Vancouver, B.C. - April 17, 2013: San Marco Resources Inc. (SMN: TSX-V) has commenced a Phase I diamond drilling program on its Angeles property in northern Sonora state, Mexico.
The 2013 Phase I program includes a minimum of 2,500 meters of HQ core drilling, focusing on the La Bonanza and La Verde zones, 2 of the primary targets identified by a combination of geological, geochemical and geophysical data gathered and compiled by Company geologists. Early indications suggest that mineralization at Angeles is related to an epithermal, detachment fault type geological environment, which is similar to numerous deposits located in the southern US, including New Gold’s Mesquite mine, which hosts 5.6 million ounces gold (M&I Resources).
The Angeles exploration is being funded by Exeter Resource Corporation (TSX: XRC; NYSE-MKT: XRA; Frankfurt: EXB), which has an initial option to earn a 51% interest in Angeles by funding $10 million in exploration expenditures over 4 years, and where San Marco, as operator, will complete $1M of firm commitment exploration expenditures in 2013, including at least 2,500 meters of drilling (News Release dated March 4, 2013). Drill hole intercepts with assay results will be disclosed upon geological analysis of several drill holes in each of the target zones.
The Company acquired an option to purchase 100% interest in Angeles in mid-2012, and subsequently completed surface rock chip and soil sampling, trenching, a magnetometer survey and detailed geological mapping. In addition to discovering some 100 year old underground workings, (sample results discussed in News Releases dated October 11, 2012, November 27, 2012 and January 15, 2013), several sub parallel shear and fault structures were identified over a 3 km strike length, and having widths ranging from 1 - 16 meters. Identified structures are mineralized, with a variety of potentially economic values of gold, silver, copper, lead and zinc occurring in hematite rich, hydrothermal breccia’s and silicified meta-sediments, associated with regional NW structural features. Petrographic studies indicate at least 5 brecciating, quartz veining, faulting and silicification events, of which 3 appear to be associated with mineral deposition. Overprinting of these mineralizing sequences, coupled with the intense regional faulting, has created a structural and geological environment conducive to host mineralization.
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:
V.P. Corporate Development
Robert D. Willis
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.
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