Vancouver, B.C., September 17, 2013: San Marco Resources Inc. (“San Marco” or “the Company”; SMN: TSX-V) is pleased to report that the first hole of the initial drill program at the La Buena project, Mexico, has commenced. This initial drill program is targeting the Julia zone at La Buena, which hosts a large scale, geophysical target, elevated rock geochemistry and prospective geology.
The La Buena property consists of an 8,500 hectare land package located in an active mining region within northern Zacatecas State, Mexico. The property is 5 km north of Goldcorp’s La Negra/Noche Buena deposit and 9 km north of its Peñasquito mine. The Julia zone has similar geological, geochemical and geophysical characteristics to other mineral deposits in the area, including Peñasquito and Camino Rojo.
A recently completed property wide 3D IP geophysics program conducted by SJ Geophysics has reconfirmed that the Julia zone is host to the strongest near surface IP chargeability anomaly identified to date. The survey covered an area of over 35 km2 on the La Buena property and outlined a series of potentially new areas of mineralization. The program successfully incorporated IP data from 2010 and 2011 with the new 3D IP data to develop a model that provides near surface resolution and additional information about the depth extent of the geophysical anomalies in the area. Work to date indicates that the Julia zone high chargeability anomaly is as close as 75 metres (“m”) to surface and extends beyond 400 m vertically. The zone is also associated with a series of intersecting structures, and coincident elevated surface geochemistry (gold, silver, base metals).
Two areas at the Julia zone have been identified for initial drill testing. The first drill hole is designed to test a coincident chargeability high, low resistivity feature situated within the central region of a higher resistive zone rimming a topographical high feature. The second drill hole planned will target intersecting structural lineaments broadly associated with high chargeability zones. In addition, magnetic data reveals the presence of an elevated magnetic anomaly which appears to surround the central chargeability high. Furthermore, the region to the east of the Julia zone has been identified as having potential for additional drill targets.
The Julia zone geophysics can be viewed by clicking here.
A location map of La Buena and the Julia zone can be viewed by clicking here.
The current 2,500 m drill program underway at La Buena is expected to be completed in Q4/13. Assay results are expected to be released following the completion of a series of drill holes. Exeter Resource Corp. (TSX: XRC; NYSE-MKT: XRA) has the option to earn 60% in the La Buena property from San Marco and has committed to first year expenditures of C$1.4 million, which includes the now completed property scale IP geophysics program and the 2,500 m of drilling that is currently underway. San Marco is responsible for conducting exploration activities. For agreement details, see the Company’s news release dated March 4, 2013.
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.
San Marco also announces that Rick Peterson’s role as Vice-President, Corporate Development, will end September 30, 2013 and in its place, Mr. Peterson will continue to provide advisory services to the Company. In consideration of the foregoing, the Company has extended his options to purchase an aggregate of 350,000 shares until September 30, 2014.
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, 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:
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.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.