VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 4, 2017) - San Marco Resources Inc. (TSX VENTURE:SMN) ("San Marco" or the "Company") announces it has commenced preparation for Phase One core drill program at its 100% owned Chunibas gold/silver project, located approximately 160 kilometres east of Hermosillo, Sonora State, Mexico.
- The Chunibas targets are a series of high-grade gold bearing veins hosted in intrusive rocks
- There are 5 main vein zones; Santa Rosa, Argentina, Santa Fe, Gusima, and Western, which comprise a "mineralized corridor" 750 metres wide and 1.5 kilometres long
- The Company's sampling of the one to two metre-wide structures has resulted in grades up to 46 g/t gold
- The Project enjoys excellent infrastructure and access
- Surface access rights secured
- Access road repair and drill pad construction is commencing
- Drilling expected to begin by the end of May
- Additional drilling maybe scheduled, based on initial results
The primary objectives of this drilling will be to confirm the presence of higher-grade mineralization within the discrete shear veins, as well as the presence of broad haloes of lower grade Au-Ag within adjacent, sericite - Fe carbonate altered wall rocks. Historical data has been incorporated with the Company's recent exploration work, resulting in field evidence that the north-south trending shear/vein structures coalesce in various zones along strike. This has reinforced the geological model that wider zones of gold mineralization, flanking the high-grade shear structures, some of which continue to be mined by local gambosinos (miners), where grades appear to be in the 15 g/t gold range, exist. *
An initial 4 core holes totalling approximately 500 metres is contemplated, two holes in the Santa Fe zone; one hole 400 metres along strike to the north in the Santa Rosa zone; and one hole a further 350 meters to the north in the Argentina zone. These holes are located in areas of old gambosino workings, as well as several historic reverse circulation drill holes. *
In addition, baseline metallurgical test work will also be completed, with the objective of determining precious metals recoveries as a function of degree of oxidation.
*See the Company's website for historic reverse circulation drill results
San Marco appoints Fernando J. Costa CFO
The Company also announces that Fernando J. Costa, CPA, CA has been appointed as the Company's new Chief Financial Officer.
Mr. Costa brings more than 20 years of professional experience in merger and acquisition transactions along with corporate finance, accounting and taxation matters. Mr. Costa earned his CPA, CA designation in 2001. Mr. Costa currently serves as an assurance partner in a large regional accounting firm located in Vancouver, British Columbia. He has significant experience in dealing with resource based public companies and has been involved in complex corporate finance transactions, mergers and acquisitions.
"We are extremely pleased to welcome Mr. Costa to San Marco's management team," said Bob Willis, CEO of the Company. "He brings an extensive amount of accounting and public company experience to San Marco which will assist the Company as it further develops its resource projects."
This appointment comes with the departure of Bernie Zacharias, who played an important role in the development of the Company and ensuring accurate reporting. Both the board and management team are very grateful for Mr. Zacharias' dedication to and hard work for the Company and wish him well on all his future endeavours.
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 and 1068 Projects in Sonora State.
San Marco actively pursues strategic project generation program focused on high-caliber, 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.
San Marco currently has 56,051,832 issued and outstanding shares.
