San Marco Resources Announces Drilling Has Commenced at the Chunibas Cu-Ag Project
TSX VENTURE: SMN
Vancouver, British Columbia--(Newsfile Corp. - November 6, 2018) - San Marco Resources Inc. (TSXV: SMN) ("San Marco" or the "Company") announces that diamond drilling has commenced at its 100% owned Chunibas copper-silver project, located in Sonora State, Mexico (the "Project"). San Marco and a wholly-owned subsidiary of Antofagasta plc ("Antofagasta") have entered into an earn-in agreement (the "agreement") to jointly explore and drill test several copper-silver rich mineralized targets. For further detailed information about the "Agreement", please see Company's news release dated August 9th, 2018.
The primary focus of this drilling will be to confirm the down-dip and along strike projections of high-grade copper-silver mineralization, as well as to test for the presence of additional mineralized mantos. The Company's recent exploration work, confirms the presence of various mineralized zones along strike and at different stratigraphic levels. This has reinforced our manto-type geological model and as a result, the drill program is designed to not only test the potential high-grade mantos, but the possibility of a significant large scale-size opportunity.
An initial 1,500 metres over 6 holes is scheduled with the possibility that additional drilling may be conducted, based on initial results.
San Marco CEO Christian Grijalva stated: "We're very pleased to announce the start of a maiden drilling program at our Chunibas property. Chunibas represents a typical volcanic-hosted copper-silver stratiform system which was previously unexplored. This kind of mineralization was also previously unknown to Mexico and represents a very unique exploration endeavour. The drilling campaign will target higher-grade areas to confirm down-dip and strike extensions."
- The Chunibas targets are several copper-silver bearing mantos hosted in volcanic rocks. Copper rich sulphides such as bornite, chalcocite, covellite and idaite predominate, and are locally replaced by copper oxides.
- Recent surface work included 38 rock chip samples, of which 26% assayed greater than 1% copper and 50% greater than 0.2% copper (see news release dated January 16, 2018).
- The manto type mineralization occurs along a "mineralized corridor of approximately 1.7 kilometres of strike and at least 300 metres of width.*
- Previous rock sampling has included grades up to 6.41% copper and 65.6 g/t silver (see news releases dated January 10 and January 16, 2018).
- The Project has excellent infrastructure and access.
- Surface access rights secured.
Mineralization is comprised of copper oxides and primary copper sulphides such as bornite, chalcocite, digenite, covellite and idaite. Mineralization is partially oxidized at surface, though still with significant sulphide content, and is expected to transition into sulphide-only mineralization down dip. All holes will be distributed along strike, angled at -70 and -75 degrees and will test 6 targets over 1.4 kilometres of the 1.7 kilometre known strike extension. Recent exploration results have indicated the mineralized corridor might include additional mineralized mantos.
* For related images, please visit the Chunibas Project on the Company's website.
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 Espiritu SMR, 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 issued and outstanding shares of 67,716,000.
On behalf of the Board of Directors,
Christian Grijalva, B.Sc.
Chief Executive Officer
For further information, contact:
Tel: (604) 646-1877
National Instrument 43-101 Disclosure
This news release has been approved by San Marco's Co-Chairman, Robert D. Willis, P. Eng. a "Qualified Person" as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has verified the data disclosed, including sampling, analytical and test data, underlying such technical information by reviewing the assay reports provided to San Marco by its independent testing laboratory.
San Marco has implemented quality assurance ("QA") and quality control ("QC") programs to ensure sampling and analysis of all exploration work is conducted in accordance with the best possible practices. All sampling programs are carried out in a careful and diligent manner using scientifically established sampling practices designed and tested to ensure that the results are representative and reliable. Quality control programs appropriate to the type of sample and the mineralization are implemented, including such measures as external blanks, standards and duplicate samples. The security of samples from sample acquisition to analysis is a vital component of the sampling process. Procedures include the use of secure core logging, sampling, storage and preparation facilities as appropriate and the prompt, secure and direct shipping of samples to the laboratories. Appropriate sample security procedures are employed given the geographic and topographic conditions and the logistics created by the site location.
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management's current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco's actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.