Welcome!

News Feed Item

San Marco Resources Provides 2013 Review and Updates 2014 Exploration Strategy

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/26/14 -- 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

                --------------------------------------------------------
                              (meters)                      g/t
------------------------------------------------------------------------
AD13-03                146.0       152.2        6.2      2.81      63.77
                --------------------------------------------------------
                   Including
                --------------------------------------------------------
                       147.0       152.2        5.2      3.33      71.76
                --------------------------------------------------------
                       147.0       149.0          2      5.18      94.38
                --------------------------------------------------------
                       147.0      148.15       1.15      7.38     141.00
                --------------------------------------------------------
                       151.0       152.2        1.2      5.46     136.00
------------------------------------------------------------------------
AD13-07               166.15       169.7       3.55      3.93      62.67
                --------------------------------------------------------
                   Including
                --------------------------------------------------------
                      166.15      168.65       2.50      5.50      85.80
                --------------------------------------------------------
                      167.05      168.65       1.60      8.17     120.23
                --------------------------------------------------------
                      167.55      168.65       1.10     11.02      87.15
------------------------------------------------------------------------
AD13-09               234.85      237.45        2.6      7.00      24.06
                --------------------------------------------------------
                   Including
                --------------------------------------------------------
                       235.3      236.85       1.55     10.87      19.82
------------------------------------------------------------------------

-----------------------------------------------------------------------
ID Hole             AuEq(i)         Cu         Pb         Zn      Pb-Zn
                                                               Combined
                -------------------------------------------------------
                    g/t                         (%)
-----------------------------------------------------------------------
AD13-03                4.09       0.55       1.16       0.90       2.06
                -------------------------------------------------------

                -------------------------------------------------------
                       4.77       0.65       1.36       0.95       2.31
                -------------------------------------------------------
                       7.07       1.03       1.59       1.27       2.86
                -------------------------------------------------------
                      10.20       0.64       2.50       1.92       4.42
                -------------------------------------------------------
                       8.18       0.73       3.03       1.60       4.63
-----------------------------------------------------------------------
AD13-07                5.18       0.74       1.22       0.63       1.84
                -------------------------------------------------------

                -------------------------------------------------------
                       7.21       1.04       1.68       0.87       2.55
                -------------------------------------------------------
                      10.58       1.57       2.58       0.88       3.46
                -------------------------------------------------------
                      12.76       1.39       3.47       0.16       3.63
-----------------------------------------------------------------------
AD13-09                7.48       0.93       1.05       0.92       1.96
                -------------------------------------------------------

                -------------------------------------------------------
                      11.27       0.88       1.36       1.16       2.51
-----------------------------------------------------------------------
(i) 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single-threaded, you can effectively identify hot spots in your serverless code. In his session at @DevOpsSummit at 21st Cloud Expo, Dave Martin, Product owner at CA Technologies, will give a live demonstration and code walkthrough, showing how ...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Cloud adoption is often driven by a desire to increase efficiency, boost agility and save money. All too often, however, the reality involves unpredictable cost spikes and lack of oversight due to resource limitations. In his session at 20th Cloud Expo, Joe Kinsella, CTO and Founder of CloudHealth Technologies, tackled the question: “How do you build a fully optimized cloud?” He will examine: Why TCO is critical to achieving cloud success – and why attendees should be thinking holistically ab...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
As more and more companies are making the shift from on-premises to public cloud, the standard approach to DevOps is evolving. From encryption, compliance and regulations like GDPR, security in the cloud has become a hot topic. Many DevOps-focused companies have hired dedicated staff to fulfill these requirements, often creating further siloes, complexity and cost. This session aims to highlight existing DevOps cultural approaches, tooling and how security can be wrapped in every facet of the bu...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, will introduce two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a...
yperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let’s say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it....
SYS-CON Events announced today that Calligo has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo is an innovative cloud service provider offering mid-sized companies the highest levels of data privacy. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalized support service from its globally located cloud platform...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Launched in 2016, Cloudistics helps anyone bring the power of the cloud to the data center in an easy-to-use, on- premises cloud platform that automatically provides high performance resources for all types of applications: Docke...
With Cloud Foundry you can easily deploy and use apps utilizing websocket technology, but not everybody realizes that scaling them out is not that trivial. In his session at 21st Cloud Expo, Roman Swoszowski, CTO and VP, Cloud Foundry Services, at Grape Up, will show you an example of how to deal with this issue. He will demonstrate a cloud-native Spring Boot app running in Cloud Foundry and communicating with clients over websocket protocol that can be easily scaled horizontally and coordinate...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...