San Marco Resources Inc. (TSX VENTURE:SMN) ("San Marco" or the "Company") announces updated exploration results from the Company's generative exploration program in Sonora state, Mexico.
Several targets have been evaluated using the GlobeTrotters /San Marco Partnership database resulting in the identification of alteration patterns ranging from porphyry to high sulphidation systems.
Of particular interest are the results of geologic traverses, prospecting and rock chip sampling on Target #1068, which has identified a nest of previously unmapped porphyritic intrusions along the northeastern contact of a much larger batholith. Preliminary geologic mapping indicates a large, zoned alteration system with a potassic (biotite-magnetite) altered core and a large phyllic (quartz-sericite) altered envelope.
One of these intrusions, a quartz-feldspar-biotite porphyry, exhibits quartz-chalcopyrite-pyrite-molybdenite bearing "B" veins, which are indicative of a porphyry Cu-Mo-Au system. Adjacent dacite porphyry and the overlying volcanic lithocap are phyllic altered and contain stockwork quartz-sericite-pyrite "D" veins.
Exposures of mineralized rock are very limited by topography and the size of the mineralized system remains to be determined. Multiple continuous chip samples have been taken which are anomalous in copper (up to 0.59%), gold (up to 0.4 ppm) and molybdenum (up to 273 ppm).
These results - although preliminary - are solid evidence that the GlobeTrotters/San Marco Partnership can successfully identify and acquire high quality greenfield projects. Geological mapping and prospecting will continue for Q1 2017.
Generative exploration activities during Q1 2017 will also include the field investigation of at least four additional Partnership targets, data review and exploration planning for the Company's 100% owned, 72,820 hectares, Mariana concession. San Marco currently has three separate crews in the field completing target generation and ranking for new acquisitions, as well as advancing currently owned exploration projects. Management expects to report updated results from ongoing work at Chunibas shortly.
Robert Willis, San Marco's President and CEO noted, "We consider our Target #1068 as "proof of concept" for the highly time and cost efficient targeting JV we created with GlobeTrotters. Our crews have partially mapped in a classic porphyry alteration system of substantial size. Most surface exposures are high-level lithocap, which generally doesn't display anomalous geochemistry. However, we have been able to find scattered exposure in arroyos where erosion has exposed underlying rock units and mineralization. All the sampling done at these exposures has reported anomalous to highly anomalous copper and gold values. We view Target #1068 as a legitimate new porphyry discovery and look forward to rapidly advancing it. We have scores of other targets in the region to investigate and rank and that work will be carried on simultaneously."
As the Company's property portfolio grows, management will seek partners to fund additional exploration.