant Exploration Deals with Exeter

By | 2013

Vancouver, B.C. – March 4, 2013: San Marco Resources Inc. (SMN: TSX-V) has granted two options to Exeter Resource Corporation (TSX: XRC; NYSE-MKT: XRA; Frankfurt: EXB) to acquire interests in each of the Company’s La Buena and Angeles properties in Mexico. Should Exeter earn fully into each option, total exploration funding by Exeter would be $15M for La Buena and $20M for Angeles, including $2.4M of committed expenditures and $250,000 cash payments primarily during 2013. All expenditures and cash payments can be accelerated at any time at Exeter’s election. Details of the business arrangements are as follows:

LA BUENA

$15M of exploration funding and $650,000 in cash payments over 5 years to earn 60% interest:

  • $1.4M of exploration funding, plus $150,000 cash payment are firm commitments by March 1, 2014. Year 1 exploration must include 2,500 meters of drilling;
  • By March 1, 2015 additional $1.6M in expenditures plus $150,000 cash payment;
  • By March 1, 2016 additional $2.7M in expenditures plus $100,000 cash payment;
  • By March 1, 2017 additional $3.5 in expenditures plus $100,000 cash payment;
  • By March 1, 2018 additional $5.8M in expenditures plus $150,000 cash payment;
  • 60% earn-in must include a preliminary economic assessment as defined by NI43-101 standards;
  • San Marco to operate until $6M of exploration expenditures completed;
  • All cash payments to be by way of private placement purchase by Exeter of San Marco’s common shares at a 25% premium to the market price at the time the payment is due.

ANGELES

$10M of exploration funding and $500,000 in cash payments over 4 years to earn 51%, and an additional $10M of exploration expenditures and $450,000 in cash payments over the following 3 years to earn an additional 19% for a total 70% interest:

  • $1M of exploration funding and $100,000 cash payment are firm commitments by December 31, 2013. Year 1 exploration includes 2,500 meters of drilling;
  • By December 31, 2014 additional $1.5M in expenditures plus $100,000 cash payment;
  • By December 31, 2015 additional $3M in expenditures plus $150,000 cash payment;
  • By December 31, 2016 additional $4.5M in expenditures plus $150,000 cash payment;
  • From January 1, 2017 to March 31, 2020, additional $10M in exploration expenditures plus $450,000 cash payments;
  • 70% earn-in must include a preliminary economic assessment or preliminary feasibility study as defined by NI43-101 standards.
  • San Marco to operate until the 51% earn-in;
  • All cash payments to be by way of private placement purchase by Exeter of San Marco’s common shares at a 25% premium to the market price at the time the payment is due.

The Company’s CEO, Bob Willis stated “The partnerships announced today with Exeter, will not only solidify exploration funds for Angeles and La Buena, but allow San Marco’s exploration team to continue pursuit of additional high quality properties in Mexico. With Exeter’s proven track record of exploration, discovery and development success, we look forward to our teams working closely together, with a focus on discovery opportunities at La Buena and Angeles.”

Co-Chairman of Exeter Resource Corp, Bryce Roxburgh states “Our exploration team has spent 10 months reviewing mineral opportunities in jurisdictions where both the investment climate and the geological prospectivity are favourable. The Angeles and La Buena projects met both criteria and we are excited to work with San Marco to test these exploration properties.”

Preparation for drilling at Angeles is currently underway with start-up expected in March. Exploration work continues at La Buena, in preparation for a major I.P. program which will be conducted over the pediment, south, east and west of the primary “Julia Zone” drill target. Upon completion and analysis of the results, the 2013 drill program will commence.

CORPORATE UPDATE

We will be holding a conference call today at 10:00 am PDT/1:00 pm EDT with San Marco’s CEO Bob Willis and Chair Tookie Angus for a Corporate update and take any questions you may have. Details of this call are as follows:

  • Dial-in numbers: 1-877-385-4099 (Toll Free) or 604-899-2339 in Vancouver
  • Access Code: 318 2890 #
  • *6 will mute/un-mute your line

For further information, contact:

Rick Peterson
V.P. Corporate Development
604-568-5951
604-868-3164
rick@rickpeterson.ca

Robert D. Willis
CEO
604-568-5951
604-813-2606
rwillis@sanmarcocorp.com

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 Appoints V.P. Corporate Development

By | 2013

Vancouver, B.C. – February 8, 2013: San Marco Resources Inc. (SMN: TSX-V) is pleased to announce the appointment of Rick Peterson as V.P. Corporate Development.

In connection with this appointment, the Company has granted a stock option to purchase 100,000 common shares at $0.13 per share for a period of 5 years.

For further information, contact:

Rick Peterson
V.P. Corporate Development
604-568-5951
604-868-3164
rick@rickpeterson.ca

Robert D. Willis
CEO
604-568-5951
604-813-2606
rwillis@sanmarcocorp.com

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 Samples 10.10 g/t Gold and 65.5 g/t Silver at Angeles

By | 2013

Vancouver, B.C. – January 28, 2013: San Marco Resources Inc. (SMN: TSX-V) reports additional results from surface and underground sampling at the Angeles property, Sonora State, Mexico.

Robert Willis, the Company’s CEO, stated: “Ongoing exploration continues to support our theory that the Angeles property hosts a multitude of mineralized structures. In addition, interesting metal values also exist in the metasediments between fault/shear zones. Significant geophysical anomalies covered by alluvium, to the east and west, will need to be tested by drilling. San Marco’s Phase 1 drill program is expected to commence in the first quarter.”

Four mineralized structures have now been mapped and sampled over a total strike length of 2.5 km. Localized zones of good surface exposure over various sections of these structures have been named Tompiate, Bonanza, La Verde and La Bota (on the same structure), and Structure #4 (see map on the Company’s website). All samples are chip/channels, have a minimum length of 1 meter, and range up to 2.2 meters. Highlights of these results are:

La Verde/La Bota Zones (1000 meters of strike and open)

g/t Gold g/t Silver % Copper % Combined Lead/Zinc
6.68 97.3
5.47 81.7 0.34
3.06 131.0 0.70 1.01
1.41 23.7 0.10
10.10 65.5 0.13 0.71
2.73 9.4 0.27

Structure #4 (100 meters of strike and open)

g/t Gold g/t Silver % Copper % Combined Lead/Zinc
11.50 17.1
3.04 9.1

Bonanza Zone (200 meters of strike and open)

g/t Gold g/t Silver % Copper % Combined Lead/Zinc
2.33 1.9
5.52 39.1
1.69 51.5 0.26 1.33

Mapping and sampling of the newly discovered Bonanza tunnel, indicates that only a small section of the main massive hematite structure remains available for sampling. The workings have collapsed beyond this point. These workings appear to be about 30 meters below the surface Bonanza samples, referred to above. Two panel samples (approximately 45 kg each) of the previously mined mineralized structure, assayed:

Bonanza Zone (underground)

g/t Gold g/t Silver % Copper % Combined Lead/Zinc
4.29 22.4 0.71 2.69
3.61 28.4 0.43 2.09

Panel samples of the footwall shear zone and hanging wall breccia flanking the Bonanza main structure, assayed:

g/t Gold g/t Silver % Copper % Combined Lead/Zinc
Hanging wall 1.13 10.7 0.18 1.96
Footwall breccia 0.57 20.2 0.51 6.49
Footwall breccia 0.64 15.0 0.33 2.56

Width of these zones is unknown, since previous mining only extracted the main mineralized hematite structure.

Tompiate zone results were previously reported in the Company’s News Release dated October 11th, 2012.

Old workings have been discovered approximately 800 meters to the west of the La Bota Zone. A grab sample from dumps assayed, 0.26 g/t gold; 174 g/t silver and 1.92% copper. The Phase 1 drill hole plan is being finalized, with field work expected to commence in March.

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.

For further information, contact:

Rick Peterson
Corporate Finance Consultant
604-913-9419
604-868-3164
CAN (Toll Free) 1-888-888-9122
USA (Toll Free) 1-888-888-9123
rick@rickpeterson.ca

Robert D. Willis
CEO
604-568-5951
604-813-2606
rwillis@sanmarcocorp.com

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 Samples 11.2 g/t Gold; 54.8 g/t Silver; 1.98% Copper and 4.21% Lead/Zinc at Angeles

By | 2013

Vancouver, B.C. – January 15, 2013: San Marco Resources Inc. (SMN: TSX-V) has received the preliminary results of a petrographic study completed on a large 1 meter x 2.5 meter panel sample taken from the old Tompiate underground workings (100 meters below surface) on the Angeles property in Sonora State, Mexico.

As reported in News Release dated November 27th, 2012, a channel sample was taken across a 1 meter wide massive hematite structure in the old underground workings and assay results were:

  • 5.92 g/t gold; 59.0 g/t silver; 1.34% copper and 5.43% combined lead/zinc

The panel sample, taken from the same location as the above channel sample, was sent to Laboratorio Technologico Metalurgico, a private lab in Hermosillo, Mexico, and was prepared for initial petrographic studies. The primary purpose of this study was to try to identify minerals of economic interest, since only copper, lead and zinc oxide minerals are recognizable in hand samples from underground or on surface. A representative cut of this sample was sent to ALS Chemex for assaying and results are:

  • 11.20 g/t gold; 54.8 g/t silver; 1.98% copper and 4.21% combined lead/zinc

Early mineralogical results indicate native gold exists as very fine particles (free and associated with tiny quartz crystals), also copper (chalcopyrite and copper oxides chrysocolla and malachite), lead (galena and Pb oxide wulfenite) and zinc (sphalerite and Zn oxide smithsonite).

The Company’s Chief Executive Officer, Robert Willis noted: “We find it very interesting to recognize relative higher grades in larger samples. Even though the gold appears to be very fine, a larger sample size may be more representative of in situ metal values.”

The Company’s geologists have discovered a second adit that appears to access the Angeles structure, which is sub-parallel to, and approximately 50 meters south of the Tompiate structure. Sampling of the mineralized structure and footwall breccia is complete and assay results are expected to be reported within 2 weeks. Mineralization appears to be very similar to that observed in the Tompiate underground workings, as well as surface exposures.

Sampling of several addition structures elsewhere on the property is complete, assays are pending.

Of particular interest is an area of highly oxidized hematitic schists approximately 50 meters in width, located between the Tompiate and the Angeles structures. Initial sampling indicates gold grades in the range of 0.3 – 0.8 g/t. Further surface exploration, as well as Phase I drilling, will test these zones.

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.

For further information, contact:

Rick Peterson
Corporate Finance Consultant
604-913-9419
604-868-3164
CAN (Toll Free) 1-888-888-9122
USA (Toll Free) 1-888-888-9123
rick@rickpeterson.ca

Robert D. Willis
CEO
604-568-5951
604-813-2606
rwillis@sanmarcocorp.com

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

La Buena Property Option Terminated by Patriot Minefinders

By | 2013

Vancouver, B.C. – January 3, 2013: San Marco Resources Inc. (SMN: TSX-V) has received notification from Patriot Minefinders Inc. that they will not be proceeding with the La Buena property option. This option, as disclosed in the Company’s news release dated February 29th 2012, has thus terminated.

San Marco’s field geological crews will mobilize to the La Buena property approximately January 15th to finalize additional detailed surface work in preparation for Phase I drilling.

About San Marco Resources Inc.

San Marco Resources Inc. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of precious metal properties in Mexico. San Marco is currently focused on its Angeles, La Buena and Los Carlos properties, all of which are either drill ready or in preparation for drilling in the near future. San Marco has a committed management team with extensive experience in Mexico and a proven track record of building shareholder value.

For further information, contact:

Rick Peterson
Corporate Finance Consultant
604-913-9419
604-868-3164
CAN (Toll Free) 1-888-888-9122
USA (Toll Free) 1-888-888-9123
rick@rickpeterson.ca

Robert D. Willis
CEO
604-568-5951
604-813-2606
rwillis@sanmarcocorp.com

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.